Corporate Updates – 25-08-2014


The Delhi Vat Authorities have directed the owner / lessee / custodian of the venue where programs / functions are to be organised In the Banquet Halls, Farm Houses, Marriage/Party Halls, Hotels, Open Ground etc, where food and/or liquor items are to be supplied/provided and cost of booking exceeds Rs. One Lakh per function to get themselves enrolled by filing form BE-1 and thereafter to submit return in Form BE-2 at least 3 days before first day of a month and for second fortnight by 12th of the month. All concerned are hereby directed to file the requisite information in Form BE-1 and BE-2 in a timely manner to avoid imposition of penalty under section 86 of the DVAT Act, 2004.


RBI has issued directives for making it mandatory for banks to put in place additional authentication / validation based on information not visible on the cards for all on-line card not present (CNP) transactions. It was clarified that the mandate shall apply to all transactions using cards issued in India for payments on merchant sites where no outflow of foreign exchange is contemplated. It was further stated that the linkage to an overseas website/payment gateway cannot be the basis for permitting relaxations from implementing the mandate. It is further advised that where cards issued by banks in India are used for making card not present payments towards purchase of goods and services provided within the country, the acquisition of such transactions has to be through a bank in India and the transaction should necessarily settle only in Indian Currency, in adherence to extant instructions on security of card payments. For further details, please Click Here.

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