RBI/2015-16/242DBR.RRB.BC.No. 59/31.01.001/2015-16 November 19, 2015 All Regional Rural Banks Dear Sir/Madam, Internet Banking Facility for Customers of Regional Rural Banks Presently, Regional Rural Banks (RRBs) are not permitted to provide internet banking facilities to their customers. With a view to enhancing customer service and taking into account demand for such services, it has been decided…
DetailsThere are some unauthenticated stories in media about offer of conciliation of Vodafone case outside arbitration. Vodafone has in a written communication expressed its desire to go for conciliation for its tax disputes with India. In response, the Government has held one preliminary meeting to explore terms of reference of such a conciliation on 10th…
DetailsThe Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for the proposal to provide a two year extension with amendments to the ‘Framework on Currency Swap Arrangement for SAARC Member Countries’ upto November 14, 2017, and extension thereafter, if necessary, by Finance Minister. Under the facility, RBI offers swaps of…
DetailsThe Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the disinvestment of 10 percent paid up equity capital of Coal India Limited. This implies divesting of 63,16,36,440 shares of Face Value of Rs. 10 each out of the Government of India shareholding of 78.65 percent (after adjusting one…
DetailsThe Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the protocol amending the Agreement between India and Kuwait for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The Protocol provides for internationally accepted standards for effective exchange of information…
DetailsThe Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the ratification and submitting of the Articles of Agreement (AoA) of the Asian Infrastructure Investment Bank (AIIB) Establishment of the AIIB will help India and other signatory countries to raise and avail resources for their infrastructure and sustainable development…
DetailsSustained surpluses of production over domestic consumption in the last five years has led to subdued sugar prices, which has stressed the liquidity position of the industry leading to a build up of cane price arrears. During sugar season 2014-15, the peak cane price arrears were Rs.21,000 crore as on 15/4/2015. The Central Government has,…
DetailsThe Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015. These revised rates are based on average incidence of Customs and Central Excise Duties and Service Tax related with the manufacture of export goods and involve substantial total drawback for exporters. Apart from the rate…
DetailsThe Income Tax Department will be setting-up a ‘Taxpayers’ Lounge’ at the India International Trade Fair (IITF) – 2015 at Pragati Maidan, in national capital from 14th to 27th November, 2015. The theme of the Taxpayers’ Lounge this year would follow the theme of IITF 2015 i.e. ‘Make in India’ and aims to generate awareness…
DetailsSwachh Bharat Cess will come into effect from 15th November 2015, at the rate of 0.5% on all services, which are presently liable to service tax. This will translate into a tax of 50 paisa only on every one hundred rupees worth of taxable services. The proceeds from this cess will be used for financing…
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