Corporate Updates – 17-03-2016


The Reserve Bank of India has issued the Master Directions on Interest Rates on Deposits and Advances, which will be called as Reserve Bank of India (Interest Rate on Deposits) Directions, 2016. The provisions of these Directions shall apply to every Scheduled Commercial Bank {including Regional Rural Banks(RRBs)} licensed to operate in India by Reserve Bank of India. However, these directions shall not be applicable to operations of foreign branches of Indian banks. These directions shall come into effect on the day it is placed on the official website of the Reserve Bank of India.


Central Board of Excise and Customs to facilitate trade has taken-up the task of implementing ‘Indian Customs Single Window Project’. This project envisages that the importers and exporters would electronically lodge their Customs clearance documents at a single point only with the Customs. CBEC has developed the ‘Integrated Declaration’, under which all information required for import clearance by the concerned government agencies has been incorporated into the electronic format of the Bill of Entry. The Customs Broker or Importer shall submit the “Integrated Declaration” electronically to a single entry point, i.e. the Customs Gateway (ICEGATE). Separate application forms required by different PGAs like Drug Controller, AQCS, WCCB, PQIS and FSSAI would be dispensed with.

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