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After BHIM India Gets SEZ India App

New Delhi (ABC Live): SEZ India App : A Mobile app named “SEZ India” has been launched by the Commerce Secretary on 06.1.2017.  SEZ Division, Department of Commerce under its broader e-Governance initiative i.e. SEZ Online System, has developed mobile app for Special Economic Zones (SEZs). Commerce Secretary launched the app and mentioned that the App would help the SEZ ... Read More »

India, Kazakhstan Sign Protocol to Amend DTAC

New Delhi (ABC Live): India and Kazakhstan signed here today in the national capital a Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between the two countries which was earlier signed on 9th December, 1996 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. Salient features of the Protocol ... Read More »

Corporate Banks Defaulters List to Be Public

New Delhi (ABC Live): Corporate Banks Defaulters List :The Supreme Court of India on Tuesday has directed Government of India to make public the names of entities, who are defaulters in paying their banks loans of Rs 500 crore or above in four weeks. A bench of Chief Justice TS Thakur and Justices A M Khanwilkar and D Y Chandrachud ... Read More »

India Makes Cash Transactions Reporting Mandatory

New Delhi (ABC Live): Cash Transactions Reporting : Reporting Cash Transactions under Rule 114 E of Income Tax Rules, 1962 Rule 114-E of Income-Tax Rules, 1962 for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish ... Read More »

RBI Sets Angel Fund Legal Framework

New Delhi (ABC Live):  Angel Fund Legal Framework:  A framework for registration and regulation of angel pools under a sub-category ”Angel Funds” under Category I-Venture Capital Funds have been provided in SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) on 16.09.2013. Subsequently, in the board meeting held on 23.11.2016, SEBI board approved Angel Fund Legal Framework amendments related to Angel ... Read More »

RBI Sets Non Official Directors Appointment Norms in Banks

New Delhi (ABC Live): Non Official Directors Appointment Norms : The details of norms and procedure for appointment of Non-Official Directors (NODs) on the Boards of Public Sector Banks (PSBs)/Reserve Bank of India (RBI)/Financial Institutions (FIs)/Public Sector Insurance Companies (PSICs) are as follows: Non Official Directors Appointment Norms   Criteria of experience The following categories of persons will be considered for ... Read More »

Insolvency and Bankruptcy Board of India Regulations, 2016

New Delhi (ABC Live): The Insolvency and Bankruptcy Board of India (Board), in exercise of its powers conferred under Section 240 of the Insolvency and Bankruptcy Code, 2016 (Code), has notified the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. These Regulations inter alia provide for the details of activities from issue of liquidation order under Section 33 ... Read More »

India Holds 1136794 Active Companies in 2016

New Delhi (ABC Live): Active Companies in 2016: The growth of Indian corporate sector in terms of number of active companies for the financial year 2013-14, 2014-15, 2015-16  and 2016-17( up to 30.11.2016) is as under: Number of active companies As on 31st March Number 2014 9,52,433 2015 10,22,011 2016 10,88,780   2016* 11,36,794 *As on 30.11.2016 The impact of corporate ... Read More »

Ministry of Corporate Affairs Takes Actions against NSEL, FTIL

New Delhi (ABC Live): Ministry of Corporate Affairs has taken following actions against NSEL and its promoters and the defaulting companies under various provisions of the Companies Act, 1956: (i)         Ordered inspection under section 209A of the Companies Act, 1956 of books of accounts and other records of NSEL, Financial Technologies (India) Limited (FTIL – now name changed to 63 ... Read More »

Government Committee to Review Digital Payments Framework

New Delhi (ABC Live): Digital Payments Framework :The Government of India Committee to review the framework related to Digital Payments In compliance to the decision taken by the Union Cabinet in its meeting held on 24th February 2016, the Government of India constituted a Committee on Digital Payments to review the payments system in the country and to recommend appropriate ... Read More »