Direct Tax
FinMin to ease transfer pricing rules
The
finance ministry is streamlining safe harbour rules and advance
agreements, two mechanisms to determine the price of services rendered
by a multinational to its subsidiary in India.Safe harbour rules -
directives on margins the tax authorities should accept for the transfer
price declared by an assessee - have drawn a tepid response since they
were introduced a couple of years ago. There is also a huge backlog in
advance pricing agreements (APAs), an ahead-of-time understanding betwe
[….] Read more at:
Indirect Tax
Government considering anti-dumping duty on dry cell batteries
The
government is considering a proposal to levy anti-dumping duty on
import of dry batteries from China and Vietnam on complaint that cheap
shipments from these countries are hitting domestic producers like
Eveready Industries. The Directorate General of Anti-Dumping and Allied
Duties (DGAD) under the Commerce Ministry has initiated the probe into
alleged dumping of a "AA Dry Cell Batteries" by China and Vietnam. The
application for investigation has been filed by [….] Read more at:
Company Law
New stringent corporate laws make CFOs, auditors quit companies
The
chief financial officer of a BSE-listed infrastructure company recently
quit his job within months of joining, fearing he could be prosecuted
because his employer — part of a group that has half a dozen other
listed firms —was fabricating its accounts. "They literally made three
sets of balance sheets; one for the auditor, one for the banks and one
for everyone else," the former CFO said on the condition that he and his
former employer would not be named. He had quit one of the biggest oil [….] Read more at:
SEBI
SEBI prescribes format of voting results of AGM under listing norms
Regulation
44(3) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (hereinafter referred to as "Listing Regulations"),
has prescribed that the listed entity shall submit to the stock
exchange, within forty eight hours of conclusion of its General Meeting,
details regarding the voting results in the format specified by the
Board. 2. Accordingly, a format for voting results to be furnished by
the listed entities is being specified under Annexure I. 3. The Stock [….] Read more at:
Format
for quarterly holding pattern, disclosure norms for corporate
governance report and manner for compliance with two-way fungibility of
Indian Depository Receipts (IDRs)
In
terms of sub regulation (1) of regulation 69 of Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“Listing Regulations”), listed entity shall file with
the stock exchange the Indian Depository Receipt (IDR) holding pattern
on a quarterly basis within fifteen days of end of the quarter in the
format specified by SEBI. Accordingly, the listed entity that has issued
IDRs shall file the holding pattern with the stock exchanges as [….] Read more at:
Format for Business Responsibility Report (BRR)
At
a time and age when enterprises are increasingly seen as critical
components of the social system, they are accountable not merely to
their shareholders from a revenue and profitability perspective but also
to the larger society which is also its stakeholder. Hence, adoption of
responsible business practices in the interest of the social set –up
and the environment are as vital as their financial and operational
performance. This is all the more relevant for listed entities which,
considering the [….] Read more at:
Sebi tells mutual fund industry: No new offers until plans are merged
Sebi
has categorically told the mutual fund industry that it will not clear
any of their new launches until fund houses merged existing schemes with
similar characteristics, the latest instance of the stockmarkets
regulator ticking off the MF industry in recent weeks. The capital
market regulator, which has long been pushing for the merger of similar
schemes to cut down duplication and underperformance, is miffed with
asset management companies that they have not merged similar [….] Read more at:
RBI
RBI fixes gold bonds issue price at Rs 2,684 per gram
Reserve
Bank has fixed the public issue price at Rs 2,684 per gram for the
sovereign gold bonds, for which applications will be accepted from November 5 to 20.Aimed
at providing an alternative to buying physical gold, the gold bond
scheme will offer investors an interest rate of 2.75 per cent and a
choice to buy bonds worth 2 grams of gold, up to a maximum of 500 grams.
The issue price of the Sovereign Gold Bond for this tranche has been
fixed at ` 2684 (Rupees Two Thousand Six [….] Read more at:
Sovereign Gold Bonds, 2015-16 - Operational Guidelines
Application forms from investors will be received at branches during normal banking hours from November 5 to 20, 2015.
Relevant additional details may be obtained from the applicants, where
necessary. Receiving offices need to ensure that the application is
complete in all respects. 2. Joint holding and nomination Multiple joint
holders and nominees (of first holder) are permitted. Necessary details
may be obtained from the applicants as per practice.3. Interest on
application money [….] Read more at:
Gold Monetisation Scheme, 2015 – Amendment
In
exercise of the powers conferred under Section 35A of the Banking
Regulation Act, 1949, the Reserve Bank of India hereby directs that the
Reserve Bank of India (Gold Monetisation Scheme, 2015) Master Direction
No.DBR.IBD.No.45/23.67.003 2015-16 dated October 22, 2015 be modified as
under: The existing sub paragraph 2.1.2 (i) shall be amended as
follows: “The minimum deposit at any one time shall be 30 grams of raw
gold (bars, coins, jewellery excluding stones and other metals). Th [….] Read more at:
Gold Monetisation Scheme, 2015 - Interest Rate
Please
refer to the Reserve Bank of India Master Direction No.DBR.IBD.No.45/
23.67.003/ 2015-16 dated October 22, 2015 on Gold Monetisation Scheme
(GMS), 2015. . In this connection, it is notified in terms of Section
2.2.2 (iv) of the above Master Direction that the Central Government has
fixed the rate of interest on Medium and Long Term Government Deposit
(MLTGD) under the GMS as follows: i. On medium term deposit – 2.25% p.a.
ii. On long term deposit – 2.50% p.a. 3. [….] Read more at:
Miscellaneous Laws
Govt. issues common form for registering under ESIC, EPFO and other Labour Laws
This
joined up service enables the applicant to fill a common form for
'ESIC, EPFO, BOCW, CLA, and ISMW' services and the same is then routed
to the respective department for processing. While applying for these
services, eBiz reference number is generated which is used by the
applicant for further tracking of application. Once Common application
form is sent to CLC dept. Department reviews the application form and
approves/rejects the application or asks for resubmission. If [….] Read more at:
Adidas gets approval for 100% FDI
After
three years of filing for 100% foreign direct investment (FDI)
approval, Germany-based sportswear brand Adidas Group has got its
licence. This will allow the brand, which also owns Reebok through a
global acquisition, to open retail stores owned, operated and managed by
Adidas and Reebok. Until now, all stores, 760 of them across Adidas,
Adidas Originals and Reebok, are franchisee-owned. “We are delighted and
thankful on being given the go-ahead to introduce our own retail [….] Read more at:
Single-window clearance for urban projects by November 30, says Venkaiah Naidu
The
government will soon provide a single-window clearance for urban
development projects, Union minister M Venkaiah Naidu said, a move that
will help address the issue of delays in approvals. "By November 30,
we will be bringing out a notification about easy approvals...like a
single-window clearance is in the offing by November end," the urban
development minister said at the 'National Strategy Day on India'
organised by the World Economic Forum and industry body CII. Once that
fra [….] Read more at:
Government forms panel to approve schemes under Nirbhaya Fund
An
empowered committee comprising officials from various ministries,
including Women and Child Development, Home Affairs, Road Transport and
Railways, has been constituted to approve schemes proposed under the
Nirbhaya Fund, Finance Ministry said today. The government in April this
year has made the Women and Child Development (WCD) Ministry the nodal
agency for the Nirbhaya Fund in place of Home Ministry, which could
utilise only one per cent of the pool set up a [….] Read more at:
Consensus may emerge on Land Acquisition Bill: Arun Jaitley
Hinting
at a possible consensus on land acquisition bill, Finance Minister Arun
Jaitley today said the government is making efforts in that direction
so that it could be taken up in the upcoming Winter Session. "Meanwhile,
the Ordinance (on land acquisition) has lapsed but the bill remains
before the Joint Parliamentary Committee. They have asked some minor
changes on which a consensus is possible. We will try and see if in the
coming session that consensus can be worked out," he said at the [….] Read more at:
Economy & News
NITI panel proposes agriculture reforms to curb price rise
NITI
Aayog's task force on agriculture has recommended big bang reforms to
address the politically sensitive issue of frequent spurt in crop
prices. These include guaranteed prices for at least half the key crops,
setting up of a unified national agriculture market, changing land
lease laws and creating a mechanism to facilitate easy exit for farmers
who want to move out of agriculture. The interim report will be
presented to Prime Minister Narendra Modi soon for further action. "The
comprehens [….] Read more at:
Domestic, global investors' faith restored: FM Arun Jaitley
The
Narendra Modi-led NDA government has set the direction of the economy
and restored confidence of both domestic and foreign investors in India,
Finance Minister Arun Jaitley has said, while promising steps to
strengthen the economy's base to ensure the impact of any global turmoil
is transient . Jaitley said the government is on course to unveil a
power sector package, take steps to revive public-private partnerships
and could cut corporate tax rate this budget as part of a plan to lower
tax rate [….] Read more at:
Commerce Ministry to discuss ways to boost exports on Nov 6
A
Commerce Ministry panel will discuss ways to arrest decline in exports,
which are in the negative zone since December last year, in Goa on November 6.
The meeting of the Consultative Committee of the Ministry of Commerce
will be chaired by Commerce and Industry Minister Nirmala Sitharaman.
The Director General of Foreign Trade will give a presentation on the
foreign trade policy to the committee, which comprises 11 Members of Lok
Sabha, and seven Members of Rajya Sabha. "The [….] Read more at:
Domestic, global investors' faith restored: FM Arun Jaitley
The
Narendra Modi-led NDA government has set the direction of the economy
and restored confidence of both domestic and foreign investors in India,
Finance Minister Arun Jaitley has said, while promising steps to
strengthen the economy's base to ensure the impact of any global turmoil
is transient . Jaitley said the government is on course to unveil a
power sector package, take steps to revive public-private partnerships
and could cut corporate tax rate this budget as part of a plan to lower
tax rate [….] Read more at:
New bankruptcy bill to speed up shutdown of failed businesses
A
government panel has sought the overhaul of the bankruptcy framework to
allow the speedy winding up of failed businesses to protect
shareholders and lenders, aiming to modernise an outdated system that
drags out closure proceedings. It has recommended new institutions and
structures for a fresh regime that will encourage entrepreneurship and
foster a startup culture, among the stated objectives of the Narendra
Modi administration. The government has indicated it will move a Bill
in [….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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