Notifications & Circulars
Reserve Bank of India
15.07.2016
Banking
Sovereign Gold Bonds 2016-17 - Series I
MANU/IDMC/0025/2016
The Reserve Bank of India announced subscription of the Sovereign Gold Bonds 2016-2017 open from 18 July 2016 to 22 July 2016.
The date of issue of the bonds will be 5 August 2016.
Relevant
Gold Bonds 2016-17 - Operational Guidelines MANU/IDMC/0024/2016
Tags : Gold bond 2016-2017 july 2016
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Ministry of Finance
14.07.2016
Direct Taxation
Clarifications on the Income Declaration Scheme, 2016
MANU/DTCR/0029/2016
The Central Board of Direct Taxes released additional clarifications on the Income Declaration Scheme 2016.
In answers to ten additional queries, the Board clarified that declarations under the Scheme can be revised before its closing date; declarants will not be selected for scrutiny under CASS only on increase in capital in the balance sheet as a result of the declaration, and; immunity form prosecution in respect of declarations by the company or firm will extend to directors and partners.
The Scheme, effective 1 June 2016, is an attempt to bring into formal fiscal circulation previously undeclared income. Declarations made under the Scheme will be taxed at a flat 45 per cent and will provide the declarant certain immunities against fines and prosecution.
Tags : income declaration scheme revision directors partners
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Reserve Bank of India
14.07.2016
Banking
Facility for Exchange of Soiled/ Mutilated/ Imperfect Notes
MANU/RDCM/0006/2016
The Reserve Bank of India notified that up to 20 soiled notes, worth no more than Rs. 5000, can be exchanged free of charge at non-chest branches banks over the counter. For amounts greater than that, the bank is allowed to issue a receipt to be credited later and levy a service charge.
Mutilated and imperfect notes can also be exchanged at non-chest branches of banks over the counter, provided they no more than five in number and do not exceed Rs. 5000. Larger collections and values will be sent to currency chest branches for adjudication.
Tags : currency soiled mutilated over the counter exchange
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Insurance Regulatory and Development Authority
13.07.2016
Insurance
Training and examination for channels of insurance distribution harmonised
MANU/IRDA/0024/2016
The Insurance Regulatory Development Authority of India took steps to streamline the training and examination of persons involved in selling and distributing insurance products to customers.
While agents will be trained by the insurance company, insurance brokers, corporate agents, web aggregators, insurance marketing firm, training will be imparted by Insurance Institute of India.
A minimum number of hours for trainees in various categories has been prescribed and the syllabus has also been rationalised. Recent efforts to remove conflict and overlap in training and examination directions are hoped to make the process more efficient; however, whether the same mandates a higher standard of instruction remains to be seen.
Tags : Insurance agent brokers training examination overlap
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Ministry of Finance
13.07.2016
Direct Taxation
Compulsory manual selection of cases for scrutiny during FY 2016-17
MANU/CBDT/0070/2016
The Central Board of Direct Taxes laid down fresh criteria and procedure for manual selection of returns or cases for compulsory scrutiny during the 2016-2017 financial year.
Monetary limits for picking up cases involving addition on a substantial and recurring question of law or fact in an earlier year, including transfer pricing cases, have been revised. Assessments including those involving search and seizure and where reassessment notice has been issued under the Income Tax Act 1961 will also be selected for scrutiny.
Assessment through e-mail is extended to scrutiny cases as well, including those for compulsory selection in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai. Assessees can opt out of email scrutiny by informing the assessing officer in writing.
Tags : manual selection income tax compulsory scrutiny
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Ministry of Finance
13.07.2016
Excise
Compliance relaxations for excise levy on jewellery industry accepted
MANU/PIBU/0544/2016
The Central government accepted the recommendations of a Sub-Committee formed to interact with trade and industry on issues arising out of the recent levy of excise duty on jewellery.
The Committee had recommended on 23 June 2016 several policy relaxations to lessen the administrative and fiscal blow of the levy on jewellery traders and manufacturers. These included no requirement to submit any ground plan of the premises for taking excise registration; no excise duty payable on the sale of traded goods; and when a retail customer brings jewellery to a jeweller which is converted into new jewellery by the jeweller or a job worker of such jeweller, excise duty will be payable only on value addition, including cost of additional materials and labour charges charged.
The government also raised the SSI Eligibility limit from Rs. 12 crore to Rs. 15 crore; and SSI Exemption limit from Rs. 6 crore to Rs. 10 crore in one financial year.
Tags : excise jewellery ssi valuation
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Telecom Regulatory Authority of India
13.07.2016
Media and Communication
TRAI envisages data stores in public wi-fi networks
The Telecom Regulatory Authority of India released a consultation paper on the Proliferation of Broadband through Public Wi-Fi Networks, to simultaneously improve internet penetration, increase employment and provide the public with useful services.
TRAI is looking at wi-fi networks offering a cheaper solution for increasing the availability of broadband internet, given that it operates in unlicensed spectrum and utilises relatively cheaper equipment.
It envisages lower investment for internet service providers to directly reduce prices for consumers, as well as better service. However, the proposals go beyond simply providing broadband access. Rather, it looks at wi-fi networks storing their own local cache of information - such as agricultural, educational and health information, as well as entertainment content - which will be available regardless of internet connectivity.
Tags : broadband public wifi services repository
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Ministry of Communications and Information Technology
12.07.2016
Miscellaneous
UIAI to become functional soon
MANU/INFT/0014/2016
Marking the ever nearer constitution of the Unique Identification Authority of India, the Central government introduced the Unique Identification Authority of India (Terms and Conditions of Service of Chairperson and Members) Rules, 2016.
The UIAI will perform functions under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act 2016.
Chairperson and members of the UIAI will be selected by the Search-cum-Selection Committee comprising the Cabinet Secretary and civil service officers representing crucial government departments.
Relevant
Unique Identification Authority of India established MANU/INFT/0013/2016
Tags : Uiai adhaar selection panel
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Securities and Exchange Board of India
12.07.2016
Capital Market
Simplification of Account Opening Kit
MANU/SDEP/0002/2016
The Securities and Exchange Board of India negated the need for physical presence of a stockbroker or depository participant at the opening of a trading account.
While previously a stockbroker or depository participant was required to provide a copy of several standard documents part of the account opening kit to clients physically, now the same can be made available electronically or as hard-copy.
Relevant
Simplification and Rationalization of Trading Account Opening Process MANU/SSMD/0047/2011
Tags : Trading account capital market stockbroker
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Insurance Regulatory and Development Authority
12.07.2016
Insurance
Central KYC Records Registry nears operation
MANU/IRDA/0022/2016
IRDA announced completion of key steps in the finalisation of Know Your Customer Template for "individuals" and Operating Guidelines for uploading of KYC records by reporting entities to the Central KYC Records Registry.
The Central Registry of Securitisation and Asset Reconstruction and Security Interest of India will perform the functions of the CKYCRR under the PML (Maintenance of Records) Rules, 2005, effective 15 July 2016. The Rules require reporting entities to electronically file client KYC records within three days.
The government had announced in the 2012-2013 budget that a Central KYC depository would be developed to avoid multiplicity of KYC data received by banks and other financial institutions.
Tags : Kyc central repository multiplicity
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