Weekly News-updates dated 5th October, 2015

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
Weekly updates
THOUGHT OF THE DAY
‘’Build your own dreams, or someone else will hire you to build theirs’’
SEBI/CORPORATE UPDATES
 Vide Notification no. F. No. 01/3412013-CL-V- Part-I dated September 24, 2015 Central Government makes
rules to further amend the Companies (Management & Administration) Rules ,2014 under which PAN of the
company shall also be inserted with MGT-7.
 Via Press Release no. PR No. 237/2015 dated September 28, 2015 Finance Minister unveils merger of FMC with
SEBI and also released new regulations that were notified.
 Via Circular no. CIR/MIRSD/4/2015 dated September 29, 2015 notified rules regarding registration of members
of commodity derivatives exchanges.
 Via Circular no. CIR/CDMRD/DRMP/01/2015 dated October 1, 2015 SEBI framed Comprehensive Risk
Management Framework for National Commodity Derivatives Exchanges to be implemented latest by January 01,
2016 unless specified.
 Via Circular no. CIR/IMD/DF/7/2015 dated October 1, 2015 SEBI issued Guidelines and other
issues/clarifications for AIFs/VCFs on overseas investments.
 MCA issued new form AOC-4 (XBRL) for filing w.e.f October 1, 2015
 MCA modified Forms MGT-7 and AOC-4(non XBRL) w.e.f 04 Oct 2015
 FDI policy will be simplified, Foreign Investment Promotion Board (FIPB) will now meet twice a month to speed
up approvals, signaling the clear intent of the government to push ahead with reforms on a wide range of issues
 Union cabinet to consider this week an interest subvention scheme to provide cheaper credit to exporters &
expansion of the Merchandise Exports from India Scheme.
RBI/TAX LAW UPDATES
 Via Press Release dated September 28, 2015 CBDT clarifies that the government has not extended due date for
filing of returns and audit report due by September 30, 2015.
 Via Press Release no. 2015-2016/770 dated September 29, 2015 RBI releases Fourth Bi-monthly Monetary Policy
Statement, 2015-16.
 Vide Notification no. RBI/2015-16/193 A.P. (DIR Series) Circular No.17 dated September 29, 2015 RBI made a

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framework for issuance of rupee denominated overseas within the overarching ECB policy to facilitate Rupee
denominated borrowing from overseas.
 Vide Notification F.No. 609/88/2015-DBK dated September 29, 2015 notified rules regarding refund/claim of
Safeguard Duties as duty drawback.
 Via Press Release 2015-2016/790 dated October 30, 2015 DICGC Committee recommends Differential Premium
for Banks in India.
 Via Order no F.No.225/207/2015/ITA.II dated September 30, 2015 CBDT extended the due date for filing return
of income by October 31, 2015 for income tax assesses in state (s) of Punjab, Haryana & Union Territory of
Chandigarh.
 Via Notification no. RBI/2015-16/195 A.P. (DIR Series) Circular No.18 dated September 30, 2015 RBI notified
Regularization of assets held abroad by a person resident in India under Foreign Exchange Management Act, 1999.
 Via Press Release dated October 1, 2015 CBDT declared that tax under compliance window declaring undisclosed
foreign assets is to be paid by December 31, 2015.
 Vide Notification No. 76/2015/F.No.133/50/2015-TPL dated September 29, 2015 CBDT simplifies Form no. 15 G
& 15 H w.e.f. from October 1, 2015.
 Via Press Release no. 2015-2016/799 dated September 30, 2015 RBI communicated pricing credit by NBFC’s –
MFI’s.
 Via Press Release dated September 30, 2015 CBDT simplified the procedure for filing of self declaration by
individuals in 15G and 15H forms, allowing them to do it electronically.
 Via Order F.No.22S/207/201S/ITA.II dated October 1, 2015 CBDT extended due date of filing audit reports u/s 44
AB and returns of income by October 31, 2015 for whole country which were due by September 30, 2015.
 Via Press Release RBI/2015-16/196DNBR.CC.PD.No. 069/03.10.01/ 2015-16 dated October 1, 2015 RBI notified
directions/modifications related to loans to Non Banking Financial Company-Micro Finance Institutions (NBFC-
MFIs).
 Via Press Release 2015-2016/813 dated October 1, 2015 RBI releases list of approved applicants for Registration of
Institutions, Organizations and Associations for grant of Financial Assistance from the Depositor Education and
Awareness Fund (DEA Fund).
 Via Press Note no. 11 dated October 1, 2015 Government of India allowed FDI up to 100% in White Label ATM
Operations under Automatic Route.
 Modi government will make new rules which simplify the system for seeking approvals for utilisation of foreign
contribution for NGO’s.
 PAN allotment process will remain suspended between 05/10/2015 to 09/10/2015 due to upgradation of software
applications but PAN applications, through on- line and off-line modes, will continue to be received by PAN
service centers of M/S NSDL and M/s UTIITSL
 Vide notification no.F.3(352)Policy/VAT/2013/818-829 dated September 30,2015 Department of Trade & Taxes
notifies that Form DP-1 to be submitted online by dealers till October 21, 2015
 The Public Company Accounting Oversight Board published a staff inspection brief that highlights the objectives,
focus, and scope of its ongoing inspections in 2015 of auditors registered with the PCAOB.
 Vide DVAT Notification No. F.3(515)/Policy/VAT/2015/805-816 notified the Extension of the last date for filing of
online returns for the 1st quarter of the year 2015-16, in Forms EC-II and EC-III to 15-10-2015.

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 Vide DVAT Notification No.F.7 (420)/VAT/Policy/2011/PF/832-838 dated 30 September, 2015 notified the
Extension of filing of online return in Form 9 for the year 2014-15 to 31/10/2015.
Best regards,
Team Proglobal Corp
Address: 46A, 1st
Floor, Amar Plaza, IP Extension, Delhi-110092
Contact: 011-43558440 | Email: proglobalcorp@gmail.com
www.proglobalcorp.com