Secretarial Standards 1 and 2 notified by MCA
The ministry of Corporate Affairs has issued a general notice to notify the Secretarial Standards 1 with respect to Board meetings and Secretarial standard 2 with respect to general meeting which were much long awaited and will now help to harmonise and integrate the diverse secretarial practices amongst the companies. Read More
Companies (Auditor’s Report) Order, 2015
In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013 (18 of 2013 ) and in supersession of the Companies (Auditor's Report) Order, 20O3, published in the cazette of lndia, Extraordinary, Part II, Section 3, Sub-section (i), vide nurnber G.S.R. 480 (E), dated the 12th June, 2003, except… Read More
Remuneration to managerial person under Schedule XIII of the Companies Act, 1956 – Clarification with regard to payment for period,
The Ministry of Corporate affairs has issued General Circular no. 07/2015 dated 10th April, 2015 to provide clarification on the matter relating to the payment period for the remuneration paid to the managerial personnel in accordance with Schedule XIII of the Companies Act, 1956 which is now Schedule V of the Companies Act, 2013. Stakeholders… Read More
Clarification on Section 186(7) of the Companies Act, 2013
The Ministry of Corporate affairs has issued a General Circular No. 06/2015 dated 9th April, 2015 to provide clarification on the matters such as whether the yield on the tax free bonds if greater than the required RBI yield would lead to the contravention of the Section 186(7) or not. The matter has been examined… Read More
Fine structure for non-compliance with the requirement of Clause 49(II)(A)(1) of Listing Agreement
1. SEBI, vide Circular No. CIR/CFD/POLICY CELL/2/2014 dated April 17, 2014, amended the provisions of Clause 49 of Listing Agreement relating to Corporate Governance, mandating, inter-alia, that the Board of Directors of listed entities shall have an optimum combination of executive and non-executive directors with at least one woman director. Further, vide Circular No. CIR/CFD/POLICY… Read More
Foreign Direct Investment (FDI) in India Review of FDI policy Sector Specific conditions- Insurance sector
RBI/2014-15/545 A. P. (DIR Series) Circular No.94 April 08, 2015 To All Authorised Dealer Category-I Banks Madam / Sir, Foreign Direct Investment (FDI) in India Review of FDI policy Sector Specific conditions- Insurance sector Attention of Authorised Dealer Category I (AD Category-I) banks is invited to Annex B of Schedule 1 to the Foreign Exchange… Read More
Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances Refinancing of Exposures to Borrowers
RBI/2014-15/539 DBR.No.BP.BC.85/21.04.048/2014-15 April 6, 2015 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances Refinancing of Exposures to Borrowers In terms of circular DBOD.No.BP.BC.107/21.04.048/2013-14 dated April 22, 2014 and A.P. (DIR Series) Circular No.129 dated May 9, 2014, Indian companies are not permitted to raise… Read More
Govt. to set up groups to amend Companies Act, 2013 at priority pinching corporates
Finance Minister Arun Jaitley, who also heads Corporate Affairs Ministry, said the immediate priority is to get the proposed amendments to the Companies Act passed by Parliament. His comments come at a time when the government is working to improve the ease of doing business in the country. In an apparent dig at the previous… Read More
Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CFT) – Standards
RBI/2014-2015/537 DBR.AML.No.14746/14.01.001/2014-15 April 6, 2015 The Chairpersons/ CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks / All India Financial Institutions Dear Sir/ Madam, Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CFT) - Standards Please refer to our letter DBR.AML.No.6704/14.01.001/2014-15 dated November 5, 2014 on risks arising from the deficiencies in AML/CFT regime… Read More
RBI celebrates 80th Anniversary: Prime Minister urges Banking Fraternity to set Goals for Next 20 Years to remove India’s Poverty
The Prime Minister of India Shri Narendra Modi urged the Reserve Bank of India to take the lead in encouraging financial institutions to set concrete targets for consolidating financial inclusion over the next 20 years, to help transform the quality of life of the poor. "I come as a representative of the poor, underprivileged, marginalised… Read More
Revision of interest rates for Small Savings Schemes
RBI/2014-15/536 IDMD(DGBA).CDD.No.4521/15.02.001/2014-15 April 01, 2015 The Chairman and Managing Director/Managing Director Head Office, Government Accounts Department State Bank of India/State Bank of Patiala/ State Bank of Bikaner & Jaipur/State Bank of Travancore/ State Bank of Hyderabad/State Bank of Mysore/ Andhra Bank/ Allahabad Bank/Bank of Baroda/Bank of India/Punjab & Sind Bank/ Bank of Maharashtra/Canara Bank/Central Bank… Read More
Delegation of powers to RDs u/s 94(5) read with section 458 of CA, 2013
The ministry of corporate affairs has issued a notification dated 31st March, 2014 in exercise of the powers conferred by section 458 of the Companies Act, 2013 (18 of 2013), the Central Government hereby delegates to the Regional Directors at Mumbai, Kolkata' chennai' Noida' Ahmedabad' Hyderabad and Shillong, the powers and tunctions vested in it… Read More
Setting up of IFSC Banking Units (IBUs)
RBI/2014-15/533 DBR.IBD.BC. 14570/23.13.004/2014-15 April 1, 2015 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam, Setting up of IFSC Banking Units (IBUs) Please refer to the Reserve Bank of India Notification No. FEMA.339/2015-RB dated March 02, 2015 (copy enclosed) under FEMA 1999 on Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 setting out… Read More
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