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Showing posts from October 26, 2017

Centre proposes to extend Aadhaar linking deadline to those willing to enrol

Centre proposes to extend Aadhaar linking deadline to those willing to enrol The government proposed extending the deadline for mandatory linking of Aadhaar with bank accounts and mobile phones from December 31, 2017 to March 31, 2018, but only exclusively for those who are “willing to enrol for Aadhaar”. A one-page note, with writing on both sides of it, passed on to a Bench led by Chief Justice of India Dipak Misra on October 25 contained the proposal. Offering the three-month leeway for the "Aadhaar-willing" citizens, the note however insisted that those already with Aadhaar will be “required” to sync their Aadhaar numbers with SIM cards, bank accounts, PAN and “other schemes where Section 7 (Aadhaar Act) notifications have been issued”. The government’s suggestion created such a furore in court that Justice Misra asked the government to re-think its proposal to make it voluntary for Aadhaar-holders also. The court asked Attorney-General K.K. Venugopal, for the Centre, whethe…

IGST relief likely for foreign banks MNCs

IGST relief likely for foreign banks  MNCs  The government may be looking to give some respite to foreign banks and multinationals which are saddled with the additional cost of paying 18% integrated goods and services tax (IGST) on the services provided to their international offices, said two people close to the development.  An advisory to this effect may be issued by the tax department in the coming weeks, one of the persons cited earlier said, requesting not to be named.  “The tax officials realise that this (tax on multinationals) is an unintended consequence, and this could get resolved in the coming weeks,” the other person said. Under the GST framework, a multinational — especially a foreign bank or infrastructure company — that has a branch or operation in India, has to pay IGST. Many foreign banks have already started paying 18% IGST to avoid any litigation. This tax liability has emerged under the GST framework as it considers services provided by one branch to another as inter…

Sebi restructures expert panel on fair market conduct

Sebi restructures expert panel on fair market conduct Regulator Sebi has reorganised its committee on 'fair market conduct' that advises it on measures to improve surveillance of markets and strengthen rules for algo trades. The fair market conduct committee is chaired by former law secretary T K Viswanathan. Besides Viswanathan, the panel consists of 14 members, including top executives of leading bourses NSE and BSE as well as government representatives. Members of the committee include BSE's Ashishkumar Chauhan; NSE's Vikram Limaye; Anup Bagchi, Executive Director of ICICI Bank; Kaku Nakhate, country head at Bank of America Merrill Lynch; KPMG Chairman and CEO Arun Kumar and HDFC Mutual Fund Managing Director Milind Barve. The Securities and Exchange Board of India (Sebi) had constituted this committee in August this year. The committee is mandated to suggest measures for improvement in PIT (Prohibition of Insider Trading) norms, PFTUP (Prohibition of Fraudulent and Unfai…