Notifications & Circulars

03.03.2016

Administrative

Appointment of Judges

MANU/PIBU/0290/2016

Statement showing the working strength of judges and vacancies in the Supreme Court and High Courts has been released. As on 29 February 2016 the Supreme Court faced a 6-judge shortfall, while High Courts across India showed a nearly 50 per cent vacancy. Of a total sanctioned strength of 1056 judges across all High Courts, currently 464 positions are vacant.

Tags : judicial system vacancy justices

Top

Reserve Bank of India

03.03.2016

Banking

RBI floats Draft Regulatory Framework for Account Aggregator Companies to facilitate Consolidated Viewing of Financial Assets Holdings

MANU/RPRL/0077/2016

The Reserve Bank of India released a draft of the directions Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 to put in place the regulatory framework to allow a new kind of Non-Banking Financial Company, which could act as an account aggregator. The RBI had previously issued a press released creating a separate category of NBFC called Non-Banking Financial Company - Account Aggregator to provide account aggregation services. Suggestions and comments on the draft directions are being received till March 18, 2016.

Tags : nbfc account aggregator directions

Top

02.03.2016

Miscellaneous

Files related to Netaji Subhash Chandra Bose declassified

MANU/PIBU/0288/2016

The Indian government has declassified all available classified files on Netaji Subhash Chandra Bose and transferred the same to National Archives of India for permanent retention. All declassified files pertaining to Netaji Subhas Chandra Bose received in the National Archives of India, are first subjected to preliminary conservation and digitization, before being released in public domain. Both of these are time consuming exercise.

Tags : subhash chandra bose classified files archives

Top

Ministry of Finance

01.03.2016

Excise

Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2016

MANU/EXNT/0020/2016

The Central Board of Excise and Customs notified Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2016 amending Rules of 2011. The Rules shall apply to a manufacturer who intends to avail of the benefit of a notification issued under sub-section (1) of section 5A of the Central Excise Act, 1944 granting exemption of duty to excisable goods. The Rules provide 'Form I' by which manufacturers are required to provide information on manufacturing activities.

Tags : concessional rate manufacture excise

Top

Ministry of Finance

01.03.2016

Excise

Pan Masala Packing Machines (Capacity Determination And Collection of Duty) Amendment Rules, 2016

MANU/EXNT/0019/2016

The Central Board of Excise and Customs notified Pan Masala Packing Machines (Capacity Determination And Collection of Duty) Amendment Rules, 2016 amending Rules, 2008. The Rules update duties for pan masala apportioned by several Acts.

Relevant

Pan Masala Packing Machines (Capacity Determination And Collection of Duty) Rules, 2008 MANU/EXNT/0019/2016

Tags : pan masala duties packing machines

Top

Ministry of Finance

01.03.2016

Excise

CENVAT Credit (Third Amendment) Rules, 2016

MANU/EXNT/0017/2016

The Ministry of Finance notified CENVAT Credit (Third Amendment) Rules, 2016 amending CENVAT Credit Rules, 2004. Among other changes the amended Rules insert Rule 7B on 'Distribution of credit on inputs by warehouse of manufacturer'. Rule 9A too is substituted, requiring, 'A manufacturer of final products or provider of output services, shall submit to the Superintendent of Central Excise an annual return for each financial year, by the 30th day of November of the succeeding year, in the form as specified by a notification by the Board.'

Relevant

CENVAT Credit Rules, 2004 MANU/EXNT/0028/2004
CENVAT Credit (Second Amendment) Rules, 2016 MANU/EXNT/0002/2016

Tags : cenvat credit rules 2016

Top

Reserve Bank of India

01.03.2016

Banking

Basel III Capital Regulations - Revision

MANU/RMIC/0028/2016

The Reserve Bank of India notified changes under the Basel III Capital Regulations to address the need to raise more capital than would be required had the Basel rules been applied as they are. As such, it has decided to partially align current regulations on treatment of balance sheet items for the purpose of regulatory capital with the BCBS guidelines. The modifications affect the 'Treatment of revaluation reserves', 'Treatment of foreign currency translation reserve' and 'Treatment of deferred tax assets'.

Relevant

Basel III Capital Regulations MANU/RMIC/0291/2015

Tags : basel capital regulations reserves

Top

01.03.2016

Insurance

Implementation of Indian Accounting Standards in insurance sector

MANU/IRDA/0006/2016

The Ministry of Corporate Affairs advised Insurers to follow Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules, 2015, in the specified manner. Insurers shall assess the impact of the Ind AS implementation on their financial position including the adequacy of capital, taking into account the solvency regulations requirements and place quarterly progress reports to their Boards.

Relevant

Circular on Public Disclosures by Insurers MANU/IRDA/0006/2010

Tags : insurance sector ind as

Top

Ministry of Finance

01.03.2016

Direct Taxation

Income-tax (3rd Amendment) Rules, 2016

MANU/CBDT/0015/2016

The Central Board of Direct Taxes notified Income-tax (3rd Amendment) Rules, 2016 amending the Income-tax Rules, 1962. The Rules substitute provisions pertaining to Form of appeal to Commissioner (Appeals) and substitute Form No. 35 to that effect.

Tags : income tax appeal form 35

Top

Securities and Exchange Board of India

01.03.2016

Capital Market

SEBI DRG II Study Suggests Measures To Enhance Retail Participation

MANU/SPRL/0044/2016

The Securities and Exchange Board of India released its Development Research Group - II (DRG- II) Study titled, "The elusive retail investor: How deep can (and should) India's stock markets be?", suggesting various measures to enhance retail investor participation in the securities market. The study finds various areas which can be looked at to achieve the same. It calls for taking into consideration the need for smaller investors to invest in small lots and their 'weakness relative to institutional and high net worth individuals'.

Tags : retail investment capital market small investors

Disclaimer