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).…
In 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…
Following 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…
The 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…
It had been decided to switch to exclusive e-publishing of all Gazette Notifications of Government of India with effect from 1st October, 2015. It has been decided that the physical printing and sale of hard copies of Gazette by the Government shall completely cease. This measure is in line with provisions of Section 8 of…
Based on the recommendations of Foreign Investment Promotion Board in its meeting held on 29th September 2015, the Government has approved 16 (sixteen) proposals of Foreign Direct Investment amounting to Rs. 4,722 crore. The following 16 (Sixteen) proposals have been approved: Sl. No. Item No. Name of the applicant Gist of the proposal Sector FDI…
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…
Government has made the following changes in indirect tax rates, effective from today, that is 19th October, 2015: 1) In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from…
The Government has asked all the pensioners and family pensioners to furnish their Life Certificate in prescribed pro-forma in the month of November every year to their respective banks. The pensioners should indicate their present address, telephone numbers (including mobile number) and email ID (if available) on their respective Life Certificates in order to enable…