Composition Scheme for works contractor effecting sales by way of transfer of property in goods Odisha Government vide Notification No. 1457-FIN-CT1-TAX-0035-2015 dated 16th January, 2016 has provided a composition scheme for a dealer who has effected sales by of transfer of property in goods under a works contract. Subject to the conditions specified in the notification, such dealer… Read More »
Road Permits (RP) to be mandatorily issued online w.e.f. 26.01.2016 With a view to further expand the e-Services for better service delivery, Nagaland Government has notified that all Road Permits (RP) shall be mandatorily issued online w.e.f. 26th January, 2016. The Road Permit shall be issued for the purpose of importing goods into the state as… Read More »
Issue Whether the Chairman, Directors and Officers of Global Trust Bank Ltd. (a private bank before its amalgamation with the Oriental Bank of Commerce), can be said to be public servants for the purposes of their prosecution in respect of offences punishable under Prevention of Corruption Act, 1988 or not ? Held Under Clause (viii)… Read More »
CIRCULAR NO.SEBI/HO/IMD/DF2/CIR/P/2016/37, DATED 25-2-2016 A. Treatment of unclaimed redemption and dividend amounts Please refer to SEBI circular dated November 24, 2000 on treatment of unclaimed redemption and dividend amounts. In partial modification of the aforementioned circular, it has been decided that: 1. The unclaimed redemption and dividend amounts, that are currently allowed to be deployed… Read More »
Lending Rate Based Interest Rates Reserve Bank of India (RBI) has issued guidelines on computing interest rates on advances based on the Marginal Cost of Funds based Lending Rate (MCLR) to banks vide circular DBR No. Dir.BC.67/13.03.00/2015-16 dated December 17, 2015 which will be effective from April 1, 2016. Apart from helping improve the transmission… Read More »
Assessment and Functioning of CCI Competition Commission of India (CCI) is a Statutory Body established under the Competition Act, 2002 to prevent practices having adverse effect on competition, to promote and sustain competition in markets while protecting the interests of the consumers. The Commission prepares and forwards to the Central Government an annual report… Read More »
Institutional Guidelines Adopted by CCI As mandated under the Competition Act, 2002, the Competition Commission of India may impose penalties, and/or issue cease & desist order in appropriate cases. However, while imposing penalties under section 27 of the Act, the Commission takes into account the aggravating and mitigating factors before arriving at the fair and… Read More »
Procedure to be followed by banks while opening accounts of foreign students (a) Banks shall, at their option, open a Non Resident Ordinary (NRO) bank account of a foreign student on the basis of his/her passport (with visa & immigration endorsement) bearing the proof of identity and address in the home country together with a photograph… Read More »
These Directions shall be called the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016. Click for complete Directions : Know Your Customer (KYC) Direction, 2016
Source Reserve Bank of India RBI/2015-16/330 DBR.BP.BC.No.82/21.04.132/2015-16 February 25, 2016 All Scheduled Commercial Banks (excluding RRBs) All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir, Review of Prudential Guidelines – Revitalising Stressed Assets in the Economy The Reserve Bank of India has issued various guidelines aimed at revitalising the stressed assets… Read More »