Returns to be submitted by NBFCs (Asset Size below Rs. 500 crore)
RBI/2015-16/119 DNBS (IT).CC.No. 01/24.01.191/2015-16 July 09, 2015 To CEOs of All NBFCs (excluding RNBCs) Dear Sir/Madam, Returns to be submitted by NBFCs (Asset Size below Rs. 500 crore) Please refer to the DNBR (PD) CC.No. 002/03.10.001/2014-15 dated November 10, 2014 on revised Regulatory Framework for NBFCs. 2. As per the revised regulations, all non-deposit taking NBFCs (NBFCs-ND),… Read More
Explanation on charging depreciation for extra shift under CA 2013
There are various views are possible for determining remaining useful life on transition from Schedule XIV to Schedule II if an asset has been used on double/ triple shift basis in past years. For example, in the case of plant above, one view is that the asset has remaining Schedule II life of 12 years, i.e., 15 years 3… Read More
CBEC releases new system for detailed manual scrutiny of service tax returns
In the era of self-assessment, the need for a strong compliance verification mechanism cannot be over emphasized. Such a mechanism has three important prongs ” audit, anti-evasion and return scrutiny. In order to put in place a strong 'return scrutiny' system, a two-part system of return scrutiny was envisaged” a preliminary scrutiny which would be online covering… Read More
Master Circular – Bank Finance to Non-Banking Financial Companies(NBFCs)
RBI/2015-16/36 DBR.BP.BC.No.5/21.04.172/2015-16 July 1, 2015 Chairman and Managing Directors / Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Master Circular - Bank Finance to Non-Banking Financial Companies(NBFCs) Please refer to our Master Circular DBOD.BP.BC.No.10/21.04.172/2014-15 dated July 1, 2014 on the captioned subject. This Master Circular consolidates instructions on the above matters issued up to June 30,… Read More
Information on sexual harassment to be mandatorily disclosed by Pvt. companies under CA 2013
Under the Companies Act, the government has set off the process necessary for the private companies. "In order to ensure that private sector companies also constitute ICC as mandated under Sexual Harassment at Workplace (Prevention, Prohibition and Redressal) Act 2013, it will be appropriate to ask the companies to disclose the constitution of the IIC… Read More
RBI announces Revised Methodology for Overnight MIBID/MIBOR from July 22, 2015
The Reserve Bank of India has stated that the methodology for the FIMMDA-NSE-Overnight Mumbai Interbank Bid/Offer Rate (Overnight MIBID/MIBOR) benchmark in India will be revised with the introduction of the FBIL-Overnight MIBOR on July 22, 2015. The FBIL-Overnight MIBOR will be based on actual traded rates and will be administered by a new company called the Financial… Read More
Sebi jurisdiction upheld by SC in offshore markets with regard to GDRS by firms
After the order of Supreme Court Market regulator Sebi received a shot in the arm on Monday to regulate the creation and issuance of Global Depository Receipts by companies in the offshore markets. It take action against the companies for manipulation in global securities.It rejected the Securities Appellate Tribunal™s (SAT) majority decision of September 30, 2013,… Read More
Master Circular – Disclosure in Financial Statements – ˜Notes to Accounts™
RBI/2015-16/99 DBR.BP.BC No.23/21.04.018/2015-16 July 1, 2015 The Chairmen / Chief Executives of All Commercial Banks (excluding RRBs) Dear Sir, Master Circular - Disclosure in Financial Statements - ˜Notes to Accounts™ Please refer to the Master Circular DBOD.BP.BC.No.8/21.04.018/2014-15 dated July 1, 2014 consolidating all operative instructions issued to banks till June 30, 2014 on matters relating to disclosures… Read More
Investment in companies engaged in tobacco related activities
RBI/2015-16/116 A.P. (DIR Series) Circular No.2 July 3, 2015 To All Authorised Persons Madam/ Sir, Investment in companies engaged in tobacco related activities Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Annex A of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India)… Read More
Version of Forms DPT-3, 4LLP, CRA-2, MSC-3 and FC-1 modified w.e.f 7th July 2015.
The Ministry of Corporate Affairs has issued a General Notice stating the modification of version of Forms DPT-3, 4LLP, CRA-2, MSC-3 and FC-1 with effect from 7th July, 2015. So, all the stakeholders are requested to plan their filings in the above forms by downloading the current versions available in the forms tab of the… Read More
RBI Issues SARFAESI Act, 2002 guidelines and directions as amendment upto 30th June 2015
RBI/2015-16/94 DNBR.(PD).CC.No. 03/SCRC/26.03.001/2015-16 July 01, 2015 Notification as amended up to June 30, 2015 - The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003 As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars / notifications. The… Read More
Master Circular ‘Know Your Customer’ (KYC) Guidelines Anti Money Laundering Standards (AML) – ‘Prevention of Money Laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder™
RBI/2015-16/108 DNBR (PD) CC No. 051/03.10.119/2015-16 July 1, 2015 To All Non-Banking Financial Companies (NBFCs), Miscellaneous Non-Banking Companies (MNBCs), and Residuary Non-Banking Companies (RNBCs) Dear Sir/Madam, Master Circular 'Know Your Customer' (KYC) Guidelines Anti Money Laundering Standards (AML) - 'Prevention of Money Laundering Act, 2002 - Obligations of NBFCs in terms of Rules notified thereunder™… Read More
SEBI to catch hold of money launder activities and tax evasion by making use of SME as a base
MUMBAI: Capital market regulator Sebi is investigating a string of trades in stocks of small and medium enterprises (SME) and derivatives like currency options carried out to launder money and escape tax. Persons with unaccounted cash are suspected to have misused the SME trading platform of exchanges to show the money as legitimate trading income.… Read More
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