Legal Updates - Corporate Law Reporter

CBDT amends Form for Eligible International transaction under Income-tax Rules

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 18th July, 2017 INCOME-TAX G.S.R. 891(E).—In exercise of the powers conferred by section 295 read with sub-section (2) of section 92CB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules… Read More

Cabinet approves alternative mechanism for creation and launch of a New ETF

Cabinet approves alternative mechanism for creation and launch of a New Exchange Traded Fund The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has authorized the Alternative Mechanism on the following: i. To take decision for divestment through Exchange Traded Fund (ETF) out of all the listed CPSEs including CPSEs… Read More

CBEC rescinds certain Central Excise notifications

Central Government, on being satisfied that it is necessary in the public interest , hereby rescinds the notifications of the Government of India in the Ministry of Finance which are as follows Notification No. 56/2002- Central Excise, dated 14-11-2002; Notification No. 57/2002- Central Excise, dated 14-11-2002; Notification No.49/2003- Central Excise, dated 10-6-2003; Notification No. 50/2003- Central Excise, dated 10-6-2003; Notification… Read More

CBEC rescinds certain Central Excise (Non- Tariff) Notifications

Central Government, on being satisfied that it is necessary in the public interest, hereby rescinds Notification No. 29/2008- Central Excise (NT), dated 1-7- 2008, 30/2008- Central Excise (NT), dated 1-7- 2008, 10/2010- Central Excise (NT), dated 27-2- 2010, 11/2010- Central Excise (NT), dated 27-2- 2010, 17/2010- Central Excise (NT), dated 13-4- 2010 respectively. [TO BE… Read More

Banking Ordinance authorizes RBI issue directions to initiate insolvency resolution under IBC

Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorising RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) An Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th… Read More

GOI infuses capital in Public Sector Banks

Infusion of capital in Public Sector Banks Reserve Bank of India (RBI) as a regulator formulates banking policy which includes non-performing assets recognition and resolution. The Government of India (GoI) under the Indradhanush Plan, has earmarked Rs.70,000 crores for infusion in PSBs between F.Y 2016 and 2019 as per the figures given below: (i)… Read More

RBI arrives at an objective, non-discretionary criterion for referring accounts for resolution under IBC

Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution… Read More

SBI informs on charges to be levied on frequent bank transaction :PIB

Imposition of charges on frequent banking State Bank of India (SBI) has informed that the charges are levied by them beyond number of free transactions are as under:- Monthly Average Balance in Savings Bank Monthly Limit on Number of free Debit transactions Branch SBI ATMs Other Bank ATMs 6 Metros Other Centres <Rs.1000 2 5… Read More

RBI set up EFD to speed up regulatory compliance on commercial banks

RBI has set up an Enforcement Department (EFD) which would serve as a centralised department to speed up regulatory compliance; EFD has been entrusted with the responsibility of enforcement action on commercial banks Reserve Bank of India (RBI) has informed that they have set up an Enforcement Department (EFD). EFD would serve as a centralised… Read More

JITSIC Tackling Global Tax Risks : PIB

JITSIC Tackling Global Tax Risks India participated in the fourth Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting reconvened in Paris to pursue the work on the Panama Papers in the last week of June 2017. Based on legal instruments under the OECD and Council of Europe Multilateral Convention and tax treaties, a… Read More

Disclosure of divergence in the asset classification and provisioning by banks: SEBI

CIRCULAR CIR/CFD/CMD/80/2017 July 18, 2017 To All banks which have listed specified securities All recognized stock exchanges Dear Sir / Madam, Sub: Disclosure of divergence in the asset classification and provisioning by banks 1. Reserve Bank of India (RBI), vide its Notification No. RBI/2016-17/283; DBR.BP.BC.No.63/21.04.018/2016-17 dated April 18, 2017, requires disclosures by banks in a… Read More

CBEC issues detailed guidelines for re-testing of samples of imported goods

Circular No. 30/2017-Cus F. No. 450/15/2017-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Custom) ******** New Delhi, dated 18th July, 2017 To All Principal Chief Commissioners/Chief Commissioners of Customs / Customs (Preventive), All Principal Chief Commissioners/Chief Commissioners of Customs and Central Excise, All Directors General, All Principal… Read More

ITD pushes Additional cases of High Cash Deposits in Second Phase of Operation Clean Money

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th July, 2017 PRESS RELEASE Income Tax Department Pushes Additional cases of High Cash Deposits in Second Phase of Operation Clean Money The Income Tax Department (ITD) has used information received under the Statement of Financial Transactions (SFT) to… Read More