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The government on Friday notified the rules by which companies can go through liquidation under the Insolvency and Bankruptcy Code, 2016. The regulations for the liquidation process are part of the rules being notified by the Insolvency and Bankruptcy Board of India to implement the code and, in the process, improve ease of doing business in India. Mint New Delhi,17th December 2016

Capital markets regulator Securities and Exchange Board of India (Sebi) on Friday said commodity derivatives exchanges having annual turnover of more than Rs5 trillion in previous financial year will be considered as systemically important financial market infrastructures (FMIs). Currently, all commodity exchanges themselves are clearing and settling trade executed on their platforms. They are acting as central counterparties (CCP) in these markets. FMIs are required to comply with the principles of financial market infrastructures (PFMIs) specified by IOSCO (International Organisation of Securities Commissions). The PFMIs comprise 24 rules for providing effective regulation, supervision and oversight to financial market infrastructures. They are designed to ensure that the infrastructure supporting global financial markets is robust and well placed to withstand financial shocks. In a circular, Sebi said that it “has been decided that commodity derivatives exchanges (currentl

Reaching out to whistleblowers to curb the black money menace, the government on Friday unveiled an e-mail address to allow people to send information about tax evaders. The government also notified the disclosure scheme, Pradhan Mantri Garib Kalyan Yojana (PMGKY), a three-and-a-half-month window opening on Saturday (till March 31, 2017), to declare income by paying 50 per cent tax and lock in a quarter of the deposits for four years. The e-mail ID, blackmoneyinfo@incometax.gov.in, will be monitored by a cell, which will take immediate action on the tip-offs they receive. “A new e-mail ID created for people to give information on black money to tax authorities. People can give information about those trying to convert black money into white on this e-mail address,” said Revenue Secretary Hasmukh Adhia after the notification of PMGKY. Payments under PMGKY will have to be made before filing a declaration. Unlike under Income Declaration Scheme, which ended on September 30 whe

The Reserve Bank of India (RBI) on Friday instructed banks and other prepaid instrument service providers not to charge any fee, till March 31, 2017 for transactions charges up to Rs 1,000 using Immediate Payment Service (IMPS), USSD-based *99# and Unified Payment Interface (UPI) systems. The temporary measures have been taken in view of the scrapping of old currency notes and to “incentivise greater adoption of digital payments by large sections of the society,” RBI said in its notification. The measures will be effective January 1, 2017. “In the intervening period, the Reserve Bank of India will facilitate a review of the charges under the aforesaid channels by the concerned stakeholders,” the RBI notification stated. Business Standard New Delhi,17th December 2016

The Parliament has given its nod to a bill that seeks to further empower tax authorities to crack down on black money, a government official confirmed on Thursday. It will also pave the way for the government to notify its income tax disclosure scheme, giving tax evaders another opportunity to come clean but by paying higher taxes and penalties. The scheme is likely to end on 30 December. The Taxation Laws (2nd Amendment) Bill 2016 was passed by the Lok Sabha on 29 November and was subsequently sent to the Rajya Sabha for its nod. But with the upper house failing to take up this money bill after more than 14 days, the bill is now presumed to be passed by both houses of Parliament. It will be notified by the revenue department in the ministry of finance after the President gives his assent. “Because 14 days are over since the Lok Sabha passed the bill, the revenue department will now notify it,” a senior finance ministry official said, speaking on condition of anonymity. Constitut

The labour ministry is pitching for retaining 8.8 percentage intrest rate on employees' provident fund(EPF) deposists of over 40 million subscibers of the retainment fund body the Employees'provident Fund organisation for 2016-17 and trying to bring the finance ministry on board. The finance ministry had earlier this year decided to lower intereston EPF for 2015-16 to 8.7 percent from the 8.8 percent approved by EPFO'S apex decision making body,the central board of trustees (CBT)which is headed by tje labour minister.The govenment had to roll back the decision. Business Standard New Delhi,16th December 2016

With the government focusing on cashless transactions post demonetisation, a bill seeking to allow business and industrial establishments to pay salaries through cheques or by using electronic means, was introduced in the Lok Sabha on Thursday. Once passed by the Parliament, The Payment of Wages (Amendment) Bill, 2016 will amend Section 6 of the principal Act to enable employers to pay wages to their employees through cheques or by crediting it to their bank accounts electronically. The Bill was introduced by Labour Minister Bandaru Dattatreya amid din over demonetisation issue. Business Standard New Delhi,16th December 2016