Friday, February 26, 2010
Finance Bill - Service Tax Provisions
Click here for the text of the Finance Bill provision for Service Tax.
Thursday, February 25, 2010
Overseas Investment Application - Online Reporting of Overseas Direct Investment in Form ODI
RBI has decided to operationalise the on-line reporting system in a phased manner, with effect from March 2, 2010, to simplify the existing reporting framework. The new system would enable on-line generation of the Unique Identification Number (UIN), acknowledgment of remittance/s and filing of the Annual Performance Reports (APRs) and easy accessibility to data at the AD level for reference purposes.
As per the plan, initially, Part I (Sections A to D), II and III of form ODI should be filed on-line in the Overseas Investment Application for allotment of UIN, reporting of subsequent remittances, filing of APRs, etc. AD Category – I banks would continue to receive the ODI forms in physical form, as stipulated in the A. P. (DIR Series) Circular No. 68 dated June 1, 2007, which should be preserved, UIN wise, for onward submission to the Reserve Bank, if specifically required. Transactions in respect of Mutual Funds, Portfolio Investment Scheme (PIS) and Employees Stock Options Scheme (ESOPS) are also required to be reported on-line in the Overseas Investment Application.
Click here for the text of the A.P. (DIR Series) Circular No. 36, dated 24-2-2010.
Wednesday, February 24, 2010
Service Tax (Amendment) Rules, 2010.
It has been made mandatory to pay service tax liability electronically through internet banking and file service tax return electronically for the assessee who has paid a total service tax of Rs. 10 lakhs or more including the amount paid by utilisation of CENVAT credit in the preceding financial year.
Click here for the text of the notification no. 01/2010 dated 19.2.2010
Income‐tax ( First Amendment) Rules, 2010.
Notification issued by Ministry of Finance, CBDT, amending the rules regarding Time and mode of payment to Government account of tax deducted/collected at source or tax paid under Section 192/206C, Certificates of tax deducted/collected at source or tax paid, Quarterly statement of deduction/collection of tax.
Click here for the text of the Notification no.9 dated 18/2/2010.
Monday, February 22, 2010
The Central Excise (Amendment) Rules, 2010 - Amendment in Rules 8 and 12
In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the Central Excise (Amendment) Rules, 2010 further to amend the Central Excise Rules, 2002.
Click here for the text of the notification no. 04/2010-Central Excise (N.T.).
Friday, February 19, 2010
Wednesday, February 17, 2010
Infrastructure Finance Company
Currently, the Reserve Bank has classified NBFCs under three categories, viz., Asset Finance Companies, Loan companies and Investment Companies. It has now been decided to introduce a fourth category of NBFCs as "Infrastructure Finance Companies"(IFCs) vide notification no. RBI/2009-10/316 dated 12-2-2010.
Tuesday, February 09, 2010
MVAT Trade Circular No. 8 T of 2010 - electronic payment
The sales tax department has implemeted the scheme of filing electronic return successfully. In a step further to automation, it is now decided to provide facililty for electronic payment.
Click here for the text of the trade circular no. 8T of 2010 dated 6th February 2010.
Click here for the text of the trade circular no. 8T of 2010 dated 6th February 2010.
External Commercial Borrowings (ECB) Policy - Liberalisation
As per the extant ECB procedures, any changes in the terms and conditions of the ECB after obtaining the Loan Registration Number (LRN) from the Department of Statistics and Information Management (DSIM), Reserve Bank, require the prior approval of the Reserve Bank. Accordingly, the requests of the borrowers for changes in the terms and conditions, such as, drawdown / repayment schedules, currency of borrowing and changes in designated AD bank, name of the borrowing company, etc. are referred to the Reserve Bank for necessary approval.
As a measure of simplification of the existing procedures, it has been decided to delegate powers to the designated AD category-I banks to approve the following requests from the ECB borrowers, subject to specified conditions.
Master Circular - Prudential Guidelines on Capital Adequacy
Master Circular - Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF)
RBI/2009-10/308
DBOD.No.BP.BC. 73 /21.06.001/2009-10
February 8, 2010
All Scheduled Commercial Banks
(Excluding Local Area Banks and Regional Rural Banks)
Dear Sir,
Master Circular - Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF)
Please refer to paragraphs 153 and 154 of Second Quarter Review of Monetary Policy 2009-10 announced on October 27, 2009 on Enhancement to Basel II Framework (extract annexed). Accordingly, ‘Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF), issued vide Master Circular DBOD No. BP.BC.21//21.06.001/2009-10 dated July 1, 2009 has been updated in line with the changes made by the Basel Committee on Banking Supervision (BCBS) to the Basel II Framework. The additions have been indicated in bold italics and deletions in bold strikethrough.
2. The changes in Pillar 1 are mainly aimed at increasing the capital requirements for specific risk and liquidity facility for securitisation exposures. The revised guidance on Pillar 2 is intended to assist banks in better identifying and appropriately capturing risks in their internal assessments of capital adequacy and managing risks. The Pillar 3 revisions include more granular disclosure requirements for credit risk mitigations and securitised exposures. The guidance also includes references, as examples, to activities/products not used by our banks.
3. The Enhancement to Basel II Framework will be effective from March 31, 2010.
4. This Master Circular also integrates other changes in the NCAF effected after the date of the last Master Circular i.e. July 1, 2009, which are listed in Annex 17.
Yours faithfully,
(B.Mahapatra)
Chief General Manager
Encls: as above
Saturday, February 06, 2010
MVAT Trade Circular No. 7 T of 2010 clarification regarding schedule entry C-70 Paper
Click the title for the text of the trade circular no. 7 T clarifying which type of papers would be covered under the entry C-70.
Friday, February 05, 2010
Compliance with FDI norms-Half yearly certificate from Statutory Auditors of NBFCs
NBFCs having FDI whether under automatic route or under approval route have to comply with the stipulated minimum capitalisation norms and other relevant terms and conditions, as amended from time to time under which FDI is permitted.
As such these NBFCs are required to submit a certificate from their Statutory Auditors on half yearly basis (half year ending September and March) certifying compliance with the existing terms and conditions of FDI. Such certificate may be submitted not later than one month from the close of the half year to which the certificate pertains, to the Regional Office in whose jurisdiction the head office of the company is registered.
Wednesday, February 03, 2010
MVAT - Trade Circular no. 6T extending date of filing revised return
The period for filing revised return, if the periodicity at which the dealer has filed the return is different from as determined by department, is extended to March 15, 2010 from current January 31, 2010.
Criteria for identification of a vanishing company:
Criteria for identification of a vanishing company:
A company would be deemed to be a vanishing company, if it is found to have:
a) Failed to file returns with Registrar of Companies (ROC) for a period of two years;
b) *Failed to file returns with Stock Exchange (SE) for a period of two years (if it continues to be a listed company);
c) It is not maintaining its registered office of the company at the address notified with the Registrar of Companies/ Stock Exchange; and
d) None of its Directors are traceable.
Notes:
i) All the conditions mentioned above would have to be satisfied before a listed company is declared as a vanishing company;
ii) The conditions mentioned at (a), (c) & (d) would suffice to declare a company as vanishing if such company has been de-listed from the Stock Exchange.
Tuesday, February 02, 2010
Valuation of Debt and Money Market Instruments
Please refer to SEBI circular No. MFD/CIR/ 8 / 92 / 2000 dated September 18, 2000, MFD/CIR/14 /088 / 2001 dated March 28, 2001, MFD/CIR/ no 14 / 442 / 2002 dated February 20, 2002 and MFD/CIR/23 /066 / 2003 dated March 7, 2003.
The valuation method of debt and money market instruments specified in the aforesaid circulars were discussed in the Advisory Committee of Mutual Funds. With a view to ensure that the value of money market and debt securities in the portfolio of mutual fund schemes reflect the current market scenario, the current provisions regarding valuation of these securities need to be modified, as per the circular attached herewith.
Click here for the text of the circular no. SEBI/IMD/CIR No.16/ 193388/2010 dated February 2, 2010.
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