Daily Archives: March 16, 2017

Genuine hardship of Assessee to be considered before asking 15% of Tax Demand

By | March 16, 2017

Held It is true that Instruction No.4 (B)(b) of the Circular dated 29.2.2016, gives two instances where less than 15% can be asked to be deposited. However, it is equally true that the factors, which were directed to be kept in mind both by the Assessing Officer, and by the higher superior authority, contained in… Read More »

PMGKDS- Deposit Reference No needs to be mentioned on Form V

By | March 16, 2017

RBI/2016-17/251 IDMD.CDD.No. 2347/14.04.051/2016-17 March 16, 2017 The Chairman/CEO/ Managing Director, All Authorised Banks, (All Banks to which Banking Regulation Act, 1949 applies) Dear Sir/Madam, Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Clarification Please refer to our letter IDMD.No.1451/08.03.016/2016-17 dated December 16, 2016 and Notification No. S.O.4061(E) dated December 16, 2016 issued by the… Read More »

Banks to remain open up to 8.00 p.m. on March 31, 2017 for Govt Transactions

By | March 16, 2017

RBI/2016-17/250 DGBA.GAD.No. 2377/42.01.029/2016-17 March 16, 2017 All agency banks Dear Sir / Madam, Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2016-17) The Government of India has desired that all government transactions with banks must be accounted for within the same financial year… Read More »

RBI norms for banks for Reporting & Accounting of Central Govt Transactions of March 2017

By | March 16, 2017

Reporting and Accounting of Central Government Transactions of March 2017 RBI/2016-17/249 DGBA.GAD.No. 2376/42.01.029/2016-17 March 16, 2017 All Agency Banks Dear Sir / Madam, Reporting and Accounting of Central Government Transactions of March 2017 Please refer to Circular DGBA.GAD.No.2968/42.01.029/2015-16 dated March 17, 2016 advising the procedure to be followed for reporting and accounting of Central Government… Read More »

Category: RBI

How to make India hub for Institutional Arbitration – Govt Invites Comments

By | March 16, 2017

Comments invited on the working paper of the high level committee to review the Institutionalisation of Arbitration Mechanism in India by 7 April 2017 The Government of India has emphasised the need for promoting arbitration as a preferred dispute resolution mechanism for commercial disputes. Pursuant to this, a High Level Committee has been constituted under… Read More »