GUIDELINES ON OVERSEAS INVESTMENTS AND OTHER ISSUES/CLARIFICATIONS FOR AIFs/VCFs CIRCULAR NO.IMD/DF/7/2015, DATED 1-10-2015 1. SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) were notified on May 21, 2012 repealing and replacing the erstwhile SEBI (Venture Capital Funds) Regulations, 1996. As on August 31, 2015, there are 165 Alternative Investments Funds (AIFs) registered with SEBI. 2.… Read More »
COMPREHENSIVE RISK MANAGEMENT FRAMEWORK FOR NATIONAL COMMODITY DERIVATIVES EXCHANGES CIRCULAR NO.CDMRD/DRMP/01/2015, DATED 1-10-2015 1. Pursuant to section 131 of the Finance Act, 2015 and Central Government notification F.No. 1/9/SM/2015 dated August 28, 2015, all recognized associations under the Forward Contracts (Regulation) Act, 1952 are deemed to be recognized stock exchanges under the Securities Contracts (Regulation)… Read More »
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 16th September, 2015 G.S.R. 701(E).—In exercise of the powers conferred by the proviso to sub-section (1) of Section 37A of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby prescribes the mandatory threshold of the aggregate value of Foreign Exchange, Foreign… Read More »
Fact that assessee society was formed only for benefit of Christians community definitely could form a ground for denial of its registration In as much as its income is liable to be excluded for consideration under sub section 11 and 12 where nothing had been brought on record to show that assessee-society had undertaken any… Read More »
Where assessee had purchased goods from manufacturers and paid sales tax, excise duty etc., transaction is on principal to principal basis and does not fall within purview of section 194C HIGH COURT OF CALCUTTA Commissioner of Income-tax TDS, Kolkata v. Khadim Shoes (P.) Ltd. GIRISH CHANDRA GUPTA AND ARINDAM SINHA, JJ. IT APPEAL NO. 146… Read More »
Period of holding of shares received on conversion of debentures Section 49(2A) clarifies that for computing capital gains on sale of shares received on conversion of convertible debentures, cost of acquisition of shares shall be cost of convertible debentures and, thus, it shall be deemed to be cost of such shares received on conversion. Thus,… Read More »
Nilimesh Baruah appointed as Director in Serious Fraud Investigation Office
Summary of Facts Complainant buyer had applied for allotment of a flat with respondent builder .Complainant had paid six instalments but builder did not complete construction of flat within three years as stipulated in brochure and did not inform buyer about progress of construction . Later, builder cancelled allotment on ground of alleged failure of… Read More »
NON-BANKING FINANCIAL COMPANY – MICRO FINANCE INSTITUTIONS (NBFC-MFIs) – MODIFICATIONS OF DIRECTIONS CIRCULAR DNBR.CC.PD.NO.069/03.10.01/2015-16, DATED 1-10-2015 In terms of extant instructions on pricing of credit by MFIs, the maximum variance between the minimum and maximum interest rate on loans cannot exceed 4 per cent. 2. The National Scheduled Castes Finance & Development Corporation (NSFDC) under… Read More »
High level committee on CSR unveils report suggesting measures for improved monitoring of CSR policies Click to Read Report ;