Daily Updates and News

DVAT

Department of Trade & Taxes has prepared the description of goods/items as per DVAT schedules as well as the goods/items which are largely traded in Delhi but are not covered by any of the schedules for the purpose of filing forms DVAT-30, DVAT-31 and DVAT return Form 16. Earlier the department had notified rules for furnishing description of goods/items along with their item code in forms DVAT-30, DVAT-31 and DVAT return Form 16 and its annexures. As per the provisions of the earlier stated notification, all registered dealers of Delhi are mandatorily required to file their returns as per the above list for tax period commencing from 1^st April, 2016 and all subsequent tax periods.

 

CBEC

CBEC vide Circular dated July 06, 2016 notified that Duty Free Shops (DFSs) at airports shall display prices of goods in Indian currency as well as the exchange rate. CBEC had received representations from travellers that DFSs neither display prices in rupees or India made goods, which depreciates the visibility of domestically manufactured products and domestic currency. In line with a RBI notification, the CBEC notified that passengers will be permitted to purchase goods at DFSs in Indian rupees up to Rs 25,000. Further, information relating to the use of rupee at DFSs should be displayed at all DFSs. Further, DFSs shall display the rate of exchange as published by the commercial banks for conversion of foreign currency or the rate of exchange notified by the CBEC on a fortnightly basis for import and export of goods. Further, websites of DFS/Airports must be kept accurately updated with regard to the facility and limit in use of Indian currency for making purchases.

SEBI:

The Securities and Exchange Board of India has issued Consultation paper for Disclosure of financial information in offer document/ placement memorandum and for Valuation in respect of SEBI (Infrastructure investment trusts) Regulations, 2014. The SEBI (Infrastructure investment trusts) Regulations, 2014 (InvIT Regulations) were notified on September 26, 2014, thereby providing a regulatory framework for registration and regulation of InvITs in India. The regulations, inter alia, prescribe conditions for making a public offer and private placement and broad guidelines for making initial and continuous disclosures including disclosures of financials of the InvIT.

The Department has invited Suggestions/ Comments on the consultation paper. Further, Comments may also be forwarded by email to invit@sebi.gov.in or may be sent by post to the address latest by July 31, 2016.

RBI:

The Central Board of Reserve Bank of India has discussed the outline for constitution of the Monetary Policy Committee (MPC). A panel with the mandate to decide the benchmark interest rates. The RBI Governor will head the MPC and three (3) Members will be from RBI. Besides the Governor, there will be a deputy Governor and an executive Director from RBI. The other three members will be nominated by the Government after recommendations of a search-cum-selection committee.

Thanks & Regards,

Meetesh Shiroya