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

On 23:22 by Prince Kumar in , , , ,    No comments

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

On 09:42 by Prince Kumar   No comments

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

    On 21:07 by Prince Kumar in , , ,    No comments

    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

    On 10:29 by Prince Kumar in ,

    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

    On 00:29 by Prince Kumar in ,    No comments

    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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