Corporate Law Reporter - The Daily Journal

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SALARIED EMPLOYEES TO SUBMIT PROOF FOR LTA, HRA CLAIMS

The CBDT (Central Board of Direct Taxes) has introduced a new form (Form 12 BB) for claiming tax deduction towards LTA, LTC, HRA & interest paid for home loans. The new form mandates people to furnish proof of travel while claiming LTA, LTC, and details of landlord in case of HRA claims. Let us understand… Read More

Suggestions invited on proposed Secretarial Standards

Dear Professional Colleague, The ICSI expresses its sincere gratitude for the valuable suggestions received from professional colleagues on the revision of SS-1 and SS-2. As you are aware that the ICSI has constituted Secretarial Standards Board (SSB) with the objective of identifying and formulating Secretarial Standards on different areas by following a detailed consultative process… Read More

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Seventh Amendment) Regulations, 2016

Reserve Bank of India Foreign Exchange Department Central Office Mumbai – 400 001 Notification No.FEMA.368/2016-RB May 20, 2016 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Seventh Amendment) Regulations, 2016 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of… Read More

Rate of exchange of conversion of the foreign currency with effect from 20th May, 2016

GOVERNMENT INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No.77/2016 - Customs (N.T.) New Delhi, dated the 19th May, 2016 29 Vaisakha, 1938 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the… Read More

Seeks to further amend notification No. 96/2008-Customs

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (I)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 34/2016-Customs New Delhi, dated the 19th May, 2016 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of… Read More

Money Transfer Service Scheme – Submission of statement/returns under XBRL

RBI/2015-16/401 A.P. (DIR Series) Circular No.70 May 19, 2016 To All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme Money Transfer Service Scheme - Submission of statement/returns under XBRL Madam / Sir, Attention of Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to the A.P. (DIR… Read More

Rupee Drawing Arrangement – Submission of statement/returns under XBRL

RBI/2015-16/402 A.P. (DIR Series) Circular No.71 May 19, 2016 To All Authorised Dealer Category - I Banks Rupee Drawing Arrangement - Submission of statement/returns under XBRL Madam / Sir, Attention of Authorised Dealer Category – I (AD Cat – I) banks is invited to the A.P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series)… Read More

Cessation of UBS AG as a banking company within the meaning of sub-section (2) of Section 36(A) of the Banking Regulation Act, 1949

RBI/2015-16/404 DBR.No.Ret.BC.100/12.07.124A/2015-16 May 19, 2016 All Scheduled Commercial Banks Dear Sir, Cessation of UBS AG as a banking company within the meaning of sub-section (2) of Section 36(A) of the Banking Regulation Act, 1949 We advise that the “UBS AG” has ceased to be a banking company within the meaning of the Banking Regulation Act, 1949… Read More

Frauds in UCBs: Changes in Monitoring and Reporting mechanism

RBI/2015-16/399 DCBS.CO.Cir.No.001/12.17.001/2015-16 May 19, 2016 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Frauds in UCBs: Changes in Monitoring and Reporting mechanism Please refer to our Master circular no. DCBR.CO.BPD.MC.No.1/12.05.001/2015-16 on Frauds- Classification and Reporting dated July 01, 2015. 2. On a review, it has been decided to change the… Read More

Commencement of section 2(29), sections 435 to 438 and 440 of Companies Act, 2013

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 18th May, 2016 S.O......... (E)-In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints… Read More

Special courts under section 435 of Companies Act, 2013

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 18th May, 2016 S.O......... (E)-In exercise of the powers conferred by sub-section(1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government hereby, after obtaining… Read More

IRDA makes appointment of CS as Compliance Officer(KMP) mandatory for all insurance companies

Ref.: IRDA/F&A/GDL/CG/100/05/2016 Date: 18th May, 2016 Guidelines for Corporate Governance for insurers in India The Authority had initially issued Guidelines on Corporate Governance for insurance companies vide circular dt. 5th August, 2009. The Authority had also issued separate guidelines for appointment/reappointment and remuneration of MD/CEO/WTD as well as other Key Management Persons (KMPs), as also… Read More