Norms for Angel Funds A framework for registration and regulation of angel pools under a sub-category ”Angel Funds” under Category I-Venture Capital Funds have been provided in SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) on 16.09.2013. Subsequently, in the board meeting held on 23.11.2016, SEBI board approved amendments related to Angel Funds which are… Read More »
Use of Regional Languages in Banks Reserve Bank of India has, inter alia issued following instructions to promote the regional languages in banking sector for the ease of understanding for rural population: Displaying indicator boards at all the counters in English, Hindi as well as in the concerned regional language. Business posters at semi-urban and… Read More »
India and Switzerland signed the ‘Joint Declaration’ for implementation of Automatic Exchange of Information (AEOI) on 22.11.2016; Both the jurisdictions intend to introduce on a reciprocal basis automatic exchange of financial account information between each other beginning in the year 2018 India ratified Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) in June… Read More »
Launch of services website (http://services.india.gov.in) One of the factors effecting the e governance index and international ranking of any country is the number of online services provided by the government. Many government entities at the center, state, district and local levels are providing online services that have made the life of the citizens simpler and… Read More »
Contribution to Political Parties Contributions to political parties are governed by Section 182 of the Companies Act, 2013. A company that is not a Government company and which is in existence for at least last three financial years may contribute up to 7.5% of its average net profits during the last three years to a… Read More »
PMGKDS 2016 Pradhan Mantri Garib Kalyan Deposit Scheme 2016 Key Points of PMGKDS 2016 Eligible deposit : The deposit under PMGKDS 2016 shall be made by any person who declared undisclosed income under Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016. Read New Taxation Bill to Tax undisclosed Income received assent of President , Where… Read More »
Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 Date : Dec 16, 2016 Government of India, in consultation with the Reserve Bank of India, has notified Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposit under this Scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016.… Read More »
Income Tax Searches lead to Admission of Undisclosed Incomes of Rs. 2600 Crore since 8th November, 2016. The Income Tax Department has continuously been carrying out investigations since the de-monetisation of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016. While Searches have been carried out in 291 cases across the… Read More »
RBI/2016-17/186 A.P. (DIR Series) Circular No. 22 December 16, 2016 To All Authorised Persons Madam / Sir, Exchange facility to foreign citizens Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit… Read More »
Special measures upto March 31, 2017: Rationalisation of Merchant Discount Rate (MDR) for transactions upto ₹ 2000/- RBI/2016-17/184 DPSS.CO.PD.No.1515/02.14.003/2016-17 December 16, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payments Banks and Small… Read More »