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[DGFT] Consideration Of Application For Grant Of Licences/ Authorisations For Import Of "Gold Dore"

Directorate General of Foreign Trade Trade Notice No. 04 dated 21.04.2017 to All RAs of DGFT and Members of Trade/EPCs

It is brought to the notice of the Trade and EPCs that w.e.f. 01.06.2017 only those applications for grant of gold dore shall be considered by this Directorate where the applicant refinery holds a valid licence from Bureau of Indian Standards (BIS).

SEBI Circular On Mutual Funds

1. Please refer to SEBI circular no. SEBI/HO/IMD/DF2/CIR/P/2016/42 dated 18 March 2016.

2. In partial modification of the above mentioned circular, para C of the circular pertaining to disclosure of executive remuneration shall read as under:
With the underlying objective to promote transparency in remuneration policies so that executive remuneration is aligned with the interest of investors, MFs/AMCs shall make the following disclosures pertaining to a financial year on the MF/AMC website under a separate head – 'Remuneration':

EPF Members Now Required To Submit Self-declaration For Advance In Case Of Illness Of Members/ Dependents

EPF members will now only be required to submit a self-declaration for the advance in case of illness of members/ dependents. Differently abled members will also get advance on the basis of self-declaration. A member will no longer be required to submit any medical certificate or any other certificate or document or proforma whatsoever to avail advances under paragraph 68-J or under paragraph 68-N of EPF Scheme 1952.

Ministry of Labour & Employment has amended Paragraph 68-J and Paragraph 68-N of Employees’ Provident Fund Scheme, 1952 and It will come into force from the date of its publication in the official Gazette. According to it, a member would only be required to submit a self-declaration, which has already been included in the composite claim form, to avail advance under the EPF Scheme in case of illness of members/ dependent and also in case of differently abled members.

Finances Of Foreign Direct Investment Companies, 2015-16

The Reserve Bank of India released (on 28-Apr-2017) on its website (!2_46) data relating to finances of foreign direct investment (FDI) companies for the year 2015-16, along with comparable data for 2013-14 and 2014-15.

The analysis is based on audited annual accounts of select 6,433 non-government non-financial (NGNF) foreign direct investment companies. These entities accounted for 40.4 per cent of the total paid-up capital of non-financial FDI companies reported in the Reserve Bank’s Census on foreign liabilities and assets of Indian direct investment companies.

Explanatory notes pertaining to the statements are given at the end.


Sectoral Deployment of Bank Credit – March 2017

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 March 2017 are set out in Statements I and II.

To download the Statements I and II (.xlsx file) - click here

These data are also available in the Real-Time Handbook of Statistics on the Indian Economy (

Highlights of the sectoral deployment of bank credit are given below:
  • On a year-on-year (y-o-y) basis, non-food bank credit increased by 9.0 per cent in March 2017 as compared with an increase of 9.1 per cent in March 2016.
  • Credit to agriculture and allied activities increased by 12.4 per cent in March 2017, lower than increase of 15.3 per cent in March 2016.

Extension Of Date Of Submission Of Form ST-3 For Period 1st October 2016 To 31st March 2017 - From 25th April 2017 To 30th April 2017

Central Board of Excise & Customs, Service Tax Wing, Order No. 1/2017-Service Tax dated the 25th April, 2017

In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the Form ST-3 for the period from 1st October 2016 to 31st March 2017, from 25th April, 2017 to 30th April, 2017.

The circumstances of a special nature, which have given rise to this extension of time, are as follows:

" Intermittent difficulties have been faced by assessees in accessing the ACES website on 25th April 2017"

Acceptance Of Central Govt Securities By Clearing Corporations Towards Core Settlement Guarantee Fund (SGF) Contribution By Clearing Members

SEBI Circular CIR/MRD/DRMNP/ 33/2017 dated April 26, 2017 to all recognised Clearing Corporation

1) SEBI vide circular no. CIR/MRD/DRMNP/25/2014 dated August 27, 2014, specified the guidelines for Core Settlement Guarantee Fund, Default Waterfall and Stress Test for Clearing Corporations.

2) Based on the feedback received from the market participants and the recommendation of the Risk Management Review Committee of SEBI, it has been decided that the clearing members shall be permitted to bring their contribution towards Core Settlement Guarantee Fund, in the form of Central Government Securities, in addition to Cash and Bank Fixed Deposits in terms of point 11 of the above mentioned SEBI circular dated August 27, 2014.

Notification Sec 11C Of Central Excise Act On Heena Powder & Paste Falling Under Chapter 33

G.S.R. (E).- Whereas the Central Government is satisfied that according to a practice that was generally prevalent regarding levy of duty of excise (including non-levy thereof) under section 3 of the Central Excise Act, 1944 (1 of 1944), (hereinafter referred to as the said Act), on Heena Powder and Paste falling under Chapter 33 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) (hereinafter referred to as the said goods), was not being levied according to the said practice, during the period commencing on the 1st day of January, 2007 and ending with the 1st day of March, 2013;

Transfer Of Shares To IEPF Authority [Special Demat Account - NSDL]

Ministry of Corporate Affairs General Circular No. 03/2017 dated 27.04.2017

Pursuant to second proviso to Rule 6 of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 notified on February 28, 2017, where the seven year period provided under sub-section (5) of section 124 is completed during September 7, 2016 to May 31, 2017, the due date for transfer of such shares by companies is May 31, 2017.

2. The IEPF Authority has decided to open a special demat account with National Securities Depository Limited (NSDL) through a Depository Participant of NSDL.

Provisions of Voluntary Liquidation, IU and Cross-Border Insolvency Came Into Force

Ministry of Corporate Affairs(MCA) Notification dated the 30th March, 2017

S.O. 1005(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 1st April, 2017 as the date on which the provisions of the following sections of the said Code shall come into force:—

(1) section 59;
(2) section 209 to section 215 (both inclusive);
(3) sub-section (1) of section 216; and
(4) section 234 and section 235. 

Lease Rent From Letting Out Buildings/Developed Space Along With Other Amenities In An Industrial Park/SEZ - To Be Treated As Business Income

Central Board of Direct Taxes Circular No. 16/2017 dated 25th April, 2017

1. The issue whether income arising from letting out of premises /developed space along with other amenities in an Industrial Park/SEZ is to be charged under head 'Profits and Gains of Business' or under the head 'Income from House Property' has been subject matter of litigation in recent years. Assessees claim the letting out as business activity, the income arising from which to be charged to tax under the head 'Profits and Gains of Business', whereas the Assessing Officers hold it to be chargeable under the head 'Income from House Property'.

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