Update PAN Details. Only required for Practicing Members This refers to the earlier announcements of ICAI regarding the updation of PAN details by the members in the Institute’s records to avoid blocking of e-filing account by the Income Tax Department. Inspite of the earlier said announcements and reminder emails sent from time to time, it… Read More »
RBI announces Draft guidelines for Centralised Hedging for Indian Subsidiaries of Non-Resident Companies The Reserve Bank of India today released draft operational guidelines to allow the overseas parent or its central treasury to hedge the currency risk arising out of genuine current account exposures of the Indian subsidiary in order to better manage the latter’s… Read More »
Amendment to Instruction No. 9 regarding Procedure for Reimbursement of Duty (ROD) in lieu of drawback for supply of goods to SEZ Developers against Indian Rupees. Instruction No. 86 Fl. No. D.6/35/2011-SEZ Government of India Ministry of Commerce & Industry Department of Commerce (SEZ Division) Udyog Bhawan, New Delhi Dated the 31st October, 2016… Read More »
FAQ on Elaboration of terms ‘infrequent number of sales’ or ‘insignificant in value’ used in Ind AS 109 Question Ind AS 109, Financial Instruments, requires an entity to classify financial assets on the basis of the entity’s business model for managing the financial assets. In this regard, under a business model whose objective is to… Read More »
Frequently Asked Questions (FAQs) regarding Dividend Distribution Tax This FAQ on Dividend Distribution Tax has been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of this FAQ is to illustrate and to assist in clarifying the requirements regarding treatment of Dividend Distribution Tax Question: What… Read More »
Issuance of Rupee denominated bonds overseas by Indian banks RBI/2016-17/107 A.P. (DIR Series) Circular No. 14 November 03, 2016 To All Category-I Authorised Dealer Banks Madam / Dear Sir Issuance of Rupee denominated bonds overseas by Indian banks Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the measures… Read More »
Issue of Rupee Denominated Bonds overseas RBI/2016-17/108 DBR.BP.BC.No.28 /21.06.001/2016-17 November 03, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Issue of Rupee Denominated Bonds overseas Please refer to A.P. (DIR Series) Circular No.14 dated November 03, 2016 on issue of rupee denominated bonds overseas by Indian banks. 2. We advise that banks… Read More »
GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE Public Notice No. 41/2015-2020 New Delhi, the 02nd November,2016 Subject:- Amendments in Standard Input Output Norms (SION) of Product group: Food products -reg. In exercise of the powers conferred under Paragraph 1.03 of the Foreign Trade Policy, 2015- 2020,… Read More »
Dispensation of Rs.100 denomination banknotes through exclusive ATMs RBI/2016-17/106 DCM (CC) No.1170/03.41.01/2016-17 November 02, 2016 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Dispensation of Rs.100 denomination banknotes through exclusive ATMs Please refer to our circular DCM (CC) G-10/3352/03.41.01/2015-16 dated May 5, 2016 on the Currency Circulation and… Read More »
Pay IT dues in advance at RBI or at authorised bank branches – December 2016 Date : Nov 02, 2016 The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like… Read More »