Direct Tax
FPIs continue to be haunted by MAT ghost; have to show I-T they don’t have any 'permanent establishment' in India
Foreign
portfolio investors (FPIs) are yet to exorcise the ghost of minimum
alternate tax, or MAT. These offshore asset managers, based out of
financial centres like Singapore, Hong Kong and New York, will now have
to convince the Indian tax office that they do not have "place of
business" and "per manent establishment" (PE) here to escape MAT. In the
past ten days, about half a dozen FPIs have received letters from
income-tax assessing officers asking them to clarify on whether the
[….] Read more at:
Indirect Tax
CBEC prescribes procedure for export of bulk cargo without sealing it
References
have been received from trade as well as from field formations
regarding problems faced by trade in sealing of Bulk Cargo for export
under bond under Notification No. 42/2001-Central Excise (N.T.), dated
26.06.2001. It has been pointed out that bulk cargo for e.g. coal,
iron-ore, alumina Concentrate, heavy machinery etc. are difficult to
seal in packages or container and hence a suggestion has been made that
there is a need to prescribe procedure for export of such goods. 2. T
[….] Read more at:
SEBI
Sebi talks tough over commodity manipulation
Just
a month after taking over regulation of the commodity futures market,
the Securities and Exchange Board of India (Sebi) has warned
manipulators following complaints of unusual movement in prices of
cumin, coriander and soybean. "We will not spare manipulators and will
take all steps for the healthy growth of the market," said a senior Sebi
official. Regulations have changed significantly under Sebi and its
warning that manipulators will not be spared carries weight. In the last
few [….] Read more at:
DEA secretary Shaktikanta Das joins Sebi board
Economic
Affairs Secretary Shaktikanta Das has joined the board of capital
markets regulator Sebi. Das has replaced Manoj Joshi as nominee of
the Finance Ministry on Sebi's board. Joshi is currently Joint Secretary
(Capital Markets) in the ministry. Das has also been nominated to the
Central Board of Directors of the Reserve Bank. He is a 1980-batch IAS
officer of Tamil Nadu cadre. Other members on the board
are Sebi chairman U K Sinha and the regulator's whole time [….] Read
more at:
Sebi attaches 4 cos' bank, demat accounts to recover Rs 6 cr
Markets
regulator Sebi has ordered attachment of bank and demat accounts of
four companies to recover dues worth over Rs 6 crore. The companies in
question are Sun Plant Business, RCS Vanaspati Industries, Platinum
Finance and Sanderson Industries. The Securities and Exchange Board
of India (Sebi) had penalised the four after they were found violating
capital market regulations. Of the total dues to be recovered, more
than Rs 5.76 crore is from Sun Plant Business al [….] Read more at:
RBI
No fresh permission/renewal for opening of liaison office of foreign law firms: Apex Court
The
Hon’ble Supreme Court vide its interim orders dated July 4, 2012 and
September 14, 2015, passed in the case of the Bar Council of India vs
A.K. Balaji & Ors., has directed RBI not to grant any permission to
any foreign law firm, on or after the date of the said interim order,
for opening of Liaison Office (LO) in India. Hence, no foreign law firm
shall be permitted to open any LO in India till further
orders/notification in this regard. However, foreign law firms which
have been granted permission [….] Read more at:
Govt. to issue Sovereign Gold Bonds via designated post offices in Nov, 2015
The
Reserve Bank of India, in consultation with Government of India, has
decided to issue Sovereign Gold Bonds. The Bonds will be issued on November 26, 2015. Applications for the bond will be accepted from November 05, 2015 to November 20, 2015.
The Bonds will be sold through banks and designated post offices as may
be notified. The borrowing through issuance of the Bond will form part
of market borrowing programme of Government of India. It may be recalled
[….] Read more at:
Modifications in revised framework for revitalizing distressed assets shall also be applicable to NBFCs: RBI
Early
Recognition of Financial Distress, Prompt Steps for Resolution and Fair
Recovery for Lenders: Framework for Revitalising Distressed Assets in
the Economy - Review of the Guidelines on Joint Lenders' Forum (JLF) and
Corrective Action Plan (CAP) The Framework for Revitalising Distressed
Assets in the Economy was issued by the Reserve Bank on January 30,
2014. To the extent applicable, the said Framework was made applicable
to NBFCs vide circular dated March 21, 2014. Subseq [….] Read more
at:
Miscellaneous Laws
FIPB approves 6 FDI proposals worth Rs 1,900 crore
Inter-ministerial body FIPB on Friday
cleared six foreign investment proposals, including that of IIFL
Holdings, and Sharekhan worth about Rs 1,900 crore. "One proposal of
Volkswagen Finance Pvt Ltd was rejected as there were some policy
issues," sources said. The Foreign Investment Promotion Board (FIPB),
headed by economic affairs secretary Shaktikanta Das, took up seven
proposals on Friday. Among others, proposals of Monsoon Capital LLC, SeQuent Scientific Ltd, Agile [….] Read more at:
Official docs of girl remain valid even after her marriage if supported by marriage certificate
Reserve
Bank has been receiving references/representations from banks and
individuals regarding the problems faced by persons who change their
name due to marriage or otherwise, in submitting an ‘Officially Valid
Document’ (OVD) while opening a new bank account or during periodic
updation exercise or incorporating the name change in the existing
accounts. The OVD issued in the original name, which is not updated due
to various reasons, still show the maiden/ previous name of such
[….] Read more at:
Economy & News
Government to launch a series of policy reforms after Bihar polling ends
The government plans to launch a series of policy reforms as soon as polling ends in Bihar on November 5,
signalling its intent to get moving again on economic changes and
putting the Opposition on notice before Parliament convenes for the
winter session. Key to the Narendra Modi government's renewed
development push will be power, labour and infrastructure, three senior
government officials told ET. Among the highlights are a revival package
for power distribution companies, freeing up [….] Read more at:
Nitin Gadkari lays foundation stone for four laning of National Highway 6
Union
Minister Nitin Gadkari laid foundation stone for the four-laning of the
Akola-Murtizaur section on National Highway 6. Gadkari, who laid the
foundation yesterday, assured all round development of west Vidharbha
region in Maharashtra comprising of three districts of Akola, Washim and
Buldana in next five years. The Union Surface Transport Minister said
developmental works worth Rs 50,000 crores would be completed in west
Vidarbha region in next 5 years. Gadkari also [….] Read more at:
Cabinet secy-led committee to propel divestment; take up IDBI Bank stake sale proposal first
The
government will soon set up a high-level committee headed by the
cabinet secretary that will oversee strategic divestments, including the
possible sale of the state's holding in profit-making public sector
companies. The first proposal likely to be examined by the panel will be
the sale of the government's stake in IDBI Bank to convert it to a
private bank. After the disinvestment, the state's stake in IDBI Bank
could fall below 51% from 76.5% currently. "The committee will look at
the approa [….] Read more at:
GAIL plans to build smart villages along Jagdishpur-Haldia pipeline
GAIL
is engaging with local communities early on and planning to build
'smart villages' along its proposed Jagdishpur-Haldia pipeline to ensure
the project does not suffer the same fate as its
Kochi-Bengaluru-Mangaluru pipeline, which has been stuck for years as
the company has been unable to obtain right of way from most landowners.
The state-run company, India's largest natural gas pipeline operator,
has revived the 2,050-km pipeline project after eight years of
uncertainty following Prime [….] Read more at:
FM Arun Jaitley slams ‘obstructors’, calls PM Modi worst victim of ideological intolerance
A
day after RBI governor Raghuram Rajan seemed to join the ranks of those
criticising the government for growing intolerance in the country,
finance minister Arun Jaitley said wellwishers of India must make sure
that no action or statement on their part provides a tool in the hands
of those who want to obstruct the India growth story. "Obstructors have a
simple plan - if they can't fight politically, they fight with hostile
propaganda," Jaitley said in a Facebook post on Sunday. Refuting [….] Read more at:
India to sign motor transport agreement with Myanmar, Thailand
India
is set to sign a motor transport agreement with Myanmar and Thailand
for seamless movement of cargo among these countries next year. "The
agreement, the protocol for which is being finalised, will be signed by
the last week of March or the first week of April, 2016," Union Road
Transport and Highways Secretary Vijay Chibber said after flagging off
the trial-run of a cargo vehicle under the Bangladesh-Bhutan-India-Nepal
(BBIN) sub-regional initiative for uninterrupted cargo move [….] Read
more at:
Thanks & Regards,
Meetesh Shiroya
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