Corporate Law Reporter - The Daily Journal

RBI clarifies Nomination of Non-Executive Chairman to Audit Committee

RBI/2017-18/20 DBS.ARS.BC.01/08.91.020/2017-18 July 13, 2017 The Chief Executives All Indian Commercial Banks Dear Sir/Madam, Audit Committee of the Board of Directors – Nomination of Non-Executive Chairman Please refer to Para 3 (ii) of our circular dated September 26, 1995 on “Audit Committee of the Board of Directors - Reconstitution” and Para (ii) of our circular… Read More

MCA amends Companies (Meetings of Board and its Powers) Rules,2014

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 5 July, 2017 G.S.R. -(E). - In exercise of the powers conferred under sections 173, 175,777,178,179,784,185,186,787,188, 189 and section 191 read with section 469 of the Companies Act,2013 (18… Read More

MCA issues corrigendum to NOT. 583(E), dt. 13th June,2017

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS CORRIGENDUM New Delhi, the 13 July , 2017 S.O. ................... (E). - In the notification of the Government of India, in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary,… Read More

IBBI invites comments on the regulations notified Insolvency Code

PRESS RELEASE 4 th July, 2017 Insolvency and Bankruptcy Board of India invites comments from public on the regulations notified under the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make… Read More

No change to Services provided by RWA under GST regime

Services provided by the Housing Society Resident Welfare Association (RWA) not to become expensive under GST; There is no change made to services provided by the Housing Society (RWA) to its members in the GST regime. There are some press reports that services provided by a Housing Society [Resident Welfare Association (RWA)] will become expensive… Read More

No GST on Annual subscription/fees charged by educational institutions

No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation; Services provided by an educational institution to students, faculty and staff are fully exempt from GST. There are some reports that GST@18% will be levied on annual subscription/fees charged for lodging in hostels. This is not true. … Read More

Govt. clarifies tax in reverse charge on gold ornaments

Further clarification on tax in reverse charge on gold ornaments; Sale of old jewellery by an individual to a jeweller will not make the jeweller liable to pay tax under reverse charge mechanism on such purchases; However, if an unregistered supplier of gold ornaments sells it to registered supplier, the tax under RCM will apply.… Read More

RBI illustrates recording of details of transactions in passbook by Co-operative Banks

RBI/2017-18/24 DCBR.BPD.(PCB/RCB).Cir.No.02/12.05.001/2017-18 July 13, 2017 The Chief Executive Officer All Primary (Urban) Co-operative Banks/ All State Co-operative Banks/ All District Central Co-operative Banks Dear Sir/Madam, Recording of Details of Transactions in Passbook/Statement of Account by Co-operative Banks Please refer to our circular UBD.CO.BPD.(PCB).No.18/12.05.001/2010-11 dated October 26, 2010 and para 4.6.3 of Annex to our circular RPCD.CO.RCB.BC.No.36/07.51.010/2014-15 dated October… Read More

CBDT amends rules for determination of Fair Market Value for unquoted shares

MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 12th July, 2017 INCOME-TAX G.S.R. 865(E).—In exercise of the powers conferred by section 50CA and sub-section (2) of section 56 read with section 295 of the Income-tax Act, 1961 ( 43 of 1961), the Central Board of Direct Taxes hereby… Read More

“GST Rates Finder” to be soon available on ios platform:PIB

Mobile app “GST Rates Finder” which is available on android platform to be soon available on ios platform as well. CBEC Mobile app “GST Rates Finder” which is available on android platform and soon will be available on ios platform as well. To install "GST Rate Finder", user of Android mobile has to first open… Read More

Govt. approves Creation of the Directorate of international Customs

F. No. A-1101312012017-Ad.IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) 5th Floor, HUDCO Vishala Building, Bhikaji Cama Place, New Delhi, the 11th July, 2017. OFFICE MEMORANDUM Subject : Creation of the Directorate of international Customs –regarding. The undersigned is directed to say that it has been decided with the approval of… Read More

Govt. clarifies no hold up of import and export consignments, unless GSTIN is legally required

Instruction No. - 10/2017-Customs F. No. 450/119/2017-Cus.IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Custom) New Delhi dated the 6th July, 2017 To All Pr. Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive) All Pr. Chief Commissioners /Chief Commissioners of Customs and Central Excise All Pr. Commissioners/Commissioners of Customs/Customs (Preventive)… Read More

Govt. approves Creation of the DGARM – Charter of functions

F. No. A-11013/19/2017-Ad.IV Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs *** HUDCO Vishala Building Bhikaji Cama Place. New Delhi-110066. Dated 11th July, 2017 OFFICE MEMORANDUM Subject:-Creation of the Directorate General of Analytics and Risk Management (DGARM)- Charter of functions – regarding. The undersigned is directed to say that it has been decided with the approval of… Read More