One more LoC regarding NRI matrimonial disputes issued

The Integrated Nodal Agency (INA), decided to issue one more Look-out-Circular (LoC). The Ministry has already issued 6 LoCs since April 2018, after examining the complaints received regarding NRI matrimonial disputes. The INA meets regularly to discuss issues related to NRI matrimonial disputes and chart the way forward. In criminal matters involving NRI’s, LoC could be issued by the INA in cognizable offences, when the overseas husband is deliberately evading arrest or not appearing in the trial court despite non-bailable warrants and other coercive measures or there is a likelihood that he will leave the country to evade trial or arrest. The LoC will be issued after having the case scrutinised by NCW. Ministry of Women and Child Development Tweet The post One more LoC regarding NRI matrimonial disputes issued appeared first on SCC Blog.…
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DDA issues notification for Enabling Planned Development of Privately Owned Lands in Delhi

The Delhi Development Authority (DDA) has issued a notification for enabling the planned development of privately owned lands in Delhi. The policy to enable planned development of privately owned lands in Delhi was approved by the Authority in its meeting held on 21-12-2017 and the same was circulated to all the ULBs and other government agencies.  Simultaneously, in order to operationalize the above policy, the formulation of “Regulations for Enabling the Planned Development of Privately Owned Lands” was taken up under Section 57 of Delhi Development Act, 1957. The regulations were approved by the Authority in its meeting held on 19-06-2018 and thereafter the same has been approved by the Central Government for issuance of Final Notification of the same by DDA under Section 57 of DD Act, 1957. The following are the salient features of the policy and regulations for Enabling the Planned Development of Privately Owned Lands: The policy will be applicable on the private land pockets which have been left over from the planned development, which could not be acquired, land pockets for which acquisition proceedings have been quashed by the courts, where acquisition lapsed as per Sub-Section 2, section 24 of new LAAR Act, 2013. This policy shall not be applicable on the areas falling in Zone O, covered under water bodies, land pockets falling under ridge, Regional Park, Reserved Forest Areas, Monument Regulated Zones, laldora / extended laldora, disputed lands and land parcels which are already eligible for land pooling.…
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Govt. prescribes procedure for service of notice of Special Court on fugitive economic offenders

G.S.R. 501(E).— In exercise of the powers conferred by sub-section (1) read with clause (e) of sub-section (2) of Section 23 and sub-section (6) of Section 12 of the Fugitive Economic Offenders Ordinance, 2018 (1 of 2018), the Central Government hereby makes the following rules, namely: 1. Short title and commencement.— (1) These rules may be called the Fugitive Economic Offenders (Procedure for sending Letter of Request to the Contracting State for Service of Notice and Execution of Order of the Special Court) Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions.— (1) In these rules, unless the context otherwise requires,— (a) “authorised officer” means an officer not below the rank of a Deputy Director authorised by the Director for the purposes of these rules; (b) “form” means the form appended to these rules; (c) “Ordinance” means the Fugitive Economic Offenders Ordinance, 2018 (1 of 2018); (2) All other words and expressions used and not defined in these rules but defined in the Ordinance shall have the meaning respectively assigned to them in the said Ordinance. 3. Procedure for service of notice of the Special Court on fugitive economic offenders abroad through the letter of request.— (1) Where an application under section 4 of the Ordinance has been duly filed, the Special Court shall issue a notice to an individual who is alleged to be a fugitive economic offender.…
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NACIN notified as the authority for conducting the examination for GST Practitioners

G.S.R. 503(E).- In exercise of the powers conferred by Section 48 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (3) of Rule 83 of the Central Goods and Services Tax Rules, 2017, the Commissioner, on the recommendations of the Council, hereby notifies the National Academy of Customs, Indirect Taxes and Narcotics, Department of Revenue, Ministry of Finance, Government of India, as the authority to conduct the examination as per the said sub-rule. [F. No.349/58/2017-GST(Pt.)] Ministry of Finance Tweet The post NACIN notified as the authority for conducting the examination for GST Practitioners appeared first on SCC Blog.…
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General Guidelines on Quality Assurance for Official Statistics notified

In response to the need for ensuring quality in the Official Statistics being produced in all levels of Government so that public trust in official statistics is maintained, the Ministry of Statistics & Programme Implementation has notified “General Guidelines on Quality Assurance for Official Statistics” in Government of India Gazette Extraordinary No. 124 of 6th April, 2018. This can be accessed at http://mospi.nic.in/sites/default/files/main_menu/gazette_notification/notification_6apr18.pdf also. These Guidelines are for use and voluntary compliance by all the offices dealing with statistical matters including administrative statistics. These Guidelines are useful to producers of official statistics in designing any statistical collection or product. These are also helpful to users in making informed decisions regarding the use of statistical products since the framework enables an assessment whether the statistics produced are fit for use, or are of an acceptable level of quality for their purposes. All statistical agencies at the Centre and in the States/UTs have been advised to follow the guidelines, and bring these to the notice of all line Departments and Local Governments to improve the quality of their official statistical products. The agencies have also been advised to place in the public domain the manner of compliance with the Guidelines. Ministry of Statistics & Programme Implementation Tweet The post General Guidelines on Quality Assurance for Official Statistics notified appeared first on SCC Blog.…
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SEBI: Amendments to Circulars on Monitoring of Foreign Investment limits in listed Indian companies

SEBI vide Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5, 2018 introduced a new system for Monitoring of Foreign Investment limits in listed Indian companies and prescribed guidelines with reference to the necessary infrastructure, data to be provided by listed Indian companies and other related matters. Vide Circular No. SEBI/HO/IMD/FPIC/CIR/P/2018/81 dated May 17, 2018 issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992,  the deadline for the companies to provide the necessary data to the depositories has been extended to May 25, 2018. The new system for monitoring foreign investment limits in listed Indian companies shall be made operational on June 01, 2018. SEBI Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5, 2018 and Circular No. IMD/FPIC/CIR/P/2018/74 dated April 27, 2018 on Monitoring of Foreign Investment limits in listed Indian companies were amended vide Circular No. SEBI/HO/IMD/FPIC/CIR/P/2018/81. Securities and Exchange Board of India Tweet The post SEBI: Amendments to Circulars on Monitoring of Foreign Investment limits in listed Indian companies appeared first on SCC Blog.…
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Comments invited on draft notification proposing amendment as per BEPS Action 5, for improving transparency in tax rulings 

Under Base Erosion and Profit Shifting (BEPS) Action 5, exchange of rulings on Permanent Establishment (PE) by Authority for Advance Rulings is required to be done not only with the countries of residence of all related parties with whom taxpayer enters into transaction, but also with the country of residence of the immediate parent company and the ultimate parent company. Therefore, in order to implement the recommendations made under Action 5 of BEPS Action Plan to bring greater transparency in cross national transactions, Form 34C and 34D (Forms for Advance Rulings) are required to be modified so that details such as name, address and country of the residence of non-resident’s immediate parent company or ultimate parent company etc. are captured at application stage itself. Further, vide Finance Act, 2017, the definition of the term “applicant” for the purpose of Advance Rulings has been amended by substituting clause (b) of Section 245N of the Income Tax Act, 1961 (the Act). Therefore, consequential amendments are required in Rule 44E and respective Forms to bring them in harmony with the amendment to the Act. Accordingly, a draft notification has been framed and uploaded on the website of the Income Tax Department at www.incometaxindia.gov.in for comments from stakeholders and general public.The comments and suggestions on the draft Rules and Forms may be sent by 30th April, 2018 electronically at the email address, ts.mapwal@nic.in.…
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IRDA notifies “Obligatory Cession” applicable to Indian Reinsurers as per S. 101-A of Insurance Act

The Insurance Regulatory and Development Authority of India, has notified the “Obligatory Cession”, with Central Governments’ previous approval, and after consultation with the Advisory Committee (constituted under Section 101-B of Insurance Act, 1938), in exercise of powers conferred by sub-section (2) of Section 101-A of Insurance Act, 1938. The notification hereby apprises the following: 1. Applicability: This notification shall be applicable to Indian Reinsurers and other applicable insurers as per the provision of Section 101-A of Insurance Act, 1938. 2. Percentage of Cession: The percentage cession of the sum insured on each General Insurance Policy to be reinsured with the Indian Reinsurer(s) shall be 5% in respect of insurance attaching during the financial year beginning from 1st April, 2017 to 31st March, 2018. Apportionment of obligatory cession for the FY 2017-18 will be at 5% and 0% between General Insurance Corporation of India and ITI Reinsurance Ltd. respectively. 3. Terms & Conditions: a) Sum insured limits for cession: i. The following sum insured limits for obligatory cession shall be applicable from 1st April, 2017 to 30th September, 2017. Class and Limit of cession in sum insured · Fire, IAR Large Risks — Rs 750 crore sum insured (MD+LOP) per risk · Marine Cargo/ DSU Insurance — Rs 50 crore sum insured per policy/bottom/sending · Marine Hull — Rs 50 crore sum insured per vessel · War & SRCC — Rs 50 crore sum insured per vessel · All Liability products excluding financial liability — Rs 25 crore per policy including USA and Rs 50 crore per policy excluding USA · Financial, Credit and Guarantee Lines, mortgage insurance, special contingency policies etc.…
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Applicability of various sections of Companies (Amendment) Act 2017 with effect from 09.02.2018

In exercise of the powers conferred by sub-section (2) of Section 1 of the Companies (Amendment) Act 2017 (1 of 2018), the Central Government hereby appoints the 09 February, 2018 as the date on which the following provisions of the said Act shall come into force, namely :- Sl. No. Section 1 Section 2  [except clause (i) and clause (xiii)] and Section 3; 2 Section 7; 3 Section 9; 4 Sections 11 and 12; 5 Section 14; 6 Section 17; 7 Sections 27 to 29 (both inclusive); 8 Section 32; 9 Sections 34 and 35; 10 Section 38; 11 Sections 41 to 45 (both inclusive); 12 Sections 47 and 48; 13 Sections 50 and 51; 14 Section 53; 15 Sections 59 and 60; 16 Sections 63 to 65 (both inclusive); 17 Sections 72 to 74 (both inclusive); 18 Sections 77 to 79 (both inclusive); 19 Section 82; 20 Sections 84 and 85; 21 Sections 90 to 93 (both inclusive). Tweet The post Applicability of various sections of Companies (Amendment) Act 2017 with effect from 09.02.2018 appeared first on SCC Blog.…
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CBDT notifies Central Registry for Securitization Asset Reconstruction and Security Interest of India

S.O. 283(E).—In exercise of the powers conferred by clause (46) of Section 10 of the Income tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Central Registry for Securitization Asset Reconstruction and Security Interest of India, a body set up under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, in respect of the following specified income arising to that body, namely:— 1. fee income from Security Interest transactions; 2. fee income from transactions on Central KYC (CKYC) Records Registry; 3. interest income on fixed deposits and on saving bank account; and 4. RTI application fee. 2. This notification shall be effective subject to the conditions that Central Registry for Securitization Asset Reconstruction and Security Interest of India,— (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and (c) shall file return of income in accordance with the provision of clause (g) of subsection (4C) of section 139 of the Income-tax Act, 1961. 3. This notification shall be deemed to have been applied for the financial Years 2013-2014, 2014-2015, 2015-2016, 2016-2017 and shall apply with respect to the financial year 2017-2018.…
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Relaxation in provisions relating to levy of MAT in case of companies against whom an application for corporate insolvency resolution process has been admitted under Insolvency and Bankruptcy Code, 2016

The existing provisions of Section 115JB of the Income-tax Act, 1961 (‘the Act’), inter alia, provide, that, for the purposes of levy of Minimum Alternate Tax (MAT) in case of a company, the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account shall be reduced from the book profit. In this regard, representations have been received from various stakeholders that the companies against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under Section 7 or Section 9 or Section 10 of the Insolvency and Bankruptcy Code, 2016 (‘the IBC’), are facing hardship due to restriction in allowance of brought forward loss for computation of book profit under Section 115JB of the Act. With a view to minimize the genuine hardship faced by such companies, it has been decided, that, with effect from Assessment Year 2018-19 (i.e. Financial Year 2017-18), in case of a company, against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under Section 7 or Section 9 or Section 10 of the IBC, the amount of total loss brought forward (including unabsorbed depreciation) shall be allowed to be reduced from the book profit for the purposes of levy of MAT under Section 115JB of the Act. …
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CBEC excludes petroleum coke from purview of concessional 5% Basic Customs Duty

G.S.R. 15(E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017, namely:? In the said notification, in the Table, against serial number 147, in column (3), for the entry, the entry “All goods (including naphtha), [other than goods mentioned at S. No. 148, 149, 150, 151, 153, petroleum coke falling under tariff item 2713 11 00 or 2713 12 00]” shall be substituted. [F. No. 354/361/2017-TRU] Note: The principal notification No.50/2017-Customs, dated the 30th June, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 785(E), dated the 30th June, 2017 and last amended vide notification No. 93/2017-Customs, dated the 21st December, 2017, published vide number G.S.R.…
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