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Updates Of the Day 1.Penalties u/s 114 of Customs Act could be invoked for Export made u/s 113. [COC vs Kamalabhai, Madras High Court] 2.RBI has made the changes in the valuation guidelines of jewellery where advance against pledge of gold ornaments / jewellery is extended by the cooperative banks. 3.Supreme Court struck down National Judicial Appointments Commission Act that was brought in to replace the collegium system for appointing judges in the higher judiciary. 4.Relief under service tax cannot be granted if assessee does not comply with provisions of VCES, 2013. [Bombay High Court: Sunil Agnihotri Productions vs. UOI] 5.Services provided by a ‘Common Effluent Treatment Plant Operator’ for treatment of effluent is exempt from service tax. Vide Notification No. 6/2015-ST. 6.E-biz launches composite application form for PAN, TAN, DIN and Company Incorporation. 7.It is better to be unique than the best. Because being the best makes us the number one but being unique makes u

The country’s telecom regulator on Friday asked telcos to pay compensation of Rs.1 for up to three call drops per user, per day. Cellular Operators Association of India Director General Rajan S Mathews said the regulation might force the sector to shell out as much as Rs.150 crore every day. Business Standard, New Delhi, 17th Oct. 2015

Provident fund (PF) subscribers may soon be able to withdraw their money online. The Employees’ Provident Fund Organisation (EPFO) is hopeful of launching an online PF withdrawal facility by Marchend after the Supreme Court extended voluntary use of Aadhaar card to government schemes, including PF. At present, subscribers who wish to settle their accounts with the EPFO are required to apply manually and the process takes two to three weeks. Once the online facility is launched the subscribers will get their money in their bank accounts within three hours of making the application. The EPFO has written to the labour ministry for necessary approvals. To prepare ground for the full fledged launch, the EPFO will start settling all PF withdrawal claims having Aadhaar numbers within three days against the mandated period of 20 days though the claims will be filed manually only. Use of Aadhaar ensures speedy verification of PF withdrawal cases. Hindustan Times, New Delhi, 17th Oct