Newsletter Dated 25th July, 2016

Newsletter Dated 25th July, 2016

• RBI vide Notification No. RBI/FIDD/2016-17/37 dated 21st July, 2o16 has notified master directions on matters relating to lending to Micro, Small & Medium Enterprises Sector.

• MCA vide Notification dated 21st July, 2016 has notified the National Company Law Tribunal Rules, 2016.

• MCA Vide Notification dated 21st July, 2016 has notified the National Company Law Appellate Tribunal Rules, 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.