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All the Ministries/Departments of Govt. of India have been requested to upload the reply to RTI application and first appeal on their respective websites

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Press Information Bureau Government of IndiaMinistry of Personnel, Public Grievances & Pensions  17-December-2014 17:04 IST Uploading RTI Applications  A facility to upload the reply of RTI applications and first appeals on the respective website of the Ministry/Department has been started from 31st October, 2014 vide Office Memorandum No. 1/1/2013-IR dated 21/10/2014 of this Department. All the … Read more

Clarifications regarding the different aspects of the Pradhan Mantri Jan Dhan Yojana (PMJDY) Including Accidental Insurance coverage and Life Insurance coverage

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Press Information Bureau Government of IndiaMinistry of Finance  17-December-2014 11:38 IST Ministry of Finance Issues Clarifications with Regard to Different Aspects of the Pradhan Mantri Jan Dhan Yojana (PMJDY) Including about Availing of Benefits Under the Yojana    Various queries or questions have been raised from time to time with regard to different aspects of the … Read more

THE COMPANIES (AMENDMENT) BILL, 2014 passed in Lok Sabha

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STATEMENT OF OBJECTS AND REASONS Companies Act, 2013 (Act) was notified on 29th August, 2013. Barring provisons relating to Chapters XV to XX and certain other provisions relating to setting up of/exercise of powers by National Company Law Tribunal (NCLT)/National Company Law Appellate Tribunal (NCLAT); Investor Education and Protection Fund (IEPF’); National Financial Reporting Authority … Read more

ICAI signed MoU with Employee’s Provident Fund Organisation (EPFO)

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Employee’s Provident Fund Organisation (EPFO) moves to Accrual Accounting  The Institute of Chartered Accountants of India (ICAI) through its research arm, ICAI Accounting Research Foundation (ICAI ARF) signed an MoU with Employee’s Provident Fund Organisation (EPFO) on December 11, 2014. As per the MoU, ICAI ARF will undertake a Pilot Study Project with EPFO to … Read more

Format of Audit Engagement Letter for Audit of Financial Statements under the Companies Act 2013, When Reporting u/s 143(3)(i) is NOT Applicable

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Example of an Audit Engagement Letter Audit of Financial Statements under the Companies Act 2013 and the Rules Thereunder (When Reporting u/s 143(3)(i) of the Companies Act, 2013 is Not Applicable) (to be added to Appendix 1 to SA 2101) To, The Board of Directors of ……………… (name of the Entity) (Address) Dear Sirs, I … Read more

Meaning of “Substantially financed by the Government” for the purposes of clause (23C) of section 10 – CBDT Notification

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MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES)    NOTIFICATION  INCOME-TAX  New Delhi, the 12th December, 2014   S.O. 3168 (E). – In exercise of the powers conferred by section 295 read with sub-clauses (iiiab) and (iiiac) of clause (23C) of section 10of the Income-tax Act, 1961 (43 of 1961), the Central Board … Read more

RBI extended the RTGS hours from 8:00 am to 8:00 pm, effective from 29th December 2014

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RBI/2014–15/352DPSS (CO) RTGS No. 1064 / 04.04.002 / 2014-15 December 15, 2014 The Chairman / Managing Director / ChiefExecutive Officer of participants of RTGS Madam / Sir, Extension of RTGS time window It has been the endeavour of the Reserve Bank of India to keep enhancing the systems, procedures, etc. to meet the growing needs … Read more

Government of India has offered to sell (re-issue) four dated securities for notified amount of Rs.14,000 crore

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RBI/2014–15/353Ref.No.IDMD/1260/08.02.032/2014-15 December 15, 2014 All Scheduled Commercial BanksAll State Co-operative Banks/All Scheduled Primary(Urban) Co-operative Banks /All Financial Institutions/All Primary Dealers. Dear Sir/Madam, Auction of Government of India Dated Securities Government of India has offered to sell (re-issue) four dated securities for notified amount of ` 14,000 crore as per the following details: Sr No Security Notified Amount(in ` crore) … Read more

Flexible Structuring of Existing Long Term Project Loans to Infrastructure and Core Industries – RBI Circular

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RBI/2014-15/354DBR.No.BP.BC.53/21.04.132/2014-15 December 15, 2014 The Chairman and Managing Director/Chief Executive OfficerAll Scheduled Commercial Banks(Excluding Local Area Banks and Regional Rural Banks) Dear Sir, Flexible Structuring of Existing Long Term Project Loans toInfrastructure and Core Industries Please refer to our circular DBOD.No.BP.BC.24/21.04.132/2014-15 dated July 15, 2014 on Flexible Structuring of Long Term Project Loans to Infrastructure and Core … Read more

RBI imposes penalty of Rupees One lakh on CRIF High Mark Credit Information Services Private Limited

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The Reserve Bank of India has imposed a monetary penalty of Rs.1 lakh (Rupees One lakh) on CRIF High Mark Credit Information Services Private Limited; a Credit Information Company (CIC), for violation of Sections 9(1) and 9(2) of the CICRA as it did not have a whole time Managing Director/Director to manage the whole of … Read more