Saturday, 6 August 2016

Money Market Instrument- Introduction

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Monday, 25 July 2016

Newsletter Dated 26th July, 2016

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News Updates dated 26th July, 2016

Thoughts of the day

"DO WHAT IS RIGHT, NOT WHAT IS EASY"


  • CBDT placed the draft rules for stakeholders comments/views regarding manner of determination of amount amount received by company for use of its shares under different circumstances.The comments and suggestion on the draft rules may be sent by 31st July, 2016 electronically at the email address,ustpl1@nic.in.
  • If service complaints related to Name Reservation or Company Incorporation are not resolved within 2 working days after a service ticket is raised, Stakeholders may escalate the matter by sending an email to CRC.Escalation@mca.gov.in only in the event of tickets not being resolved within 2 working days. Stakeholders are advised to normally wait for resolution of tickets within the stipulated time and not send e-mails as soon as tickets are raised. Action on e-mails will be taken only in respect of cases where tickets have not been resolved within 2 working days. Stakeholders should clearly mention the Helpdesk ticket SR number & date on which ticket was raised in the subject line along with specific problem details.
  • The empowered committee of State FMs for GST will meet today i.e. on Tuesday to discuss two major issues: (i) 1% tax on inter-state supply of goods and services to help manufacturing states; and (ii) Exclusive adjudicating powers to state to assess and scrutinise entitites with annual turnover of upto Rs. 1.5 Crore.
  • The Board of the Silicon Valley-based Yahoo! has agreed to sell its core internet operations and land holdings to Version Communications for $ 4.8 billions.
  • Tiger Global- backed online classifieds firm Quikr on Monday said it had acquired Hiree, an online hiring platform, focused on white collar jobs for an undisclosed sum.
  • Tetsuya Takano, Chairman and Director of Ricoh India has resigned on Monday, a week after admitting its accounts appear to have been "falsified".
  • RBI has slapped a penalty on Bank of Baroda , HDFC and PNB for violating know your customer (KYC)/ anti-money laundering (AML) norms. Bank has asked all banks to conduct an internal audit of their KYC/AML mechanism to prevent such lapses.

Sunday, 24 July 2016

Newsletter Dated 25th July, 2016

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Newsletter Dated 25th July, 2016

  • CBDT vide Notification No. 61/2016 dated 20th July,2016 has notified the districts of the State of Telangana, West Bengal and Bihar to considered as backward areas under the section 32 and 32AD of the Income Tax Act, 1961.
  • CBEC vide Circular No. 33/2016- Custom dated 22nd July, 2016 has  has decided to merge the two facilitation schemes namely ACP and AEO into a combined three-tier AEO programme, and also enhance the scope of these programmes so as to provide further benefits to the entities who have demonstrated strong internal control system and willingness to comply with the laws administered by the Central Board of Excise and Customs.
  • Union Railway Minister, Suresh Prabhu on Sunday inaugurated the first green train corridor between Rameswaram and Manamadurai, in Tamil Nadu developed jointly by the Indian Railway and DRDO.
  • Development both inside and outside Parliament have again cast a shadow on prospects of the goods and sales tax (GST) constitutional amendment Bill, pending in the Rajya Sabha, which is likely to be taken up on Monday.
  • The Finance Ministry will seek Cabinet Approval soon for a draft Bill to streamline and institutionalize a dispute for public-private partnership(PPP) projects.
  • The Group of 20 economies (G-20) reiterated a pledge to use all policy tools to help boost confidence and growth, while stepping up an emphasis on fiscal and structural measures rather than pumping additional monetary stimulus.
  • Bengaluru based education techonology form Byju's says it is in advance stages of talks to raise $50 million in funding, which will help it expand into the US, the UK and other countries over the next few months.

Busniness News

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Business News of the last week of June
  • International Accounting Standards Board (IASB) has issued limited amendments to the International Financial Reporting Standards (IFRS) 2,Share-based Payment. IFRS 2 deals with the financial reporting of share-based payment transactions by an entity.
  • A participatory note which is nothing but offshore derivative instruments (ODIs) is not illegal and is regulated in manner prescribed under SEBI (Foreign Portfolio Investors) Regulations. SEBI can asks FPI to specify its terms and parties.
  • The Department of Revenue in stricter measures on tax defaulters has decided to block the Permanent Account Number, cancel their cooking gas subsidy and ensure non-sanction of loans by Banks, among others. The measures are contained in the Income Tax department’s Central Action Plan for 2016-17.
  • Federal Reserve Chair Janet Yellen said on Tuesday the US economy faces “considerable uncertainty” from slower domestic acitivity and from a possible British vote to break with the European Union.

  • ·   The Government of India on Monday morning swung into action to liberalise foreign investment rules in nine sectors-aviation, pharmaceutical, defence, food trading, retail and television broadcasting, animal husbandary, broadcasting carriage services and private security agencies, branding it as a gateway for job creation and Make in India. This announcement came two days after Reserve Bank of India (RBI) Governor Raghuram Rajan’s announced his decision not to seek a second term.

    ·    Merger talks between Reliance Communications (RCom) and Aircel will be extended by a couple of weeks, as both parties are thrashing out the final contours of the deal with their bankers.

    ·   The tenure of the Committee formed on implementation of One Rank, One Pension Scheme has been extended upto the middle of December this year.

    ·  The Jammu and Kashmir government on Monday introduced a Bill in the state Assembly, seeking taxes on goods entering the state through e-commerce portals, with the aim to safeguard local traders and the tax collection system.

    ·    Japan’s exports fell for an eight consecutive months in May as shipments to China, the US and Europe slumped, undermining Prime Minister Shinzo Abe’s efforts to revive the economy.
  • ·   Sectoral regulator Telecom Regulatory Authority of India (Trai) will soon write to the Department of Telecommunications (DoT) proposing to set up an ombudsman to protect the rights of consumers and resolve their complaints.

Updates

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Regulatory Updates of the last week of June
  • The MCA21 system will be temporarily unavailable from 8:00 am to 4:00 pm IST on Sunday, 26th June 2016 for system maintenance. Stakeholders are requested to plan accordingly.
  • Form AOC-4 is likely to be revised on MCA21 Company Forms Download page w.e.f 26th June 2016. Stakeholders are advised to download the latest version before filing.
  • CBEC vide Notification No.  27/2016-Customs (ADD) dated 23rd June, 2016 seeks to impose definitive anti-dumping duty on "Poly Vinyl Chloride (PVC) Paste Resin" originating in or exported from Korea RP, Taiwan, China PR, Malaysia, Thailand and European Union for a period of five years.
  • Forms AOC-4 XBRL, GNL-1, INC-6, INC-2 and CRA-2 are likely to be revised on MCA21 Company Forms Download page w.e.f 25th June 2016. Stakeholders are advised to check the latest version before filing

  •  Ministry of Corporate Affairs on its portal has placed FAQs on CRC regarding reservation of name and incorporation of Companies. To read the FAQs Click Here….
  • SEBI has placed consultation paper on amendments to SEBI (PORTFOLIO MANGERS) REGULATIONS, 1993 to seek comments from the public for the purpose of laying down an enabling framework for the registration of Eligible Fund Managers to manage Eligible Investment Funds pursuant to insertion of Section 9A in the Income Tax Act, 1961. Suggestions/ Comments can be forwarded by email to naveens@sebi.gov.in latest by July 03. 2016. For Consultation Paper Click Here….. 
  • CBDT vide Notification No.48/2016 dated 20th June, 2016 has notified the Income–tax (15th Amendment) Rules, 2016.
  • CBEC Vide Notification No. 40/ 2016-Customs dated 21st June, 2016 seeks to further amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 30.06.2016.
  • CBEC vide Notification No. 39/2016-Customs dated 21st June, 2016 seeks to further amend Notification No. 96/2008-Customs dated 13.08.2008 so as to include ‘Republic of Togo’ and ‘Republic of Chad’ in the list of countries eligible for preferential tariff under the said notification.
  • Penalty could not be waived off on grounds of financial hardship if taxpayer failed to deposit collected tax: CESTAT- Delhi.
  • Annual filing forms for Companies Act, 1956 - 23AC, 23ACA, 23B, 20B, 21A are likely to be available on MCA21 portal by mid-August 2016. Stakeholders are requested to plan accordingly.
  • Ministry of Finance vide Notification dated 18th June, 2016 has notified Public Provident Fund (Amendment) Scheme, 2016.Now subscribers are allowed for premature closure of his account or account of a minor of which he is gurdian, on a written application to Account Office on the grounds: treatment of serious alimnets or life threatening diseases and for higher education. This facility is available for the account which has completed five years.
  • RBI vide Press Release: 2015-2016/2935 dated 17th June 2016 in its First Bi-monthly Monetary Policy Statement - 2016-17,  stated that in order to make the process of registration of new NBFCs smoother and hassle free, it has been decided to simplify and rationalise the process of registering new NBFCs. The new application forms will be simpler and the number of documents required to be submitted will be reduced to a minimum i.e. from 45 to 8.Also, registration of some categories of NBFCs will be on fast track mode.

Thursday, 16 June 2016

New Updates 16th June, 2016

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News Updates dated 16th June, 2016

  • ·   The Ministry of Finance has released the “Model GST Law” after getting basic in principle approval from Empowered Committee of State FMs.

    ·   CBEC vide Notification No. 86 /2016-CUSTOMS (N. T.) dated 15th June, 2016 notified regarding fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Gold and Sliver.

    ·  Notification 17/2009-ST requires proof that specified services were received by exporter claiming refund of service tax paid; hence, where documents show that services were received by a third party and not by assessee, then, assessee cannot claim refund of service tax paid on such services: Mumbai-CESTAT.

    ·    The Union Cabinet on Wednesday cleared the new Civil Aviation Policy, paving the way for better regional connectivity and making it easier for new airlines to fly abroad by amending the controversial 5/20 rule. Now, Domestic carriers will no longer have to operate for five years before they can fly abroad. They, however, will still have to deploy 20 aircraft or 20% of total capacity in India, whichever is higher.

    ·      Union Cabinet on Wednesday gave a go-ahead to merger of State Bank of India (SBI) with its five associate lenders and Bharatiya Mahila Bank. The Combined entity would create a financial sector powerhouse, with total assets worth Rs. 29.7 lakh crore.

    ·    The US Federal Reserve left its key interest rate unchanged on Wednesday as expected, but signalled that it still plans two rate increase this year. The US central bank also lowered its economic growth forecast for 2016 and 2017.

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New Updates

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News Updates dated 15th June, 2016

  • ·   The Ministry of Finance has released the “Model GST Law” yesterday after getting basic in principle approval from Empowered Committee of State FMs.

    ·  CBEC vide Notification No. 85/2016-CUSTOMS (N. T.) dated 14th June, 2016 notified regarding fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Gold and Sliver.

    ·    CBEC vide Circular No. 28/2016- Cus dated 14th June, 2016 has simplified the procedure in SWIFT for clearance of consignments related to drugs & cosmetics under Indian Custom Single Window Project.

    ·      CBEC vide Circular No. 1031/19/2016-CX dated 14th June, 2016  notified regarding the scope of the levy of excise duty on readymade garments and made articles of textiles bearing a brand name or sold under a brand name and having a retail sale price of Rs. 1000 or more in this year’s Budget.

    ·     Registration of a trust cannot be cancelled merely because receipts from commercial activities exceed Rs.25Lakhs unless there is change in the nature of its activities or its activities are not genuine: Bombay High Court.

    ·    No public interest served in disclosure of assets and liabilities of SEBI Chairman as such disclosure is likely to cause unwarranted invasion of privacy of the individual under section 8(1)(j) of the RTI Act: CIC

    ·   The special court for Prevention of Money Laundering Act (PMLA) on Tuesday declared industrialist Vijay Mallya, a proclaimed offender under Section 82 of the criminal procedure code (CPC).

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    Tuesday, 14 June 2016

    News updates- 14th June, 2016

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    News Updates dated 14th June, 2016

    • MCA has updated e-forms NDH-2, FC-3, MSC-3, INC 24, INC-3, CHG-8, CHG-9 and SH-9. Stakeholders are advised to download the latest version of the form as the earlier version will not be accepted.
    • CBEC vide Notification No.  26/2016-Customs (ADD) dated 13th June, 2016 Seeks to extend the levy of anti-dumping duty on imports of Pentaerythritol, originating in, or exported from the People's Republic of China, for a period of one year.

    • Fee for professional services to be held as 'independent personal services' and not as FTS under India-USA DTAA: Mumbai Tribunal
    • Microsoft on Monday announced that it would be acquiring Linkdln in all cash deal of  $26.2 billion.
    • The Reserve Bank of India has allowed banks to conduct deep restructuring of large accounts where the aggregate exposure is more than Rs. 500 Cr to revive projects that can be saved, effectively throwing a lifeline to promoters who risked losing their companies. This arrangement will be allowed only for projects that have commenced operations.
    • As per data released by the Central Statistics Office- India's retail inflation, measured by the Consumer Price Index (CPI), in May, rose to 5.76%- highest in 19 months- compared to 5.47% in April and 5.01% in May 2015.
    • Retirement fund body EPFO may soon allow its subscribers to contribute voluntarily towards its pension scheme in addition to their employers' mandatory contributions.
    • Targeting April 2017 for the rollout of the goods and service tax (GST), the government is betting on support from smaller regional parties to pass the national slaes tax legislation in the Parliament session from next month, and expects approval for supporting laws by year end.
    • The trend to opt for share buybacks in lieu of dividends has been gathering pace in the first quarter of this financial year. So far in 2016-17 at least a dozen listed companies have announced such programmes, worth nearly Rs. 20,000 crore in all. The prominent firms who announced buyback are Wipro, Baba Arts, Bharti Infratel, Nalco, Bharti Airtel, Smartlink Network, Excel Industries, Novartis India, and others.

    Monday, 13 June 2016

    News Updates dated 14th May, 2016

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    News Updates dated 14th May, 2016

    • RBI vide Press Release : 2015-2016/2651 dated 12th May, 2016 has reviewed the extant guidelines on ownership in private sector banks which envisaged diversified shareholding in private sector banks by a single entity/corporate entity/group of related entities. . 
    • CBEC vide Notification No. 17/2016-Customs (ADD) dated 13th May, 2016 seeks to levy definitive anti-dumping duty on imports of Digital Versatile Discs-Recordable (DVD-R) originating in, or exported from Vietnam and Thailand for a period of five years.


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    Tuesday, 26 April 2016

    News Updates 25th April, 2016

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    News Updates dated 25th April, 2016

    • Version of e-forms INC-1, INC-7, DIR-3, MGT-6, FC-4 were  updated on MCA21 portal.  Stakeholders are advised to download the latest version before filing as the older version form will not be accepted by the system.
    • SEBI vide Circular No. CIR/IMD/DF1/48/2016 dated 21st April, 2016 has prescribed procedures for issuance of debt securities on private placement basis and enhance transparency to discover prices prescribing framework for issuance of debt securities on private placement basis through an electronic book mechanism.
    • India's first small finance bank launched in Jalandhar on Sunday. The bank opened 10 branches in the state on the day of its launch.
    • Chief Justice of India T S Thakur on Sunday almost broke down at a meeting in the presence of Prime Minister Narender Modi, laminating the government's "inaction" in increasing number of judges.  A meeting of chief ministers and chief justices of high courts adopted a resolution to invoke a constitutional provision to appoint retired judicial officiers as ad hoc judges.
    • High Court cannot entertain writ plea challenging Tribunal's order u/s 17 of SARFAESI Act unless it is exceptional case: Karnataka High Court.
    • Now infrastructure debt fund-NBFCs can raise funds by issuing shorter tenor bonds and commercial papers.
    • Waiver of loan tantamount to benefit or perquisite, chargeable to tax under Sec. 28(iv): Madras High Court.
    • Employee's Provident Fund Organisation (EPFO) plans to launch One Employee One EPF account system on May 1 to dissuade premature PF withdrawal and encourage state governments to join its pension system.

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    Sunday, 24 April 2016

    News Updates dated 22nd April, 2016

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    News Updates dated 22nd April, 2016

    • The relaxation of additional fee waiver vide General Circular No.03/2016 dated 12th April 2016 has been implemented in MCA21 system w.e.f. 21st April 2016.
    • 10 NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration. For list click here.
    • The Reserve Bank of India (RBI) has cancelled the certificate of registration of the three non-banking financial companies (NBFCs) viz. Shubh Leasing Private Limited, Global Securities Limited and Amitosa Leasing & Finance Private Limited in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
    • The Reserve Bank of India will shortly issue Rs.100 denomination banknotes with three additional/revised features in the Mahatma Gandhi Series-2005, with inset letter ‘L’ in both the numbering panels, bearing the signature of Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and the year of printing '2015' printed on the reverse of the banknote.
    • The Reserve Bank of India today issued the Master Directions on Amalgamation of Private Sector Banks. The Master Directions issued today consolidates all relevant instructions issued by the Reserve Bank of India (RBI) so far on the subject and will be applicable to all private sector banks licensed to operate in India by the RBI and to the extent appropriate to the Non-Banking Financial Companies (NBFC) registered with the RBI and public sector banks.

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    Thursday, 21 April 2016

    News Updates dated 21st April, 2016

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    News Updates dated 21st April, 2016


    • The relaxation of additional fee waiver vide General Circular No.03/2016 dated 12th April 2016 has been implemented in MCA21 system w.e.f. 21st April 2016.
    • Version of e-forms AOC-4, INC-27 and MGT-7 have been recently updated on MCA21 Company Forms page. Stakeholders are advised to download the latest version before filing as the previous versions form will not be accepted by the system.
    •  The Reserve Bank of India (RBI) has cancelled the certificate of registration of the three non-banking financial companies (NBFCs) viz. Shubh Leasing Private Limited, Global Securities Limited and Amitosa Leasing & Finance Private Limited in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
    • The Reserve Bank of India will shortly issue Rs.100 denomination banknotes with three additional/revised features in the Mahatma Gandhi Series-2005, with inset letter ‘L’ in both the numbering panels, bearing the signature of Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and the year of printing '2015' printed on the reverse of the banknote.

    Monday, 18 April 2016

    Business Updates dated 19th April, 2016

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    News Updates dated 19th April, 2016



    • MCA has updated the version of e-form DIR-12 w.e.f. 18th April, 2016. Stakeholders are advised to download the latest version before filing as the previous version of the form will not be accepted.
    • MCA has issued FAQs on 18th April, 2016 related to problems faced by the stakeholder in filing the forms, resubmission, payment, unavailability of various forms, technical issues,etc. 
    • SEBI has placed “Consultation Paper on Distribution of Cash Benefits through Depositories” for stakeholder’s comments/ suggestions. Stakeholders may give their comments / suggestions through email on cashbenefits@sebi.gov.in latest by May 05, 2016.
    • CBDT has released the draft rules for granting relief or deduction under section 90/90A/91 of the Income-Tax Act, 1961.
    • The centre will issue an executive order to ensure contract workers get a minimum wage of Rs. 10,000 per month: Union Minister of State for Labour and Employment, Bandaru Dattatreye.
    • The labour ministry on Monday eased the planned restriction on withdrawal of contribution to the employees' provident fund. It said withdrawal can be allowed for housing, major medical treatment for self and family members, medical, dental and engineering education of children, and for their marriage. 
    • The global economic situation is "grim" and "worrisome" that has prompted the nations to put up "firewalls" around their own systems to save themselves from the slowdown and grow within the limitations:Finance Minister Arun Jaitley at the Asia Society. 
    • Where petitioner by filing petition under article 226 sought a declaration that certain amendments to SARFAESI Act, 2002, and Recovery of Debts Due to Banks and Financial Institutions Act, 1993 be declared unconstitutional, and during pendency of these proceedings filed another petition in Supreme Court for same reliefs, it was an abuse of process of law: SC


    New Updates

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    News Updates dated 18th April, 2016

    • CBEC vide Notification No. 13/2016-Customs (ADD) dated 13th April, 2016 seeks to levy definitive anti-dumping duty on Normal Butanol or N-Butyl Alcohol, originating in, or exported from the European Union, Malaysia, Singapore, South Africa and USA, for a period of five years.
    • Rural consumption beats slowdown. Household consumption of FMCG products in villages grows at almost double the pace of urban areas in 2015; it grows at 5.4% over the previous year.
    • National airports operator, Airport Authority of India (AAI) is expected to report an all time high revenue of Rs. 10,000 with an estimated flat profit growth in FY 2016.
    • The Department of Financial Services (DFS), which functions under the finance ministry, is examining a proposal to bring all unregulated retirement funds under the purview of the Pension Fund Regulatory and Development Authority (PFRDA).
    • Jaitley seeks reform in IMF, World Bank to reflect a larger say for for economies like India.
    • The centre will issue an executive order to ensure contract workers get a minimum wage of Rs. 10,000 per month: Union Minister of State for Labour and Employment, Bandaru Dattatreye.

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      Friday, 15 April 2016

      Business Updates dated 16th April, 2016

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      News Updates dated 16th April, 2016




      • Financial leaders from the Group of 20 major economies scrambled on Friday for a way to keep global growth from stalling amid concerns about a drop-off in international trade and the waning effectiveness of loose monetary policy.
      • The Reserve Bank of India may have room to further cut policy rates if inflation continues to ease and monsoon rainfall is in line with the forecast, Governor Raghuram Rajan told The Wall Street Journal in an interview in Washington. Rajan and Union Finance Minister Arun Jaitley are currently in Washington for the spring meeting of the International Monetary Fund and the World Bank.
      • The government-owned oil marketing companies on Friday cut the price of petrol by 74 paise a litre and that of diesel by Rs 1.3 to align the domestic rates of the fuels with global benchmarks.
      • The centre has firmed up a comprehensive plan to increase India's port capacity to 3,000 million tonnes by 2025 fromt he present level of 1,400 million tonne. The government envisages an investment of Rs. 1 lakh crore to meet this target.
      • The Department of Financial Services (DFS), which functions under the finance ministry, is examining a proposal to bring all unregulated retirement funds under the purview of the Pension Fund Regulatory and Development Authority (PFRDA).
      • India's decision to put minimum prices on imported iron and steel and to impose emergency "safeguard" tariffs on some steel imports drew wide criticism at a meeting of the World Trade Organization's Goods Council on Friday.
      • Adjudication must be completed within 6 months if assessee waives notice at the time of seizure of goods: Delhi High Court.
      • A magnitude 7.3 earthquake struck southern Japan early on Saturday, killing at least 11 people, injuring hundreds more and trapping people in collapsed buildings, media reported, just over a day after a quake killed nine people in the same region.
      • Carry forward of losses couldn't be denied if return wasn't filed in time due to technical snags in dept.'s website: Madras High Court.
      • RBI vide Circular No. 59 dated 13th April, 2016 has clarified that keeping deposits with an Indian company by persons resident outside India, in accordance with section 160 of the Companies Act, 2013, is a current account (payment) transaction and, as such, does not require any approval from Reserve Bank. All refunds of such deposits, arising in the event of selection of the person as director or getting more than twenty five percent votes, shall be treated similarly.

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      News Updates 15th April, 2016

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      Business Updates dated 15th April, 2016

      • Ravi, Shankar Prasad, the Union minister for communication and information technology, said he expected Digital India to be a $1 trillion economy in the next five to seven years.
      • Venture Capitalists and private equity players have slowed investments in Indian start- ups. Between January and March, 2015, $465 million was raised by Indian starts-ups. This year, funding has come down to $252 million.
      • India may grow faster than 7.5%  gross domestic product growth rate it recorded last year, if predictions of above average monsoon rainfall come true: Finance Minister, Arun Jaitely.
      • The centre has firmed up a comprehensive plan to increase India's port capacity to 3,000 million tonnes by 2025 fromt he present level of 1,400 million tonne. The government envisages an investment of Rs. 1 lakh crore to meet this target.
      • No retro service tax on spectrum, mines. The Finance Ministry has clarified that the service tax proposed on auctioning of natural resources, including telecom spectrum, will be imposed prospectively for transfer of rights by government taking place after April 1.
      • Oil oversupply to end later this year. IEA says world surplus will dimnish to 200,000 barrels a day in the second half from 1.5mn in the first half of this year.
      • CBEC vide Notification No.  22/2016-ST dated 13th April, 2016 exempts service tax on registration services provided by government or local bodies.
      • RBI eases reporting norms for overseas direct investments.

      • NBFC micro finance institutions can act as channelizing agents to disburse loans under special schemes of Governments: RBI. 

      Thursday, 14 April 2016

      Business Updated dated 14th April, 2016

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      Business Updates dated 14th April, 2016

      • Indian Market on Wednesday posted their biggest single day jump in over a month as a result of the India’s Meterological Department’s prediction of an “above normal” monsoon. The S&P BSE sensex gained 481.16 points to close at 25,626.75 and nifty added 141.5 points to close at 7,850.45.
      • Financial Action Task Force (FATF) called on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdictions of Iran and Democratic People's Republic of Korea (DPRK).
      • MCA vide Circular No. 3/2016 dated 12th April, 2016 has waived off the additional fee on e-form due for filing by the companies between 25th March, 2016 to 30th April, 2016. To take the benefit of this relaxation, stakeholders have to file such forms by 10.05.2016.
      • India was the world's largest remittance recipient in 2015 despite experiencing a $1 billion drop from 2014, the first decline in its remittances since 2009, the World Bank said. India retained its top spot in 2015, attracting about $69 billion in remittances, down from $70 billion in 2014.
      • COMPAT stays CCI approval till next hearing on May 9, 2016 in the matter of merger of cement giants Lafarge and Holcim.
      • The government will integrate 21 regulated wholesale markets, or mandis, in eight states under an online platform on Thursday as part of the proposed National Agriculture Market (NAM). On April 14, on the 125 birth anniversary of BR Ambedkar, Prime Minister Narendra Modi will launch the e-trading platform — NAM — which proposes to integrate 585 regulated wholesale market or agriculture produce market committees ( APMCs) under one electronic platform.
      • Dubai based real estate firm Emmar Properties PJSC and India's MGF Group have decided to part ways after a decade old joint venture in India.
      • The Government has slashed interest rates on loans from National Small Savings Fund (NSSF) to 8.8% from 9.5% for FY 17.
      • The Railway Board has removed the port congestion surcharge levied on cargo moving to inland distribution points.
      • World Steel Association  said global steel demand will continue to fall this year before a slight pick-up in 2017. Falling demand has plunged the global steel market into crisis, with excess capacity taking a heavy toll on producers, including those in China — leading to plant closures.
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