CA Online

The Reserve Bank of India ( RBI) has doubled the limit for cash withdrawal at point- of- sale ( POS) in Tier III to VI centres from Rs.1000 to Rs.2000 a day. This will be available for debit cards and open system prepaid cards issued only by banks. RBI said the enhanced amount will add to customer convenience and aid re- cycling of cash in these centres. Business Standard, New Delhi, 28th August 2015

Even before the new land acquisition law comes out of the tumult of political and social justice issues, the Supreme Court has discovered a few legal faultlines in the proposed Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. So there is still time to hear the call of the court in its recent judgment in the case, Soorajmull vs state of Bihar. The case involved a 1981 land acquisition, which was repeatedly notified under the infamous “ urgency” provision but allowed to lapse. The court ruled that the state had denied the land owner “ just and fair compensation for the land from which he was dispossessed well over three decades ago.” So the acquisition was struck down under the new law. On the 2013 law, the court observed that there seemed to an “ unexplained inconsistency between Section 24( 1)( a), which allows an acquisition to stand despite a failure to pass an award while only requiring the compensation to be determined an

With effect from Thursday, payment systems would not work on the second and fourth Saturdays of a month, but would operate the full day on working Saturdays, the Reserve Bank of India ( RBI) said. The payment systems that would not work include Real Time Gross Settlement ( RTGS), National Electronic Fund Transfer and Electronic Clearing Service ( ECS) . Thisisbecauseallscheduled andnon- scheduledbanks, public, private, foreign, cooperative, regional rural and local area banks, willhaveaholidayonthe second and fourth Saturdays from September. The other payment systems that would not work on these days include cheque clearing including the grid- based Cheque Truncation System, Regional Electronic Clearing Service and National Electronic Clearing Service . RBI said the processing of future value dated transactions with a value date falling on the second and fourth Saturdays will not be undertaken under RTGS and ECS. Following a pact between public sector bank employees and off

In a bid to tighten its noose on manipulators in the stock market, the Securities and Exchange Board of India will undertake a comprehensive review of its surveillance systems, including help from independent experts, and also fasttrack enforcement actions, a senior official said. Hindustan Times,New Delhi, 31st August 2015

1.  Service of assessment order by hand delivery to kitchen boy of Assessee Company is bad service–The Honorable Supreme Court in the case of Saral Wire Craft Pvt. Ltd. 2.  Amount received as compensation towards the damage to the land cannot be said to be a revenue receipt and not taxable. [Jagan Nath Prasad & Sons vs. ITO, ITAT – Delhi]. 3.  MCA vide its letter has directed RD North to shift its office from Noida to Paryavaran Bhawan, C.G.O. Complex, New Delhi. 4.  W.e.f. 01 September, 2015 all the appeals/ applications arising from the territories of the State of Uttar Pradesh for Customs, Excise and Service Tax Appellate Tribunal, shall be listed for hearing at Regional Bench, Allahabad. 5.  No denial of Cenvat credit availed on invoices issued in the name of unregistered premises. [CESTAT, Delhi: All spheres Entertainment Pvt. Ltd. vs. CCE, Meerut]. 6.  Procedure for filing applications under MEIS and SEIS by units located in SEZs and EOUs has been further clarified

Executives whose spouses trade in their firms’ stock can’t use alibi on independence, not privy to insider info Executives whose spouses buy or sell their companies’ shares will not be able to offer the alibi that their husbands or wives are financially independent and aren’t privy to any inside information when they defend themselves against insider trading charges In a guidance note issued on Monday, the Securities and Exchange Board of India (Sebi) clarified that under the Sebi (Prohibition of Insider Trading) Regulations, 2015, a spouse is presumed to be an “immediate relative” unless the company official is able to prove otherwise. Sebi also said that this would be the accepted norm even if the spouse is financially independent and claims not to be consulting the husband or wife in taking trading decisions. According to a Sebi official, the clarification was issued as part of the guidance note as many such alibis had been offered in investigations of insider trading case

Capital markets regulator Securities and Exchange Board of India (Sebi) on Thursday proposed to waive open offer obligations for companies in which there is an increase in voting rights of a stakeholder as a result of the expiry of call notice period and the forfeiture of partly paid shares. In a discussion paper, Sebi said, “Increase in voting rights of any shareholder as a result of forfeiture of partly paid-up shares held by some shareholders is passive in nature as the process is initiated due to non-payment of call money by defaulting shareholders.” Similarly, accrual of voting rights to the remaining shareholders, computed on pro rata basis, upon the expiry of call notice issued to the shareholders holding partly paid-up shares is also passive in nature, Sebi said. At present, if a member fails to pay any call, or instalment of a call, on the day appointed for payment, the company’s board may serve him a notice requiring payment of such amount, together with any interest