News Update

Doctrine 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
Untitled Document

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
NEW DELHI

NOTIFICATION

Dated: November 17, 2016

S.O. 3479(E). - In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S. O. 3407 (E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:-

1. In the said notification, in clause (i), with effect from the 18th November, 2016, for the words, letters and figures "value of Rs. 4500/-", the words, letters and figures "value of Rs. 2000/-" shall be substituted.

2. In the said notification, in paragraph 2, in clause (vi), after the proviso, the following proviso shall be inserted, namely:-

"Provided further that the withdrawal limit provided in the first proviso shall also be applicable to the traders registered with the Agricultural Produce Market Committee (APMC) markets or mandis.".

[F. No. 10/03/2016-Cy.I]

(Dr Saurabh Garg)
Jt. Secy.

Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3407 (E) dated the 8th November, 2016 and subsequently corrected vide notification number S.O. 3418 (E) dated the 9th November, 2016 and amended vide S.O. 3446 (E) dated the 13th November, 2016 and S.O. 3449 (E) dated the 14th November, 2016.