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The Reserve Bank of India (RBI) is likely to remove a major hurdle that asset reconstruction companies ( ARCs) face while raising funds via initial public offering ( IPO). According to norms, ARCs have to take prior regulatory approval to sell more than 10 per cent stake. Sources said RBI would give exemption to the ARCs on this issue. " The regulator is not saying that ARCs cannot sell more than 10 per cent. If they want to sell more than 10 per cent, they have to take the regulators approval. However, that exemption can be given during an IPO." An entity that holds more than 10 per cent stake in an asset reconstruction company is classified as a sponsor. ARCs also face problems while raising funds as the regulation caps a sponsors stake at 49 per cent. With bad loan sale market gaining momentum following certain regulatory relaxation, ARCs are now looking to raise capital. According to a CrisilAssocham report, capital constraints along with expectation mismatch o

Even after raising stake to 49%, foreign insurers can’t decide on strategy or products Foreign partners in insurance companies in India will have no final say on decisions pertaining to strategy and products, as the Insurance Regulatory and Development Authority of India ( Irdai) has decided not to give them any additional rights when their they increase their stake from 26 per cent to 49 per cent. According to regulatory officials, as the Insurance Laws ( Amendment) Act said all insurers would have “ Indian management and control”, there would be “ no exclusivity granted to foreign promoters in areas such as appointment of chief executive officers, or to board positions, or even company decisions on strategy and products”. While the regulator might not bring out guidelines on Indian management and control, it would review individual agreements in detail when foreign insurers seek approval to increase stake from 26 per cent to 49 per cent. Sources said if the regulator found

1.  CBDT amends IT Rules to notify that computation of period of stay in India of an Indian citizen being member of crew of a ship shall be as per Voyage Discharge Certificate. 2.  Exemption U/s 10(23C) (vi) can be claimed without having registration U/s 12A. CBDT circular no. 14/2015 dated 17.08.2015. 3.  CESTAT has power to extend stay beyond 365 days where delay in disposal of appeal is not attributable to the assessee. Delhi High Court.[CCE vs. Brew Force Machine Pvt. Ltd]. 4.  Extension to 25.08.2015 of last date to file D-VAT return for Q1 of 2015-2016 in Forms DVAT-16, DVAT-17 and DVAT-48.circular no.19 of 2015-2016 dated 17.08.2015. 5.  Vacancy for CA in HDFC bank for the post of Credit Manager- Punjab, Haryana and Rajasthan location, Contact:- Raghav Mahajan (7307211397)/ email: Raghav.mahajan1@hdfcbank.com 6.  Invitation to attend a “Talk on GST and Service Tax” at FICCI Auditorium, Mandi House, New Delhi on 20.08.2015 from 6PM to 9PM Organize by IDT of ICAI and ho

(Sec 560 of 1956 Act now Sec 248 of 2013 Act) CONDITIONS FOR FTE The defunct company should have “Nil” Assets & Liabilities and has not commenced any business activity or operation since incorporation; or is not carrying over any business activity or operation for last one year before making application and Company which has “Active” status or identified as “Dormant” by the MCA COMPANIES NOT ELIGIBLE FOR FTE Listed Companies/ De-listed Companies/Section 8 Co/ Vanishing Companies/ Companies under Inspection/Investigation pending in any Court/ Companies where order under Section 234 has been issued and reply thereto or prosecution, if any, is pending in the court/ Companies against which prosecution for a non-compoundable offence is pending in court/Companies which have accepted public deposits and has made defaults in repayment of the same/Companies having secured loans/Companies having management disputes/Companies whose filing of documents has been stayed by Court or CLB

The government on Monday raised the import tariff value on gold to $ 363 per 10g and silver to $499 per kg, taking strong cues from the global market. For the first fortnight of this month, the import tariff value of gold and silver stood at $ 354 per 10g and $498 per kg, respectively. Business Standard, New Delhi, 18th August 2015

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The government has kick-started the budget exercise almost two months ahead of schedule in order to hold wider stakeholder consultations. The circular marking the beginning of the budgetmaking exercise is being issued, the finance ministry said in a statement on Monday. Last year, the circular was issued on October 10. The FY17 budget will be the third to be presented by the Narendra Modi-headed National Democratic Alliance government. “In consonance with the objective of the Government of India to have wider consultations with various stakeholders as well as to provide more time for planners, it has been decided to start the budget exercise by middle of August 2015 for the forthcoming financial year 201617,“ the ministry said in the statement. The circular lays down the timelines for the completion of various budget processes and the instructions that departments and ministries have to follow while submitting their proposals and expenditure estimates. The Economic Times, N