GUIDELINES ON FAIR PRACTICES CODE FOR NBFCS – GRIEVANCE REDRESSAL MECHANISM

Notification No.: RBI/2012-13/416

Date: 18th February, 2013

The Reserve Bank vide its circular dated March 26, 2012, issued revised guidelines on Fair Practices Code (FPC) for all NBFCs to be adopted by them while doing lending business. The guidelines were reviewed in view of the creation of a new category of NBFCs viz; NBFC-MFIs and also rapid growth in NBFCs’ lending against gold jewellery.

The guidelines require that the Board of Directors of NBFCs should lay down the appropriate grievance redressal mechanism within the organization to resolve disputes between the company and its customers and the mechanism should ensure that all disputes arising out of the decisions of lending institutions' functionaries are heard and disposed of at least at the next higher level.

At the operational level, all NBFCs are required to display prominently, for the benefit of their customers, at their branches / places where business is transacted, the details of the grievance redressal officer belonging to their company as also that of the local office of RBI

The revised guidelines are issued under Section 45 L of the Reserve Bank of India Act, 1934. The NBFCs may note to make suitable amendments in their existing FPC. The FPC so modified should be put in place by all NBFCs with the approval of their Boards within one month from the date of issue of this circular and should be published and disseminated on the web-site of the company, if any, for the information of the public.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, 

Delhi-110001

Mobile No. +91-9873082769

Website: www.caaga.co.in

FOREIGN EXCHANGE MANAGEMENT ACT, 1999 –CLARIFICATION REGARDING IMPORT OF PRECIOUS AND SEMI PRECIOUS STONES

Notification No.: RBI/2012-13/418

Date: 20/02/2013

As per Circular No.34 dated September 24, 2012, Authorised Dealers Category-I Banks (AD Category – I) have been permitted to approve Suppliers’ and Buyers’ Credit (trade credit) including the usance period of Letters of Credit opened for import of gold in any form including jewellery made of gold/ precious metal or and studded with diamonds/semi precious/ precious stone should not exceed 90 days from the date of shipment.

It is clarified that Suppliers’ and Buyers’ Credit (trade credit) including the usance period of Letters of Credit opened for import of precious stones and semi-precious stones should not exceed 90 days from the date of shipment. The revised directions will come into force with immediate effect.

The instructions previously issued for direct import of gold ,import of Platinum / Palladium/ Rhodium /Silver, advance remittance for import of rough diamonds, import of rough, cut and polished diamonds and import of gold in any form including jewellery made of gold/ precious metal or and studded with diamonds/semi precious/ precious stone shall remain unchanged.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place,

Delhi-110001

Mobile: +91-9873082769

Website: www.caaga.co.in

All Registered Dealers & Contractees(TAN Holders) Will Make Payment Of Their Tax, Interest And Penalty Or Any Other Due Through Electronic Mode Of Payment From The E- Payment Portals Of The Notified Banks

F.No.1 (1) T&T/collection/e-pay/2012-13/1603

Date: 13/02/2013

This is in continuation to the Notification No. F.7 (400)/Policy/VAT/2011/ 1006-18 Dated 28.12.2011 vide which it has been prescribed by the Department that all the registered dealers and contractees (TAN holders) will make payment, of their tax, interest and penalty or any other payment due under the DVAT Act 2004 compulsorily through Electronic Mode of payment from the e-payment portals of the notified Banks.

All the dealers are hereby again inform that the Deptt. will accept the payment of any due tax in electronic mode only. However, to facilitate such dealers who are not having internet banking facility or where they are hesitant to avail the same, all the notified Banks have been given instruction to act as the 3^rd Party for all such dealers who are also having Accounts in the respective Banks.

In these cases, the dealers can pay by cash/cheque to the Banks. The Banks will fill on-line challan on behalf of the dealers and also deposit the money online from a dummy account created by them. The Banks may charge nominal service charges from dealers for extending this facility.

Further, all the dealers are also informed that in cases of correction of wrongly entered challans, the Banks are not authorized to make any correction at their end. Corrections, if any, in respect of wrong entries will be undertaken by the Deptt. upon receiving an application from the dealer along with a certificate from the Bank concerned about such wrong entries.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, 

Delhi-110001

Mobile No. +91-9873082769

Website: www.caaga.co.in

NOTIFICATION REGARDING PROCEDURE AND FORM FOR FILING AUDIT REPORT

Notification No: No.F.7 (420)/Policy/VAT/2011/1203-1213

Date: 11/02/2013

In exercise of powers conferred under Delhi Value Added Tax Act, 2004 the procedure and form for filing audit report is as here under:

Every registered dealer liable to get his accounts audited under the Act shall furnish Audit Report in Form AR 1 within seven and a half month from end of financial year in duplicate.

This Notification is applicable only for dealers with a gross turnover of Rs. 10 Crores and above in 2011-12 or in any of the subsequent financial years.

Dealers exclusively dealing in commodities listed in the First Schedule appended to the Act and the dealers with 100% export turnover shall be exempted from furnishing Audit Report under this notification.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in

OPENING OF NRO ACCOUNTS BY INDIVIDUALS OF BANGLADESH NATIONALITY

Notification No.: RBI/2012-13/414

Date: 11/02/2013

1.   Attention of all the Authorised Dealer banks and Authorised banks    (Authorised banks) is invited regarding opening of Non-Resident Ordinary Rupee (NRO) accounts by individuals/ entities of Bangladesh/ Pakistan nationality/ ownership requires approval of Reserve Bank.

2.   The extant instructions have been reviewed and it has been decided that henceforth, Authorised banks would be permitted to open NRO account of individual/s of Bangladesh nationality without the approval of the Reserve Bank subject to the following conditions:

• The bank concerned should satisfy itself that the individual is holding valid visa and valid residential permit issued by Foreigner Registration Office (FRO)/Foreigner Regional Registration Office (FRRO) concerned;

• The Authorised bank should put in place a system of quarterly reporting whereby each branch of the Authorised bank shall maintain a record of the bank accounts opened by individual/s of Bangladesh nationality and details of such account shall be forwarded to their Head Office. The Head Office of the bank shall furnish details of such accounts on quarterly basis to the Under Secretary (Foreigners), Ministry of Home Affairs, NDCC-II Building, Jai Singh Road, New Delhi - 110 001. E Mail.

• The report shall contain details of Name/s of the Individual/s, Date of arrival in India, Passport No. and Place/Country of issue, Residential permit reference and date and place of issue, Name of the FRO/ FRRO concerned and the Complete address and contact number of the branch where the bank account is being maintained.

3.  Opening of accounts by entities of Bangladesh ownership shall continue to require approval of Reserve Bank, as hitherto.

4.   Necessary amendments to the Notification No. FEMA.5/2000-RB dated May 3, 2000 have been issued vide Notification No.FEMA.253/2013-RB dated January 02, 2013.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in

GOLD EXCHANGE TRADED FUND SCHEME (GOLD ETFS) INVESTMENT IN GOLD DEPOSIT SCHEME (GDS) OF BANKS

Circular No.: CIR/IMD/DF/04/2013

Date: 15/02/2013

SEBI (Mutual Funds) Regulations, 1996, (MF Regulations) permits Gold Exchange Traded Fund scheme (Gold ETFs) to invest primarily in:

·         Gold

·  Gold related instruments –gold related instruments are such instruments having gold as underlying, as are specified by SEBI from time to time.

It has now been decided to designate Gold Deposit Scheme (GDS) of banks as one such gold related instrument. Investment in GDS of banks by Gold ETFs of mutual funds will be subject to following conditions:

• The total Investment in GDS will not exceed 20% of total asset under management of such schemes.

• Before investing in GDS of banks, mutual funds shall put in place a written policy with regard to investment in GDS with due approval from the Board of the Asset Management Company and the Trustees. The policy should have provision to make it necessary for the mutual funds to obtain prior approval of Securities and Exchange Board of India their trustees for each investment proposal in GDS of any Bank. The policy shall be reviewed by mutual funds, at least once a year.

• Gold certificates issued by Banks in respect of investments made by Gold.

ETFs in GDS shall be held by the mutual funds only in dematerialized form.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in

TIME LIMIT FOR XBRL FILINGS OF BALANCE SHEET AND P & L FOR FINANCIAL YEAR COMMENCING ON OR AFTER 1-4-2011 HAS BEEN EXTENDED

General Circular No.:05/2013

Date: 12/02/2013

Time limit to file the financial statements in the XBRL mode without any late fee / penalty has been further extended up to 28th Feb 2013 or within 30 days from the due date of AGM of the company, whichever is later.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in