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Type Archives - Page 74 of 124 - All About Finance

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India and United States Signs Inter Governmental Agreement to Promote Transparency on Tax Matters

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Mr. Shaktikanta Das, Revenue Secretary of India and Mr. Richard Verma, U.S. Ambassador to Indiasigned here today , an Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency between the two nations on tax matters. The agreement underscores growing international co-operation to end tax evasion everywhere. The text of the signed … Read more

Facility to accept payments of under The Maharashtra Tax on the Entry of Goods into Local Areas Act, 2002 through the GRAS Portal is available from 01/07/2015

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8th floor, Vikrikar Bhavan, Mazgaon, Mumbai – 400010. ———————— No. ACST (PT)/e- payment through GRAS/15-16/Adm-20/11    Dt: 01/07/2015 Trade Circular No, 9 T of 2015                      Mumbai, Dated: 01/07/2015 Sub: Providing e-payment facility for The Maharashtra Tax on the Entry of Goods into Local Areas Act, 2002. Ref: 1) Trade Circular No 16T of 2014 Dt 17/09/2014 2) … Read more

Opening the branch or liaison office in India by foreign companies – FAQ

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Q.1. How can foreign companies open Liaison /Branch office in India? Ans. As enlisted below: A. Foreign companies/entities desirous of setting up of Liaison Office / Branch Office (LO/BO) are required to submit their application in Form FNC along with the documents mentioned therein to the General Manager, Foreign Exchange Department, Central Office Cell, Reserve Bank of India, … Read more

Explanatory notes on provisions relating to tax compliance for undisclosed foreign income

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Circular No. 12 of 2015  Government of India  Department of Revenue  (TPL Division)   Dated 2nd of July, 2015 EXPLANATORY NOTES ON PROVISIONS RELATING TO TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS AS PROVIDED IN CHAPTER VI OF THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015     … Read more

The RBI has imposed a monetary penalty of Rs. 5.00 lakh on The Banaskantha Mercantile Co-operative Bank Ltd.

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The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees Five Lakh only) on The Banaskantha Mercantile Co-operative Bank Ltd., Palanpur, Dist. Banaskantha (Gujarat), in exercise of the powers vested in it under the provisions of Section 47A (1)(b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As … Read more

Shri Sai Urban Cooperative Bank Ltd allow its depositors to withdraw a sum not exceeding Rs.1000, for next six months

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The Reserve Bank of India has issued Directions to Shri Sai Urban Cooperative Bank Ltd., Mukhed, District Nanded, Maharashtra for a period of six months with effect from close of business as on July 01, 2015. According to the Directions, Shri Sai Urban Cooperative Bank Ltd., Mukhed cannot and without prior approval of the Reserve … Read more

US-Dollar Cheque Collection – RBI FAQ

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One of the services rendered by banks as part of their normal banking operations is collection of cheques deposited by their customers, some of which, could also be drawn or payable on banks that are outside the country. Such cheques are called foreign currency cheques and, presently, a significant part of these cheques are US-Dollar … Read more

Pre-2005 series banknotes – FAQ

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1. What are the pre-2005 series banknotes? The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of Rs. 10, Rs.  20, Rs.  50, Rs.  100, Rs.  500 and Rs. 1000. These notes contain some additional / new security features as compared to the 1996 MG series. All banknotes issued before the 2005 MG series are called as pre-2005 … Read more