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CBDT kept Revised PAN Allotment procedure in Abeyance
CBDT kept Revised PAN Allotment procedure in Abeyance Government Decides to Keep in Abeyance the Decision to Change the Procedure for Pan Allotment Till Further Orders – (31-Jan-2014) The Central Board of Direct Taxes (CBDT) has decided to keep in abeyance the decision to change the procedure for PAN allotment till further orders. Accordingly, the operation of Circular No. 11 dated 16.01.2014issued to PAN service providers has been directed to be put on hold till further orders. In the meantime, the old pr...
SEBI simplifies account opening process for investors
SEBI simplifies account opening process for investors Moving towards a common Know Your Client (KYC) framework for the entire securities market, SEBI simplified investor account opening form by doing away with details about income and occupation of the applicant for the purpose of centralized KYC registration agency. The Securities and Exchange Board of India (Sebi), in a circular, has given six months time to various market intermediaries to bring the changes in the KYC form.
SEBI Monetary relief to investors having claims upto Rs.10 lac
  SEBI  Monetary relief to investors having claims upto Rs.10 lac Arbitration Mechanism and Investor Grievance Redressal Mechanism With a view to streamline the investor grievance redressal mechanism at Stock Exchanges and make it more effective from the angle of investor protection, SEBI has decided to give monetary relief  to investors having claims upto Rs.10 lac, during the course of proceedings from the Investor Protection Fund ofStock Exchange. Further, SEBI has decided...
CBDT Notifies Rules For General Anti Avoidance Rules (GAAR)
  CBDT Notifies Rules For General Anti Avoidance Rules (GAAR)   Vide Notification dated 23.09.2013 issued by the CBDT, Rules 10U to 10UC have been inserted in the Income-tax Rules, 1962 to provide for the entire procedure for monitoring the General Anti Avoidance Rules  (GAAR). The relevant forms have also been notified. The said Rules will come into effect on 1st April 2016.—————————— Notification No. 75/2013, Date – ...
RBI bans zero % EMI schemes &: Fees on debit card transactions
  RBI bans zero % EMI schemes &amp: Fees on debit card transactions RBI/2013-14/292 DBS.CO.PPD No. 3578 /11.01.005/2013-14 September 17, 2013 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) / Local Area Banks Madam/Dear Sir, Pernicious practices of select banks deterring customer protection and accounting integrity Please refer to our circular DBS.CO.PPD No. 17882/11.01.005/2012-13 dated June 19, 2013, wherein we had observed certain disquieting features in certa...
Customs Duty Free Allowance Limit & Duty rate for Pasasngers
  Customs Duty Free Allowance Limit & Duty rate for Pasasngers [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the   10th September, 2013 Corrigendum G.S.R. – In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 90/2013 – Customs (N.T.), dated the 29th August, 2013, published in the Gazette of India...
RBI permits banks to open branches without its permission
    RBI permits banks to open branches without its permission RBI/2013-14/274 DBOD.No.BAPD.BC.54 /22.01.001/2013-14 September 19, 2013 All Domestic Scheduled Commercial Banks (excluding RRBs) Madam / Dear Sir Section 23 of the Banking Regulation Act, 1949 – Relaxations in Branch Authorisation Policy Please refer to Governor’s Statement on taking office on September 04, 2013  (extract enclosed – Annex 1) regarding the proposal to completely free bank&n...
RBI Clarification on carrying of INR 10,000 by Non-residents and Residents
  RBI Clarification on carrying of INR 10,000 by Non-residents and Residents In terms of instructions issued vide A.P. (Dir Series) circular No.45 dated September 16, 2013, the Reserve Bank of India had facilitated encashment of rupees into convertible currencies even beyond Immigration/Customs desk.  This instruction has been misreported in certain sections of the media as a new restriction imposed by the Reserve Bank.  The Reserve Bank issues the following clarifications...
RBI - Circular - Overseas Forex Trading Through Electronic/internet trading portals
  RBI notification on Overseas forex trading through electronic / internet trading portals RBI/2013-14/265 A.P. (DIR Series) Circular No. 46 September 17, 2013 To All Category – I Authorised Dealer Banks Madam/ Sir, Overseas forex trading through electronic / internet trading portals Attention of the Authorised Dealer Category – I (AD Category – I) banks is invited to A.P. (DIR Series) Circular No. 53 dated April 07, 2011 and A.P. (DIR Series) Circular No. 46 dated November 17, 201...
Widowed, divorced daughters of deceased central government employee are eligible for family pension
  Widowed, divorced daughters of deceased central government employee are eligible for family pension   Widowed and divorced daughters of a deceased central government employee are eligible to get family pension, the government has said. The Ministry of Personnel has recently issued a circular in this regard after it received a number of communications from other central government ministries and departments seeking clarifications. Family pension is payable to the children as they are considered to be...

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