Monthly Archives: December 2016

RBI permitted Banks to issue prepaid instruments to Employers /unlisted corporates / partnership firms / sole proprietorship / public organisation

By | December 27, 2016
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Master Circular on Issuance and Operations of Prepaid Payment Instruments – Amendments to paragraph 7.9 RBI/2016-17/196 DPSS.CO.PD.No.1610/02.14.006/2016-17 December 27, 2016 All Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers Dear Madam / Sir, Master Circular on Issuance and Operations of Prepaid Payment Instruments – Amendments to paragraph… Read More »

Railways Doubles Compensation Rate Payable to Railway Accident Victims

By | December 27, 2016
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Ministry of Railways Doubles Compensation Rate Payable to Railway Accident Victims Ministry of Railways has decided to revise the amounts of compensation payable in respect of Death & Injuries to the passengers involved in Accidents and Untoward Incidents. In the revised compensation rules the amount in all the categories have been doubled with respect to… Read More »

Explanatory Notes on PMGKY 2016 issued by CBDT

By | December 27, 2016
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Circular No.43 of 2016 F.No. 142/33/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 27th December,2016 EXPLANATORY NOTES ON PROVISIONS OF THE TAXATION AND INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA, 2016 AS CONTAINED IN CHAPTER IX-A OF THE FINANCE ACT, 2016 Introduction 1. The… Read More »

RBI FAQ on withdrawal of Rs 500 and Rs 1000 Bank Notes Updated as on December 27, 2016)

By | December 27, 2016
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Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of Rs 500/- and Rs 1000/- (Updated as on December 27, 2016) 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even… Read More »

Revised Rule 50 of Employees State Insurance (Central) Rules 1950 w.e.f 01.01.2017

By | December 27, 2016
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Rule 50 of Employees State Insurance (Central) Rules 1950 Rule 50 of  Employees State Insurance deals with wage limit as follow :- 50. Wage limit for coverage of an employee under the Act. — The wage limit for coverage of an employee under sub-clause (b) of clause (9) of Section 2 of the Act shall… Read More »