Friday, September 6, 2013

[aaykarbhavan] Fw: Re Revised Form 15CA-15CB, , Company Cases,



CLI
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COMPANY CASES (CC) HIGHLIGHTS

ISSUE DATED 6-9-2013

Volume 180 Part 1


SUPREME COURT JUDGMENTS


F Where transactions intended to benefit individual with knowledge of officials in both banks and banks not serious about investigation, suit an abuse of process of court : State Bank of India through General Manager v. National Housing Bank p. 15
F Statements made before Commission of Enquiry cannot be used as evidence before civil or criminal court : State Bank of India through General Manager v. National Housing Bank p. 15

HIGH COURT JUDGMENTS


F Where CLB failed to consider explanation given, conclusion of misappropriation and findings with regard to reimbursement set aside : Ganesh Commercial Co. Ltd. v. Arun Kumar Mohata (Cal) P. 1
F Service of notice by certificate of posting amounts to deemed service : Ganesh Commercial Co. Ltd. v. Arun Kumar Mohata (Cal) P. 1
F Refusal to permit facts and circumstances sought to be introduced as amendments not necessary for determining real question or issue proper : Rockman Project Ltd. v. Devinder Kumar Jain (Delhi) p. 45
F Where finding of fact from which no question of law arose not perverse, appeal dismissed : Rockman Project Ltd. v. Devinder Kumar Jain (Delhi) p. 45

STATUTES AND NOTIFICATIONS




Circulars :
RBI Circulars :
F Credit Information Companies (Regulation) Act, 2005--Compliance--RBI/2013-14/157, RPCD.CO.RRB.BC. No. 14/03.05.33/2013-14, dated 23rd July, 2013 p. 2
F Export of Goods and Software--Realisation and Repatriation of export proceeds--Liberalisation--RBI/2013-14/147, A. P. (DIR Series) Circular No. 14, dated 22nd July, 2013 p. 1
F Raising Money through Private Placement by NBFCs--Debentures, etc.--RBI/2012-13/560, DNBD(PD) CC. No. 330/03.10.001/2012-13, dated 27th June, 2013 p. 3
F Recommendations of Damodaran Committee on customer service in banks--Uniformity in Intersol Charges--RBI/2013-14/166, RPCD. RRB. BC. No. 17/03.05.33/2013-14, dated 31st July, 2013 p. 6

Directions :
F Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions : Amendments p. 5

Regulations :
F Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Second Amendment) Regulations, 2013 p. 7
F Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2013 p. 9
F Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2013 p. 12
F Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2013 p. 30
F Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Fourth Amendment) Regulations, 2013 p. 19
F Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Amendment) Regulations, 2013 p. 10
F Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2013 p. 16
 F Securities and Exchange Board of India (Buy-back of Securities) (Amendment) Regulations, 2013 p. 26
Notifications :

Prevention of Money-Laundering Act, 2002 :
Notification under section 18(1) :
F Officers authorised to search persons and seize records p. 15
Securities Contracts (Regulation) Act, 1956 :
Notification under section 4 :
F Renewal of recognition to stock exchanges p. 15
Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 :
F Notification under regulation 3 p. 25

JOURNAL




F Landmark Cases in Corporate Law (Volume 179)-Dr. K. R. Chandratre p. 17
F "Nirma Industries Ltd. v. Securities and Exchange Board of India--In the spirit of safeguarding and endangering investor's rights" --Aeishwarya Jha and Abhyuday Bhotika p. 1
F Participatory note--A blend of foreign investment in the Indian regime--Gayatri Chadha and Amitabh Tewari p. 10


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----- Forwarded Message -----
From: CA. VMV SUBBA RAO <vmvsrao@gmail.com>
To:
Sent: Friday, 6 September 2013 6:59 AM
Subject: Re Revised Form 15CA-15CB

Twists and turns in Form 15CA and Form 15CB – Comparison of old, new and recent changes
The CBDT has issued Twelfth Amendment Rules on August 5, 2013 vide Notification No. 58/2013 whereby it amended Rule 37BB and prescribed new Forms 15CA and 15CB. However, within a couple of weeks, the CBDT issued one more amendment to Rule 37BB in suppression of earlier notification (amendment rules).
The new Forms provide for two categories (.i.e., Part A and Part B of Form 15CA) on which remittances are required to be reported. It provides that only taxable remittances (including salary or interest) are required to be reported in Form 15CA.
Before the Twelfth Amendment Rules, the payers were required to submit the remittance details in Form 15CA and they were also required to obtain certificate under Form 15CB, notwithstanding whether the payee was liable to tax in India or not? Then Twelfth Amendment Rules extended some relaxation and provided immunity from obtaining certificate under Form 15CB for certain remittances. Now Fourteenth Amendment Rules provide exemption from filing of Form 15CA if remittance is not chargeable to tax in the hands of payee, it also provides immunity from obtaining Form 15CB if the taxable remittances are covered by Part A of new Form 15CA.


--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
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