The Prime Minister, Shri Narendra Modi, launched three gold related schemes at a function on 5th Nov-15.The schemes are – Gold Monetization Scheme, Sovereign Gold Bond Scheme, and India Gold Coins. On the occasion, the Prime Minister Shri Narendra Modi described the schemes as an example of “sone pe suhaaga” (icing on the cake).…
DetailsIn exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise & Customs No.101/2015-CUSTOMS (N.T.), dated 15th October, 2015, except as respects things done or omitted to be done before such supersession, the Central Board of…
DetailsThe Reserve Bank of India has imposed a monetary penalty of ₹ 10 million on Dhanlaxmi Bank Ltd. for violation of its instructions, among other things, on Know Your Customer (KYC) norms and Anti Money Laundering (AML) standards. The penalty has been imposed in exercise of powers vested in the Reserve Bank under the provisions…
DetailsFollowing is the Summary of the Recommendations of the Bankruptcy Law Reforms Committee (BLRC) The Report of the BLRC is in two parts: i. Rationale and Design/Recommendations; ii. A comprehensive draft Insolvency and Bankruptcy Bill covering all entities. The draft Bill has consolidated the existing laws relating to insolvency of companies, limited liability entities (including…
DetailsThe Finance Minister Shri Arun Jaitley, in his Budget Speech 2015-16, had identified Bankruptcy Law Reform as a key priority for improving the ease of doing business and had announced that a comprehensive Bankruptcy Code, meeting global standards and providing necessary judicial capacity, will be brought in fiscal 2015-16. The Government had constituted a Bankruptcy…
DetailsMINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th October, 2015 INCOME-TAX S.O. 2965(E).— In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department…
DetailsThe Indian gold coin is a part of the Gold Monetisation Programme. The coin will be the first ever national gold coin and will have the National Emblem of Ashok Chakra engraved on one side . Initially the coins will be available in denominations of 5 and 10 grams. A 20 gram bar/bullion will also…
DetailsThe Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds. Applications for the bond will be accepted from November 05, 2015 to November 20, 2015. The Bonds will be issued on November 26, 2015. The Bonds will be sold through banks and designated post offices as may…
DetailsThe GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them. Resident Indians (Individuals, HUF, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) can make deposits under the…
Detailshe Reserve Bank of India has modified the minimum amount of gold that can be deposited under the Gold Monetisation Scheme under the Reserve Bank of India (Gold Monetisation Scheme), Direction, 2015. The modification provides that the minimum deposit at any one time shall be 30 grams of raw gold (bars, coins, jewellery excluding stones…
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