Corporate Updates – 18-11-2016


SEBI in its Circular notified that intermediaries can verify the PAN of Foreign Portfolio Investors (FPIs) online through a website authorised by the Income Tax department. Further, FPIs would have to provide the copy of the PAN card to their intermediaries within 60 days of account-opening or before remitting funds out of India, whichever is earlier. The move is based on representations received from stakeholders and is aimed at easing the process of PAN verification for FPIs at the time of account-opening.


In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes, the Central Government has decided to permit families celebrating weddings to draw up to Rs. 2,50,000/- in cash from their own bank accounts. However, The amounts can be drawn only by either of the parents or the person getting married. Also, it has been decided that farmers would be permitted to draw upto Rs. 25000/- per week in cash from their KYC compliant accounts only. These cash withdrawals would be subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC). Further, Central Government employees up to Group ‘C including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises will be given an option to draw salary advance up to Rs. 10,000/- in cash.

News from NIRC of ICSI

Registration open for NIRC’s Workshop on “VALUATION – APPROACHES & METHOD” on Saturday, the 19th November, 2016 from 10.00 AM (Registration starts at 9.00 AM) onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 400/- upto 18-11-2016 for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Free For Members of Yuva Corporate Membership Scheme of NIRC; Program Credit Hours: 04.

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