Pan Card Mandatory for all Transactions The Government vide notification S.O. (3545)(E) dated 30.12.2015, has made quoting of Permanent Account Number (PAN) mandatory for all transactions (irrespective of the mode of payment) of sale or purchase of goods or services of any nature exceeding rupees 2 lakh and for other specified transactions with effect from… Read More »
White Label ATMs The Reserve Bank of India (RBI) has issued guidelines regarding setting up of White Label ATMs by non-bank entities. Non-bank entities that intend setting up, owning and operating ATMs, are christened “White Label ATM Operators” (WLAO) and such ATMs are called “While Label ATMs” (WLAs). Three different schemes are available to WLAOs… Read More »
Action Against Tax Evaders Appropriate action under relevant laws against tax evaders is an on-going process. Such action under direct tax laws includes searches, surveys, enquiries, assessment of income, levy of tax, interest, penalties, etc and filing of prosecution complaints in criminal courts, wherever applicable. The tax, interest and penalties, forming part of the total… Read More »
Custom Duty on Life Saving Drugs Representations have been received from domestic industry stating, inter alia that the exemption/concessional customs duties on drugs including life saving drugs deters domestic manufacture of these life saving drugs.Accordingly, in consultation with the stakeholders including Ministry of Health and Family Welfare and the Department of Pharmaceuticals, exemption/concessional customs duties… Read More »
OROP Scheme Detailed instructions along with OROP tables on implementation of OROP have been issued on 3.2.2016. Considering the requirement for implementation of “One Rank One Pension”, the expenditure ceiling for Defence Pensions in BE 2016-2017 has been increased from Rs.69,876 crores to Rs.82,332.66 crores. Government has received representations from various Ex-Servicemen Associations and beneficiaries… Read More »