Category Archives: other Acts

PRUDENTIAL NORMS ON CHANGE IN OWNERSHIP OF BORROWING ENTITIES

By | October 10, 2015
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PRUDENTIAL NORMS ON CHANGE IN OWNERSHIP OF BORROWING ENTITIES (OUTSIDE STRATEGIC DEBT RESTRUCTURING SCHEME) CIRCULAR DBR.BP.BC.NO.41/21.04.048/2015-16, DATED 24-9-2015 Please refer to our circular DBR.BP.BC.No.101/21.04.132/2014-15 dated June 8, 2015 on “Strategic Debt Restructuring Scheme (SDR)”, in terms of which certain exemptions from extant asset classification norms of the Reserve Bank of India were provided to banks… Read More »

Category: RBI

RBI allows use of Nostro a/c of commercial banks of Asian Clearing Union members for settling trade payments

By | October 9, 2015
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RBI/2015-16/203 October 08, 2015 A. P. (DIR Series) Circular No. 21 To All Authorised Dealer Category-I banks Madam / Sir, Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU) Attention of Authorised Dealer Category-I banks is invited to the Memorandum containing detailed procedural instructions for channeling transactions through the Asian Clearing Union (ACU) (Memorandum… Read More »

RBI allows booking of forward contracts upto USD 1,000,000 by residents on simple declaration basis

By | October 9, 2015
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Clubbing of Income

Booking of Forward Contracts – Liberalisation As announced in the Fourth Bi-monthly Monetary Policy Statement (para. no. 39) on September 29, 2015, with a view to further liberalising the existing hedging facilities, it has been decided to allow all resident individuals, firms and companies, who have actual or anticipated foreign exchange exposures, to book foreign… Read More »

J&K HC rules: SARFAESI can not be enforced

By | October 9, 2015
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The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 cannot be enforced in the State of J&K • The provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI ) can be availed of by the banks, which originate from the State of… Read More »

Mandatory electronic filing for appeals and revisions under Chhattisgarh VAT

By | October 9, 2015
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Appeals and revisions under Chhattisgarh VAT now can be filed electronically as per following Amendment :- CHHATISGARH VALUE ADDED TAX RULES, 2006 – AMENDMENT IN RULES 57 AND 63 NOTIFICATION NO.F-10-33/2015/CT/V(59), DATED 22-8-2015 In exercise of the powers conferred by section 71 of the Crihattisgarh Value Added Tax Act, 2005 (No. 2 of 2005), the… Read More »

All directors liable for cheque dishonouring as they were involved in day to day management of accused Company

By | October 8, 2015
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Section 138, read with section 141, of the Negotiable Instruments Act, 1881 Subject :-Dishonour of cheque for insufficiency etc., of funds in account Facts of the Case :- Appellant had filed a complaint against accused company and its directors for dishonour of cheque issued by it .High Court by impugned order quashed proceedings in respect… Read More »

RBI NOTIFY ECB POLICY FOR ISSUANCE OF RUPEE DENOMINATED BONDS OVERSEAS

By | October 8, 2015
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EXTERNAL COMMERCIAL BORROWINGS (ECB) POLICY – ISSUANCE OF RUPEE DENOMINATED BONDS OVERSEAS A.P. (DIR SERIES 2015-16) CIRCULAR NO.17, DATED 29-9-2015 Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to the provisions contained in A.P. (DIR Series) Circular No. 5 dated August 01, 2005 as amended from time to time… Read More »

SEBI GUIDELINES ON OVERSEAS INVESTMENTS

By | October 8, 2015
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GUIDELINES ON OVERSEAS INVESTMENTS AND OTHER ISSUES/CLARIFICATIONS FOR AIFs/VCFs CIRCULAR NO.IMD/DF/7/2015, DATED 1-10-2015 1. SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) were notified on May 21, 2012 repealing and replacing the erstwhile SEBI (Venture Capital Funds) Regulations, 1996. As on August 31, 2015, there are 165 Alternative Investments Funds (AIFs) registered with SEBI. 2.… Read More »