Indirect Tax
Provisional drawback Payment for export under claim & brand rate mechanism for Wheat exporters
Revised Notes & conditions for determination of Duty Drawback Rate
Company Law
MGT-7 has been modified by 8:00 pm yesterday
Major Changes in Revised MGT-7
In new version of MGT-7 following major changes are noticed :
1. Indebtedness - words "including interest outstanding /accrued but not due for payment" inserted after secured and unsecured loans.
2. Turnover - words total turnover replaced by turnover
3. In committee meetings - percentage of total members replaced words % of total shareholding
4. Matters relating to certification of compliance & disclosure - words all compliance & disclosure replaced by words " whether the co. Has made compliances and disclosures in respect of applicable provisions of the Companies Act 2013 during the year.
RBI
RBI sets rupee reference rate at 65.98 against dollar
The
Reserve Bank of India today fixed the reference rate of the rupee at
65.98 against the US dollar and 70.34 for the euro. These rates were
66.16 and 70.97, respectively, yesterday. According to an RBI statement,
the exchange rates for the pound and the yen against the rupee were
quoted at 100.10 and 53.48 per 100 yens, respectively, based on
reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee rate will be based on this rate, the statement added. [….] Read more at:
RBI allows Pipavav Defence to raise foreign shareholding
Reserve
Bank today allowed foreign investors to raise their investment in
Pipavav Defence and Offshore Engineering Ltd. "Registered Foreign
Portfolios Investors/Foreign Institutional Investors /Qualified Foreign
Investors can now invest up to 12 per cent and Non Resident Indians /
Persons of Indian Origin up to 2 per cent of the paid up capital of
Pipavav Defence and Offshore Engineering Limited under the Portfolio
Investment Scheme (PIS)," RBI said in a release. RBI sai [….] Read
more at:
Miscellaneous Laws
Govt tweaks procurement norms to benefit SMEs
Central
government ministries and public sector undertakings (PSUs) would now
be required to procure “at least” 20 per cent of their annual value of
goods or services from micro and small enterprises, with the government
tweaking provisions of the procurement policy. The government had
introduced a public procurement policy for micro and small enterprises.
Under this, every central government ministries, departments and public
sector undertakings has to procure a mini [….] Read more at:
FDI: palm oil sector wants land ceiling norms relaxed
The
Oil Palm Developers and Processors Association (OPDPA) has welcomed the
Centre’s move to allow 100 per cent Foreign Direct Investment (FDI) in
oil palm plantations. The association feels that the move would help
fill the gaps in supply of the edible oil.It, however, wants relaxation
of land ceiling norms to facilitate the growth of oil palm acreage and
to allow large scale plantation. India, which grows oil palm in two lakh
hectares, has a potential to expand the acreage to 20 lakh hect [….]
Read more at:
Economy & News
Are short term rates hindering the economic growth?
Short-term
borrowing rates have risen despite the Reserve Bank of India's
sharper-than-expected rate cut in September thanks to tight liquidity
conditions, raising concerns that this could act as a curb on growth.
Short-term rates are about 35-45 basis points higher than the benchmark
repo rate of 6.75%. These include the inter-bank call money market,
collateralised borrowing and lending and treasury bills. The
differential was 15-25 basis points just a few weeks ago. A basis point
is 0.01 [….] Read more at:
Infrastructure project budgets may exclude land cost for faster clearances
The
government could soon give the go-ahead to excluding the cost of land
while computing the total cost of infrastructure projects, a measure
that will allow more ministries to clear their own projects without
going through the time-consuming process of seeking the approval of the
Cabinet Committee on Economic Affairs. All infrastructure projects
costing over Rs 1,000 crore have to be approved by the CCEA and given
the high cost of land, many projects will remain below [….] Read
more at:
Move aside onions, it's time for tomatoes to act pricey
Tomato prices eased a bit in Delhi on Tuesday
while staying at about double the price quoted a week ago in the
southern and western parts of the country due to heavy rainfall in
southern India, increased demand from Pakistan and a fall in production
in some areas due to deficient monsoon. With fresh crop coming in from
Jaipur, tomato prices in Delhi declined to 25 per kg from Rs 30. "We
will now get tomatoes from Ratlam, Shivpuri near Gwalior and Agra, which
will keep prices controlled [….] Read more at:
India Inc's overseas investment down 21% at $2.3 billion in October
Direct
investments by Indian firms abroad fell 21 per cent to $2.28 billion in
October 2015 compared to the same month last year, according to RBI
data. Indian companies had put in $2.88 billion in the form of outward
foreign direct investment (OFDI) in October 2014. While in the preceding
month of September 2015, the investment stood at $1.24 billion, as per
the data. The investments were a mix of issuance of guarantees ($1.72
billion), loans ($210.94 million) and equity ($341.82 milli [….] Read
more at:
7th Pay Commission to submit report on November 19
The 7th Pay Commission will submit its report to Finance Minister Arun Jaitley on Thursday
recommending increase in remuneration of central government employees
as well as pensioners. "We are ready with the report and will submit it
on November 19,"
the Commission's Chairman Justice A K Mathur told PTI. The Commission
was set up by the UPA government in February 2014 to revise remuneration
of about 48 lakh central government employees and 55 lakh pensioners.
Its recom [….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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