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[Customs] Exchange Rate Notification w.e.f. 8th December, 2017

CBEC has notified the rate of exchange of one unit of foreign currency equivalent to Indian rupees relating to imported and export goods, in its notification no. 113/2017 - Customs (N.T.) dated 7th December, 2017 (w.e.f. 8th December, 2017). The contents of the said notification is as follows:

Direct Tax Collections For Financial Year 2017-18 Show Growth Of 14.4% Upto November, 2017

10-Dec-2017: The provisional figures of Direct Tax collections up to November, 2017 show that net collections are at Rs. 4.8 lakh crore which is 14.4% higher than the net collections for the corresponding period of last year.

The Net Direct Tax collections represent 49% of the total Budget Estimates of Direct Taxes for the Financial Year. 2017-18 (Rs. 9.8 lakh crore).  Gross collections (before adjusting for refunds) have increased by 10.7% to Rs. 5.82 lakh crore during April-November, 2017. Refunds amounting to Rs. 1.02 lakh crore have been issued during April, 2017 to November, 2017.

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[Tax Updates]

Provisions Of Financial Resolution & Deposit Insurance Bill, 2017 Meant To Protect Interests Of Depositors

07-Dec-2017: The Financial Resolution and Deposit Insurance Bill, 2017 (FRDI Bill), introduced in the Lok Sabha on August 10, 2017, is presently under the consideration of the Joint Committee of the Parliament. The Joint Committee is consulting all the stakeholders on the provisions of the FRDI Bill. Certain misgivings have been expressed in the media regarding “bail-in” provisions of the FRDI Bill. 

The provisions contained in the FRDI Bill, as introduced in the Parliament, do not modify present protections to the depositors adversely at all. They provide rather additional protections to the depositors in a more transparent manner.

[CBEC] Clarification On Customs (Import Of Goods At Concessional Rate Of Duty) Rules, 2017

CBEC, vide Circular No. 48/2017-Customs dated the 8th December, 2017, has issued some clarifications on Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017. The contents of the said circular is reproduced as under:

1. Kind reference is drawn to Notification No. 68/2017-Customs (N.T.) dated 30.06.2017, notifying Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.

2. As per sub-rule (2) of rule 5 of Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017, an importer in order to avail exemption provided vide notification issued under sub-section (1) of section 25 of the Customs Act is required to submit such surety or security as deemed appropriate by the Deputy Commissioner of Customs or Assistant Commissioner of Customs having jurisdiction over the premises where the imported goods shall be put to use for manufacture of goods or for rendering output services.

State Government Yield Spreads – Do Fiscal Metrics Matter?

08-Dec-2017: The Reserve Bank of India today placed on its website the eighth release under the series ‘Mint Street Memos (MSM)’ titled “State Government Yield Spreads – Do Fiscal Metrics Matter?”.

The paper authored by Seema Saggar, Rahul T and Madhusudan Adki from Internal Debt Management Department analyses the causes of spreads of State Development Loans (SDLs) relative to the yields of central government securities of corresponding maturity.

Spreads of state development loans (SDLs) relative to the yields of central government securities of corresponding maturity appear to be caused by illiquidity and prevailing market conditions. Nevertheless, inter-state variations are hardly observed in market pricing of the loans in primary auctions. This presents little market incentives for state governments to improve their fiscal positions and lower their debt.

[MCA] The Companies (Cost Records And Audit) Amendment Rules, 2017 - Notified

Ministry of Corporate Affairs, in exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013, has made and notified the Companies (cost records and audit) Amendment Rules, 2017, in its notification dated 7th December 2017, further to amend the Companies (cost records and audit) Rules, 2014.

The Companies (Cost Records and Audit) Amendment Rules, 2017 - download here

IBBI (Grievance And Complaint Handling Procedure) Regulations, 2017 - Notified

1. The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 in the Gazette of India(Notification No. IBBI/2017-18/GN/REG/21) on 7th December, 2017. The regulations enable a stakeholder, namely, debtor, creditor, claimant, service provider, resolution applicant or any other person having an interest in an insolvency resolution, liquidation, voluntary liquidation or bankruptcy transaction under the Insolvency and Bankruptcy Code, 2016 (Code), to file a grievance or a complaint against a service provider, namely, insolvency professional agency, insolvency professional, insolvency professional entity or information utility. The regulations provide for an objective and transparent procedure for disposal of grievances and complaints by the IBBI, that does not spare a mischievous service provider, but does not harass an innocent service provider.

Income Tax Department Suspends An Officer For Harassing The Taxpayer

08-Dec-2017: A complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention.

The officer was alleged to have demanded illegal gratification through the taxpayer’s Chartered Accountant for favourably completing the assessment. The audio recordings of conversations were also received which, inter alia, mention the bribe amount being demanded by the officers of the Department for settling the case.

CBDT Extends Date Till 31st March, 2018 For Linking Of Aadhaar With PAN

08-Dec-2017: Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN).

In view of the difficulties faced by some of the taxpayers in the process, the date for linking of Aadhaar with PAN was initially extended till 31st August, 2017 which was further extended upto 31st December, 2017.

It has come to notice that some of the taxpayers have not yet completed the linking of PAN with Aadhaar. Therefore, to facilitate the process of linking, it has been decided to further extend the time for linking of Aadhaar with PAN till 31.03.2018.

Consultation Paper On Permitting Mutual Funds & Portfolio Managers To Participate In Commodity Derivatives Market

SEBI, 07-Dec-2017: The objective of the consultation paper is to seek comments / views from the public on the proposal of permitting Mutual Funds (MFs) and Portfolio Managers (PMs), who are authorized under an agreement to invest on behalf of their clients, for participation in exchange traded commodity derivatives and to determine an ideal regulatory framework for the proposal.

The above mentioned Consultation paper is available at SEBI site - download here

Comments from public are invited on the proposal contained in this paper, latest by December 31, 2017. The comments regarding Mutual Funds may be sent by email to and the comments regarding Portfolio Managers may be sent to

Relaxation Under Rule 33(1) Of Legal Metrology (Packaged Commodities) Rules, 2011 i.r.o. Single Brand Retail Trading Entities

Department of Consumer Affairs, Legal Metrology Division, Order dated 4th December, 2017:- In exercise of the powers conferred by rule 33(1) of the Legal Metrology (Packaged Commodities) Rules, 2011, in respect of Single Brand retail trading entities the Central Government hereby relaxes the manner of declaration of the retail sale price for a period of one year from the date of this order, in the following manner and subject to the conditions mentioned thereunder.

Release Of Mid-Term Review Of Foreign Trade Policy 2015-2020 – Annual Incentives Increased By 2% Amounting To Over Rs. 8k Crores For Labour Intensive/MSME Sectors

05-Dec-2017: The Minister of Commerce and Industry, Shri Suresh Prabhu released the much awaited Mid-term Review of the Foreign Trade Policy (FTP) 2015-20 today in New Delhi.

The review was released in the presence of the Minister of State for Commerce and Industry, Shri CR Chaudhary, Finance Secretary, Shri Hasmukh Adhia, Commerce Secretary, Smt. Rita Teaotia, Secretary Department of Industrial Policy & Promotion, Shri Ramesh Abhishek and the Director General of Foreign Trade, Shri Alok Chaturvedi.

[RBI] Statement On Developmental And Regulatory Policies

Reserve Bank of India, PR, 6th Dec 2017:-

Rationalisation of Merchant Discount Rate
1. In recent times, debit card transactions at ‘Point of Sales’ have shown significant growth. With a view to giving further fillip to acceptance of debit card payments for purchase of goods and services across a wider network of merchants, it has been decided to rationalise the framework for Merchant Discount Rate (MDR) applicable on debit card transactions based on the category of merchants. A differentiated MDR for asset-light acceptance infrastructure and a cap on absolute amount of MDR per transaction will also be prescribed. The revised MDR aims at achieving the twin objectives of increased usage of debit cards and ensuring sustainability of the business for the entities involved. The revised instructions for MDR on debit card transactions will be issued today.

Lower Prices Under GST - Anti-profiteering Measures To Benefit Consumers

The Government is committed to ensure all consumers enjoy the benefit of lower prices of goods and services under GST.

Under GST, suppliers of goods and services must pass on any reduction in the rate of tax or the benefit of input tax credit to consumers by way of commensurate reduction in prices. If this is not done, the consumer's interest is protected by the National Anti-profiteering Authority which may order:

(a) reduction in prices;
(b) return of the amount not passed on with interest @ 18% to the recipient;
(c) imposition of penalty; and
(d) cancellation of registration of the supplier.

Quarterly Report On Public Debt Management For 2nd Quarter (Jul-Sep 2017) (Q2 FY18)

05-Dec-2017: The Government of India releases Quarterly Report on Public Debt Management for the Second Quarter (July-September 2017) (Q 2 FY 18):-

Since April-June (Q1) 2010-11, Public Debt Management Cell (PDMC) (earlier Middle Office), Budget Division, Department of Economic Affairs (DEA), Ministry of Finance, is bringing-out a Quarterly Report on Debt Management on regular basis. The Current Report pertains to the quarter July-September 2017 (Q 2 FY 18).

Relaxation Of Addl Fees & Extension Of Last Date Of Filing Of Form CRA-4 Under The Companies Act, 2013

Ministry of Corporate Affairs' General Circular No. 15/2017 dated the 04th December, 2017:-

1. The Ministry of Corporate Affairs has received several representations about extension of the last date for filing of Form CRA-4 without additional fees on account of Companies (Cost Records and Audit) Amendment Rules, 2017 and other reasons. The matter has been examined and it has been decided to extend the last date for filing of Form CRA-4, for the financial years starting on or after 1st April, 2016, without additional fees till 31st December, 2017.

[Cos' Act] Designation Of Special Court - State of Karnataka - Section 435(1)

The relevant notification dated 4th December, 2017 from the Ministry of Corporate Affairs(MCA) reads as under:-

In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government, with the concurrence of the Chief Justice of the High Court of Karnataka, hereby designates the following Court mentioned in column (1) of the Table below as Special Court for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the said sub-section, namely:-


[SEBI] Modifications Of Guidelines On Categorization & Rationalization Of Mutual Fund Schemes

SEBI, vide circular no. SEBI/HO/IMD/DF3/CIR/P/2017/114 dated October 6, 2017, has issued guidelines regarding categorization and rationalization of Mutual Fund Schemes. Upon consideration of the subsequent representation received from AMFI, it has been decided to partially modify the aforesaid circular.

SEBI, vide circular no. SEBI/HO/IMD/DF3/CIR/P/2017/126 dated December 4, 2017, has published the said modifications as mentioned above. (download circular here)

8 Key Elements You Need To Consider During Writing Marketing Plan

Today in the modern world of entrepreneurs, the strong marketing plan is crucial for every business. And a good marketing plan can help you to expand your business, ensure that you won’t miss anything important and that you will reach your goals just in time.

But what makes a marketing plan strong? It’s the details, of course. If you want to make the most out of your marketing strategy, you should consider these 8 key elements while crafting your very own marketing plan.

1. Do a proper market research

India's Index Of Eight Core Industries (Base: 2011-12=100) October, 2017

The summary of the Index of Eight Core Industries (base: 2011-12) is given at the Annexure.

The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).  The combined Index of Eight Core Industries stands at 128.2 in October, 2017, which was 4.7 per cent higher as compared to the index of October, 2016. Its cumulative growth during April to October, 2017-18 was 3.5 per cent.


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