Corporate Updates – 25-05-2015


RBI in partial modification to the guidelines relating to lending against security of Gold Jewellery has decided that NBFCs may also use the historical spot gold price data publicly disseminated by a commodity exchange regulated by the Forward Markets Commission for the purpose of valuation of gold jewellery instead of the average of the closing price of 22 carat gold for the preceding 30 days as quoted by the Bombay Bullion Association Ltd. (BBA). Further, while auctioning the gold, the NBFC should declare a reserve price for the pledged ornaments and value of the jewellery of lower purity in terms of carats should be proportionately reduced.


Delhi VAT Authorities have again extended the last date of filing of online/hard copy of fourth quarter return for the year 2014-15, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure / enclosures to 29-05-2015 from 30-04-2015. However, the tax due shall continue to be paid in the usual manner as per the provisions of section 3(4) of the Delhi Value Added Tax Act, 2004. The dealers filing the returns through digital signature need not be required to file hard copy of the return/Form DVAT-56.

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