RBI vide circular dated November 24, 2016 has decided that no over the counter exchange (in cash) of SBNs will be permitted after midnight of November 24, 2016. Members of public who approach the banks for over the counter exchange of SBN may be encouraged to deposit SBNs into their bank accounts. Banks shall also … Continue reading “No over the counter exchange of SBNs after midnight of November 24, 2016”

The CBDT has recently entered in four more advance pricing agreement on 22nd and 23rd November, 2016. With this signing of agreement the total of APAs reached to 115 in number. This includes 7 Bilateral APAs and 108 unilateral APAs till date. The recently signed four APAs  pertains to various sectors of the economy like … Continue reading “Signing of Four Unilateral Advance Pricing Agreement by CBDT”

MCA has made further amendments to Schedule II to the Comapnies Act, 2013 to clarify that relevant Ind AS shall apply for computation of amortization amount over the useful life of intangible assets. However, where a company is not required to comply with the Ind AS, it shall comply with relevant Accounting Standards under Companies … Continue reading “MCA Amended Schedule II of the Companies Act, 2013”

MCA declared that there will be no extension of last date beyond 29th Nov 2016 for filing financial statements and Annual Returns under the Companies Act, 2013 using e-forms AoC-4/AoC-4 (XBRL)/AoC-4 CFS or MGT-7 as the case may be without payment of additional fee. Additional fee as applicable from the next day of the original … Continue reading “Last date for filing financial statements and Annual Returns”

Government of India has decided that subscribers of Small Savings Schemes may not be allowed to deposit SBNs in Small Savings Schemes. Therefore, RBI has advised banks not to accept SBNs for deposits in Small Saving Schemes with immediate effect. Source: www.rbi.org.in

Forms MGT-7, AOC-4 XBRL and INC-23 are likely to be revised on MCA21 Company Forms Download page w.e.f 25th NOV 2016. Stakeholders are advised to check the latest version before filing. Source: www.mca.gov.in

The Ministry of Corporate Affairs has vide its notification no S.O.3453 (E) notified section 199 to section 207 [both inclusive], sub-section (1) of section 208-clause (c) and (e), sub-section (2) of section 208, section 217 to section 220 [both inclusive], section 251, section 253, section 254, and section 255 of the Insolvency and Bankruptcy Code, 2016 with effect from November 15, 2016. Please refer the attached … Continue reading “MCA notified sections of Insolvency and Bankruptcy Code, 2016 w.e.f November 15, 2016”

RBI vide its circular dated November 08, 2016 has specified all the banks to send daily report to RBI with details of Specified Bank Notes (SBNs). However, RBI has observed that the banks are sending the reports with significant delay causing severe inconvenience in collation and consolidation of data at RBI. Therefore, the banks are … Continue reading “Delay in daily reporting of banks to RBI”

With a view to ensure compliance with provisions of 114B of the Income Tax Rules, 1962, RBI has advised the banks to take the copy of the PAN card in case the bank account is not seeded with PAN for anybody depositing more than ₹ 50,000/- in cash in their bank account. The banks are … Continue reading “RBI instructed banks for strict compliance with provisions of 114B of the Income Tax Rules, 1962”

Please note that as the last date for filing Annual Reports & Financial statements of companies is approaching, View Public Document (VPD) services may not be available from 11.00 AM to 8:00 PM during the period from 24th November to 29th November 2016. Uninterrupted VPD services will, however, be available from 8:00 PM to 11:00AM … Continue reading “Interruption in View Public Document Service from 24.11.2016 to 29.11.2016”

MCA has notified Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 on November 21, 2016. These two regulations inter alia provide for the eligibility norms to be a professional member of an insolvency professional agency and … Continue reading “MCA has notified regulation on Insolvency and Bankruptcy Board of India on November 21, 2016”

PAN validation interface with CBDT systems has been restored on MCA. Stakeholders may continue to file e-form DIR-3 or perform ‘Associate DSC’ service on MCA portal. Source:www.mca.gov.in

To control the rising incidence of fake notes and black money, the scheme to withdraw high denomination notes has been introduced by RBI. High denomination notes have been misused by terrorists and for hoarding black money. Therefore the notes of denominations 500 and 1000 stand withdrawn. Consequently, high denomination (old) notes cannot be used for transacting … Continue reading “RBI steps ahead to curb black money”

Companies (Registration Offices and Fees) Second Amendment Rules, 2016 shall come into force from the date of their publication in the Official Gazette. Earlier, in Rule 8(12)(a)(iv) of the Companies (Registration Offices and Fees) Rules, 2014, it was stated that AOC-4 shall be certified by Chartered Accountant in whole-time practice. But, with aforesaid notification, the Rules … Continue reading “MCA has notified the Companies (Registration Offices and Fees) Second Amendment Rules, 2016”

Stakeholders are informed that PAN validation with CBDT systems is temporarily unavailable. Therefore, stakeholders will not be able to file e-Form DIR-3 or perform ‘Associate DSC with PAN’ on MCA portal until the PAN validation interface is restored. Source: www.mca.gov.in