Corporate Law Reporter - The Daily Journal

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

GST : to migrate from a complicated and multi tax system to a simpler tax system

GST : to migrate from a complicated and multi tax system to a simpler tax system The tax rates on goods and services have been fixed taking into consideration, inter alia, the total indirect tax incidence in pre- GST regime, including cascading of taxes. The GST rates so notified are lower than the pre-GST tax… Read More

GST rates on items of mass consumption are lower than the pre-GST tax incidence

GST rates so notified are lower than the pre-GST tax incidence on most of the items of mass consumption such as cereals, pulses, milk, tea, vegetable edible oils, sugar, toothpaste, hair oil, soap, footwear, Childrens' picture, drawing or colouring books, etc. The GST rates on supply of goods and services have been notified based on… 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

Govt. clarifies applicability of GST on accommodation in any hotel

Government clarifies that accommodation in any hotel, including 5-star hotels, having a declared tariff of a unit of accommodation of less than INR 7500 per unit per day, will attract GST @ 18% ; Star rating of hotels is, therefore, irrelevant for determining the applicable rate of GST. Reports have been received expressing doubts whether… Read More

GST exemption for products used by differently abled people

GST exemption for products used by differently abled people Specified assistive devices, rehabilitation aids and other goods for differently abled people attract the lowest (non-Nil) GST rate of 5%. Most of the inputs for such goods attract 18% GST. Nil GST on any goods zero rates inputs, while domestic goods continue to bear input taxes.… 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

MCA issues corrigendum to G.S.R. 583(E), dt. 13th June, 2017

MINISTRY OF CORPORATE AFFAIRS CORRIGENDUM New Delhi, the 13th July, 2017 S.O. 2218(E).—In the notification of the Government of India, in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. 583(E), dated the 13th June, 2017 at page 4, in paragraph number 5, in… 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