Notification & Circulars

Special measures to incentivise Electronic Payments

Notification No#2016-2017/1282 22 November 2016

In order to meet the transactional needs of the public through digital means, the Reserve Bank has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs). A special dispensation has n..

Posted in Community & General

Deposit of old demonetized notes of Rs. 500 and Rs. 1000 in Small Savings Scheme

Notification No#1/04/2016-NS 22 November 2016

Finance Mministry has been decided that subscribers of small scheme may not be allowed to deposit old demonetised currency notes of Rs. 500 and Rs. 1000, in Small Saving Schemes which includes Post Office Savings Account, 5-Year Post Office Recurring Deposit Account, Post Office Time Deposit Ac..

Posted in Community & General

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Specified Bank Notes (SBNs) – Cash withdrawal for purpose of celebration of wedding – Modification

Notification No#1346/10.27.00/2016-17 22 November 2016

RBI/2016-17/149 DCM (Plg) No.1346/10.27.00/2016-17 November 22, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks/ Foreign Banks Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks. Dear Si..

Posted in Community & General

Making cash available for Rabi Crop Season – Advisory to banks

Notification No#1345/10.27.00/2016-17 22 November 2016

RBI/2016-17/148 DCM (Plg) No.1345/10.27.00/2016-17 November 22, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks Dear ..

Posted in Community & General

To provide exclusive jurisdiction to LTU-Bangalore with respect to online information and database access or retrieval services provided or agreed to be provided by a person located in non-taxable ter

Notification No#50/2016-Service Tax 22 November 2016

Seeks to amend notification No. 20/2014-ST dated 16th September, 2014 so as to provide exclusive jurisdiction to LTU-Bangalore with respect to online information and database access or retrieval services provided or agreed to be provided by a person located in non-taxable territory and received by a..

Posted in Service Tax

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Specified Bank Notes (SBNs) – Fraudulent Practices

Notification No#1341/10.27.00/2016-17 22 November 2016

RBI/2016-17/147 DCM (Plg) No.1341/10.27.00/2016-17 November 22, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks Dear ..

Posted in Community & General

Quarterly BSR-1: Outstanding Credit of Scheduled Commercial Banks for June 2016

Notification No#2016-2017/1277 22 November 2016

The Reserve Bank of India today released its web publication ‘Quarterly BSR-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), June 2016’. The BSR-1 survey aims to get information regarding spatial distribution of banks credit based on the details, such as, occupation/activity a..

Posted in Community & General

Special measures to incentivise Electronic Payments – (i) Enhancement in issuance limits for Pre-Paid Payment Instruments (PPIs) in India (ii) Special measures for merchants

Notification No#1288/02.14.006/2016-17 22 November 2016

RBI/2016-17/150 DPSS.CO.PD.No.1288/02.14.006/2016-17 November 22, 2016 All Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers Dear Madam / Sir, Special measures to incenti..

Posted in Community & General

Adminissibilty of expenditure incurred by a firm on Keyman Insurance Policy in the case of a Partner

Notification No#38/2016 22 November 2016

CIRCULAR NO. 38/2016 F.No.279/Misc./ 140/2015-ITJ Government of India Ministry of Finance Central Board of Direct Taxes New Delhi, Dated 22nd November, 2016 Subject: Admissibility of expenditure incurred by a Firm on Keyman Insurance Policy in the case of a Partne..

Posted in Income Tax

Income-tax ( 32nd Amendment) Rules, 2016

Notification No#106 /2016 21 November 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 21st November, 2016 INCOME-TAX S.O. 3498(E).—In exercise of the powers conferred by section 295 read with section 9A of the Income-tax Act, 1961 (43 of 1961)..

Posted in Income Tax