Corporate Updates – 03-01-2017

MasterClasseson Insolvency & Bankruptcy Code, 2016

Registration open for "Master Classes – Insolvency & Bankruptcy Code, 2016 to be held from 9th January, 2017 to 13th January, 2017 daily from 5:30 PM onwards at NIRC Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.


RBI has provided Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances. It has been decided to Provide 30 days, in addition to the 60 days provided earlier and to permit all Regulated Entities to defer the down grade of an account by 90 days that was standard as on November 1, 2016 but would have become NPA for any reason during the period November 1, 2016 to December 31, 2016 in respect of Running working capital accounts (OD/CC)/crop loans, with any bank, the sanctioned limit whereof is ₹1 crore or less and Term loans for business purposes, secured or otherwise, the original sanctioned amount whereof is ₹1 crore or less, on the books of any bank or any NBFC, including NBFC (MFI). This shall include agriculture loans. However, this dispensation will apply to dues payable between November 1, 2016 and December 31, 2016.


Ministry of Finance (Department of Revenue) has issued Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax (Amendment) Rules, 2016 which shall come into force on the date of their publication in the Official Gazette. Amendment is made to insert Rule 13 regarding Payment of sum under sub-sections (2) or (5) of section 32 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Rule 14 regarding Service of notice, summons, requisition, order or any other communication under section 74, Rule 15 regarding Application for Approved valuer under section 77. The Rules also provide Form 8 for Application for registration as an approved valuer under sub-section (1) of section 77 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

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