Notifications & Circulars

Reserve Bank of India

16.02.2017

Banking

Issuance of Rupee denominated bonds overseas - Multilateral and Regional Financial Institutions as Investors

MANU/APDR/0008/2017

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to paragraph No. 4 of A. P. (DIR Series) Circular No. 60 dated April 13, 2016 and paragraph No. 3.3.3 of Master Direction No.5 dated January 1, 2016 on 'External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers' as amended from time to time about the criteria of recognized investors in the Rupee denominated bonds issued overseas. In order to provide more choices of investors to Indian entities issuing Rupee denominated bonds abroad, it has been decided to also permit Multilateral and Regional Financial Institutions where India is a member country, to invest in these Rupee denominated bonds. All other provisions of the aforesaid circular dated April 13, 2016 and applicable provisions of A. P. (DIR Series) Circular No. 29 dated September 29, 2015 remain unchanged. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers. The changes/revised instructions in respect of issuance of Rupee denominated bonds will be applicable from the date of issuance of this circular. Relevant paragraphs of the Master Direction No.5 dated January 1, 2016 issued by the Reserve Bank are being updated to reflect the changes. The directions contained in this circular have been issued under section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Tags : Denominated bonds Issuance Overseas

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Press Information Bureau

16.02.2017

Civil

Petition for poor - filing made easy

MANU/PIBU/0155/2017

Now, it is easier for the middle and relatively lower income group to avail and enjoy the legal services of the country. The Hon'ble Supreme Court of India has introduced the Middle Income Group Scheme. It is a self supporting scheme which provides legal services to the middle income group citizens i.e. citizens whose gross income is not exceeding Rs. 60,000 per month or Rs. 7,50,000 per annum. The members of the governing body to whom the management of the Society is entrusted as required under Section 2 of the Societies Registration Act, 1860, as applicable to the National Capital Territory of Delhi includes Hon'ble Chief Justice of India as Patron-in-Chief, Attorney General for India as Ex-officio Vice-President, Solicitor General of India as Honorary Secretary and other senior advocates of the Apex Court as its members. As per the Supreme Court rules it is only through advocates on record cases can be filed before it. A sum of Rs. 500/- shall be payable to the Supreme Court Middle Income Group Legal Aid Society (SCMIGLAS) as service charges. The applicant shall have to deposit the fee indicated by the Secretary, which will be in accordance with the schedule attached to the Scheme. It is the Secretary, who will register the case under the MIG Legal Aid Scheme and proceed to forward the papers to the Advocate-on-Record/Arguing Counsel/Senior Counsel on the panel for opinion. If Advocate-on-Record is satisfied that it is a fit case to be proceeded with, then the Society will consider that the applicant is entitled to legal aid. The view expressed by the Learned Advocate-on Record will be final insofar as the eligibility of the applicant for obtaining the benefit of the Scheme is concerned.

Under the scheme, middle class people who can't afford the expensive litigation in the Supreme Court can avail the services of the society for a nominal amount. The person desirous of availing the benefit of the Scheme shall have to fill up the form prescribed and accept all the terms and conditions contained therein. As per the scheme, contingent fund will be created to meet the miscellaneous expenditure in connection with the case under the Scheme by requiring the applicant to deposit upto the stage of admission, a sum of Rs.750/- in addition to the charges required to be deposited with the Society, out of this contingent fund. In the event of the learned Advocate taking the view that the case is not fit one for an appeal to the Supreme Court, then the entire amount after deduction Rs.750/- towards minimum service charges of the Committee shall be refunded to the applicant by way of cheque. As the next step, further, if the Advocate who is appointed under the Scheme is found negligent in the conduct of the case entrusted to him, then he will be required to return the brief together with the fee which he may have received from the applicant under the scheme. Further, the Society will not be responsible for the negligent conduct of the case but the entire responsibility will be that of the Advocate vis-a-vis the client. The name of the Advocate will, however, be struck off from the panel prepared under the Scheme. A large number of poor people would approach the Hon'ble Supreme Court for aid to sort out their cases, file cases on their behalf and get justice, but could not afford the expenses. To make filing petitions easy for the underprivileged strata of the society, the Hon'ble Supreme Court decided to introduce this scheme.

Tags : Scheme Introduction Petition Filing

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Reserve Bank of India

16.02.2017

Banking

Reimbursement of Merchant Discount Rate

MANU/RMIC/0008/2017

The Government of India (GoI) has decided to absorb the Merchant Discount Rate (MDR) charges in respect of debit card transactions while making payments to GoI. The Office Memoranda issued by the Office of Controller General of Accounts dated December 14 and 15, 2016 and Central Board of Direct Taxes dated January 30, 2017 in this regard are enclosed. Agency banks may also be guided by the extant RBI Circulars regarding the applicable MDR rates. In order to operationalise the above, RBI will reimburse banks the MDR on debit cards used for payment of tax and non-tax dues to the Government of India with effect from January 1, 2017. Agency banks are advised to forward their claim for reimbursement of MDR along with statutory auditor's certificate, as in the case of agency commission claims, to our CAS Nagpur on a quarterly basis. The claims may be signed by the Officer-in-Charge of the Government Banking Division of the bank. He should also certify that MDR charges for transaction amounts upto Rs. 1.00 lakh have not been collected from the payer. The first such claim may be made by April 30, 2017 for the quarter ending March 31, 2017.

Tags : MDR Charges Reimbursement

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Reserve Bank of India

16.02.2017

Banking

Inclusion of "Capital Small Finance Bank Limited" in the Second Schedule to the Reserve Bank of India Act, 1934

MANU/RMIC/0010/2017

We advise that the "Capital Small Finance Bank Limited" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DBR.PSBD.No.5201/16.02.001/2016-17 dated November 8, 2016, and published in the Gazette of India (Part III - Section 4) dated February 4- February 10, 2017.

Tags : Inclusion Bank Second Schedule Act

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Press Information Bureau

15.02.2017

Banking

Cabinet approves acquisition of subsidiary banks of State Bank of India

MANU/PIBU/0153/2017

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the acquisition by the State Bank of India of its subsidiary banks namely State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore. The Cabinet also approved the introduction of a Bill in Parliament to repeal the State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956. The merger is likely to result in recurring savings, estimated at more than Rs. 1,000 crore in the first year, through a combination of enhanced operational efficiency and reduced cost of funds. Existing customers of subsidiary banks will benefit from access to SBI's global network. The merger will also lead to better management of high value credit exposures through focused monitoring and control over cash flows instead of separate monitoring by six different banks.

The acquisition under Section 35 of the State Bank of India Act, 1955 will result in the creation of a stronger merged entity. This will minimize vulnerability to any geographic concentration risks faced by subsidiary banks. It will create improved operational efficiency and economies of scale. It will also result in improved risk management and unified treasury operations. The acquisition of subsidiary banks of State Bank is an important step towards strengthening the banking sector through consolidation of public sector banks. It is in pursuance of the Indradhanush action plan of the Government and it is expected to strengthen the banking sector and improve its efficiency and profitability.

Tags : Acquisition Subsidiary banks Approval

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Press Information Bureau

15.02.2017

Civil

Cabinet approves Amending the Collection of Statistics Act, 2008

MANU/PIBU/0154/2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved a proposal to introduce a Bill in Parliament to extend the jurisdiction of the Collection of Statistics Act, 2008 to Jammu & Kashmir on statistics relevant to any matters under any of the entries specified in the List-I (Union List) and the List- III (Concurrent List) in the Seventh Schedule to the Constitution, as applicable to Jammu & Kashmir under the Constitution (Application to Jammu & Kashmir) Order, 1954. The Amendment will strengthen data collection mechanism in the State of Jammu & Kashmir.

The Amendment will:

(a) Provide for extending the jurisdiction of the Act to Jammu & Kashmir State in respect of matters not reserved for the State as per the Constitution (Application to Jammu and Kashmir) Order 1954;

(b) Provide for appointing a nodal officer at the Centre and in each State/Union Territory to effectively coordinate data collection activities and provide consultation to Government Departments for avoiding unnecessary duplication, etc.

Background<

The Collection of Statistics Act, 2008 was enacted to facilitate the collection of statistics on economics, demographic, social, scientific and environmental aspects etc. The Act extends to the whole of India, except Jammu & Kashmir. The Jammu & Kashmir State legislature enacted the Jammu & Kashmir Collection of Statistics Act, 2010, which extends to the whole of the State of Jammu & Kashmir and is almost a replica of the central legislation. The Collection of Statistics Act, 2008 and the Jammu & Kashmir Collection of Statistics Act, 2010 are not applicable to statistical subjects falling in the Union List, as applicable to the Jammu & Kashmir under the Constitution (Application to Jammu & Kashmir) Order 1954. This has created a legislative vacuum. Moreover, the concurrent jurisdiction to be exercised by the Centre in Jammu & Kashmir has also not been provided for, in the Collection of Statistics Act, 2008. The amendment is intended to address this vacuum.

Tags : Amendment Enactment Approval

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Reserve Bank of India

15.02.2017

Banking

RBI signs Memorandum of Understanding (MoU) on "Supervisory Cooperation and Exchange of Supervisory Information" with the Bank of Zambia

MANU/RPRL/0021/2017

The Reserve Bank of India signed a Memorandum of Understanding (MoU) on "Supervisory Cooperation and Exchange of Supervisory Information" with Bank of Zambia. The MoU was signed by Dr. Denny H Kalyalya, Governor on behalf of Bank of Zambia and Dr Urjit R. Patel, Governor on behalf of Reserve Bank of India. The Reserve Bank has entered into Memorandam of Understanding, Letter for Supervisory Co-operation and Statement of Co-operation with supervisors of a few countries to promote greater co-operation and share supervisory information. With this RBI has signed 36 such MoUs, one Letter for Supervisory Co-operation and one Statement of Co-operation.

Tags : Supervisory Cooperation MOU Signing of

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Press Information Bureau

14.02.2017

Company

Insolvency and Bankruptcy Board of India invites public comments on Draft Regulations for Voluntary Liquidation by 8th March, 2017

MANU/PIBU/0149/2017

The Ministry of Corporate Affairs had set-up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working Group-3 had a mandate to deliberate and submit its recommendations on rules and regulations and other related matters for the insolvency and liquidation process under the Insolvency and Bankruptcy Code, 2016. This Working Group had earlier developed draft regulations for corporate insolvency resolution and liquidation process. Based on these drafts and after considering public comments on the same and following the due process, the Insolvency and Bankruptcy Board of India (Board) has notified (a) the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and (b) the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. This Working Group has now submitted draft regulations for Voluntary Liquidation of Corporate Persons. A corporate person who has not committed any default may initiate voluntary liquidation subject to certain conditions. It has been decided to invite public comments on the draft regulations. Accordingly, comments on each provision of the draft regulations are invited by 8th March, 2017.

Tags : Regulations Voluntary Liquidation Comments Invitation

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Press Information Bureau

13.02.2017

Direct Taxation

Operation Clean Money by IT Dept gets overwhelming response

MANU/PIBU/0147/2017

The Income Tax Department (ITD) had initiated 'Operation Clean Money' on 31st January, 2017 for the e-verification of large cash deposits made during the period from 9th November to 30th December, 2016. Email and SMS were sent to 18 lakh taxpayers for submitting online response on the e-filing portal. The operation has seen an overwhelming response and till 12th February, 2017 more than 5.27 Lakh taxpayers have already submitted their response. Out of the 7.41 Lakh accounts confirmed by the 5.27 Lakh taxpayers, the cash deposit amount has been confirmed in more than 99.5 per cent accounts. The Department is encouraged to note that taxpayers have increased the cash deposit amount in nearly 90,000 accounts and provided details of additional 25,000 bank accounts in which cash was deposited. The explanation of cash deposit submitted by the taxpayer is being analysed in the context of nature of business and business profile in the earlier returns of the taxpayer. This exercise has identified around 4.84 lakh taxpayers not yet registered with the e-filing portal. SMS have been sent on the mobile number of these unregistered persons. Income Tax Department is keeping a vigil on the PAN holders who have still not registered on the e-filing portal or who have not yet submitted their online response. Such taxpayers are advised to register themselves at the e-filing portal https://incometaxindiaefiling.gov.in. and submit online explanation. In order to facilitate online responses, the last date for their submission has been extended up to 15th February, 2017 and a detailed Frequently Asked Question (FAQs) has also been issued to assist the taxpayers in submitting their response. The taxpayers should submit their response within this further extended period with a view to avoid enforcement actions under the Income-tax Act and other applicable laws.

Tags : Overwhelming response Clean Money Clean money

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Telecom Regulatory Authority of India

13.02.2017

Media and Communication

Extension of time for receiving comments/counter-comments on Consultation Paper on 'Approach towards Sustainable Telecommunications'

MANU/TRAI/0010/2017

Telecom Regulatory Authority of India (TRAI) has released a Consultation paper titled 'Approach towards Sustainable Telecommunications' on 16.01.2017 inviting comments from stakeholders by 13.02.2017 and counter-comments, if any, by 27.02.2017. On request of some of the stakeholders, the last date for receipt of written comments/counter-comments has been extended up to 14.03.2017 and counter comments, if any, upto 28.03.2017. It has also been decided that no request for any further extension of time for submission of comments/counter comments shall be entertained. The comments and counter-comments may be sent, preferably in electronic form at pradvnsl@trai.gov.in with a copy to trai.ifn@gmail.com and ja3nsl@trai.gov.in. Comments and Counter-comments will be posted on TRAI's website.

Tags : Comments Receipt Time Extension

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