The Expert Committee, in its report submitted to the Reserve Bank of India (RBI), inter alia, noted that the share of Short Term Cooperative Credit Structure (STCCS) in providing agricultural credit has fallen to a mere 17% although there are small pockets where its share is more than 50%. The Expert Committee has, inter alia, given… Read More
In his Budget Speech 2013-14 in the Parliament on 28.02.2013, the Finance Minister had announced as under: An emerging economy must have a tax system that reflects best global practices. I propose to set-up a Tax Administration Reform Commission to review the application of tax policies and tax laws and submit periodic reports that can… Read More
[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. 90/2013-Customs (N.T.) New Delhi Dated the 29th August, 2013 G.S.R. - In exercise of the powers conferred by clause (a) of section 81 of the Customs Act, 1962, the Central Board of Excise… Read More
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NOTIFICATION NO. 66/2013 DATED 29-8-2013 S.O. 2642(E) - In exercise of the powers conferred by clause (46) of section 10 of theIncome-tax Act, 1961 (43 of 1961), the Central Government… Read More
RBI/2013-14/211 DBOD.No.Dir. BC.47/13.03.00/ 2013-14 September 2 , 2013 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/ Madam Base Rate Revised Guidelines Please refer to our circular DBOD. No. Dir. BC. 88/ 13.03.00/ 2009-10 dated April 9, 2010 whereby banks were advised to switch over to the Base Rate system for calculation of their lending rates with effect… Read More
RBI/2013-14/210 DBOD.AML.BC.No.45/14.01.001/2013-14 September 2, 2013 The Chairmen/CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Foreign students studying in India KYC procedure for opening of bank accounts It has been represented to us that foreign students arriving in India are facing difficulties in complying with the… Read More
RBI/2013-14/209 DBOD.AML.BC.No.44/14.01.001/2013-14 September 2, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks / All India Financial Institutions Dear Sir, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 e-KYC Service of UIDAI Recognising… Read More
RBI/2013-14/208 DBOD. AML.No.3316/14.06.001/2013-14 September 2, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1267(1999) / 1989(2011) Committee's Al Qaida Sanctions List Please refer to our circular DBOD. AML No. 2406/14.06.001/2013-14 dated… Read More
RBI/2013-14/207 UBD.BPD.(AD) Cir. No.3/13.05.000/2013-14 August 30, 2013 Chief Executive Officer Scheduled Primary (Urban) Co-operative Banks (holding AD Category I licence) Dear Sir/ Madam Interest Rates on Rupee Export Credit - UCBs Please refer to our circular UBD.BPD.(AD).Cir. No. 2/13.05.000/2012-13 dated January 22, 2013 on the captioned subject, extending the interest subvention of 2% up to March 31,… Read More
President Shri Pranab Mukherjee has called upon public authorities to be proactive and voluntarily put information in the public domain for the use of citizens. Inaugurating the Eighth Annual Convention of Central Information Commission in New Delhi today, he said a large number of appeals/complaints before the Commission, however, are also indicative of the need… Read More
INSTRUCTION NO 11/2013 Dated: 27 August, 2013 Subject: - Action on Unmatched Challans reflected in Form 26AS - direction of the Hon'ble Delhi HC in the case 'Court on Its Own Motion vs. UOI & Ors in WP(C) 2659/2012 & WP(C) 5443/2012'- regarding 1. The. Hon'ble Delhi High Court vide its judgement in the case 'Court… Read More
ORDER In exercise of powers conferred by clause (a) of sub-section (15) of Section 144C of theIncome-tax Act, 1961 (43 of 1961) r/w Income-tax (Dispute Resolution Panel) Rules. 2009, as amended by Notification No. 33/2012 (F.No. 133/13/2012-SO(TPL)/SO 1967 (E), dated 24-08-2012, and in partial modification to Order No.l/FT&TR/2013 dated 13.08.2013, the Central Board of Direct Taxes hereby constitutes the Dispute Resolution Panel… Read More
There have been some news stories in the media in the last couple of days about the Reserve Bank of India discussing/considering various options of converting idle gold, including that available with temple trusts, into bullion. The Reserve Bank clarifies that no such proposal is under its consideration at this juncture. Alpana Killawala Principal Chief… Read More