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Registration NBFCs Cancelled

Mumbai (ABC Live):The Reserve Bank of India (RBI) has cancelled the certificate of registration of the 56 (fifty six) non-banking financial companies (NBFCs) as shown in Annex, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Following the cancellation of registration certificate, these companies cannot transact the business of a ... Read More »

GST Rate Proposed to 17 percent

New Delhi (ABC Live):Committee headed by the Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under GST Rate submitted its Report to the Finance Minister here today. The Committee in its concluding observations has stated that this is a historic opportunity for India to implement a game-changing tax reform. Domestically, it will help improve governance, strengthen tax institutions, facilitate ... Read More »

MCA Notifies Corporate Social Responsibility Policy Rules 2014

New Delhi (ABC Live):The Ministry of Corporate Affairs has notified Companies (Corporate Social Responsibility Policy) Rules, 2014 (http://www.mca.gov.in), which prescribes the format for disclosure of utilisation of Corporate Social Responsibility (CSR) funds by the companies. There are no specific tax exemption/concessions to companies under the Income Tax Act, 1961 for expenditure incurred by companies towards CSR. However, spending by companies on ... Read More »

SEBI Board Decides Shareholding Norms

New Delhi (ABC Live):The  SEBI Board met in Mumbai today and took the following decisions: 1) Listing of Stock Exchanges The  SEBI Board took note of representations received for listing of stock exchanges and considered the proposal to facilitate the same by placing certain safeguards and procedures with respect to shareholding norms, fit and proper criteria, and other issues of ... Read More »

FIIs Allowed Investing 26 percent in TV Today Networks

Mumbai (ABC Live):The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 26 per cent of the paid up capital of M/s TV Today Networks Ltd. under the Portfolio Investment Scheme (PIS). The Reserve Bank has stated that the company has passed resolutions at its Board of Directors’ level and a ... Read More »

RBI Releases Macroeconomic Indicators Results

Mumbai (ABC Live):The Reserve Bank of India today released on its website the results of Macroeconomic Indicators ,the Survey of Professional Forecasters on Macroeconomic Indicators – (Round 37)conducted during November 2015. The results of the Survey of Macroeconomic Indicators represent views of the respondent forecasters and in no way reflect the views or forecasts of the Reserve Bank of India. utput ... Read More »

India Releases Draft National Policy on Capital Goods

New Delhi (ABC Live): A draft base paper on National Policy on Capital Goods was prepared by the Department of Heavy Industry (DHI)- Confederation of Indian Industry (CII) Joint Task Force on Capital Goods and Engineering. This draft paper containing all details has been posted on the Department’s website:  dhi.nic.in under the Head: What’s new > Draft base paper for ... Read More »

RBI Releases Indian Banks Credit Data for October 2015

Mumbai (ABC Live):Indian Banks Credit Data for October 2015  was released by  RBI on 30th December 2015.The data on sectoral deployment of bank credit collected on a monthly basis from select 46 scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, for the month of October 2015 are set ... Read More »

SEBI Restricts Funds Mobilization of FIIL

Mumbai (ABC Live): Shri S Raman, Whole Time Member, Securities and Exchange Board of India (SEBI), has passed an order dated November 20, 2015 against the past director of Falkon Industries India Limited (FIIL), viz. Shri Akmal Sekh inter-alia directing that Shri Akmal Sekh is prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of ... Read More »

SEBI Bars United Cosmetics to Mobilize Public Funds

Mumbai (ABC Live): Shri S Raman, Whole Time Member, Securities and Exchange Board of India (SEBI), has passed an order dated November 20,2015 in the matter of United Cosmetics Manufacturing (I) Limited, inter-alia directing that the company shall not mobilize funds from investors. Further, the company, and its directors, viz., Mr.Samir Chattopadhyay Kumar, Mr. Nirapada Maiti,  Mr.Amal Patra ,  Mr.Kartik Jana, Mr.Balwant Kumar Singh, Ms. ... Read More »