Corporate Updates – 20-11-2015

CBEC – Customs Act:

The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015. These revised rates are based on average incidence of Customs and Central Excise Duties and Service Tax related with the manufacture of export goods and involve substantial total drawback for exporters. Apart from the rate changes, many new items have been included to better differentiate export products with higher duty incidence and also to address classification issues. Brand rate route has been extended to wheat export. A provision has been made to pay provisional drawback to exporters soon after export in case of certain exports made under claim for brand rate of duty drawback. Further, the Commissioners are expected to ensure due diligence to prevent any misuse. The shipping bills with parameters considered to be sensitive should be handled with adequate care at the time of export itself.

RBI:

The Guidelines for Licensing of New Banks in the Private Sector inter alia require setting up of wholly-owned Non-Operative Financial Holding Company (NOFHC) by eligible entities / groups in the private sector for carrying out business of banking and other permissible financial activities. Further, in terms of the guidelines, capital adequacy norms would be applied to the NOFHC on consolidated basis as applicable to the existing banking groups. It is further clarified that consolidated (Group) level capital adequacy would also mean application of consolidated capital adequacy norm to the NOFHC after consolidating the relevant entities held by it.

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