Corporate Updates – 18-12-2015


The Reserve Bank of India has denied having issued a communication circulating on social media alerting members of public that banks will not accept currency notes with scribbling on them from January 1, 2016. The Reserve Bank has reiterated that all currency notes issued by it are legal tender and banks and members can freely and without fear accept them in exchange for goods and services. The Reserve Bank has also stated that in pursuance of its clean note policy, it keeps requesting banks and members of public not to write on the currency notes as writing defaces them and reduces their life.


DVAT Authorities with an intent to collect the due tax from the dealer, have initiated a reward scheme for the market associations. The objective of the scheme is to encourage market / trade association for payment of due tax. A portion of the VAT collected in addition to the target from the markets/localities shall be made available for the maintenance and upgradation of that market to foster business and trade. The market association, registered under the Society Registration Act, 1861, having at least 50 registered members is eligible for the reward and the number of members would be frozen at the beginning of the scheme and thereafter at the end of April of each financial year. More than 50% of the members should be registered with the department and not more than 5% of the registered members should have defaulted in return filing. The detailed scheme with the eligibility criteria, target for reward, reward amount, implementation and utilisation of reward money has been notified.

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