New Updates 16th June, 2016

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 15^th 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

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 14^th 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 14^th 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 14^th 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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News updates- 14th June, 2016

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.

• MCA vide Notification dated 10th June, 2016 has notified the Limited Liability Partnership (Second Amendment) Rules, 2016. 

• RBI vide Press Release: 2015-2016/2893 dated 13th June, 2016  has introduced Scheme for Sustainable Structuring of Stressed Assets. Read More...

• RBI vide  Notification No. RBI/2015-16/423 DBR.No.BP.BC.102/21.04.048/2015-16 dated 13th June, 2016 has notified the Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances –Spread Over of Shortfall on Sale of NPAs to SCs/RCs. Read More...

• 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.

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News Updates dated 14th May, 2016

News Updates dated 14th May, 2016

• MCA has updated e-forms INC-7, GNL-1 and GNL-4 w.e.f. 14th May, 2016. Stakeholders are advised to download the latest version of the form as the earlier version will not be accepted.

• 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. . 

• RBI vide Notification No. RBI/2015-16/395 A.P. (DIR Series) Circular No.68 [(1)/23(R)] dated 12th May, 2016 has notified Foreign Exchange Management (Exports of Goods and Services) Regulations, 2015.

• RBI vide  Notification No. RBI/2015-16/397 A.P. (DIR Series) Circular No.69 [(1)/22(R)] dated 12th May, 2016 has notified the procedural guidelines for establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) in India by foreign entities.

• RBI vide Notification No. RBI/2015-16/396 DPSS.CO.AD.No.2627/02.27.005/2015-16 dated 12th May, 2016 has notified the guidelines for Voluntary surrender of Certificate of Authorisation (COA) by Payment System Operators (PSOs) authorised under PSS Act 2007.

• CBEC vide Notification No. 65/2016-CUSTOMS (N. T.) dated 12th May, 2016 has notified regarding fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Gold and Sliver.

• 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.

• SEBI vide Circular No. CIR/IMD/DF/55/2016 dated 11th May, 2016 has notified the guidelines for public issue of units of InvITs.

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