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Taxclick Team, Author at All About Finance - Page 82 of 97

The Boards of banks should constitute a Special Committee for monitoring and following up cases of frauds involving amounts of Rs.1 crore and above

RBI/2014-15/393DCBR.BPD PCB Cir. No.10/12.05.001/2014-15 January 7, 2015 The Chief Executive OfficerAll Primary (Urban) Co-operative Banks Madam / Dear Sir, Monitoring of Large Value Frauds by the Board of Directors Please refer to our circular UBD.No.Plan.(PCB).9/09.06.00-94/95 dated July 25,1994 advising all UCBs to constitute an apex level Audit Committee of Board (ACB). ACB may consist of … Read more

Taxation system in India – FAQ

What are the types of taxes in India? There are two types of taxation in India – Direct tax and indirect tax. Direct tax Direct tax is the tax where tax is directly collected from taxpayers; it means it is tax on income. Income tax and wealth tax are the two direct taxes in India. … Read more

New procedure for online application of import export code (IEC) is postponed due to technical problems

To be published in the Gazette of India Extraordinary Part-I, Section (I)  Ministry of Commerce & Industry  Udyog Bhawan, New Delhi  Dated the 06 January, 2015 Subject: Online IEC applications: Postponement of the date of operationalisation of Public Notice No. 76 dated the 27th of November, 2014 In exercise of powers conferred under paragraph 2.4 … Read more

ICAI extended the due date for complying with the CPE hours requirement for the Calendar Year 2014

FOR INFORMATION OF THE MEMBERS Subject: Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2014” – from 31st December, 2014 to 31st March, 2015 This is for kind information of the members that it has been decided to extend the last date for complying with the CPE hours … Read more

Government levied a safeguard duty on imports of Sodium Citrate, for a period of three years

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]  Notification No. 04/2014-Customs (SG) New Delhi, the 31st December, 2014               Customs Tariff Act, other than the People’s Republic of China. [F.No.354/229/2014-TRU]   (Akshay Joshi) Under Secretary to the Government of India

Obligation of NBFCs under Prevention of Money laundering Act, 2002

RBI/2014-15/383DNBR(PD).CC.No.009/03.10.42/2014-15 January 2, 2015 All NBFCs Dear Sirs, Know your Customer (KYC) Norms/Anti-Money Laundering (AML) standards/ Combating of Financing of Terrorism (CFT)/ Obligation of NBFCs under Prevention of Money laundering Act (PMLA), 2002 – Client Due Diligence measures Please refer to our Master Circular DNBS(PD) CC.No.387/03.10.42/ 2014-15 July 1, 2014, as per which NBFCs are required … Read more

Anti-dumping duty on imports of Pentaerythritol, originating in or exported from Chinese Taipei, for a period of five years

TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY]  Notification No. 49/2014-Customs (ADD) New Delhi, the 31st December, 2014         And whereas, the Central Government had extended the anti-dumping duty on the subject goods, originating in or exported from the subject country upto and inclusive … Read more

Government Increased Basic Excise Duty on Petrol and Diesel by Rs. 2 Per Litre with effect from 2nd Jan 2015

To Fund Infrastucture Development Programme, Government Increases Basic Excise Duty on Petrol and Diesel (Both Branded and Unbranded) by Rs. 2 Per Litre; Duties to Come into effect from 2nd January, 2015  In order to fund the ambitious infrastructure development programme of the Government, particularly the building of 15000 kms of roads, during current and … Read more

RBI extends last date of receipt of applications till 2nd February 2015 for Licensing of Small Finance Banks and Payments Banks

The Reserve Bank of India received requests seeking extension of time for submission of applications for Small Finance Banks / Payments Banks, the last date for which was January 16, 2015. Keeping in view the difficulties expressed by various parties, it has been decided to extend the last date of receipt of applications to February 2, 2015. Accordingly, … Read more

Security for External Commercial Borrowings – RBI Circular

RBI/2014-15/377                                                       A.P. (DIR Series) Circular No. 55                                                           January 01, 2015 To All Authorised Dealer Category-I Banks Madam/ Sir Security for External Commercial Borrowings Attention of Authorised Dealers Category-I … Read more