31 August 2015
Due date for filling of Income Tax Returns has been extended form 31-8-2015 to 7-9-2015 for Gujarat State,
28 August 2015
SEBI issues Guidance Note on Insider Trading Regulations, clarifies on ESOPs & contra-trades
SEBI issues Guidance Note on Insider Trading Regulations, 2015; Clarifies that exercise of ESOPs shall not be considered to be "trading" except for the purposes of Chapter III (relating to 'disclosure of trading by insiders'); States that any derivative contract that is settled in cash on expiry shall be considered to be 'contra-trade' and the trading in index futures or such other derivatives where scrip is part of such derivatives, need not be reported; States that buy-back offers, open offers, rights issues, FPOs, bonus are available to designated persons, and 'contra-trade' restrictions shall not apply; Clarifies that pledgor / pledgee may demonstrate that creation of pledge or invocation of pledge was bona fide and prove their innocence under proviso to Reg. 4(1) of the Regulations (relating to 'Trading when in possession of unpublished price sensitive information'); With respect to the trades done by compliance officer, SEBI clarifies that board of directors of the company shall be the approving authority and may stipulate procedures as are deemed necessary for ensuring necessary compliances: SEBI
Union Cabinet approves amendments to arbitration law, with an aim to ensure neutrality of arbitrators, expeditious disposal of cases, making arbitration more user friendly & cost effective; Amendments include disqualification of arbitrator if he has any relationship or interest in the matter, insertion of a provision for fast track procedure for conducting arbitration; Also includes amendment to Section 34 relating to grounds for challenge of an arbitral award, to restrict the term "Public Policy of India" (as a ground for challenging the award) by explaining that only where making of award was induced or affected by fraud or corruption, or it is in contravention with the fundamental policy of Indian Law or is in conflict with the most basic notions of morality or justice, the award shall be treated as against Public Policy of India; Amendments seek insertion of a new provision that Arbitral Tribunal shall make its award within a period of 12 months and if the award is made within a period of six months, arbitrator may get additional fees if the parties so agree; New provision inserted to provide that application to challenge the award is to be disposed of by the Court within 1 year, thereby ensuring speedy disposal of cases; New Section 31A to be added for providing comprehensive provisions for costs regime, applicable both to arbitrators as well as related litigation in Court, that will avoid frivolous and meritless litigation/arbitration; Amendments also empower Arbitral tribunal to grant all kinds of interim measures which the Court is empowered to grant : Govt. Press Release
20 August 2015
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF EXCISE & CUSTOMS
SERVICE TAX WING
All Chief Commissioners of Central Excise/ Service Tax
Principal Directors General of Goods & Services Tax/ Systems/Central Excise Intelligence
Director General of Audit
All Principal Commissioners of Central Excise/Service Tax
All Commissioners of Central Excise/Service Tax
All Principal Commissioners/Commissioners LTU
Joint Secretary TRU-1/TRU-II/Review
Commissioner Central Excise/ Service Tax/Legal/PAC
Under Secretary (Service Tax)
19 August 2015
1. Aditya Birla Nuvo Limited
2. Airtel M Commerce Services Limited
3. Cholamandalam Distribution Services Limited
4. Department of Posts
5. Fino PayTech Limited
6. National Securities Depository Limited
7. Reliance Industries Limited
8. Shri Dilip Shantilal Shanghvi
9. Shri Vijay Shekhar Sharma
10.Tech Mahindra Limited
11.Vodafone m-pesa Limited
Do's of payments banks:
* Has to use the word ‘Payments Bank’ in its name to differentiate from other banks
* Accept demand deposits, i.e., current deposits, and savings bank deposits from individuals, small businesses and other entities
* To hold a maximum balance of Rs one lakh per individual customer.
* Will be allowed to set up branches, ATMs, BCs
* Allowed to issue debit cards also offer internet banking
* Can accept a large pool of money to be remitted but at the end of the day the balance should not exceed Rs one lakh
* Can accept remittances to be sent to or receive remittances from multiple banks
* Permitted to handle cross border remittance transactions in the nature of personal payments / remittances on the current account
* Allowed to distribute mutual fund products, insurance products and pension products
* Bank can also undertake utility bill payments
- Don'ts of payments banks:
* No NRI deposits should be accepted
* Cannot issue credit card
* Not allowed to set up subsidiaries to undertake non-banking financial services activities
* Other financial and non-financial services activities of the promoters should not be mingled with the working of payment banks
17 August 2015
13 August 2015
For Attention of the Prospective Candidates and Members at large
Sub: Election - 2015 - Draft List of Voters as on 1.4.2015 - Views/Suggestions on proposed Polling Booths
II. The members whose professional addresses are falling within the cities/towns shown in the List of proposed Polling Booths would be eligible to vote by poll at the polling centre shown in the List. This list also contains the cities/towns attached with the Polling Centres and members in such cities would be required to visit the polling centre for voting. The members residing in the cities/towns not shown in the List of Proposed Polling Booths would be entitled to vote by post. The list of such cities/towns has also been given separately. The cities/towns attached with the proposed Polling Booths are the cities/towns which are within a distance of 50 kilometres from the respective Polling Centres. The List of proposed Polling Booths and cities/towns attached with Polling Centres and List of cities/towns not attached with any of the Polling Booths of the respective region have been hosted on the website of the Institute separately. The Link to reach the same is as under:-
- Western India Regional Constituency - Draft List of Voters
- Southern India Regional Constituency - Draft List of Voters
- Eastern India Regional Constituency - Draft List of Voters
- Central India Regional Constituency - Draft List of Voters
- Northern India Regional Constituency - Draft List of Voters
Views/suggestions/comments of the prospective candidates and members at large are invited latest by 21st August, 2015 in respect of the following:-
(ii) Whether any new polling booth/s can be set up out of the cities/towns shown in the list at (ii) above or taking one or more cities from List at (i) and one or more cities from the list at (ii) above specially in cities having 15 or more members
(iii) Whether it is possible to attach any of the cities mentioned in the list at (ii) above with any of the polling booths proposed as per list at (i) above.
Secretary and Returning Officer
12 August 2015
09 August 2015
The Board of Studies of the institute has great pleasure in introducing an optional Articles Placement Scheme for selection of Articled Assistants by CA Firms. The scheme has been evolved to provide an opportunity to the firms of Chartered Accountants having vacancies for Articled Assistants to interact with the candidates who have either (a) Passed Group-I or both Groups of the IPCC examination , or (b) have been admitted under the Direct Entry Scheme and are eligible for undergoing articled training for selection as articled assistants in the C A Firms. This scheme at the same time, assists eligible students to get placement in CA Firms for their articles training.
No Fee is to be Charged From the Participating CA Firms and Students registering on the Portal.
04 August 2015
03 August 2015
ICAI Announcement (03-08-2015)
Multipurpose Empanelment Form (MEF) for the year 2015-16.
This is to inform that Multipurpose Empanelment Form (MEF) for the year 2015-16 has been made live at www.meficai.org. The Members/firms can apply the form showing the status as on 1st January 2015. After filling the form, they are required to generate an online Declaration and Acknowledgment letter. They are also required to submit hard copy of Declaration in support of their online application along with a print out of the acknowledgment letter generated online. The application which does not have Declaration would not be entertained as a valid application.
Last date for submission of online form is 31st August, 2015 and last date of submission of hard copy of "DECLARATION FOR MEF 2015-16" is 15th September, 2015.
It is suggested that before going directly to the MEF form, applicant should first go through the link http://www.meficai.org/Advisory_2015.pdf "Points which shall be carefully read and be taken care for MEF 2015-16".
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