REPORTING REQUIREMENT UNDER FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) AND COMMON REPORTING STANDARDS (CRS) CIRCULAR DBR.AML.BC.No.36/14.01.001/2015-16, DATED 28-8-2015 As you are aware, India has signed the Inter-Governmental Agreement (IGA) with the USA on July 9, 2015, for Improving International Tax Compliance and implementing the Foreign Account Tax Compliance Act (FATCA). India has also signed a… Read More »
IMPLEMENTATION OF SECTION 51A OF UNLAWFUL ACTIVITIES PREVENTION ACT (UAPA), 1967 – 21ST UPDATE DATED 3-9-2015 OF AL-QAIDA SANCTIONS LIST CIRCULAR DBR.AML.NO.3441/14.06.001/2015-16, DATED 7-9-2015 Please refer to our circular DBR. AML. No. 2723/14.06.001/2015-16 dated August 24, 2015 on the captioned subject releasing the 19th and 20th updates dated August 17, and August 18, 2015 regarding… Read More »
REVIEW OF EQUITY INVESTMENT BY BANKS CIRCULAR DBR.NO.FSD.BC.37/24.01.001/2015-16, DATED 16-9-2015 Please refer to circulars DBOD BP(FSC) 1854/C-469-89, dated May 27, 1989 and DBOD FSC BC 45/C.469, dated October 15, 1991, in terms of which banks cannot participate in the equity of financial services ventures including stock exchanges, depositories, etc., without obtaining the prior specific approval… Read More »
GUIDELINES ON COMPENSATION OF CHIEF EXECUTIVE OFFICER/WHOLE TIME DIRECTORS – RESTRICTIONS UNDER SECTION 20 OF THE BANKING REGULATION ACT, 1949 – LOANS TO DIRECTORS CIRCULAR DBR.DIR.BC.NO.38/13.03.00/2015-16, DATED 16-9-2015 Section 20 of Banking Regulation Act, 1949 (B.R. Act, 1949) prohibits banks from granting any loan or advance to any of its Directors. However, in exercise of… Read More »
FRAMEWORK FOR REVITALISING DISTRESSED ASSETS IN THE ECONOMY – REVIEW OF GUIDELINES ON JOINT LENDERS’ FORUM (JLF) AND CORRECTIVE ACTION PLAN (CAP) CIRCULAR DBR.BP.BC.NO.39/21.04.132/2015-16, DATED 24-9-2015 Please refer to the ‘Framework for Revitalising Distressed Assets in the Economy’ issued on our website on January 30, 2014 and the circulars issued in this regard viz. (i)DBOD.BP.BC.No.97/21.04.132/2013-14… Read More »
PARTIAL CREDIT ENHANCEMENT TO CORPORATE BONDS CIRCULAR DBR.BP.BC.NO.40/21.04.142/2015-16, DATED 24-9-2015 Please refer to the draft guidelines proposing to allow banks to offer partial credit enhancement (PCE) to corporate bonds, issued on May 20, 2014 for comments/ feedback. 2. Taking into account the feedback received, and with a view to encouraging corporates to avail of bond… Read More »
PRUDENTIAL NORMS ON CHANGE IN OWNERSHIP OF BORROWING ENTITIES (OUTSIDE STRATEGIC DEBT RESTRUCTURING SCHEME) CIRCULAR DBR.BP.BC.NO.41/21.04.048/2015-16, DATED 24-9-2015 Please refer to our circular DBR.BP.BC.No.101/21.04.132/2014-15 dated June 8, 2015 on “Strategic Debt Restructuring Scheme (SDR)”, in terms of which certain exemptions from extant asset classification norms of the Reserve Bank of India were provided to banks… Read More »
Whether amount of works contract tax, deducted by various clients of assessee company while making payments to it, was an allowable business expenditure under section 37(1) even though assessee was not able to claim refund of it from respective State Sales Tax Departments ? Held Yes IN THE ITAT BANGALORE BENCH ‘A’ Tellabs India (P.)… Read More »