Corporate Updates – 26-09-2014


RBI has notified the accreditation given to the SME Rating Agency of India Ltd (SMERA) as one of the approved credit rating agency for the purpose of rating Fixed Deposits of NBFCs. Accordingly, NBFCs may also use the ratings of SMERA for the purpose of rating their Fixed Deposits. The Minimum Investment Grade Rating for Fixed Deposits shall be “SMERA A”.


CBEC has issued clarifications to the Amendments made by Finance Act, 2014 with respect to the Appeal provisions in Customs, Central Excise and Service Tax. New provisions prescribe mandatory pre-deposit as a percentage of the duty demanded where duty demanded is in dispute or where duty demanded and penalty levied are in dispute. Where penalty alone is in dispute, the pre-deposit shall be calculated on the penalty imposed. Through these clarification, circumstance relating to pre deposit of the amount and ground of rejection of appeal are now settled.

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