Commodity derivatives – Miscellaneous norms : SEBI

  CIRCULAR SEBI/HO/CDMRD/DRMP/CIR/P/2016/93 September 26, 2016 To, The Managing Directors/Chief Executve Officers, National Commodity Derivatives Exchanges Sir/Madam, Sub: Commodity derivatives – miscellaneous norms Re-issuance of norms specified by erstwhile FMC 1. As per Section 131 [B] of the Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile Forward Markets Commission (FMC) or the Central Government applicable to recognised associations under the Forward Contracts Regulation Act, 1952 (FCRA) would continue to remain in force for a period of one year from the date on which FCRA was repealed (September 29, 2015), or till such time as notified by SEBI, whichever is earlier. 2. Erstwhile FMC, from time to time, had prescribed certain norms for National Commodity Derivatives Exchanges related to disclosure of disablement

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Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016

  MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 16th August, 2016/Shravana 25, 1938 (Saka) The following Act of Parliament received the assent of the President on the 12th August, 2016, and is hereby published for general information:— THE ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS AND MISCELLANEOUS PROVISIONS (AMENDMENT) ACT, 2016 (NO. 44 OF 2016) [12th august, 2016.] An Act further to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899, and the Depositories Act, 1996, and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:— CHAPTER I PRELIMINARY Short title

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Miscellaneous notices regarding MCA

  Corporate Seva Kendra : Option for queries Stakeholders are requested to select Option ‘1’ for queries related to Name Reservation and Company Incorporation, and Option ‘2’ for all other queries at Corporate Seva Kendra (0124-4832500).   E-Form AOC-04 likely to be amended eForm AOC-04 for filing Annual Financial Statement is likely to be amended w.r.t filing of CSR expenditure details. The revised AOC-04 eForm is likely to be available on MCA portal by 3rd week of Jul-2016. Stakeholders are requested to note that filing CSR details are mandatory. Therefore, Annual filing may be planned as per revised AOC-04.   E-Forms to be revised Forms FC-2, FC-4, MGT-10, MR-1, SH-7 and Refund Form are likely to be revised on MCA21 Company Forms Download page w.e.f 13th July 2016. Stakeholders are

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Master Circular on Show Cause Notice, Adjudication and Recovery

  Kind attention is invited to Ninety two Circulars and Instructions on Show Cause Notices and Adjudication issued by the Board from time to time, placed at the Annexures to this Master Circular. These circulars address references from trade and field formations and provide clarity and uniformity on the issues raised. Board undertakes exercise of consolidating these circulars from time to time so as to ensure clarity and ease of reference. This master circular on the subject of show cause notices, adjudication proceedings and recovery is an effort to compile relevant legal and statutory provisions, circulars of the past and to rescind circulars which have lost relevance. Annexure-I to the circular provides list of the eighty nine circulars which stand rescinded. Three circulars listed in Annexure-II have not been rescinded

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New rules for Maintenance of registers under various labour laws

  MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 21st February 2017 G.S.R. 154(E).—Whereas for the ease of, and for the expedient compliance of the requirement of the various labour related laws referred to herein and for the purpose of maintaining combined registers for all such laws, it has become essential to frame separate rules for the said purpose; And whereas the intention to provide such combined register is to sub-serve the purposes, more specifically electronically, of the said labour related laws and the rules made there under, wherein provisions have been made for maintenance of such registers; And whereas combined registers provided under the proposed rules will facilitate ease of compliance, maintenance and inspection, and will also make the information provided there under easily accessible to the public through

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Salient Direct Tax Proposals in Union Budget 2017 

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 1st February, 2017. Press Release Salient Direct Tax Proposals in Union Budget 2017 The Union Budget 2017 was laid before the Parliament today by the Hon’ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below: I. Affordable Housing: 1. Three concessions in the scheme of Income Tax exemption for affordable housing: (a) Area of 30 and 60 Sq.mtr. to be counted as carpet area and not built-up area; (b) 30 Sq.mtr. only in 4 metropolitan city limits and 60 Sq.mtr. for the rest of the country; (c) Completion period extended from 3 years to 5 years. 2. Tax on Notional rental income for builders to be calculated only

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A practical insight to Pradhan Mantri Garib Kalyan Yojana- PMGKY & Taxation Law Second Amendment Act

  After almost a month and 8 days of demonetization, a new scheme PMGKY has been signed by President. It’s a Voluntary Disclosure Scheme. Rates has been kept higher at 49.90% than earlier Voluntary Disclosure Scheme which was at 45% [Income Tax 30% + Krishi Kalyan Cess @ 25% of taxes + Penalty @ 25% of Tax]. Before getting into details of Scheme, here is a brief about it: The Taxation Laws (Second Amendment) Act, 2016 has come into force on 15th December, 2016. The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme) introduced vide the said Act shall commence on 17th December, 2016 and shall remain open for declarations up to 31st March, 2017. The rules in this regard have been notified vide Notification

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6 : ICAI

  Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6 ‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and/or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeholders. Ind AS Transition Facilitation Group (ITFG) considered some issues received from members and decided to issue following clarifications [note 1] on November 29, 2016: Issue 1 A debt-listed company has net worth for the last 3 years as follows: (i) Net worth as on 31.03.2014 is Rs. 1260.83 crores (ii) Net worth as on 31.03.2015 is Rs. 1411.43 crores (iii) Net worth as on 31.03.2016 is Rs. 485.22 cores Whether Company A

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Draft Integrated Goods And Services Tax (IGST) Act, 2016

  CHAPTER– I PRELIMINARY 1. Short title, extent and commencement (1) This Act may be called the Integrated Goods and Services Tax Act, 2016. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act. 2. Definitions In this Act, unless the context otherwise requires,- (1) “account” means an account bearing interest to the depositor, and includes a non-resident external account and a non-resident ordinary account; (2) “appropriate State”, in relation to a taxable person, means that State where he is registered or liable to be registered under section 23 of the Central Goods and Services Tax Act, 2016. Explanation: For

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Revised Guidelines for engagement of Income-tax Dept Special Public Prosecutors

  F.No.  279/Misc./M-77/2011-ITJ Government of India Ministry of Finance Department of Revenue Central Board Direct Taxes (A&J Division) Instruction No. 6/2016 New Delhi, the 7th September, 2016 Sub: Guidelines for engagement of Special Public Prosecutors (SPPs) to represent the Income Tax Department before Courts of Session and its subordinate Courts; revision of their schedule of fees and related matters – instructions regarding. With a view to streamline the process of engagement of Special Public Prosecutors (SPPs) by the Department to represent before Courts of Session and its subordinate Courts in prosecution cases and in supersession of the existing Instructions of the CBDT on the subject matter in general and Instruction No. 1880 dated 30.01.1991 and Instruction No. 1925 dated 31.03.1995 in particular, the following instructions are issued herewith for compliance by all

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