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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