Legal Updates - Corporate Law Reporter

RBI reduces the SLR under banking regulation Act, 1949

RBI/2016-17/318 DBR.No.Ret.BC.71/12.02.001/2016-17 June 7, 2017 All Commercial Banks, Primary (Urban) Co-operative Banks (UCBs), State and Central Co-operative Banks (StCBs/CCBs) Madam/Dear Sir, Section 24 and Section 56 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR) Please refer to our circular DBR.No.Ret.BC.64/12.01.001/2015-16 dated December 10, 2015, on maintenance of Statutory Liquidity Ratio… Read More

RBI revises rules for issuance of rupee denominated bonds

RBI/2016-17/316 A. P. (DIR Series) Circular No.47 June 7, 2017 To All Authorised Dealer Category – I Banks Madam/Sir Issuance of Rupee denominated bonds overseas Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to Sr. No. 3, 4 and 5 of Annex to A.P.(DIR Series) Circular No.17… Read More

CBDT notifies Cost Inflation Indexes with Base Year as 2001-02

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th June, 2017 INCOME-TAX S.O. 1790(E).—In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Cost Inflation Index as mentioned in… Read More

CBDT notifies changes in Rules on refund of TDS

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th June, 2017 G.S.R. 554(E).—In exercise of powers conferred by section 295 of the Income Tax Act, 1961 (43 of 1961) (hereinafter referred to as the ‘Act’), the Central Board of Direct Taxes hereby makes the following rules further to… Read More

CBDT notification on STT chargeable on Acquisition of shares:

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th June, 2017 INCOME-TAX S.O. 1789(E).—In exercise of the powers conferred by third proviso to the clause (38) of section 10 of the Income-tax Act, 1961 (43 of 1961) hereinafter referred to as the Income-tax Act, the Central Government hereby… Read More

Central Board of Direct Taxes notification on amendment of IT Rules,1962

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd June, 2017 INCOME-TAX G.S.R. 546(E).—In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby makes the following rules further to amend the Income tax Rules,… Read More

MoF notifies rules on appointment, term of office, salaries of members of tribunals

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 1st June, 2017 G.S.R. 514(E).—In exercise of the powers conferred by section 184 of the Finance Act, 2017 (7of 2017), the Central Government hereby makes the following rules, namely : - 1. Short title, commencement and application.—(1) These rules may be called the Tribunal,… Read More

MCA clarification on transmission of securities to IEPF

General Circular No. 07/2017 No.05/23/2016-IEPF Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan Dr.R.P.Road, New Delhi Dated: 05th June, 2017 To, All Stakeholders, Nodal Officer’s (IEPF) of Concerned Companies All Regional Director’s & Registrar of Companies of Min of Corp. Affairs Subject: Clarification regarding transmission of… Read More

GST rates finalized as per 15th GST councils meeting held on 3rd June, 2017

GST RATE SCHEDULE FOR CERTAIN GOODS [As per discussion in the GST Council Meeting held on 3rd June, 2017] The chapter-wise and Rate- wise GST schedule for certain goods can be accessed here ADDENDUM TO THE GST RATE SCHEDULE FOR GOODS [As per discussions in the GST Council Meeting held on 3rd June, 2017] The… Read More

CBEC: Notification on rate of exchange for conversion of foreign currencies

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 52/2017 - Customs (N.T.) New Delhi, dated the 1st June, 2017 11 Jyaistha, 1939 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification… Read More

RBI notification on filing of SFT in respect of savings bonds

RBI/2016-17/313 IDMD.CDD.No.3058/13.01.299/2016-17 May 30, 2017 The Chairman/ Managing Director State Bank of India/Associate Banks/ 17 Nationalised Banks/ Axis Bank Ltd., ICICI Bank Ltd., HDFC Bank Ltd., IDBI Bank Ltd./ Stock Holding Corporation of India Ltd. Dear Sir/Madam Submission of Annual Information Return relating to issue of Bonds for 5… Read More

New functionalities released for NPS subscribers and nodal officers:PFRDA

Press Information Bureau Government of India Ministry of Finance 01-June-2017 19:06 IST New Functionalities released under NPS to provide the ease of operation for the benefit of subscribers and nodal offices. Pension Fund Regulatory and Development Authority (PFRDA) takes various initiatives from time to time in order to simplify and improve the operational issues… Read More

SEBI made Intermediary portal for mutual funds operative w.e.f 1st June 2017

CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2017/52 June 01, 2017 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Board of Trustees of Mutual Funds Sub: Online Registration Mechanism for Mutual Funds Dear Sir/Madam, 1. Hon'ble Minister of Finance, Government of India, in his speech while presenting the Budget for FY 2017-18 on February 01, 2017, announced that the process of registration… Read More