News Update

I-T - Evidence found during search proceedings is not restricted to tangible material: HCI-T - Without break-up of payment made by employer to NRI employees for boarding & lodging, such payments will not fall within exception of Sec. 10(14): HCI-T - So as to be called 'substantial', a question of law must be debatable and not governed by binding precedent: HCI-T - Allotment of Stock Appreciation Rights is distinct from allotment of shares, so not taxable as Capital Gains: SCBlack Money Act - Court cannot direct Revenue to pass final order earlier than maximum time limit given in statute: HCI-T - Bifurcation of lease rental income can be done as per Guidance Note & accounting standards prescribed by ICAI when there is no express bar in I-T Act regarding use of such guidelines: SCDoctrine of Umbilical Cord puts onus on Executive to protect Supreme Court for own survival!UGC releases list of 24 self-styled fake universities; Delhi & UP top tallyI-T - One time membership fees paid to National Stock Exchange for getting registered as broker, is capital expenditure: HCCSIR, DoT join hands to set up Time Stamping & Synchronisation NetworkACC clears elevation of Ms Indu Malhotra as SC Judge but plays possum over Justice K M JosephST - When review order and appeal of revenue has not disputed portion of order dropping demand, revenue cannot, in hearing, before Tribunal dispute same: CESTATDelhi DRI seizes 41 kg foreign-marked gold + Rs 48 lakh cash + 213 kg silver worth Rs 13 CroreI-T - Direct debit of commission by foreign agents before transferring sale considerations, makes exporters ineligible for benefit of Section 80HHC(2): HCISRO reschedules launch of GSAT-11ST - Agreement is for supply of materials and cannot, by any stretch of imagination, be considered as an agreement for rendering services - amount of advance received cannot become part of value: CESTATMSME Ministry to set up Digital Trade DeskKolkata DRI seizes 14.4 lakh foreign cigarettes from container misdeclared as Facial TissueCentral Staffing Scheme - Govt notifies Rs 9000 hike in deputation allowance'Innovate in India' gets USD 125 millionI-T - Payment made to acquire trade mark which facilitates entry into a particular market is revenue expenditure: HCI-T - Interest income earned from deposit of share application money statutorily required to be kept in separate account is incidental in nature and assessee is entitled to set it off against expenses relating to public issue: SCCabinet approves MSP for Raw Jute for 2018-19 seasonI-T - While making invocation of Sec 147 conditional, Legislature does not intend to allow Revenue to adopt liberal interpretation of expression 'reason to believe': SCCabinet okays MoU with BRICS medicine regulatory agenciesJodhpur Court convicts Asaram in Rape CaseCabinet okays declaration of Schedules Areas in Rajasthan under Fifth ScheduleConstruction of GST on Residential Flats (See ' JEST GST on GST Home Page')I-T - Infra companies having exposure to substantial risk connected with construction projects, are eligible for Section 80-IA benefits: ITATWhen Domestic Tax Laws Reach Beyond Customs Frontiers
 
Govt all game for plastic notes

By TIOL News Service

NEW DELHI, MAR 18, 2017: THE Govt. has given the thumbs up to conduct a field trial with plastic banknotes at five locations in the country. The RBI has been tasked with procuring plastic substrate and subsequebtly, printing banknotes of Rs. 10/- denomination on these plastic substrates.

Plastic banknotes are expected to last longer than the present banknotes, which are based on fibre substrates. Over the years, central banks across the world have been exploring different solutions for extending the lifecycle of banknotes. One such solution is the introduction of plastic banknotes and other developments in banknote substrates for enhancing durability, including use of natural fibre blends, varnish of banknotes etc.

The RBI has in the past, issued certain directives to focus on the need to discourage people from inscription, scrawling or scribbling on any part of the notes:

i. Vide its Directive dated November 07, 2001 under Section 35 ( A) of B. R. Act, 1935 advised all banks not to write anything on watermark window of banknotes.

ii. RBI had also issued a Press Release on December 31, 2013 on “RBI's clarification on scribbling on Banknotes”.

iii. RBI has advised all the bank branches to display at prominent places at their brances, a notice informing the public about availability of notes, facilitating exchange of old notes for new ones.

iv.  RBI from time to time issues instructions to banks to organize exchange melas to mop up soiled and mutilated banknotes from circulation.

v. RBI periodically issues Press Releases advising the public to not inscribe anything on banknotes, as doing so damages the notes and poses difficulty in identifying the features of genuine banknotes.

Further, an inter-disciplinary Standing Committee on Cyber Security has been constituted to review the threats inherent in the existing and emerging technology and suggest appropriate policy interventions to strengthen cyber security.

This was stated by Mr Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written response to a question in Lok Sabha yesterday.


POST YOUR COMMENTS