Celebration of Customs Day and Investiture Ceremony-2018-reg.

Department of Revenue
Central Board of Excise & Customs
267 D, North Block, New Delhi,
Dated 23rd January, 2018

Circular No. 1062/01/2018-CX

Sub: Celebration of Customs Day and Investiture Ceremony-2018-reg.

The Customs Day and Investiture Ceremony, 2018 is being celebrated on 27th January, 2018 at Plenary Hall, Vigyan Bhawan, New Delhi. All ‘Group-A’ officers posted in Board are directed to attend the Customs Day and Investiture Ceremony-2018.

2. This issues with the approval of Chairman (CBEC).

(V. Ganesh Kumar)
Under Secretary to the Govt. Of India
Tel: 2309 2413
e-mail kumar.vg@nic.in

To,

All IRS (C&CE) officers, posted in Board,

:cbec

Order No. 14/2018 : CBDT

Order No. 14 of 2018 – Promotion of the officers to the grade of Chief Commissioner of Income Tax (CCIT) on notional basis – reg.

F.No. A-32011/2/2012—Ad.VI-(Part)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

North Block, New Delhi,
The 18th January, 2018.

ORDER NO. 14 OF 2018

Consequent upon the approval of Competent Authority, the following officers are, hereby, promoted to the grade of Chief Commissioner of Income Tax (then HAG) in the pay scale of Rs. 67,000 — 79,000 (pre-revised) against the vacancy year 2013-14, on notional basis with effect from 17.12.2013, i.e. the date of promotion of their immediate juniors: –

SI.
No.
Name of the Officer Included at SI.No.
(i) Smt. Smit Rekha Vishnoi at SI. No. 0-A above Shri Mohan Swaroop Kaushik (SI. No. 01).
(ii) Shri Tridev Mohan Das at SI. No. 01-A below Shri Mohan Swaroop Kaushik (SI. No. 01) and above Shri Lakshmi Singh Negi (SI.No. 02).
(iii) Ms. Bonani Ghosh at SI. No. 05-A below Ms. Ambika Khatua (SI. No. 05) and above Shri Balvir Singh SI.NO. 06 .
(iv) Shri Rakesh Mohan at SI. No. 30-A below Shri Anil Goel (SI. No. 30) and above Shri Ajit Kumar Panda (SI.No. 31).

2. Hindi version of this order will follow.

(Brij Mohan)

Under Secretary to the Government of India.

Tel. 011-2309-5474.

Copy to: –

1. Officers concerned through Pr. CCIT, CCA concerned from where they have

2. All Principal Chief Commissioners/ Principal Directors General of Income Tax.

3. Principal Chief Controller of Accounts, New Delhi.

4. Zonal Accounts Officer, CBDT, C/o Principal CCIT concerned.

5. PSs to FM / MoS (Finance).

6. PPSs to Finance Secretary / Chairman, CBDT / Members, CBDT / Addl. Secy. (Revenue) / JS (Admn.) CBDT / JS(Revenue).

7. Adviser to FM.

8. The Under Secretary, V&L-I, CBDT.

9. The Under Secretary, V&L-II, CBDT.

10. Hindi Section for Hindi version.

11. The Under Secretary/ Consultant (AP-2), UPSC, New Delhi w.r.t. their F.No. 1/15(12)/2017-AP-2 dated 27.04.2017.

12. The Under Secretary (SM.II), DOP&T w.r.t. their communication NO. 18/45/2013-E0 (SM.II) dated 21.12.2017.

13. Secretary General, ITGOA / IRS Association / ITEF / All India Income Tax SC & ST Employees Welfare Association.

14. Commissioner of Income Tax (Media & TP) and Official Spokesperson, CBDT, North Block, New Delhi.

15. Data Base Cell, CBDT, New Delhi.

(Brij Mohan).

Under Secretary to the Government of India.

Tel. 011-2309-5474.

Income tax- notification 02/2018

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 2/2018
New Delhi, the 18th January, 2018
(INCOME-TAX)

S.O. 282(E).—In exercise of the powers conferred by clause (39) of the section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O. 3129(E), dated the 26th September, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 26th September, 2017, namely:—

2. In the said notification, in clause (c),—

(A) for clause (i), the following clause shall be substituted, namely:—

“(i) Income arising from the receipt from National supporters namely Hero Motocorp Ltd., Bank of Baroda, Coal India Ltd., Think and Learn Private Limited, Dalmia Cement Bharat Limited and NTPC Limited.–rupees thirty-nine crore, thirty-nine lakhs, fifty two thousand and two hundred fifty
(Rs. 39,39,52,250).”.

(B) sub-clause (ii) shall be omitted with effect from 26th September, 2017.

[Notification No. 2/2018/F. No. 200/63/2017-ITA-I]
VINAY SHEEL GAUTAM, Under Secy.

Note : Principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number, S.O. 3129(E), dated the 26th September, 2017.

Prevention of Unauthorised Trading by Stock Brokers

Securities and Exchange Board of India
Circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2018/09
Dated: January 11, 2018

To

All recognized Stock Exchanges

Dear Sid Madam,

Sub: Prevention of Unauthorised Trading by Stock Brokers

1. SEBI vide circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/108 dated September 26, 2017 had prescribed guidelines for prevention of unauthorised trading by stock brokers and issued subsequent clarification vide CIR/HO/MIRSD/MIRSD2/CIR/P/2017/124 dated November 30, 2017.

2. SEBI has now received representations from BSE Brokers Forum and Association of National Exchanges Members of India, expressing difficulties faced by stock brokers in the implementation of the aforesaid circulars and seeking extension for the implementation of the same.

3. In view of the above, it has been decided to make the aforesaid circulars effective from April 01, 2018. Other provisions shall remain unchanged and no further extension shall be granted for the implementation of the said circulars.

4. The Stock Exchanges are directed to:

a. bring the provisions of this circular to the notice of the Stock Brokers and also disseminate the same on their websites

b. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above directions in co-ordination with one another to achieve uniformity in approach

c. communicate to SEBI, the status of the implementation of the provisions of this circular in their Monthly Development Reports.

5. This circular is issued in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.

Yours faithfully,

Surabhi Gupta
Deputy General Manager
Email id: surabhig@sebi.gov.in

Exposure Draft on IRDA regulations 2018

Insurance Regulatory and Development Authority of India

Date: 11-01-2018

Exposure Draft on Insurance Regulatory and Development Authority of India (Minimum Information for Inspection or Investigation) Regulations 2018

Ref: 40/IRDA/INSP/Min-Info-Reg/2017

Insurance Regulatory and Development Authority of India

Exposure Draft

Re: Exposure Draft on Insurance Regulatory and Development Authority of India (Minimum Information for Inspection or Investigation) Regulations, 2018.

Rule 39 of the Insurance Rules, 1939 prescribed certain minimum information to be maintained, the checks and other verifications to be adopted by the insurers.

The Government of India issued Insurance Laws (Amendment) Ordinance, 2014 which was later formalized as Insurance Laws (Amendment) Act, 2015 which amended certain provisions of the Insurance Act, 1938 and IRDA Act, 1999.

The Act empowered the Authority to issue regulations covering various areas and one such area is “Minimum Information to be Maintained by the Insurers and Intermediaries for the purpose of Inspection/Investigation by the Authority”.

As per the provisions of Sec 33(7) of the Insurance Laws (Amendment) Act, 2015, “the Authority may by the regulations made by it specify the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications to be adopted by insurers or intermediary or insurance intermediary, as the case may be, in that connection and all other matters incidental thereto as are, in its opinion, necessary to enable the Investigating Officer to discharge satisfactorily his functions under this section”

Considering Rule 39 of the Insurance Rules, 1939 and Section 33(7) of the Insurance Act, 1938 as amended in 2015, the draft regulation includes the requirements with respect to the minimum information to be maintained by the insurers, intermediaries and insurance intermediaries for the purpose of investigation/inspection by the Authority.

The stakeholders are requested to offer their comments/suggestions on the Exposure Draft by 27/01/2018 in the format attached. The comments/suggestions may be mailed to inspection@irda.gov.in .

J Meenakumari.
CGM (Inspections)

New centers for sale of seized / confiscated gold : CBEC

F.No. 711/4/2011-Cus (AS) 
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
(Anti-Smuggling Unit)

***

Room No. 512, 5th Floor, Hudco Vishala Building,
R. K. Puram, New Delhi, dated 1 1thJanuary 2018

To

(i) All Principal Chief/ Chief Commissioners of Customs/ Customs (Preventive),

(ii) All Principal Chief/ Chief Commissioners of Customs & Central Excise/Central Tax,

(iii) All Principal Commissioners/ Commissioners of Customs/ Customs (Preventive),

(iv) All Principal Commissioners/Commissioners of Customs & Central Excise/Central Tax,

(v) Webmaster, CBEC Website.

Subject: Guidelines for the sale of seized / confiscated gold – reg.

Madam/Sir,

I am directed to refer to the procedure for disposal of seized/ confiscated gold prescribed vide Ministry’s letter F.No.711/164/93-CUS (AS) dated 08.08.2005 and Board’s Circular No. 57/2016-Customs dated 01.12.2016.

2. In this context, I am directed to state that in addition to the centre(s), viz, Mumbai, New Delhi, Calcutta, Chennai, Ahmedabad, Jaipur, Cochin, Bangalore and Shillong, the sale of seized / confiscated gold found ripe for disposal can be done at all the centres of State Bank of India, all Public Sector Banks (approved by RBI to import and sell gold), MMTC Ltd. and STC Ltd which also have authorisation from their competent authorities / head offices to dispose/sell the seized/confiscated gold handed over to them.

3. All the other conditions prescribed in the Ministry’s letter vide F.No.711/164/93-CUS (AS) dated 08.08.2005 shall be followed.

4. Board desires that all Custom Houses should take urgent steps to dispose of seized / confiscated gold as per the guidelines above.

Yours faithfully,

(Rohit Arland)
Under Secretary to the Government of India

Electoral Bond Scheme 2018 vide Notification

Govt. notifies Electoral Bond Scheme, 2018 vide Notification No. S.O. 29(E) dated : 2nd January, 2018.

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 2nd January, 2018

S.O. 29(E).—In exercise of the powers conferred by sub-section (3) of Section 31 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby makes the following Scheme, namely:-

1. Short title and commencement.–

(1) This scheme may be called the Electoral Bond Scheme, 2018.

(2) It shall come into force on the date of its publication in the Official Gazette.

 2. Definition.– 

In this Scheme, unless the context otherwise requires, ––

(a) “electoral bond” means a bond issued in the nature of promissory note which shall be a bearer banking instrument and shall not carry the name of the buyer or payee;

(b) “authorised bank” means the State Bank of India authorised to issue and encash the bonds in the branches specified in Annexure I to this notification;

(c) “issuing branch” means a designated branch of the authorised bank specified in Annexure I for issuing electoral bonds;

(d) “person” includes-

(i) an individual;

(ii) a Hindu undivided family;

(iii) a company;

(iv) a firm;

(v) an association of persons or a body of individuals, whether incorporated or not;

(vi) every artificial juridical person, not falling within any of the preceding sub-clauses; and

(vii) any agency, office or branch owned or controlled by such person.

3. Eligibility for purchase and encashment of electoral bond.-

(1) The Bond under this Scheme may be purchased by a person, who is a citizen of India or incorporated or established in India.

(2) A person being an individual can buy bonds, either singly or jointly with other individuals.

(3) Only the political parties registered under section 29A of the Representation of the People Act, 1951 (43 of 1951) and secured not less than one per cent of the votes polled in the last general election to the House of the People or the Legislative Assembly, as the case may be, shall be eligible to receive the bond.

(4) The bond shall be encashed by an eligible political party only through a bank account with the authorised bank.

4. Applicability of Know Your Customer Norms.-

(1) The extant instructions issued by the Reserve Bank of India regarding Know Your Customer norms of a bank’s customer shall apply for buyers of the bonds.

(2) The authorised bank may call for any additional Know Your Customer documents, if it deems necessary.

5. Denomination.–

The bonds shall be issued in the denomination of Rs. 1000, Rs. 10,000, Rs. 1,00,000, Rs. 10,00,000 and Rs. 1,00,00,000.

6. Validity of Bond.-

(1) The bond shall be valid for fifteen days from the date of issue and no payment shall be made to any payee political party if the bond is deposited after expiry of the validity period.

(2) The bond deposited by any political party to its account shall be credited on the same day.

7. Procedure for making application for purchase of bonds.–

(1) Every buyer desirous of purchasing bond can apply with a physical or through online applicationin the format specified in Annexure II to this notification.

(2) Every application shall contain particulars as per the format in Annexure-II and shall be accompanied with the specified documents.

(3) On receipt of an application, the issuing branch shall issue the requisite bond, if all the requirements are fulfilled.

(4) The information furnished by the buyer shall be treated confidential by the authorised bank and shall not be disclosed to any authority for any purposes, except when demanded by a competent court or upon registration of criminal case by any law enforcement agency.

(5) A non-Know Your Customer compliant application or an application not meeting the requirements of the scheme shall be rejected.

(6) The bond shall be issued to the buyer on non-refundable basis.

8. Periodicity of issue of bonds.-

(1) The bonds under this Scheme shall be available for purchase by any person for a period of ten days each in the months of January, April, July and October as may be specified by the Central Government.

(2) An additional period of thirty days shall be specified by the Central Government in the year of general elections to the House of People.

9. Interest.–

No interest shall be payable on the bond.

10. Issuing offices and commission payable.-

No commission, brokerage or any other charges for issue of bond shall be payable by the buyer against purchase of the bond.

11. Payment options.-

(1) All payments for the issuance of the bond shall be accepted in Indian rupees, through demand draft or cheque or through Electronic Clearing System or direct debit to the buyer’s account.

(2) Where payment is made through cheque or demand draft, the same shall be drawn in favour of the issuing bank at the place of issue such bond.

12. Encashment of the bond.-

(1) The bond can be encashed only by an eligible political party by depositing the same in their designated bank account.

(2) The amount of bonds not encashed within the validity period of fifteen days shall be deposited by the authorised

bank to the Prime Minister Relief Fund.

13. Tax treatment.–

The face value of the bonds shall be counted as income by way of voluntary contributions received by an eligible political party, for the purpose of exemption from Income-tax under section 13A of the Income-tax Act, 1961.

14. Trading of bonds.–

The bonds shall not be eligible for trading.

Notification No. 02/2018-Customs

Seeks to amend notification 50/2017-Customs dated 30.06.2017 so as to exclude petroleum coke from the purview of concessional 5% Basic Customs Duty (BCD).

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

Notification No. 02/2018-Customs

New Delhi, the 05th January, 2018

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017, namely:‑

In the said notification, in the Table, against serial number 147, in column (3), for the entry, the entry “All goods (including naphtha), [other than goods mentioned at S. No. 148, 149, 150, 151, 153, petroleum coke falling under tariff item 2713 11 00 or 2713 12 00]” shall be substituted.

[F. No. 354/361/2017-TRU]
(Ruchi Bisht)
Under Secretary to the Government of India

Note: The principal notification No.50/2017-Customs, dated the 30th June, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 785(E), dated the 30th June, 2017 and last amended vide notification No. 93/2017-Customs, dated the 21st December, 2017, published vide number G.S.R. 1533 (E), dated the 21st December, 2017.

CBDT: TDS on Salary for Financial Year 2017-18 (CIRCULAR NO : 29/2017)

DEDUCTION OF TAX AT SOURCE- INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2017-18

CIRCULAR NO : 29/2017

F.No. 275/192/2017-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******

North Block, New Delhi Dated the 5th December, 2017

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2017-18 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No. 01/2017 dated 02.01.2017 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section 192 of the Income-tax Act, 1961 (hereinafter ‘the Act’), during the financial year 2016-17, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2017-18 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department- www.incometaxindia.gov.in.

2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2017:

As per the Finance Act, 2017, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2017-18 (i.e. Assessment Year 2018-19) at the following rates:

2.1 Rates of tax

A. Normal Rates of tax:

Sl. No. Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,50,000/-. Nil
2 Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 5 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 12,500/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,12,500/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 3,00,000/- Nil
2 Where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000/- 5 per cent of the amount by which the total income exceeds Rs. 3,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 10,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/- Rs. 1,10,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

Sl. No. Total Income Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/- Nil
2 Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/- 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
4 Where the total income exceeds Rs. 10,00,000/- Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

2.2 Surcharge on Income tax:

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act, will be as under:

(a) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten percent of such income-tax and

(b) having a total income exceeding one crore rupees, at the rate of fifteen percent of such income-tax:

Provided that in the case of persons mentioned above having total income exceeding;-

(a) Fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees;

(b) one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

2.3.1 Education Cess on Income tax:

The amount of income-tax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.

2.3.2 Secondary and Higher Education Cess on Income-tax:

An additional education cess is chargeable at the rate of one percent of income-tax including the surcharge, if any, but not including the Education Cess on income tax as in 2.3.1.

Mahatama Gandhi series 10 Rs. new note will be release soon: RBI

RBI Introduces Rs. 10 banknote in Mahatma Gandhi (New) Series

The Reserve Bank of India will shortly issue Rs. 10 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Sun Temple, Konark on the reverse, depicting the country’s cultural heritage. The base colour of the note is Chocolate Brown. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.

All the banknotes in the denomination of Rs. 10/- issued by the Reserve Bank in the earlier series will continue to be legal tender.

The image and salient features of Rs. 10 denomination banknote in the Mahatma Gandhi (New) Series are as under:

i. lmage

Rs. 10

ii. Salient Features

Obverse (Front)

1. See through register with denominational numeral 10

2. Denominational numeral १० in Devnagari,

3. Portrait of Mahatma Gandhi at the centre,

4. Micro letters ‘RBI’, ‘भारत ‘, ‘INDIA’ and ’10’,

5. Windowed demetalised security thread with inscriptions ‘भारत’ and RBI,

6. Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right of Mahatma Gandhi portrait,

7. Ashoka Pillar emblem on the right,

8. Mahatma Gandhi portrait and electrotype (10) watermarks,

9. Number panel with numerals growing from small to big on the top left side and bottom right side.

Reverse (Back)

10. Year of printing of the note on the left,

11. Swachh Bharat logo with slogan,

12. Language panel,

13. Motif of Sun Temple, Konark,

14. Denominational numeral १० in Devnagari.

Dimension of the banknote will be 63 mm x 123 mm.

Jose J. Kattoor
Chief General Manager

Press Release: 2017-2018/1848