Corporate Updates 03 Feb 2014


The Reserve Bank of India (RBI) on Friday asked banks to discontinue the practice of levying penalty on non maintenance of minimum balance in ordinary savings bank account, a move that may hit the fee-based income of banks and will benefit the public at large.


CBEC has amended the definition of Governmental Authority as provided under clause (s) of Para 2 of the Mega Exemption Notification No. 25/2012-ST dated June 20, 2012 and expanded the definition of “Governmental Authority” and widens the exemption base for service tax as under:

Para 2(s) “Governmental authority” means an authority or a board or any other body;

(i) set up by an Act of Parliament or a State Legislature; or
(ii) established by Government, with 90% or more participation by way of equity or control, to carry out any function entrusted to a municipality under article 243W of the Constitution.

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