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[Customs] Exchange Rate Notification w.e.f. 16th February, 2018

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. 13/2018 - Customs (N.T.) dated 15th February, 2018 (w.e.f. 16th February, 2018). The contents of the said notification is reproduced as under:—

The Companies (Management And Administration) Amendment Rules, 2018 - Notified

Ministry of Corporate Affairs, Notification G.S.R. _(E) dated the 16th February, 2018:— In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with sub-section (6) of section 89 and sub-section (1) of section 121 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Management and Administration) Rules, 2014, namely:-

1. (1) These rules may be called the Companies (Management and Administration) Amendment Rules, 2018.
(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the companies (Management and Administration) Rules, 2014, for Form No. MGT-6 and Form No. MGT-15, the following forms shall be substituted, namely:- available here

The Companies (Audit And Auditors) Amendment Rules, 2018 - Notified

Ministry of Corporate Affairs, Notification G.S.R. _(E) dated the 16th February, 2018:In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Audit and Auditors) Rules, 2014, namely:-

1. (1) These rules may be called the Companies (Audit and Auditors) Amendment Rules, 2018.
(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Audit and Auditors) Rules, 2014, in the Annexure, for Forms ADT-1 and ADT-2, the following forms shall be substituted, namely:- available here

The Companies (Authorised To Register) Amendment Rules, 2018 - Notified

Ministry of Corporate Affairs, vide Notification G.S.R. _(E) dated the 16th February, 2018:— In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with section 366 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Authorised to Register) Rules, 2014, namely:-

1. (1) These rules may be called the Companies (Authorised to Register) Amendment Rules, 2018.
(2) They shall come into force on the date of their publication in the official Gazette.

2. In the Companies (Authorised to Register) Rules, 2014, for Form No. URC-1, the following Form No. URC-I shall be substituted, namely:- available here

Cabinet Approves New Bill To Ban Unregulated Deposit Schemes & Chit Funds (Amendment) Bill, 2018

Feb 20, 2018: In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:-

(a) Banning of Unregulated Deposit Schemes Bill, 2018 in parliament &
(b) Chit Funds (Amendment) Bill, 2018

The Banning of Unregulated Deposit Schemes Bill, 2018

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval to introduce the banning of Unregulated Deposit Schemes Bill, 2018 in Parliament. The bill is aimed at tackling the menace of illicit deposit taking activities in the country. Companies/ institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings.

India’s Foreign Trade: January 2018

Feb 15, 2018: Stats on India's Foreign Trade for January, 2018 as released by Ministry of Commerce & Industry, Department of Commerce (Economic Division), is as follows:

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports during January 2018 have exhibited positive growth of 9.07per cent in dollar terms vis-à-vis January 2017. Exports have been on a positive trajectory since August 2016 to January 2018 with a dip of 1.1 per cent in the month of October 2017.

Index Numbers Of Wholesale Price (WPI) In India — Review For January 2018

Feb 15, 2018: The official Wholesale Price Index for ‘All Commodities’ (Base: 2011-12=100) for the month of January, 2018 rose by 0.1 percent to 115.8 (provisional) from 115.7 (provisional) for the previous month. (Source: Ministry of Commerce & Industry, eaindustry.nic.in)

INFLATION: The annual rate of inflation, based on monthly WPI, stood at 2.84% (provisional) for the month of January, 2018 (over January, 2017) as compared to 3.58% (provisional) for the previous month and 4.26% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.30% compared to a build up rate of 4.55% in the corresponding period of the previous year.

Inflation for important commodities / commodity groups is indicated in Annex-1 and Annex-II.

The movement of the index for the various commodity groups is summarized below:-

[CBDT] Explanatory Notes To The Provisions Of Finance Act 2017

The Finance Act, 2017 as passed by the Parliament, received the assent of the President on the 31st day of March, 2017 and has been enacted as Act No. 7 of 2017. 

The Central Board of Direct Taxes (CBDT) has issued a circular no. 2/2018 dated 15th February, 2018 which explains the substance of the provisions of the Finance Act, 2017 relating to direct taxes.

The said circular is available at the CBDT website - click here.

RBI’s Statement On Fraud In Punjab National Bank Relating To Media Reports

Feb 16, 2018: There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having given any such instructions.

India & Iran Signed Agreement For Avoidance Of Double Taxation (DTAA) & Prevention Of Fiscal Evasion With Respect To Taxes On Income

Feb 17, 2018: India and Iran signed an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income, today at New Delhi.

The Agreement is on similar lines as entered into by India with other countries. The Agreement will stimulate flow of investment, technology and personnel from India to Iran & vice versa, and will prevent double taxation. The Agreement will provide for exchange of information between the two Contracting Parties as per latest international standards. It will improve transparency in tax matters and will help curb tax evasion and tax avoidance.

[CBEC] Circular On Orders Of Supreme Court, High Courts & CESTAT Accepted By The Department & On Which No Review Petitions, SLPs Have Been Filed

Feb 16, 2018: Central Board of Excise and Customs has issued circular No. 1063/2/2018-CX dated 16th February, 2018 on the subject “Orders of Supreme Court, High Courts and CESTAT accepted by the Department and on which no review petitions, SLPs have been filed”, in relation to indirect taxes.

ADDITIONAL INFO