Central Board of Excise and Customs revises limit for arrest and prosecution substantially upwards ; In cases of outright smuggling or mis-declaration of baggage, the limits regarding value of offending goods have been revised from Rs. 5 lakh to Rs. 20 lakh among others. Persons involved in serious offences of tax evasion are liable for…
Government imposes Anti-Dumping duty on imports of various items including on imports of Plain Medium Density Fibre Board of thickness 6 mm and above, Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles, Hexamine and all Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester (non-textured and non-POY). Pursuant…
Gold Monetisation Scheme, 2015 In exercise of the powers conferred on the Reserve Bank of India (RBI) under Section 35 A of the Banking Regulation Act, 1949 and in pursuance of the Central Government notification issued vide Office Memorandum F.No.20/6/2015-FT dated September 15, 2015 regarding “Gold Monetization Scheme (GMS)”, the RBI being satisfied that it…
The Reserve Bank of India today issued a Direction to all Scheduled Commercial Banks (excluding Regional Rural Banks) on implementation of the Gold Monetisation Scheme, 2015 notified by the Central Government. The Scheme The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed…