TWO TO THREE YEARS RIGOROUS IMPRISONMENT TO THEN INCOME TAX OFFICER; THEN PREVENTIVE OFFICER OF CUSTOMS,HIS WIFE AND SUPERINTENDENT OF CENTRAL EXCISE & HIS WIFE IN SEPARATE CASES FOR POSSESSION OF DISPROPORTIONATE ASSETS The Special Judge, CBI Cases, Pune (Maharashtra) has convicted Sh.Manish SNadkar, then Income Tax Officer, Swargate, Pune in a Disproportionate Assets case […]
Custom, Excise & Income Tax Officer Jailed For Possession of Disproportionate Assets
TWO TO THREE YEARS RIGOROUS IMPRISONMENT TO THEN INCOME TAX OFFICER; THEN PREVENTIVE OFFICER OF CUSTOMS,HIS WIFE AND SUPERINTENDENT OF CENTRAL EXCISE & HIS WIFE IN SEPARATE CASES FOR POSSESSION OF DISPROPORTIONATE ASSETS
The Special Judge, CBI Cases, Pune (Maharashtra) has convicted Sh.Manish SNadkar, then Income Tax Officer, Swargate, Pune in a Disproportionate Assets case and sentenced him to undergo three years Rigorous Imprisonment with a fine of Rs.100000/- U/s 13 (2) r/w 13(1)(e) of P.C Act, 1988. The Court has also ordered to confiscate the properties of Rs.6.92 lakhs (approx) of the concerned officer.
A charge sheet was filed by CBI, before the Special Judge, CBI Cases, at Pune on 26.12.2007 U/s 13 (2) r/w Sec.13(1)(e) of P.C Act, 1988 against Sh.Manish S Nadkar and his wife U/s 109 IPC, alleging that the accused while working as Income Tax Officer in D-3 Ward at Pune had amassed assets disproportionate to his known sources of Income to the tune of Rs.13,46,154/-(approx). The Trial Court found Shri Manish S.Nadkar guilty and acquitted his wife.
In another case, the Special Judge for CBI Cases, Chennai has convicted Shri.K. S. Kuppan, then Preventive Officer, Customs House, Chennai & his wife Mrs. Geeta Kuppan in a disproportionate assets case and sentenced them to undergo two years Rigorous Imprisonment with fine of Rs.50,000/-each. The Court also ordered for confiscation of the disproportionate assets worth Rs.44,79,283.32/-(approx)/.
CBI had registered the case against Shri K. S. Kuppan , Preventive Officer , Customs House, Chennai and his wife Smt. Geetha Kuppan, Stenographer / Personal Assistant , Central Ware Housing Corporation, Chennai on the allegation that they acquired assets disproportionate to their known sources of income. During investigation it was established that, from 01.03.2000 to 31.01.2008, the said accused public servants acquired assets worth Rs. 82,10,271.19 (approx). The disproportionate assets held by them was to the tune of Rs. 44,79,283.32(approx). After completion of investigation, CBI filed charge sheet against Shri. K.S.Kuppan and his wife Smt. Geetha Kuppan under sections 13(2) r/w 13(1)(e) of Prevention of Corruption Act, 1988.
In similar case, the Additional Special Judge for CBI Cases, Chennai has convicted Shri.G. Murali Krishna, then Superintendent of Central Excise and his wife Smt. K.Usha in a disproportionate assets case and sentenced them to undergo two years & one year Rigorous Imprisonment respectively with total fine of Rs.1.50 lakhs. The Court has also ordered for confiscation of the disproportionate assets held in their names.
CBI had registered the case against Shri G. Murali Krishna, Superintendent Central Excise, Chennai on the allegations that while he was working on deputation as Superintendent, Special Economic Zone, Sholinganallur had acquired assets disproportionate to his known sources of income. During investigation it was established that, from 01.05.2008 to 28.03.2012, he acquired assets worth Rs.56,78,970/- in his name and name of his wife. The disproportionate assets held by them was to the tune of Rs.56,90,898/-. After completion of investigation, CBI filed charge sheet against Shri G. Murali Krishna and his wife Smt K Usha under sections 109 of IPC, 13(2) r/w 13(1)(e) of Prevention of Corruption Act, 1988.
The Trial Court found the accused persons guilty and convicted them.
CBI Press Release- Dated- 09.01.2015
RBI Guidelines on Criteria for Institutions, seeking Financial Assistance from the Depositor Education and Awareness Fund The Reserve Bank of India released on its website today, the Guidelines on the Criteria for registering institutions, organisations and associations for grant of financial assistance from the Depositor Education and Awareness Fund (Fund). Key features i) Objectives and […]
RBI Guidelines on Criteria for Institutions, seeking Financial Assistance from the Depositor Education and Awareness Fund
The Reserve Bank of India released on its website today, the Guidelines on the Criteria for registering institutions, organisations and associations for grant of financial assistance from the Depositor Education and Awareness Fund (Fund).
Key features
i) Objectives and Scope of activities: To grant financial assistance to institutions/ organisations/ associations for taking up various activities relating to promoting bank depositors' education and awareness.
ii) Eligible entities: The institutions/ organisations/ associations, viz., not for profit public charitable trusts, corporates, universities, etc., who are already engaged in activities relating to bank depositors' education and awareness or proposing to take up depositors' education programmes, organising seminars, symposia, etc., including research activities, can be considered for assistance.
iv) Procedure for application: Entities may apply in the prescribed format given as Annex to the Guidelines along with necessary documents/ information as per the list of documents indicated in the application form, to The Chief General Manager, Department of Banking Regulation, Reserve Bank of India, Central Office, 12th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai – 400001. In the first tranche, applications will be received at the above address till the close of business as on February 27, 2015.
Background
Pursuant to the amendment of The Banking Laws (Amendment) Act, 2012, Section 26A has been inserted in the Banking Regulation Act, 1949 that empowers the Reserve Bank to establish a fund called Depositor Education and Awareness Fund (Fund). Accordingly the Reserve Bank of India, placed on its website, the draft Depositor Education and Awareness Fund Scheme, 2014 (Scheme) for public consultation on January 21, 2014. Based on the comments and suggestions received on the draft criteria, the Scheme was formulated and notified in the Official Gazette on May 24, 2014. The Scheme envisages registration of institutions, organisations or associations and grant of financial assistance to them for promotion of depositors' interests. Accordingly, the draft criteria for registering institutions, organisations and associations for grant of financial assistance from the Fund under the Scheme were formulated and released for public comments on October 28, 2014. Based on the comments and suggestions received on the draft criteria, the guidelines on the criteria for registering institutions, organisations and associations for grant of financial assistance from the Fund have been finalized.
Alpana Killawala
Principal Chief General Manager
Principal Chief General Manager
Press Release : 2014-2015/1453
Guidelines on the Criteria for registering institutions, organisations and associations for grant of financial assistance from the Depositor Education and Awareness Fund
I. Background
Pursuant to the amendment of The Banking Laws (Amendment) Act, 2012, Section 26A has been inserted in the Banking Regulation Act, 1949 that empowers the Reserve Bank to establish a fund called Depositor Education and Awareness Fund (Fund). Accordingly the Reserve Bank of India, placed on its website, the draft Depositor Education and Awareness Fund Scheme for public consultation on January 21, 2014. Based on the comments and suggestions received on the draft criteria, the Depositor Education and Awareness Scheme, 2014 (Scheme) was formulated and notified in the Official Gazette on May 24, 2014.
2. The Fund has been created and all banks (Scheduled Commercial Banks including Regional Rural Banks and Local Area Banks /Urban Co-operative Banks / State Co-operative Banks /District Central Co-operative Banks) have been advised to transfer inoperative deposit accounts which have not been claimed or operated for a period of ten years or more or any deposit or any amount remaining unclaimed for more than 10 years to the Fund as mentioned in paragraph 3(vii) of the Scheme, banks shall transfer to the Fund the amounts becoming due in each calendar month (i.e. proceeds of the inoperative accounts and balances remaining unclaimed for ten years or more) as specified in the Scheme and the interest accrued thereon on the last working day of the subsequent month.
3. The Fund shall be utilised for promotion of depositors' interest and for such other purposes which may be necessary for the promotion of depositors' interests as specified by the Reserve Bank from time to time. The depositor would, however, be entitled to claim from the bank his deposit or operate his account after the expiry of ten years, even after the unclaimed deposit funds have been transferred to the Fund. The bank would be liable to pay the deposit amount to the depositor and claim refund of such amount from the Fund.
4. Paragraph 8(i) of the Scheme requires a Committee to be formed to administer and manage the Fund in accordance with the Scheme. Paragraph 11(i) of the Scheme states that for promotion of depositors' interests, the Committee may register/recognise from time to time various institutions, organisations or associations, engaged in activities relating to depositor awareness and education, including those proposing to conduct programmes for depositors of banks, organising seminars and symposia for depositors and undertaking projects and research activities relating to these areas. Further, Paragraph 11(iii) of the Scheme states that the Committee shall determine and lay down the criteria for grant of financial assistance to institutions, organisations and associations. Accordingly the draft criteria for registering institutions, organisations and associations for grant of financial assistance from the Fund under the Scheme were formulated and released for public comments on October 28, 2014. Based on the comments and suggestions received on the draft criteria, the following guidelines for the Criteria for registering institutions, organisations and associations for grant of financial assistance from the Fund have been finalized.
II. Guidelines
1. Entities eligible for Registration
A. The following entities will be considered for registration
The institutions/ organisations/ associations already engaged in activities relating to bank depositors' education and awareness or proposing to take up depositors' education programmes, organising seminars, symposia, etc., including research activities, can be considered for assistance.
B. The institutions/ organisations/ associations may be
(a) constituted as a public charitable trust,
(b) Registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India;
(c) Registered under the State Co-operative Societies Acts
(d) Registered under section 25 of the Companies Act, 1956 (1 of 1956) or Section 8 of the Companies Act, 2013 (8 of 2013);
(e) A University established by law;
(f) Any other educational institution recognised by the Government or by any University established by law or affiliated to any University established by law;
(g) An institution wholly or partly financed by the Government or a local authority; or
(h) A Regimental Fund or Non-Public Fund established by the armed forces of the Union for the welfare of past or present members of such forces or their dependants.
2. Objectives
To grant financial assistance to institutions/ organisations/ associations for taking up activities relating to promoting bank depositors' education and awareness or taking up depositors' education programmes, organising seminars, symposia, etc., including research activities.
3. Conditions required to be fulfilled by Eligible entities
- The institutions/ organisations/ associations shall have rules, regulations and or bye-laws for the governance and management of the institutions/ organisations/ associations. These rules, regulations and/ or bye-laws should be in conformity with the conditions of registration. The institutions/ organisations/ associations shall be managed by a Governing Board/Management Committee. Further, the bye-laws or objectives of the institution/organisation/association should not contain any provision for spending their income or assets for purposes other than "charitable purposes".
- The institutions/ organisations/ associations shall have a minimum of 20 members and should have a clean track record. For companies registered under Section 25 of the Companies Act, 1956 or Section 8 of the Companies Act, 2013, besides the requirement of minimum 20 shareholders/ members, it is necessary for it to have a well-diversified shareholding, at least 3 independent directors, good corporate governance and audit committee. This requirement can be applied at the level of the applicant company or its promoter company.
- The institutions/ organisations/ associations, shall unless specific exemption has been made in this regard by the Committee, be in existence for a minimum period of 5 years prior to date of application for registration. Out of these 5 years, the entities should have track record of the last 3 years in the area of consumer protection/awareness.
4. Scope of activities
The scope of activities for which financial assistance would be provided by the Depositor Education and Awareness Fund are as follows:
- Conducting programmes/events for educating or spreading awareness among the excluded sections of the society, about benefits of financial literacy, information about various products available on various channels explaining the procedure/formalities, etc., for enrolment and actual opening of accounts in association with recognised Depositors' associations/ NGOs etc.
- Holding seminars and symposia for depositors/ depositors' associations for imparting financial literacy including safe and secure banking.
- Funding projects and research activities relating to depositors' education, rights awareness, etc.
- Production/ Procurement of material for distribution at exhibitions, seminars, town hall events, outreach programmes conducted for depositors' awareness.
- Running Media Campaigns on financial literacy, customer protection, etc.
- Other consumer protection/awareness related programmes.
This is only an indicative list in terms of Section 26A(4) of the BR Act, 1949 and the Reserve Bank may consider such other activities which it may deem necessary for furthering the objectives of the Fund from time to time
5. Project plan and financial assistance
A registered institution/ organisation/ association, having a viable project /proposal on Bank Depositors' Education and Awareness, may be eligible for assistance from the Fund. The registered entities may apply for financial assistance giving details of their proposed projects including the estimated cost of the project and the assistance required.
Institutions or organizations or associations registered/ recognized by the Committee may be considered for grant-in-aid as a onetime measure or in stages by way of reimbursement, depending upon the nature of activity proposed.
6. Other conditions
- The institution/ organization/ association should not be for the benefit of any particular individual, religion, community, or caste.
- The institutions/ organizations/ associations should undertake that they will utilize the money received from the Fund only for the activities permitted by the Reserve Bank/Fund and expenses incidental thereto, and not for any other purpose.
- The institutions/ organizations/ associations should undertake to make available to the Fund/Reserve Bank/representative of the Reserve Bank all books and accounts kept by them with regard to the grants received from the Fund and the method of expenditure of the same.
- The institutions/ organizations/ associations, who have received financial assistance from the Fund, shall submit a report certified by a Chartered Accountant regarding the expenditure made by them for depositor education and awareness activities.
7. Monitoring
The activity of the institutions/ organisations/ associations shall be monitored, post-registration. If the activities of the registered institutions/ organisations/ associations are not in conformity with the activities permitted by the Reserve Bank, then the Committee will deregister the institution/ organisation/ association and the decision of the Committee in this regard will be final. In respect of the funds granted, the Committee may take such action as it deems fit in the interests of the Fund, including legal action, as and when considered necessary.
8. Procedure for application
An application has to be made in the prescribed format which has been placed at Annex. In addition, the applicants would be required to furnish the requisite document/ information in support of their shareholding pattern, membership, financial statements, list of sanctions/grants received from State/Central Govt. during the last five years, etc., as per the list of documents indicated in the application form. Applications for registration along with other details should be addressed to:
The Chief General Manager,
Department of Banking Regulation,
Reserve Bank of India, Central Office,
12th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai – 400001
Department of Banking Regulation,
Reserve Bank of India, Central Office,
12th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai – 400001
In the first tranche, applications will be received at the above address till the close of business as on February 27, 2015. After gaining experience in dealing with registration, applications will be received on a continuous basis. However, these guidelines are subject to periodic review and revision.
9. Procedure for decision of the Committee
A. The Committee at the time of Registration:
- Will initially be screening the applications to ensure prima facie eligibility of the applicants and may apply additional criteria to determine the suitability of applications.
- Will take into account the audited accounts and the annual reports of the last 5 years of the institution/ organization/ association seeking assistance from the Fund to evaluate the eligibility of such applicants and carry out a check on the other activities of such applicants.
- May make such enquiries, as deem fit, with other authorities, including the Regional Offices of the Reserve Bank to determine whether the applicant is fit and proper for registration or not.
- May entrust the preliminary screening of the applications to a Screening Committee, which may inter alia comprise members who are not members of the Committee.
B. The Committee at the time of granting financial assistance:
- Will examine the proposals and the proposed end use of grants and assistance before authorizing release of funds.
- May call for information in respect of or verify in any manner, the end use of funds already granted to such institutions/ organisations/ associations.
- The Committee may make such enquiries, as deem fit, with other authorities, including the Regional Offices of the Reserve Bank to satisfy itself that the proposed project is in furtherance of the objectives of the Scheme.
10. Registration and Grant of Financial Assistance
- The registration of institutions/ organisations/ associations and consequently disbursal of funds will be a two-stage process and should be treated separately. After registration, funds will be disbursed on project basis, which will be a separate process.
- A registered institution/ organisation/ association, having a viable project /proposal on Depositors' Education and Awareness, may be eligible for assistance from the Fund. However, mere registration should not make any registered institution/ organization/ association automatically eligible for claiming financial assistance from the Fund.
- In order to ensure transparency, the names of registered institutions/ organisations/ associations will be placed on the RBI website. (Source- RBI)
Dual Use of Non-Processing Area of Sezs by SEZ Entities as Well as DTA Entities Allowed
Department of Commerce vide gazette notification G.S.R. 5(E) dated 2nd January, 2015 has allowed dual use of non-processing area of SEZs by SEZ entities as well as DTA entities by amending Rule 11(10) of the SEZ Rules, 2006.
MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
NOTIFICATION
New Delhi, the 2nd January, 2015
G.S.R. 5(E). - In exercise of the powers conferred by Section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely:-
1. (1) These rules may be called the Special Economic-Zones (Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Special Economic Zones Rules, 2006 (hereinafter referred to· as the principal rules), in rule 11, in sub-rule (10), the second proviso shall be omitted.
3. In the principal rules, after rule 11, the following rule shall be inserted, namely:-
"11A. Bifurcation of non-processing area: The non-processing area can be bifurcated into two parts, namely:-
(1) Where the social or commercial infrastructure and other facilities are permitted to be used by both the Special Economic Zone and Domestic Tariff Area entities: No exemptions, concessions or drawback shall be admissible for creation of such infrastructure. The Customs duty, Central Excise duty, Service Tax, and such other Central levies and tax benefits already availed for creation of such infrastructure shall be refunded by the Developer in full, without interest. However, in cases of short payment of the amount refundable to the Government on account of dual use permission, interest will have to be paid at the rate of fifteen per cent per annum from the day the said amount becomes payable to the date of actual payment. Utilisation of SEZ land shall be subject to following conditions:
(a) the land is to be put to only such use which is as per the regulations of the concerned State Government or local bodies;
(b) if any exemption or refund has been taken from State or local taxes like stamp duty, change of land uses, etc., the same shall be refunded back to State Government or local authorities and a certificate to this effect shall be produced from the concerned authorities;
(c) No Objection Certificate (NOC) from the concerned State Government shall be produced before. the consideration of the request by Board of Approval (BoA). State Government may issue No Objection Certificate (NOC) taking into consideration (a) and (b) above.
(2) Where the social or commercial infrastructure and other facilities are permitted to be used only by Special Economic Zone entities: This portion shall be bonded and physically segregated from the Domestic Tariff Area, non-processing area, specified at (1) above and the processing area of the Special Economic Zone. The infrastructure, as may be approved by the Board, for this part of non processing area shall be eligible for exemptions, concessions and drawback.
(3) The Department of Commerce has provided the following norms with respect to areas to be earmarked for residential, commercial and other social facilities:-
(a) The Developer or Co-developer shall submit an application in the format as specified by the Central Government to the Development Commissioner indicating therein the portion of the non-processing area where social or commercial infrastructure and other facilities are proposed to be used by both Special Economic Zone and Domestic Tariff Area entities and the said application shall be accompanied with a copy of the Infrastructure Plan and No Objection Certificate from the concerned State Government and supporting documents.
(b) The Development Commissioner shall forward the said application to the Board of Approval (BoA) for approval.
(c) The area restrictions for duty paid dual use non processing area in the Special Economic Zones shall be as follows:
(i) Housing – not more than twenty five per cent of non-processing area;
(ii) Commercial- not more than ten per cent of non-processing area;
(iii) Open area and circulation area-not less than forty five per cent of non processing area;
(iv) Social and institutional infrastructure including schools, colleges, sociocultural centres, training institutes, banks, post office, etc., in the remaining area.
(d) Floor Area Ratio or Floor Space Index shall conform to the norms of the concerned local authorities.
(e) No sale shall be permitted of such duty paid dual use infrastructure in the non-processing area and only lease hold rights can devolve upon the users Of transferees of the said dual use duty paid infrastructure in Non Processing Area of Special Economic Zones; and
(f) Any other conditions as may be specified by the Department of Commerce or Board of Approval".
[F. No. C.1/2/2014-SEZ]
Dr. GURUPRASAD MOHAP ATRA, Jt. Secy.
Note:-The principal rules were published in the Gazette of India, Extraordinary vide number G.S.R 54(E), dated the 10th February, 2006 and last amended vide number G.S.R. 540(E), dated the 12th August, 2013.
Department of Commerce vide gazette notification G.S.R. 5(E) dated 2nd January, 2015 has allowed dual use of non-processing area of SEZs by SEZ entities as well as DTA entities by amending Rule 11(10) of the SEZ Rules, 2006.
The certificate to be furnished by the auditors has since been slightly amended. The agency commission claims submitted to our Regional Offices and Central Accounts Section, Nagpur may henceforth be accompanied by a certificate as per the revised format enclosed.
RBI Revises Format of Certification of Agency Commission Claims by Bank Branch by External CA Auditors
RBI/2014-15/394
DGBA.GAD.No.H -2995/31.12.010/2014-15
DGBA.GAD.No.H -2995/31.12.010/2014-15
January 7, 2015
Payment of agency commission – Certification of claims by external auditors
Please refer to our circular DGBA.GAD.No.2528/31.12.010 (C)/2012-13 dated October 31, 2012 prescribing the format for certification of agency commission claims by external auditors (Chartered Accountants). The certificate to be furnished by the auditors has since been slightly amended. The agency commission claims submitted to our Regional Offices and Central Accounts Section, Nagpur may henceforth be accompanied by a certificate as per the revised format enclosed.
Yours faithfully
(Monisha Chakraborty)
General Manager
Enclo: 1
General Manager
Enclo: 1
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