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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