Priority Sector Lending – Targets and Classification

RBI/2015-16/132
FIDD.CO.Plan.BC.08/04.09.01/2015-16

The target for direct lending by banks to agriculture under Priority Sector Norms has aimed to increase the flow of credit directly to farmers. Direct lending to the most disadvantaged farmers, the small and marginal farmers, has been around 6 percent of Adjusted Net Bank Credit (or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher). In an effort to increase direct lending to agriculture, the target for direct lending to small and marginal farmers under the recently revised Priority Sector Norms has been increased to 7 percent for 2015-16 and to 8 percent for 2016-17. Furthermore, a variety of corporate loans have been precluded from getting direct lending status. This should ensure that overall direct lending to agriculture, including medium and large farmers, will increase.

Government has nevertheless expressed concerns about the adverse impact of any reduction in direct credit to individual farmers, given the recent weather-related difficulties the agricultural sector is experiencing. Banks are, therefore, directed to ensure that https://www.acheterviagrafr24.com/achat-viagra/ their overall direct lending to non-corporate farmers does not fall below the system-wide average of the last three years achievement ( to be notified shortly, and henceforth at the beginning of each year), failing which they will attract the usual penalties for shortfall. They should also continue to maintain all efforts to reach the level of 13.5 percent direct lending to the beneficiaries who earlier constituted the direct agriculture sector.

RBI/2015-16/132
FIDD.CO.Plan.BC.08/04.09.01/2015-16

Categories under priority sector

(i) Agriculture
(ii) Micro, Small and Medium Enterprises
(iii) Export Credit
(iv) Education
(v) Housing
(vi) Social Infrastructure
(vii) Renewable Energy
(viii) Others

The details of eligible activities under the above categories are specified in paragraph III.

  1. Targets /Sub-targets for Priority sector

(i) The targets and sub-targets set under priority sector lending for all scheduled commercial banks operating in India are furnished below:

Categories Domestic scheduled commercial banks and Foreign banks with 20 branches and above Foreign banks with less than 20 branches
Total Priority Sector 40 percent of Adjusted Net Bank Credit [ANBC defined in sub paragraph (iii)] or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher.

Foreign banks with 20 branches and above have to achieve the Total Priority Sector Target within a maximum period of five years starting from April 1, 2013 and ending on March 31, 2018 as per the action plans submitted by them and approved by RBI.

40 percent of Adjusted Net Bank Credit [ANBC defined in sub paragraph (iii)] or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher; to be achieved in a phased manner by 2020 as indicated in sub paragraph (ii) below.
Agriculture 18 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher.

Within the 18 percent target for agriculture, a target of 8 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher is prescribed for Small and Marginal Farmers, to be achieved in a phased manner i.e., 7 per cent by March 2016 and 8 per cent by March 2017.

Foreign banks with 20 branches and above have to achieve the Agriculture Target within a maximum period of five years starting from April 1, 2013 and ending on March 31, 2018 as per the action plans submitted by them and approved by RBI. The sub-target for Small and Marginal farmers would be made applicable post 2018 after a review in 2017.

Not applicable
Micro Enterprises 7.5 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher to be achieved in a phased manner i.e. 7 per cent by March 2016 and 7.5 per cent by March 2017.

The sub-target for Micro Enterprises for foreign banks with 20 branches and above would be made applicable post 2018 after a review in 2017.

Not Applicable
Advances to Weaker Sections 10 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher.

Foreign banks with 20 branches and above have to achieve the Weaker Sections Target within a maximum period of five years starting from April 1, 2013 and ending on March 31, 2018 as per the action plans submitted by them and approved by RBI.

Not Applicable

(ii) The Total Priority Sector target of 40 percent for foreign banks with less than 20 branches has to be achieved in a phased manner as under:-

Financial Year The Total Priority Sector as percentage of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher
2015-16 32
2016-17 34
2017-18 36
2018-19 38
2019-20 40

The additional priority sector lending target of 2 percent of ANBC each year from 2016-17 to 2019-20 has to be achieved by lending to sectors other than exports. The sub targets for these banks, if to be made applicable post 2020, would be decided in due course.

(iii) The computation of priority sector targets/sub-targets achievement will be based on the ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposures, whichever is higher, as on the corresponding date of the preceding year. For the purpose of priority sector lending, ANBC denotes the outstanding Bank Credit in India [As prescribed in item No.VI of Form ‘A’ under Section 42 (2) of the RBI Act, 1934] minus bills rediscounted with RBI and other approved Financial Institutions plus permitted non SLR bonds/debentures under Held to Maturity (HTM) category plus other investments eligible to be treated as part of priority sector lending (e.g. investments in securitised assets). The outstanding deposits under RIDF and other funds with NABARD, NHB, SIDBI and MUDRA Ltd. in lieu of non-achievement of priority sector lending targets/sub-targets will form part of ANBC. Advances extended in India against the incremental FCNR (B)/NRE deposits, qualifying for exemption from CRR/SLR requirements, as per the Reserve Bank’s circulars DBOD.No.Ret.BC.36/12.01.001/2013-14 dated August 14, 2013 read with DBOD.No.Ret.BC.93/12.01.001/2013-14 dated January 31, 2014 and DBOD mailbox clarification issued on February 6, 2014 will be excluded from the ANBC for computation of priority sector lending targets, till their repayment. Calzoncillos Calvin Klein Outlet The eligible amount for exemption on account of issuance of long-term bonds for infrastructure and affordable housing as per Reserve Bank’s circular DBOD.BP.BC.No.25/08.12.014/2014-15 dated July 15, 2014 will also be excluded from the ANBC for computation of priority sector lending targets. For the purpose of calculation of Credit Equivalent Amount of Off-Balance Sheet Exposures, banks may be guided by the Master Circular on Exposure Norms issued by our Department of Banking Regulation.

Computation of Adjusted Net Bank Credit (ANBC)

Bank Credit in India [As prescribed in item No.VI of Form ‘A’ under Section 42 (2) of the RBI Act, 1934]. I
Bills Rediscounted with RBI and other approved Financial Institutions II
Net Bank Credit (NBC)* III (I-II)
Bonds/debentures in Non-SLR categories under HTM category+ other investments eligible to be treated as priority sector +Outstanding Deposits under RIDF and other eligible funds with NABARD, NHB, SIDBI and MUDRA Ltd. on account of priority sector shortfall + outstanding PSLCs IV
Eligible amount for exemptions on issuance of long-term bonds for infrastructure and affordable housing as per circular DBOD.BP.BC.No.25/08.12.014/2014-15 dated July 15, 2014. V
Eligible advances extended in India against the incremental FCNR (B)/NRE deposits, qualifying for exemption from CRR/SLR requirements. VI
ANBC III+IV-V-VI

* For the purpose of priority sector computation only. Ropa Interior Calvin Klein Barata Banks should not deduct / net any amount like provisions, accrued interest, etc. Tanga Calvin Klein Mujer from NBC.

It has been observed that some banks are subtracting prudential write off at Corporate/Head Office level while reporting Bank Credit as above. In such cases it must be ensured that bank credit to priority sector and all other sub-sectors so written off should also be subtracted category wise from priority sector and sub-target achievement.

All types of loans, investments or any other items which are treated as eligible for classification under priority sector target/sub-target achievement should also form part of Adjusted Net Bank Credit.

III. Description of the eligible categories under priority sector

  1. Agriculture

The lending to agriculture sector has been defined to include (i) Farm Credit (which will include short-term crop loans and medium/long-term credit to farmers) (ii) Agriculture Infrastructure and (iii) cialis generique Ancillary Activities. Calvin Klein Ropa Interior Mujer Barata A list of eligible activities under the three sub-categories is indicated below:

1.1 Farm credit A. Loans to individual farmers [including Self Help Groups (SHGs) or Joint Liability Groups (JLGs), i.e. groups of individual farmers, provided banks maintain disaggregated data of such loans], directly engaged in Agriculture and Allied Activities, viz., dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture. This will include:

(i) Crop loans to farmers, which will include traditional/non-traditional plantations and horticulture, and, loans for allied activities.

(ii) Medium and long-term loans to farmers for agriculture and allied activities (e.g. purchase of agricultural implements and machinery, loans for irrigation and other developmental activities undertaken in the farm, and developmental loans for allied activities.)

(iii) Loans to farmers for pre and post-harvest activities, viz., spraying, weeding, harvesting, sorting, grading and transporting of their own farm produce.

(iv) Loans to farmers up to ₹50 lakh against pledge/hypothecation of agricultural produce (including warehouse receipts) for a period not exceeding 12 months.

(v) Loans to distressed farmers indebted to non-institutional lenders.

(vi) Loans to farmers under the Kisan Credit Card Scheme.

(vii) Loans to small and marginal farmers for purchase of land for agricultural purposes.

B. Loans to corporate farmers, farmers’ producer organizations/companies of individual farmers, partnership firms and co-operatives of farmers directly engaged in Agriculture and Allied Activities, viz., dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture up to an aggregate limit of ₹2 crore per borrower. This will include:

(i) Crop loans to farmers which will include traditional/non-traditional plantations and horticulture, and, loans for allied activities.

(ii) Medium and long-term loans to farmers for agriculture and allied activities (e.g. purchase of agricultural implements and machinery, loans for irrigation and other developmental activities undertaken in the farm, and developmental loans for allied activities.)

(iii) Loans to farmers for pre and post-harvest activities, viz., spraying, weeding, harvesting, sorting, grading and transporting of their own farm produce.

(iv) Loans up to ₹50 lakh against pledge/hypothecation of agricultural produce (including warehouse receipts) for a period not exceeding 12 months.

1.2. Agriculture infrastructure i) Loans for construction of storage facilities (warehouses, market yards, godowns and silos) including cold storage units/ cold storage chains designed to store agriculture produce/products, irrespective of their location.

ii) Soil conservation and watershed development.

iii) Plant tissue culture and agri-biotechnology, seed production, production of bio-pesticides, bio-fertilizer, and vermi composting.

For the above loans, an aggregate sanctioned limit of ₹100 crore per borrower from the banking system, will apply.

1.3. Slip Calvin Klein Baratos Ancillary activities (i) Loans up to ₹5 crore to co-operative societies of farmers for disposing of the produce of members.

(ii) Loans for setting up of Agriclinics and Agribusiness Centres.

(iii) Loans for Food and Agro-processing up to an aggregate sanctioned limit of ₹100 crore per borrower from the banking system.

(iv) Loans to Custom Service Units managed by individuals, institutions or organizations who maintain a fleet of tractors, bulldozers, well-boring equipment, threshers, combines, etc., and undertake farm work for farmers on contract basis.

(v) Bank loans to Primary Agricultural Credit Societies (PACS), Farmers’ Service Societies (FSS) and Large-sized Adivasi Multi-Purpose Societies (LAMPS) for on-lending to agriculture.

(vi) Loans sanctioned by banks to MFIs for on-lending to agriculture sector as per the conditions specified in paragraph IX of this circular

(vii) Outstanding deposits under RIDF and other eligible funds with NABARD on account of priority sector shortfall.

For the purpose of computation of 7 percent/ 8 percent target, Small and Marginal Farmers will include the following:-

  • Farmers with landholding of up to 1 hectare are considered as Marginal Farmers. Farmers with a landholding of more than 1 hectare and upto 2 hectares are considered as Small Farmers.
  • Landless agricultural labourers, tenant farmers, oral lessees and share-croppers, whose share of landholding is within the limits prescribed for small and marginal farmers.
  • Loans to Self Help Groups (SHGs) or Joint Liability Groups (JLGs), i.e. groups of individual Small and Marginal farmers directly engaged in Agriculture and Allied Activities, provided banks maintain disaggregated data of such loans.
  • Loans to farmers’ producer companies of individual farmers, and co-operatives of farmers directly engaged in Agriculture and Allied Activities, where the membership of Small and Marginal Farmers is not less than 75 per cent by number and whose land-holding share is also not less than 75 per cent of the total land-holding.
  1. Micro, Small and Medium Enterprises (MSMEs)

2.1. The limits for investment in plant and machinery/equipment for manufacturing / service enterprise, as notified by Ministry of Micro, Small and Medium Enterprises, vide S.O.1642(E) dated September 9, 2006 are as under:-

Manufacturing Sector
Enterprises Investment in plant and machinery
Micro Enterprises Does not exceed twenty five lakh rupees
Small Enterprises More than twenty five lakh rupees but does not exceed five crore rupees
Medium Enterprises More than five crore rupees but does not exceed ten crore rupees
Service Sector
Enterprises Investment in equipment
Micro Enterprises Does not exceed ten lakh rupees
Small Enterprises More than ten lakh rupees but does not exceed two crore rupees
Medium Enterprises More than two crore rupees but does not exceed five crore rupees

Bank loans to Micro, Small and Medium Enterprises, for both manufacturing and service sectors are eligible to be classified under the priority sector as per the following norms:

2.2. Manufacturing Enterprises

The Micro, Small and Medium Enterprises engaged in the manufacture or production of goods to any industry specified in the first schedule to the Industries (Development and Regulation) Act, 1951 and as notified by the Government from time to time. The Manufacturing Enterprises are defined in terms of investment in plant and machinery.

2.3. Service Enterprises

Bank loans up to ₹5 crore per unit to Micro and Small Enterprises and ₹10 crore to Medium Enterprises engaged in providing or rendering of services and defined in terms of investment in equipment under MSMED Act, 2006.

2.4. Khadi and Village Industries Sector (KVI)

All loans to units in the KVI sector will be eligible for classification under the sub-target of 7 percent /7.5 percent prescribed for Micro Enterprises under priority sector.

2.5. Other Finance to MSMEs

(i) Loans to entities involved in assisting the decentralized sector in the supply of inputs to and marketing of outputs of artisans, village and cottage industries.

(ii) Loans to co-operatives of producers in the decentralized sector viz. artisans, village and cottage industries.

(iii) Loans sanctioned by banks to MFIs for on-lending to MSME sector as per the conditions viagra sans ordonnance specified in paragraph IX of this circular.

(iv) Credit outstanding under General Credit Cards (including Artisan Credit Card, Laghu Udyami Card, Swarojgar Credit Card, and Weaver’s Card etc. Adidas Yeezy Boost 750 Pas Cher in existence and catering to the non-farm entrepreneurial credit needs of individuals).

(v) Outstanding deposits with SIDBI and MUDRA Ltd. on account of priority sector shortfall.

2.6. Adidas Yeezy Pas Cher Femme Considering that the MSMED Act, 2006 does not provide for any sub-categorization within the definition of micro enterprises and that the sub-target for lending to micro enterprises has been fixed, the current sub-categorization within the definition of micro enterprises in the existing guidelines is dispensed with.

2.7. To ensure that MSMEs do not remain small and medium units merely to remain eligible for priority sector status, the MSME units will continue to enjoy the priority sector lending status up to three years after they grow out of the MSME category concerned.

  1. Export Credit

The Export Credit extended as per the details below would be classified as priority sector.

Domestic banks Foreign banks with 20 branches and above Foreign banks with less than 20 branches
Incremental export credit over corresponding date of the preceding year, up to 2 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, effective from April 1, 2015 subject to a sanctioned limit up to ₹25 crore per borrower to units having turnover of up to ₹100 crore. Incremental export credit over corresponding date of the preceding year, up to 2 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, effective from April 1, 2017 (As per their approved plans, foreign banks with 20 branches and above are allowed to count certain percentage of export credit limit as priority sector till March 2017). Export credit will be allowed up to 32 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher.

Export credit includes pre-shipment and post shipment export credit (excluding off-balance sheet items) as defined in Master Circular on Rupee / Foreign Currency Export Credit and Customer Service to Exporters issued by our Department of Banking Regulation.

  1. Education

Loans to individuals for educational purposes including vocational courses upto ₹10 lakh irrespective of the sanctioned amount will be considered as eligible for priority sector.

  1. Housing

(i) Loans to individuals up to ₹28 lakh in metropolitan centres (with population of ten lakh and above) and loans up to ₹20 lakh in other centres for purchase/construction of a dwelling unit per family provided the overall cost of the dwelling unit in the metropolitan centre and at other centres should not exceed ₹35 lakh and ₹25 lakh respectively. The housing loans to banks’ own employees will be excluded. As housing loans which are backed by long term bonds are exempted from ANBC, banks should either include such housing loans to individuals up to ₹28 lakh in metropolitan centres and ₹20 lakh in other centres under priority sector or take benefit of exemption from ANBC, but not both.

(ii) Loans for repairs to damaged dwelling units of families up to ₹5 lakh in metropolitan centres and up to ₹2 lakh in other centres.

(iii) Bank loans to any governmental agency for construction of dwelling units or for slum clearance and rehabilitation of slum dwellers subject to a ceiling of ₹10 lakh per dwelling unit.

(iv) The loans sanctioned by banks for housing projects exclusively for the purpose of construction of houses for economically weaker sections and low income groups, the total cost of which does not exceed ₹10 lakh per dwelling unit. For the purpose of identifying the economically weaker sections and low income groups, the family income limit of ₹2 lakh per annum, irrespective of the location, is prescribed.

(v) Bank loans to Housing Finance Companies (HFCs), approved by NHB for their refinance, for on-lending for the purpose of purchase/construction/reconstruction of individual dwelling units or for slum clearance and rehabilitation of slum dwellers, subject to an aggregate loan limit of ₹10 lakh per borrower.

The eligibility under priority sector loans to HFCs is restricted to five percent of the individual bank’s total priority sector lending, on an ongoing basis. The maturity of bank loans should be co-terminus with average maturity of loans extended by HFCs. Banks should maintain necessary borrower-wise details of the underlying portfolio.

(vi) Outstanding deposits with NHB on account of priority sector shortfall.

  1. Social infrastructure

Bank loans up to a limit of ₹5 crore per borrower for building social infrastructure for activities namely schools, health care facilities, drinking water facilities and sanitation facilities in Tier II to Tier VI centres.

  1. Renewable Energy

Bank loans up to a limit of ₹15 crore to borrowers for purposes like solar based power generators, biomass based power generators, wind mills, micro-hydel plants and for non-conventional energy based public utilities viz. street lighting systems, and remote village electrification. For individual households, the loan limit will be ₹10 lakh per borrower.

  1. Others

8.1. Calvin Klein Underwear España Loans not exceeding ₹50,000/- per borrower provided directly by banks to individuals and their SHG/JLG, provided the individual borrower’s household annual income in rural areas does not exceed ₹100,000/- and for non-rural areas it does not exceed ₹1,60,000/-.

8.2. Loans to distressed persons [other than farmers already included under III (1.1) A (v)] not exceeding ₹100,000/- per borrower to prepay their debt to non-institutional lenders.

8.3. Overdrafts extended by banks upto ₹5,000/- under Pradhan Mantri Jan-DhanYojana (PMJDY) accounts provided the borrowers household annual income does not exceed ₹100,000/- for rural areas and ₹1,60,000/- for non-rural areas.

8.4. Loans sanctioned to State Sponsored Organisations for Scheduled Castes/ Scheduled Tribes for the specific purpose of purchase and supply of inputs and/or the marketing of the outputs of the beneficiaries of these organisations.

  1. Weaker Sections

Priority sector loans to the following borrowers will be considered under Weaker Sections category:-

No. Category
1. Small and Marginal Farmers
2. Artisans, village and cottage industries where individual credit limits do not exceed ₹1 lakh
3. Beneficiaries under Government Sponsored Schemes such as National Rural Livelihoods Mission (NRLM), National Urban Livelihood Mission (NULM) and Self Employment Scheme for Rehabilitation of Manual Scavengers (SRMS)
4. Scheduled Castes and Scheduled Tribes
5. Beneficiaries of Differential Rate of Interest (DRI) scheme
6. Self Help Groups
7. Distressed farmers indebted to non-institutional lenders
8. Distressed persons other than farmers, with loan amount not exceeding ₹1 lakh per borrower to prepay their debt to non-institutional lenders
9. Individual women beneficiaries up to ₹1 lakh per borrower
10. Persons with disabilities
11. Overdrafts upto ₹5,000/- under Pradhan Mantri Jan-DhanYojana (PMJDY) accounts, provided the borrowers’ household annual income does not exceed ₹100,000/- for rural areas and ₹1,60,000/- for non-rural areas
12. Minority communities as may be notified by Government of India from time to time.

In States, where one of the minority communities notified is, in fact, in majority, item (12) will cover only the other notified minorities. These States/ Union Territories are Jammu & Kashmir, Punjab, Meghalaya, Mizoram, Nagaland and Lakshadweep.

  1. Investments by banks in securitised assets

(i) Investments by banks in securitised assets, representing loans to various categories of priority sector, except ‘others’ category, are eligible for classification under respective categories of priority sector depending on the underlying assets provided:

(a) the securitised assets are originated by banks and financial institutions and are eligible to be classified as priority sector advances prior to securitisation and fulfil the Reserve Bank of India guidelines on securitisation.

(b) the all inclusive interest charged to the ultimate borrower by the originating entity should not exceed the Base Rate of the investing bank plus 8 percent per annum.

The investments in securitised assets originated by MFIs, which comply with the guidelines in Paragraph IX of this circular are exempted from this interest cap as there are separate caps on margin and interest rate.

(ii) Investments made by banks in securitised assets originated by NBFCs, where the underlying assets are loans against gold jewellery, are not eligible for priority sector status.

  1. Transfer of Assets through Direct Assignment /Outright purchases

(i) Assignments/Outright purchases of pool of assets by banks representing loans under various categories of priority sector, except the ‘others’ category, will be eligible for classification under respective categories of priority sector provided:

(a) the assets are originated by banks and financial institutions which are eligible to be classified as priority sector advances prior to the purchase and fulfil the Reserve Bank of India guidelines on outright purchase/assignment.

(b) the eligible loan assets so purchased should not be disposed of other than by way of repayment.

(c) the all inclusive interest charged to the ultimate borrower by the originating entity should not exceed the Base Rate of the purchasing bank plus 8 percent per annum.

The Assignments/Outright purchases of eligible priority sector loans from MFIs, which comply with the guidelines in Paragraph IX of this circular are exempted from this interest rate cap as there are separate caps on margin and interest rate.

(ii) When the banks undertake outright purchase of loan assets from banks/ financial institutions to be classified under priority sector, they must report the nominal amount actually disbursed to end priority sector borrowers and not the premium embedded amount paid to the sellers.

(iii) Purchase/ assignment/investment transactions undertaken by banks with NBFCs, where the underlying assets are loans against gold jewellery, are not eligible for priority sector status.

VII. Inter Bank Participation Certificates

Inter Bank Participation Certificates (IBPCs) bought by banks, on a risk sharing basis, are eligible for classification under respective categories of priority sector, provided the underlying assets are eligible to be categorized under the respective categories of priority sector and the banks fulfil the Reserve Bank of India guidelines on IBPCs.

VIII. Priority Sector Lending Certificates

The outstanding priority sector lending certificates (after the guidelines are issued in this regard by the Reserve Bank of India) bought by the banks will be eligible for classification under respective categories of priority sector provided the assets are originated by banks, and are eligible to be classified as priority sector advances and fulfil the Reserve Bank of India guidelines on priority sector lending certificates.

  1. Bank loans to MFIs for on-lending

(a) Bank credit to MFIs extended for on-lending to individuals and also to members of SHGs / JLGs will be eligible for categorisation as priority sector advance under respective categories viz., Agriculture, Micro, Small and Medium Enterprises, and ‘Others’, provided not less than 85 percent of total assets of MFI (other than cash, balances with banks and financial institutions, government securities and money market instruments) are in the nature of “qualifying assets”. In addition, aggregate amount of loan, extended for income generating activity, should be not less than 50 percent of the total loans given by MFIs.

(b) A “qualifying asset” shall mean a loan disbursed by MFI, which satisfies the following criteria:

(i) The loan is to be extended to a borrower whose household annual income in rural areas does not exceed ₹1,00,000/- while for non-rural areas it should not exceed ₹1,60,000/-.

(ii) Loan does not exceed ₹60,000/- in the first cycle and ₹100,000/- in the subsequent cycles.

(iii) Total indebtedness of the borrower does not exceed ₹1,00,000/-.

(iv) Tenure of loan is not less than 24 months when loan amount exceeds ₹15,000/- with right to borrower of prepayment without penalty.

(v) The loan is without collateral.

(vi) Loan is repayable by weekly, fortnightly or monthly installments at the choice of the borrower.

(c) Further, the banks have to ensure that MFIs comply with the following caps on margin and interest rate as also other ‘pricing guidelines’, to be eligible to classify these loans as priority sector loans.

(i) Margin cap: The margin cap should not exceed 10 percent for MFIs having loan portfolio exceeding ₹100 crore and 12 percent for others. The interest cost is to be calculated on average fortnightly balances of outstanding borrowings and interest income is to be calculated on average fortnightly balances of outstanding loan portfolio of qualifying assets.

(ii) Interest cap on individual loans: With effect from April 1, 2014, interest rate on individual loans will be the average Base Rate of five largest commercial banks by assets multiplied by 2.75 per annum or cost of funds plus margin cap, whichever is less. The average of the Base Rate shall be advised by Reserve Bank of India.

(iii) Only three components are to be included in pricing of loans viz., (a) a processing fee not exceeding 1 percent of the gross loan amount, (b) the interest charge and (c) the insurance premium.

(iv) The processing fee is not to be included in the margin cap or the interest cap.

(v) Only the actual cost of insurance i.e. actual cost of group insurance for life, health and livestock for borrower and spouse can be recovered; administrative charges may be recovered as per IRDA guidelines.

(vi) There should not be any penalty for delayed payment.

(vii) No Security Deposit/ Margin are to be taken.

(d) The banks should obtain from MFI, at the end of each quarter, a Chartered Accountant’s Certificate stating, inter-alia, that the criteria on (i) qualifying assets, (ii) the aggregate amount of loan, extended for income generation activity, and (iii) pricing guidelines are followed.

  1. Monitoring of Priority Sector Lending targets

To ensure continuous flow of credit to priority sector, the compliance of banks will be monitored on ‘quarterly’ basis. Adidas Yeezy Boost 750 The data on priority sector advances has to be furnished by banks at quarterly and annual intervals as per revised reporting formats.

  1. Non-achievement of Priority Sector targets

Scheduled Commercial Banks having any shortfall in lending to priority sector shall be allocated amounts for contribution to the Rural Infrastructure Development Fund (RIDF) established with NABARD and other Funds with NABARD/NHB/SIDBI/ MUDRA Ltd. , as decided by the Reserve Bank from time to time. For the year 2015-16, the shortfall in achieving priority sector target/sub-targets will be assessed based on the position as on March 31, 2016. From financial year 2016-17 onwards, the achievement will be arrived at the end of financial year based on the average of priority sector target /sub-target achievement as at the end of each quarter.

The interest rates on banks’ contribution to RIDF or any other Funds, tenure of deposits, etc. shall be fixed by Reserve Bank of India from time to time.

The misclassifications reported by the Reserve Bank’s Department of Banking Supervision would be adjusted/ reduced from the achievement of that year, to which the amount of declassification/ misclassification pertains, for allocation to various funds in subsequent years.

Non-achievement of priority sector targets and sub-targets will be taken into account while granting regulatory clearances/approvals for various purposes.

XII. Calvin Klein Ropa Interior Mujer Common guidelines for priority sector loans

Banks should comply with the following common guidelines for all categories of advances under the priority sector.

  1. Rate of interest

The rates of interest on bank loans will be as per directives issued by our Department of Banking Regulation from time to time.

  1. Service charges

No loan related and adhoc service charges/inspection charges should be levied on priority sector loans up to ₹25,000.

  1. Receipt, Sanction/Rejection/Disbursement Register

A register/ electronic record should be maintained by the bank, wherein the date of receipt, sanction/rejection/disbursement with reasons thereof, etc., should be recorded. The register/electronic record should be made available to all inspecting agencies.

  1. Issue of Acknowledgement of Loan Applications

Banks should provide acknowledgement for loan applications received under priority sector loans. Bank Boards should prescribe a time limit within which the bank communicates its decision in writing to the applicants.

XIII. Amendments

These guidelines are subject to any further instructions that may be issued by the RBI from time to time.

XIV. Definitions/Clarifications

  1. On-lending: Loans sanctioned by banks to eligible intermediaries for onward lending only for creation of priority sector assets. The average maturity of priority sector assets thus created should be broadly co-terminus with maturity of the bank loan.
  2. Contingent liabilities/off-balance sheet items do not form part of priority sector target achievement.

The Companies (Amendment) Bill, 2014

The details of the amendments are as under:
1. Requirement of minimum paid- up share capital for private and public companies is proposed to be omitted. T Shirt Balmain Paris (For ease of doing business)
In terms of section 2(68) and 2(71) of the Companies Act, 2013, private companies and public companies are required to have minimum paid-up share capital of one lakh rupees and five lakh rupees respectively.

The proposed amendment omits the words “of one lakh rupees or such higher paid-up share capital” in clause 2(68) and “of five lakh rupees or such higher paid-up capital,” in Clause 2(71)(b).

2. Boxer Calvin Klein Doing away with the requirement of filing a declaration by a company before commencement of business or exercising its borrowing powers as provided in section 11 of the Companies Act, 2013.

Section 11 of the Principal Act which deals with the requirement for filing declaration by a company before commencement of business or exercisisng its borrowing powers. Section 11 is proposed to be omitted.

3. Bragas Calvin Klein Baratas The provisions with regard a company to have common seal are proposed to be made optional and consequential changes for authorisation for execution of documents (For ease of doing business)
In terms of section 9 of the Companies Act, 2013, every body corporate shall have perpetual succession and a common seal from the date of incorporation mentioned in the Certificate of Incorporation.
Provision for common seal appears in various section(s) including affixing on power of attorney [REFER SECTION 22] and on share certificate(s) [REFER SECTION 46].

Proposed amendment omits the words “and a common seal” in section 9.

In section 12 of the principal Act, in sub-section (3), for clause (b), the following clause shall be substituted, namely:—

“(b) have its name engraved in legible characters on its seal, if any;”

In section 22 (2),—

  1. for the words “under its common seal”, the words “under its common seal, if any,” shall be substituted;
  2. the following proviso shall be inserted, namely:—

“Provided that in case a company does not have a common seal, the authorisation under this sub-section shall be made by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary.”;

In section 22(3), the words ”and have the effect as if it were made under its common seal”, shall be omitted.

In section 46 (1), for the words “issued under the common seal of the company”, the words “issued under the common seal, if any, of the company or signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary” shall be substituted.

In section 223, in sub-section (4), in clause (a), for the words “by the seal”, the words

“by the seal, if any,” shall be substituted.

4. Specific punishment for deposits accepted under the new Act is proposed to be prescribed. This was left out in the Act inadvertently. (To remove an omission)

Sections 73 and Section 76 of the Companies Act 2013 do not have penal provisions.

 

Proposed amendments inserts following section 76A after section 76:

 

“76A. Punishment for contravention of section 73 or section 76.—Where a company accepts or invites or allows or causes any other person to accept or invite on its behalf any deposit in contravention of the manner or the conditions prescribed under section 73 or section 76 or rules made thereunder or if a company fails to repay the deposit or part thereof or any interest due thereon within the time specified under section 73 or section 76 or rules made thereunder or such further time as may be allowed by the Tribunal under section 73,—

(a) the company shall, in addition to the payment of the amount of deposit or part thereof and the interest due, be punishable with fine which shall not be less than one crore rupees but which may extend to ten crore rupees; and

(b) every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years or with fine which shall not be less than twenty-five lakh rupees but which may extend to two crore rupees, or with both:

Provided that if it is proved that the officer of the company who is in default, has contravened such provisions knowingly or wilfuly with the intention to deceive the company or its shareholders or depositors or creditors or tax authorities, he shall be liable for action under section 447.”
5. Public inspection of Board resolutions filed in the Registry is proposed to be prohibited. (Representations by corporate)
Section 117 (3)(g) requires the copy of resolutions passed in pursuance of sub-section (3) of section 179 to be filed with the Registrar within thirty days of the passing of such resolutions.
Section 179 (3) lists the powers which the Board is required to exercise by means of resolutions passed at meetings of the Board such as to issue securities, including debentures, whether in or outside India, to borrow monies, to invest the funds of the company, to approve financial statement and the Board’s report, to approve amalgamation, merger or reconstruction etc.

Proposed amendments provides for following amendments in section 117(3):

(i) in clause (g), the word ”and” occurring at the end shall be omitted;

(ii) after clause (g), the following proviso shall be inserted, namely:—

“Provided that no person shall be entitled under section 399 to inspect or obtain copies of such resolutions; and”
6. Provision for writing off past losses/depreciation before declaring dividend for the year is proposed to be included. This was missed in the Act but included in the Rules.
Section 123 of the Companies Act, 2013 provides for declaration of dividend.
It does not contain the provision for writing off past losses as provided under section 205 of Companies Act, 1956.

Proposed amendment inserts the following proviso after third proviso in Section 123(1):

“Provided also that no company shall declare dividend unless carried over previous losses and depreciation not provided in previous year or years are set off against profit of the company for the current year.”

7. The Act provides for transferring equity shares for which unclaimed/unpaid dividend has been transferred to the IEPF. It is proposed to be rectified that such transfer of equity shares would be in case where the dividend remains unpaid or unclaimed for a continuous period of seven years.
Section 124 (6) of the Companies Act, 2013 provides that all shares in respect of which unpaid or unclaimed dividend has been transferred under sub-section (5) shall also be transferred by the company in the name of Investor Education and Protection Fund along with a statement containing such details as may be prescribed.

The following amendments are proposed in section 124(6):

  1. for the words, brackets and figure “unpaid or unclaimed dividend has been transferred under sub-section (5) shall also be”, the words “dividend has not been paid or claimed for seven consecutive years or more shall be” shall be substituted;
  2. after the proviso, the following explanation shall be inserted, namely:—

“Explanation. T Shirt Philipp Plein – For the removals of doubts it is hereby clarified that in case any dividend is paid or claimed for any year during the said period of seven consecutive years, the share shall not be transferred to Investor Education and Protection Fund.”

8. It is proposed to provide for prescribing the thresholds beyond which fraud shall be reported to the Central Government (below the threshold, it will be reported to the Audit Committee). Disclosures for the latter category also to be made in the Board’s Report. (Representations by auditors).

Section 143 (12) of the Companies Act, 2013 provides that if an auditor of a company, in the course of the performance of his duties as auditor, has reason to believe that an offence involving fraud is being or has been committed against the company by officers or employees of the company, he shall immediately report the matter to the Central Government within such time and in such manner as may be prescribed. However, no quantum or threshold has been prescribed under the Companies Act, 2013 or rules made thereunder for intimation of fraud to Central Government. It is now proposed in the Act that the thresholds shall be prescribed in the rules.
As per section 143 (14), the provisions of the section shall mutatis mutandis apply to-

(a) the cost accountant in practice conducting cost audit under section 148; or

(b) the company secretary in practice conducting secretarial audit under section 204.

The following amendments are proposed in section 134 and section 143:

In section 134 of the principal Act, in sub-section (3), after clause (c), the following clause shall be inserted, namely:—

“(ca) details in respect of frauds reported by auditors under sub-section (12) of section 143 other than those which are reportable to the Central Government;”

In section 143 of the principal Act, for sub-section (12), the following sub-section shall be substituted, namely:—

“(12) Notwithstanding anything contained in this section, if an auditor of a company in the course of the performance of his duties as auditor, has reason to believe that an offence of fraud involving such amount or amounts as may be prescribed, is being or has been committed in the company by its officers or employees, the auditor shall report the matter to the Central Government within such time and in such manner as may be prescribed:

Provided that in case of a fraud involving lesser than the specified amount, the auditor shall report the matter to the audit committee constituted under section 177 or to the Board in other cases within such time and in such manner as may be prescribed:

Provided further that the companies, whose auditors have reported frauds under this sub-section to the audit committee or the Board but not reported to the Central Government, shall disclose the details about such frauds in the Board’s report in such manner as may be prescribed.”
9. Section 185 prohibits loans to Directors. The exemptions to the section are provided in the Rules. These are proposed to be included in the Act as a matter of abundant caution.
Section 185 prohibits giving loan to directors, etc. It provides that, no company shall, directly or indirectly, advance any loan, including any loan represented by a book debt, to any of its directors or to any other person in whom the director is interested or give any guarantee or provide any security in connection with any loan taken by him or such other person.
Rule 10 of the Companies (meetings of Board and its powers) Rules, 2014 provides exemption to the section as follows:
185.(1) Any loan made by a holding company to its wholly owned subsidiary company or any guarantee given or security provided by a holding company in respect of any loan made to its wholly owned subsidiary company is exempted from the requirements under this section; and

(2) Any guarantee given or security provided by a holding company in respect of loan made by any bank or financial institution to its subsidiary company is exempted from the requirements under this section:

Provided that such loans made under sub-rule (1) and (2) are utilised by the subsidiary company for its principle business activities.

The following amendment is proposed:

In section 185 of the principal Act, in sub-section (1), in the proviso, after clause (b) the following clauses and proviso shall be inserted, namely:—

“(c) any loan made by a holding company to its wholly owned subsidiary company or any guarantee given or security provided by a holding company in respect of any loan made to its wholly owned subsidiary company; or
(d) any guarantee given or security provided by a holding company in respect of loan made by any bank or financial institution to its subsidiary company:
Provided that the loans made under clauses (c) and (d) are utilised by the subsidiary company for its principal business activities.”

10. T Shirt Givenchy It is proposed to empower Audit Committee to give omnibus approvals for related party transactions on annual basis. (To align with SEBI policy and to increase ease of doing business)
As per the Clause 49 as amended vide SEBI circular CIR/CFD/POLICY CELL/7/2014 dated 15th September, 2014, Audit Committee may grant the omnibus approval to transactions with related parties subject to the fulfillment of certain conditions [refer Clause 49(VII)(D)]. However, there is no such provision under the Companies Act, 2013. T Shirt Ralph Lauren Pas Cher Further, section 177 (4) requires the Audit Committee to approve the transactions of the company with related parties or any subsequent modification therein.

The following amendment is proposed:

In section 177 of the principal Act, in sub-section (4), in clause (iv), the following proviso shall be inserted, namely:—

“Provided that the Audit Committee may make omnibus approval for related party transactions proposed to be entered into by the company subject to such conditions as may be prescribed;”
11 It is proposed to:
  1. replace ‘special resolution’ with ‘ordinary resolution’ for approval of related party transactions by non-related shareholders. Emporio Armani Ea7 (Meet problems faced by large stakeholders who are related parties) and
  1. exempt related party transactions between holding companies and wholly owned subsidiaries from the requirement of approval of non-related shareholders. No resolution required to be passed at general meeting. (Representation by Corporate)

First proviso to section 188 provides that no contract or arrangement, in the case of a company having a paid-up share capital of not less than such amount, or transactions not exceeding such sums, as may be prescribed, shall be entered into except with the prior approval of the company by a special resolution. It is proposed to replace ‘special resolution’ with ‘ordinary resolution’:

The following amendment is proposed:

In section 188 of the principal Act,

(a) in sub-section (1),—

(i) for the words “special resolution”, at both the places where they occur, the word “resolution” shall be substituted;

(ii) after the third proviso, the following proviso shall be inserted, namely:—

“Provided also that the requirement of passing the resolution under first proviso shall not be applicable for transactions entered into between a holding company and its wholly owned subsidiary whose accounts are consolidated with such holding company and placed before the shareholders at the general meeting for approval.”;

 

(b) in sub-section (3), for the words “special resolution”, the word ” resolution” shall be substituted.
12. Bail restrictions to apply only for offence relating to fraud u/s 447.
This amendment relates to section 212 ‘Investigation into affairs of Company by Serious Fraud Investigation Office’.

The following amendments are proposed:

In section 212 of the principal Act, in sub-section (6), for the words, brackets and figures “the offences covered under sub-sections (5) and (6) of section 7, section 34, section 36, sub-section (1) of section 38, sub-section (5) of section 46, sub-section (7) of section 56, sub-section (10) of section 66, sub-section (5) of section 140, sub-section (4) of section 206, section 213, section 229, sub-section (1) of section 251, sub-section (3) of section 339 and section 448 which attract the punishment for fraud provided in section 447″, the words and figures “offence covered under section 447″ shall be substituted.
13. Winding Up cases to be heard by 2-member Bench instead of a 3-member Bench. (Removal of an inadvertent error)
Section 419 (3) of the Companies Act, 2013 provides that the powers of the Tribunal shall be exercisable by Benches consisting of two Members out of whom one shall be a Judicial Member and the other shall be a Technical Member:

Section 419 (4), ibid, provides that the President shall, for the disposal of any case relating to rehabilitation, restructuring, reviving or winding up, of companies, constitute one or more Special Benches consisting of three or more Members, majority necessarily being of Judicial Members.

Proposed Amendment provides that in section 419 of the principal Act, in sub-section (4), the words “or winding up” shall be omitted.

Accordingly for winding up cases, section 419(3) would apply.
14. Special Courts to try only offences carrying imprisonment of two years or more. (To let magistrate try minor violations)

The amendment relates to section 436 which provides for the Offences triable by Special Courts.
436. (1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973,-

(a) all offences under this Act shall be triable only by the Special Court established for the area in which the registered office of the company in relation to which the offence is committed or where there are more Special Courts than one for such area, by such one of them as may be specified in this behalf by the High Court concerned.

The following amendments are proposed:

 

In section 435 of the principal Act, in sub-section (1),—

  1. for the words “trial of offences under this Act”, the words “trial of offences punishable under this Act with imprisonment of two years or more” shall be substituted;
  2. the following proviso shall be inserted, namely:—

“Provided that all other offences shall be tried, as the case may be, by a Metropolitan Magistrate or a Judicial Magistrate of the First Class having jurisdiction to try any offence under this Act or under any previous company law.”

Amendment of section 436

 

In section 436 of the principal Act, in sub-section (1), in clause (a), for the words “all offences under this Act”, the words, brackets and figures “all offences specified under sub-section (1) of section 435″ shall be substituted.

15. Rationalizing the procedure for laying draft notifications granting exemptions to various classes of companies

Section 462 empowers Central Government to exempt certain class or classes of companies from complying with any of the provisions of Companies Act 2013. In order to put in place a speedier process for approval of draft notifications for providing exemptions etc.

INCOME TAX ACT
SECTION 2(24)
INCOME – DEFINITION OF
When assessee had let out property to the company (JISL) in which her husband and their relatives were holding substantial interest, it means that rent has been derived as a quid-proquofor letting out the property, thus, such receipt of rent could not be characterized as benefit or perquisite under Section 2(24)(iv) – 2015 punj-trib
SECTION 9
INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA
Fees for technical services : Where assessee, an Indian company, had merely availed services of U.K. Yeezy Boost 350 Vente Calvin Klein Ropa Interior Mujer Company for global market survey to determine business prospects to carry out project in India, since these services were neither geared to nor did they ‘make available’ any technical knowledge, skill or experience to assessee or consisted of development and transfer of a technical man or technical design to assessee, article 13 of DTAA between India and U.K. Boxer Calvin Klein Hombre could not apply – 2015 Mumbai Tri
SECTION 10A
FREE TRADE ZONE
Computation of deduction : Any expenditure which is excluded from export turnover will have to be excluded from total turnover as well for computing deduction under section 10A –2015 Banglore Tri
SECTION 28(i)
BUSINESS INCOME – CHARGEABLE AS
Business income v. Capital gain : Land dealings : Where assessee having purchased agricultural land, converted same into barren land and thereupon sold it within short period of purchase, said activity was to be regarded as adventure in nature of trade and, consequently, profit earned on sale of land was to be taxed as business income –kerala 2015
SECTION 37(1)
BUSINESS EXPENDITURE – ALLOWABILITY OF
Gifts : Expenditure incurred by car-manufacturer on gifts of cars to State police department was held not an eligible expenditure under section 37(1) as it was found not incidental to carrying on business and there was no commercial expediency in incurring this expenditure – Chennai 2015
SECTION 54
CAPITAL GAINS – PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE
Time limit for purchase : Where sale consideration of a house was utilised by assessee for purchase of a new residential house before due date of filing of return under section 139(4), same would be eligible for exemption under section 54 – Jaipur Tri-2015
SECTION 145
METHOD OF ACCOUNTING – ESTIMATION OF INCOME
Share dealings : Where no incriminating material was found during search which could indicate that long-term capital gains arising out of sale of shares was bogus and assessment was completed without considerating details of purchase of shares produced by assessee, assessment was void – 2015-mumbai tri
METHOD OF ACCOUNTING – REJECTION OF ACCOUNTS
Rice dealers : Where assessee’s yield from trading of rice was commensurate to industrial gross profit, ad hoc addition made was unjustified – 2015-Delhi
SECTION 158BC
BLOCK ASSESSMENT IN SEARCH CASES – PROCEDURE FOR
Search v. Adidas Yeezy 750 Homme Tangas de Calvin Klein Survey : Where material was collected viagra naturel pour homme femme prend by Assessing Officer during course of survey, and not during search proceedings, Tribunal was justified in setting aside assessment made under section 158BC – 2015-Gujrat
SECTION 194J
DEDUCTION OF TAX AT SOURCE – FEES FOR PROFESSIONAL OR TECHNICAL SERVICES
Internet charges : Internet charges could not be regarded as fees for technical services and, hence, assessee was not bound to deduct tax at source under section 194J in respect of leased line expenses – 2015-Banglore-tri
SECTION 222
COLLECTION AND RECOVERY OF TAX – CERTIFICATE PROCEEDINGS
Auction : Where petitioner did not pay entire bid amount within stipulated time as per terms and conditions on which bids were invited by income-tax department for subject property, decision of Chief Commissioner for forfeiting amount already paid by petitioner was justified – 2015-Gujrat
COMPANIES ACT
SECTION 397
OPPRESSION AND MISMANAGEMENT
Mere non-compliance with section 108 could not be a ground to set aside transfer of shares in petition under sections 397 and 398 – Bomabay 2015
Act of respondent shareholder and director of R1 company, putting petitioner i.e shareholder having 50 per cent interest in R1 company, to believe that he could get consideration to exit from company by entering into business separation agreement and conciously keeping him away from business of company and taking control of entire company, amounted to oppressive acts against petitioner – CLB 2015
FOREIGN TRADE (DEVELOPMENT AND REGULATION) ACT
SECTION 5
FOREIGN TRADE POLICY/EXIM POLICY – DUTY EXEMPTION ENTITLEMENT CERTIFICATE (DEEC) SCHEME
As per DEEC scheme notification, duty-free imports of raw material is allowed subject to condition of export of product manufactured from that very raw material which is imported; hence, said export obligation cannot be fulfilled by arranging third party exports – SC 2015
CENTRAL EXCISE TARIFF ACT
SECTION 2
CLASSIFICATION – COSMETIC OR MEDICAMENT
‘Nizral Shampoo’ meant to ‘cure’ disease of ‘dandruff’ is a ‘medicament’ classifiable under Heading 3003.10 (duty 16 per cent) and not a ‘cosmetic preparation for use on hair’ classifiable under Heading 3305.99 (duty 24 per cent) –SC 2015
CUSTOMS ACT
SECTION 18
INTEREST – ON DELAYED PAYMENT OF DUTY/TAX
No interest can be charged on goods imported under bond, if bond does not provide for charge of any interest – SC 2015
SECTION 28AA
INTEREST – ON DELAYED PAYMENT OF DUTY TAX
Mere because, as per bond, assessee had agreed to pay interest at 24 per cent per annum, that would not take away right of Supreme Court to reduce rate of interest if ends of justice so warrant; hence, on facts, rate was reduced to 9 per cent –2015-SC
SECTION 129B
APPEALS – ORDERS OF – APPELLATE TRIBUNAL – COMMISSIONER DEMANDED DUTY
In absence of revenue’s appeal, Tribunal cannot enhance duty/rate thereof in assessee’s own appeal; assessee cannot be worse off by reason of filing an appeal –2015 SC
CUSTOMS TARIFF ACT
SECTION 3(1)
CHARGE/LEVY – ADDITIONAL DUTY OF CUSTOMS/CVD
Expression ‘duties levied as an addition to and in same manner as customs duties’ covers only ‘surcharges’ levied as an addition to customs duties; said expression does not cover independent duty like anti-dumping duty, which is levied ‘in addition to’ customs duties.

INDEPENDENT AUDITOR’S REPORT
To the Members of ABC Company
Report on the Financial Statements
1 We have audited the accompanying financial statements of ABC COMPANY (“the Company”), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information
Management’s Responsibility for the Financial Statements
2 The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (‘the act’) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error
Auditor’s Responsibility
3 Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Polo Philipp Plein Homme T Shirt Givenchy Comprar Ropa Interior Calvin Klein Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement
4 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. Culottes Calvin Klein Baratos In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements, that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the

Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company’s management and Board of Directors, as well as evaluating the overall presentation of the financial statements
5 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
Opinion
6. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March 2015, its profit/loss and its cash flows for the year ended on that date
Report on Other Legal and Regulatory Requirements
7 As required by the Companies (Auditor’s Report) Order, 2015 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.
8 As required by section 143(3) of the Act, we further report that:
a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;
c. T Shirt Kenzo Pas Cher Versace Pas Cher the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. Moda in our opinion, the aforesaid financial statements comply with the applicable Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014
e. on the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164(2) of the Act
f. In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014::
(i) The Company does not have any pending litigations which would impact its financial position
(ii) The Company did not have any long-term contracts including derivative contracts; as
such the question of commenting on any material foreseeable losses thereon does not arise
(iii) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. Moda de otoño The question of delay in transferring such sums does not arise

For XXXX
Chartered Accountants
Firm Registration No XXXX
XXXX
Partner (XXXX)
Place: XXXX
Date:
Annexure referred to in paragraph 7 Our Report of even date to the members of ABC Company Limited on the accounts of the company for the year ended 31st March, 2015
On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets ;
(b) As explained to us, fixed assets have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification;
(ii) The nature of business of the Company does not require it to have any inventory. T Shirt Polo Ralph Lauren Hence, the requirement of clause (ii) of paragraph 3 of the said Order is not applicable to the Company
(iii) The company has not granted any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 189 of the Act.
(iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of fixed assets and for the sale of services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, no major weakness has not been noticed or reported.
(v) The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013
(vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act
(vii) (a) According to the information and explanations given to us and based on the records of the company examined by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, , Employees’ State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities in India ;
(b) According to the information and explanations given to us and based on the records of the company examined by us, there are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes
(c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund.

GUIDANCE ON REPORTING UNDER THE COMPANIES (AUDITOR’S REPORT)
ORDER, 2015 (CARO, 2015) AND CONSEQUENTIAL AMENDMENT TO THE
FORMAT OF THE AUDITOR’S REPORT OF A COMPANY1
I. Reporting Under CARO, 2015
1. Ropa Interior Calvin Klein Mujer As the members are aware, the Ministry of Corporate Affairs, on 10th April, 2015, notified
the Companies (Auditor’s Report) Order, 2015 (CARO, 2015). T Shirt Alexander Mcqueen Comprar Calvin Klein Baratos The text of the Order is available on
the URL http://www.mca.gov.in/Ministry/pdf/Companies_Auditors_Report_Order_2015.pdf
2. Members would have noted that, inter alia, the exemption criteria applicable to private
companies as laid down in the paragraph 1(v) of the CARO, 2015 is same as that in the Companies
(Auditor’s Report) Order, 2003 (CARO, 2003). Also, it is noted that the twelve reporting clauses
given in paragraph 3 of CARO, 2015 are similar in their requirements to the corresponding clauses in
paragraph 4 of the CARO, 2003. Ropa Interior Calvin Klein Mujer Barata Further, the requirement to state reasons for unfavourable or
qualified answers as given in paragraph 4 of the CARO, 2015 is also similar to that contained in
paragraph 4 of the CARO, 2003. Accordingly, members are advised to continue to draw in principle
guidance from the relevant paragraphs of the Statement on the Companies (Auditor’s Report) Order,
2003, issued by the Institute of Chartered Accountants of India.
3. Chaussures Adidas Yeezy Boost 350 For the benefit of the members, following is a reference table of reporting clauses of CARO,
2015 and the corresponding paragraphs of the Statements on CARO, 2003, wherefrom relevant
guidance can be drawn (subject to necessary changes in the context of the provisions of the
Companies Act, 2013 and the Rules issued thereunder):
Clause of CARO,2015 Relevant Paragraph/s of the
Statement on CARO, 2003
(i) (a) whether the company is maintaining proper records showing
full particulars, including quantitative details and situation of fixed
assets;
44(a) to (n)
(b) whether these fixed assets have been physically verified by the
management at reasonable intervals; whether any material
discrepancies were noticed on such verification and if so, whether
the same have been properly dealt with in the books of account;
45(a) to (g)
(ii)(a) whether physical verification of inventory has been conducted
at reasonable intervals by the management;
47(a) to (d)

(b) are the procedures of physical verification of inventory followed
by the management reasonable and adequate in relation to the size
of the company and the nature of its business. If not, the
inadequacies in such procedures should be reported;
48(a) to (k)
(c) whether the company is maintaining proper records of inventory
and whether any material discrepancies were noticed on physical
verification and if so, whether the same have been properly dealt
with in the books of account;
49(a) to (h)
(iii) whether the company has granted any loans, secured or
unsecured to companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act. If so,
50(a) to (f)
(a) whether receipt of the principal amount and interest are also
regular; and
52(a) to (e)
b) ifoverdue amount is more than rupees one lakh, whether
reasonable steps have been taken by the company for recovery of
the principal and interest
53(a) to (c)
(iv) is there an adequate internal control system commensurate
with the size ofthe company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. Chaussures Adidas Ultra Boost Uncaged Whether there is a continuing failure to correct major
weaknesses in internal control system.
57(a) to (m)
(v) in case the company has accepted deposits, whether the
directives issued by the Reserve Bank of India and the provisions of
sections 73 to 76 or any other relevant provisions of the Companies
Act and the rules framed there under, where applicable, have been
complied with? II not, the nature of contraventions should be
stated; If an order has been passed by Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any
court or any other tribunal, whether the same has been complied
with or not?
60(a) to (l)
(vi) where maintenance of cost records has been specified by the
Central Government under sub-section (1) of section 148 of the
Companies Act, whether such accounts and records have been
made and maintained;
62(a) to (g)
(vii) (a) is the company regular in depositing undisputed statutory
dues including provident fund, employees’state insurance, income-
63(a) to (r)

tax, sales-tax, wealth tax, service tax, duty of customs, duty of
excise, value added tax cess and any other statutory dues with the
appropriate authorities and if not, the extent of the arrears of
outstanding statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date they
became payable, shall be indicated by the auditor.
(b) in case dues of income tax or sales tax or wealth tax or service
tax or duty of customs or duty of excise or value added tax or cess
have not been deposited on account of any dispute, then the
amounts involved and the forum where dispute is pending shall be
mentioned. Guía de compras (A mere representation to the concerned Department
shall not constitute a dispute).
64(a) to (h)
(c) whether the amount required to be transferred to investor Page 1 of 4
ANNOUNCEMENT
GUIDANCE ON REPORTING UNDER THE COMPANIES (AUDITOR’S REPORT)
ORDER, 2015 (CARO, 2015) AND CONSEQUENTIAL AMENDMENT TO THE
FORMAT OF THE AUDITOR’S REPORT OF A COMPANY1
I. Adidas Ultra Boost Uncaged France Reporting Under CARO, 2015
1. As the members are aware, the Ministry of Corporate Affairs, on 10th April, 2015, notified
the Companies (Auditor’s Report) Order, 2015 (CARO, 2015). Acheter Adidas Ultra Boost The text of the Order is available on
the URL http://www.mca.gov.in/Ministry/pdf/Companies_Auditors_Report_Order_2015.pdf
2. Moda de otoño Boxer Calvin Klein Baratos Members would have noted that, inter alia, the exemption criteria applicable to private
companies as laid down in the paragraph 1(v) of the CARO, 2015 is same as that in the Companies
(Auditor’s Report) Order, 2003 (CARO, 2003). Also, it is noted that the twelve reporting clauses
given in paragraph 3 of CARO, 2015 are similar in their requirements to the corresponding clauses in
paragraph 4 of the CARO, 2003. Bikinis Calvin Klein Baratos Further, the requirement to state reasons for unfavourable or
qualified answers as given in paragraph 4 of the CARO, 2015 is also similar to that contained in
paragraph 4 of the CARO, 2003. Accordingly, members are advised to continue to draw in principle
guidance from the relevant paragraphs of the Statement on the Companies (Auditor’s Report) Order,
2003, issued by the Institute of Chartered Accountants of India.
3. Calvin Klein Ropa Interior Mujer Barata For the benefit of the members, following is a reference table of reporting clauses of CARO,
2015 and the corresponding paragraphs of the Statements on CARO, 2003, wherefrom relevant
guidance can be drawn (subject to necessary changes in the context of the provisions of the
Companies Act, 2013 and the Rules issued thereunder):
Clause of CARO, 2015 Relevant Paragraph/s of the
Statement on CARO, 2003
(i) (a) whether the company is maintaining proper records showing
full particulars, including quantitative details and situation of fixed
assets;
44(a) to (n)
(b) whether these fixed assets have been physically verified by the
management at reasonable intervals; whether any material
discrepancies were noticed on such verification and if so, whether
the same have been properly dealt with in the books of account;
45(a) to (g)
(ii)(a) whether physical verification of inventory has been conducted
at reasonable intervals by the management;
47(a) to (d)
1 This Announcement is being issued in terms of the decision taken at the 342nd meeting of the Council
of the Institute of Chartered Accountants of India.
Page 2 of 4
(b) are the procedures of physical verification of inventory followed
by the management reasonable and adequate in relation to the size
of the company and the nature of its business. If not, the
inadequacies in such procedures should be reported;
48(a) to (k)
(c) whether the company is maintaining proper records of inventory
and whether any material discrepancies were noticed on physical
verification and if so, whether the same have been properly dealt
with in the books of account;
49(a) to (h)
(iii) whether the company has granted any loans, secured or
unsecured to companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act. If so,
50(a) to (f)
(a) whether receipt of the principal amount and interest are also
regular; and
52(a) to (e)
b) ifoverdue amount is more than rupees one lakh, whether
reasonable steps have been taken by the company for recovery of
the principal and interest
53(a) to (c)
(iv) is there an adequate internal control system commensurate
with the size ofthe company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. Alexander Mcqueen Pas Cher Whether there is a continuing failure to correct major
weaknesses in internal control system.
57(a) to (m)
(v) in case the company has accepted deposits, whether the
directives issued by the Reserve Bank of India and the provisions of
sections 73 to 76 or any other relevant provisions of the Companies
Act and the rules framed there under, where applicable, have been
complied with? II not, the nature of contraventions should be
stated; If an order has been passed by Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any
court or any other tribunal, whether the same has been complied
with or not?
60(a) to (l)
(vi) where maintenance of cost records has been specified by the
Central Government under sub-section (1) of section 148 of the
Companies Act, whether such accounts and records have been
made and maintained;
62(a) to (g)
(vii) (a) is the company regular in depositing undisputed statutory
dues including provident fund, employees’state insurance, income-
63(a) to (r)
Page 3 of 4
tax, sales-tax, wealth tax, service tax, duty of customs, duty of
excise, value added tax cess and any other statutory dues with the
appropriate authorities and if not, the extent of the arrears of
outstanding statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date they
became payable, shall be indicated by the auditor.
(b) in case dues of income tax or sales tax or wealth tax or service
tax or duty of customs or duty of excise or value added tax or cess
have not been deposited on account of any dispute, then the
amounts involved and the forum where dispute is pending shall be
mentioned. (A mere representation to the concerned Department
shall not constitute a dispute).
64(a) to (h)
(c) whether the amount required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
thereunder has been transferred to such fund within time.

(viii) whether in case of a company which has been registered for a
period not less than five years, its accumulated losses at the end of
the financial year are not less than fifty per cent of its net worth and
whether it has incurred cash losses in such financial year and in the
immediately preceding financial year;
65(a) to (h)
(ix) whether the company has defaulted in repayment of dues to a
financial institution or bank or debenture holders? If yes, the period
and amount of default to be reported;
66(a) to (h)
(x) whether the company has given any guarantee for loans taken by
others from bank or financial institutions, the terms and conditions
whereof are prejudicial to the interest of the company;
71(a) to (h)

(xi) whether term loans were applied for the purpose for which the
loans were obtained;
72(a) to (j)
(xii) whether any fraud on or by the company has been noticed or
reported during the year; Ifyes, the nature and the amount involved
is to be indicated.
77(a) to (k)
4. Calvin Klein Underwear Baratos Members may also continue to draw guidance, to the extent relevant, in respect of
applicability of the CARO, 2015, form of report and Board’s report, from the guidance given in the
Statement on Companies (Auditor’s Report) Order, 2003 (subject to necessary changes in the
context of the provisions of the Companies Act, 2013 and the Rules thereunder).
II. Consequential Amendment to the Format of the Auditor’s Report of A
Company
5. The Auditing and Assurance Standards Board had, in December 2014, issued illustrative
formats of the auditor’s report on financial statements of a company under the Companies Act,
2013. While reporting on the requirements of CARO, 2015, a reference thereto also needs be added
in the main audit report under the “Report on Legal and Other Regulatory Matters” paragraph as
follows:
“Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor’s Report) Order, 2015 (“the
Order”), issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Companies Act, 2015, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.
As required by Section 143 (3) of the Act, we report that:

education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
thereunder has been transferred to such fund within time.

(viii) whether in case of a company which has been registered for a
period not less than five years, its accumulated losses at the end of
the financial year are not less than fifty per cent of its net worth and
whether it has incurred cash losses in such financial year and in the
immediately preceding financial year;
65(a) to (h)
(ix) whether the company has defaulted in repayment of dues to a
financial institution or bank or debenture holders? If yes, the period
and amount of default to be reported;
66(a) to (h)
(x) whether the company has given any guarantee for loans taken by
others from bank or financial institutions, the terms and conditions
whereof are prejudicial to the interest of the company;
71(a) to (h)
Page 4 of 4
(xi) whether term loans were applied for the purpose for which the
loans were obtained;
72(a) to (j)
(xii) whether any fraud on or by the company has been noticed or
reported during the year; Ifyes, the nature and the amount involved
is to be indicated.
77(a) to (k)
4. T Shirt Kenzo Homme Pas Cher Calvin Klein Ropa Interior Hombre Members may also continue to draw guidance, to the extent relevant, in respect of
applicability of the CARO, 2015, form of report and Board’s report, from the guidance given in the
Statement on Companies (Auditor’s Report) Order, 2003 (subject to necessary changes in the
context of the provisions of the Companies Act, 2013 and the Rules thereunder).
II. Consequential Amendment to the Format of the Auditor’s Report of A
Company
5. The Auditing and Assurance Standards Board had, in December 2014, issued illustrative
formats of the auditor’s report on financial statements of a company under the Companies Act,
2013.

.

Extension of time for filing of Notice ofappointment of the Cost Auditor for the F.Y, 2015-16 in Form CRA-Z and filine of cost audit report to the Central Government for the F.Y, 2014-15 in form CRA-4.

1.The Ministry has received several representations about the non-availability of the revised form CRA-2 on MCA-21 required for filing of notice of appointment of the Cost Auditor for the F.Y. Yeezy Boost 750 Pas Cher 2015-16, although the time Iimit for filing of the same has either lapsed or will be lapsing. Adidas Ultra Boost Homme Pas Cher Boxer Calvin Klein Al Mayor The revised form CRA-2 has now been notified on 12th June, 2015 and is available on the MCA 21 system for filing.

2. Adidas Yeezy Pas Cher Femme Slip Calvin Klein ln view of the delay in availability of revised Form CRA-2 on the MCA21 portal, however, thc additional fee on account of any delay beyond the prescribed period of 30 days from the date of Board Meeting in which the appointment of the Auditor was made for filing of CRA-2 for the financial year starting on or after 1st April, 2015 is waived for all such filings till 30th June, 2015.

3. Adidas Yeezy 750 Homme Boxer Calvin Klein The revised e-Form CRA-4 has also been notified vide the above mentioned notification and will be made available on MCA-21 portal shortly.

RBI/2014-15/631
DNBR (PD) CC No. 039/03.01.001/2014-15

Master Circular – “Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011″.

As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars / notifications. The instructions contained in the No.DNBS.233/CGM(US)-2011 dated November 21, 2011 No.DNBS.233/CGM(US)-2011 dated November 21, 2011 updated till the date as indicated above are reproduced below.

otification No. DNBS.233/CGM (US)-2011 dated November 21, 2011

The Reserve Bank of India having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to give the Directions set out below, hereby, in exercise of the powers conferred by sections 45JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (2 of 1934), and of all the powers enabling it in this behalf, hereby gives the Directions hereinafter specified.

Short title and Commencement of the Directions

1. Adidas Yeezy Boost 350 V2 Pas Cher These Directions shall be known as the Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011 and shall come into force with immediate effect.

Applicability of Directions

2. Calvin Klein Bañadores These Directions shall apply to every Infrastructure Debt Fund-Non-Banking Financial Company (IDF-NBFC).

Definitions

3. Calvin Klein Boxer Hombre For the purpose of these directions, unless the context otherwise requires,-

(a) “Concessionaire” means a party which has entered into an agreement called ‘Concession Agreement’ with a Project Authority, for developing infrastructure.

(b) “Infrastructure Debt Fund-Non-Banking Financial Company” or “IDF-NBFC” means a non-deposit taking NBFC that has Net Owned Fund of Rs. 300 crores or more and which invests only in Public Private Partnerships (PPP) and post commencement operations date (COD) infrastructure projects which have completed at least one year of satisfactory commercial operation and becomes a party to a Tripartite Agreement.

(c) “Project Authority” means an authority constituted by a statute for the development of infrastructure in the country.

(d) “Tripartite Agreement” means an agreement between three parties, namely, the Concessionaire, the Project Authority and IDF-NBFC that also binds all the parties thereto to the terms and conditions of the other Agreements referred to therein.

4. Ropa Interior Calvin Klein Madrid Words and expressions used but not defined herein and defined in Reserve Bank of India Act, 1934 or the Directions issued under Chapter III thereof shall, unless the context otherwise requires, have the meaning assigned to them thereunder.

Credit Rating

5. IDF-NBFC shall have at the minimum, a credit rating grade of ‘A’ of CRISIL or equivalent rating issued by other accredited rating agencies such as FITCH, CARE and ICRA.

Capital Adequacy

6. The IDF-NBFC shall have at the minimum CRAR of 15 percent and Tier II Capital of IDF–NBFC shall not exceed Tier I.

Investment

7. 1IDF-NBFCs can invest in post COD infrastructure projects which have completed at least one year of satisfactory commercial operation that are

i. PPP projects and are a party to a Tripartite Agreement with the Concessionaire and the Project Authority for ensuring a compulsory buyout with termination payment.

ii. non-PPP projects and PPP projects without a Project Authority, in sectors where there is no Project Authority.

Credit Concentration Norms

8. 2i. Ropa Interior Calvin Klein Mujer Barata For PPP and post COD infrastructure projects which have completed at least one year of satisfactory commercial operation and are a party to a Tripartite Agreement with the Concessionaire and the Project Authority for ensuring a compulsory buyout with termination payment.

a) The maximum exposure that an IDF-NBFC can take on individual projects will be at 50 per cent of its total Capital Funds [Tier I plus Tier II as defined in Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015].

b) An additional exposure up to 10 per cent could be taken at the discretion of the Board of the IDF-NBFC.

c) RBI may, upon receipt of an application from an IDF-NBFC and on being satisfied that the financial position of the IDF-NBFC is satisfactory, permit additional exposure up to 15 per cent (over 60 per cent) subject to such conditions as it may deem fit to impose regarding additional prudential safeguards.

ii. Ropa Interior Calvin Klein Exposure to other assets shall be governed by the extant regulations applicable to Infrastructure Finance Companies as given in Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015.

Risk Weights for the Purpose of Capital Adequacy

9. Adidas Ultra Boost Uncaged France 3For the purpose of computing capital adequacy of the IDF-NBFC,

i. all assets covering PPP and post COD infrastructure projects in existence over a year of commercial operation shall be assigned a risk weight of 50 per cent.

ii. Calvin Klein Underwear Baratos All other assets shall be risk weighted as per the extant regulations as given in the Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015.

Other Prudential Norms

10.

Introduction

The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would instantly spur economic growth. Last but not the least, this tax, because of its transparent character, would be easier to administer.

Genesis

  1. The idea of moving towards the GST was first mooted by the then Union Finance Minister Shri P. Chidambaram in his Budget for 2006-07. Initially, it was proposed that GST would be introduced from 1st April, 2010. Tanga Calvin Klein The Empowered Committee of State Finance Ministers (EC) which had formulated the design of State VAT was requested to come up with a roadmap and structure for the GST. Joint Working Groups of officials having representatives of the States as well as the Centre were set up to examine various aspects of the GST and draw up reports specifically on exemptions and thresholds, taxation of services and taxation of inter-State supplies. Based on discussions within and between it and the Central Government, the EC released its First Discussion Paper (FDP) on the GST in November, 2009. This spells out the features of the proposed GST and has formed the basis for discussion between the Centre and the States so far.

Salient Features of GST

  1. The salient features of GST are as under:
  • GST would be applicable on supply of goods or services as against the present concept of tax on the manufacture of goods or on sale of goods or on provision of services.
  • GST would be a destination based tax as against the present concept of origin based tax.
  • It would be a dual GST with the Centre and the States simultaneously levying it on a common base. The GST to be levied by the Centre would be called Central GST (CGST) and that to be levied by the States would be called State GST (SGST).
  • Import of goods or services would be treated as inter-State supplies and would be subject to IGST in addition to the applicable customs duties.
  • For an initial period of two years or as further extended on the recommendation of the GST Council, a non-vatable Additional Tax not exceeding 1% on inter-State supply of goods would be levied and collected by the Centre and assigned to the originating State. The Select Committee of the Rajya Sabha has recommended that this tax should be levied only when the supply is made for a consideration.
  • CGST, SGST & IGST would be levied at rates to be mutually agreed upon by the Centre and the States under the aegis of the GST Council.
  • GST would replace the following taxes currently levied and collected by the Centre:
  1. Central Excise duty
  1. Duties of Excise (Medicinal and Toilet Preparations)

Additional Duties of Excise (Goods of Special Importance)

Additional Duties of Excise (Textiles and Textile Products)

Additional Duties of Customs (commonly known as CVD)

Special Additional Duty of Customs (SAD)

Service Tax

Cesses and surcharges insofar as far as they relate to supply of goods or services

State taxes that would be subsumed within the GST are:

State VAT

Central Sales Tax

Purchase Tax

Luxury Tax

Entry Tax (All forms)

Entertainment Tax (not levied by the local bodies)

Taxes on advertisements

Taxes on lotteries, betting and gambling

State cesses and surcharges insofar as far as they relate to supply of goods or services

GST would apply to all goods and services except Alcohol for human consumption, Electricity and Real Estate.

GST on petroleum products would be applicable from a date to be recommended by the Goods & Services Tax Council.

Tobacco and tobacco products would be subject to GST. In addition, the Centre would continue to levy Central Excise duty.

A common threshold exemption would apply to both CGST and SGST. Taxpayers with a turnover below it would be exempt from GST. A compounding option (i.e.to pay tax at a flat rate without credits) would be available to small taxpayers below a certain threshold. The threshold exemption and compounding scheme would be optional.

The list of exempted goods and services would be kept to a minimum and it would be harmonized for the Centre and the States as far as possible.

Exports would be zero-rated.

Credit of CGST paid on inputs may be used only for paying CGST on the output and the credit of SGST paid on inputs may be used only for paying SGST. In other words, the two streams of input tax credit (ITC) cannot be cross utilised, except in specified circumstances of inter-State supplies, for payment of IGST. The credit would be permitted to be utilised in the following manner:

ITC of CGST allowed for payment of CGST;

ITC of SGST allowed for payment of SGST;

ITC of CGST allowed for payment of CGST & IGST in that order;

ITC of SGST allowed for payment of SGST & IGST in that order;

ITC of IGST allowed for payment of IGST, CGST & SGST in that order.

ITC of Additional Tax would not be permitted.

Accounts would be settled periodically between the Centre and the State to ensure that the credit of SGST used for payment of IGST is transferred by the Exporting State to the Centre. Bragas de Calvin Klein Similarly the IGST used for payment of SGST would be transferred by the Centre to the Importing State.

The laws, regulations and procedures for levy and collection of CGST and SGST would be harmonized to the extent possible.

GST and Centre-State Financial Relations

Currently, fiscal powers between the Centre and the States are clearly demarcated in the Constitution with almost no overlap between the respective domains. The Centre has the powers to levy tax on the manufacture of goods (except alcoholic liquor for human consumption, opium, narcotics etc.) while the States have the powers to levy tax on the sale of goods. In the case of inter-State sales, the Centre has the power to levy a tax (the Central Sales Tax) but, the tax is collected and retained entirely by the originating States. As for services, it is the Centre alone that is empowered to levy service tax. Since the States are not empowered to levy any tax on the sale or purchase of goods in the course of their importation into or exportation from India, the Centre levies and collects this tax as additional duties of customs, which is in addition to the Basic Customs Duty. This additional duty of customs counterbalances excise duties, sales tax, State VAT and other taxes levied on the like domestic product. Introduction of the GST would require amendments in the Constitution so as to concurrently empower the Centre and the States to levy and collect the GST.

4.1 The assignment of concurrent jurisdiction to the Centre and the States for the levy of GST would require a unique institutional mechanism that would ensure that decisions about the structure, design and operation of GST are taken jointly by the two. For it to be effective, such a mechanism also needs to have Constitutional force.

Constitution (One Hundred and Twenty Second) Amendment Bill, 2014

To address all these and other issues, the Constitution (115th Amendment) Bill was introduced in the Lok Sabha on 22.03.2011. The said Bill lapsed with the dissolution

of the 15th Lok Sabha. The Constitution (122nd Amendment) Bill has now been introduced in the 16th Lok Sabha on 19.12.2014. The Bill provides for a levy of GST on supply of all goods or services except for the specified goods. The tax shall be levied as Dual GST separately but concurrently by the Union (CGST) and the States (SGST). The Parliament would have exclusive power to levy GST (IGST) on inter-State trade or commerce (including imports) in goods or services. The Central Government will have the power to levy excise duty in addition to the GST on tobacco and tobacco products. As a temporary measure, for two years (or for such further period as recommended by the GST Council), a non-vatable additional tax not exceeding 1% on inter-State supply of goods would be levied and collected by the Centre and assigned to the originating State.

A GST Council (GSTC) would be constituted comprising the Union Finance Minister, the Minister of State (Revenue) and the State Finance Ministers to recommend on the GST rate, exemption and thresholds, taxes to be subsumed and other features. This mechanism would ensure some degree of harmonization on different aspects of GST between the Centre and the States as well as across States. One half of the total number of members of GSTC would form quorum in meetings of GSTC. Yeezy Boost 750 Acheter Decision in GSTC would be taken by a majority of not less than three-fourth of weighted votes cast. Centre would have one-third weightage of the total votes cast and all the States taken together would have two-third of weightage of the total votes cast.

The Constitution Amendment Bill needs to be passed by a two-third majority in both Houses of Parliament and subsequent ratification by at least half of the State Legislatures. The Bill has been passed by the Lok Sabha on 06.05.2015. The Bill was referred to the Select Committee (of 21 members led by Sh. Bhupendra Yadav, Hon’ble MP) of Rajya Sabha on 12.05.2015. The Select Committee has since submitted its Report on the Bill on 22.07.2015. The Bill awaits passage in the Rajya Sabha. After passage of the Bill by both Houses of https://www.acheterviagrafr24.com/ Parliament, ratification by State legislatures and receipt of assent by the President, the process of enactment would be complete.

Other Legislative Requirements

Suitable legislation for the levy of GST (Central GST Bill and State GST Bills) drawing powers from the Constitution can be introduced in Parliament or the State Legislatures only after the enactment of the Constitution Amendment Bill and on the recommendation by the GSTC. Unlike the Constitutional Amendment, the GST Bills would need to be passed by a simple majority. Adidas Yeezy Boost 750 Obviously, the levy of the tax can commence only after the GST Law has been enacted by the respective legislatures. Adidas Yeezy Boost 750 Also, unlike the State VAT, the date of commencement of this levy would have to be synchronized across the Centre and the States. This is because the IGST model cannot function unless the Centre and all the States participate simultaneously.

Recent Developments on the GST

Five Committees have been constituted by the Empowered Committee of State Finance Ministers (EC) to deal with the various aspects of work relating to the introduction of GST. The Committees are:

 

  • The Committee on the Problem of Dual Control, Threshold and Exemptions in GST Regime;

The Committee on Revenue Neutral Rates for State GST & Central GST and Place of Supply Rules (A Sub-Committee has been constituted to examine issues relating to the Place of Supply Rules);

The Committee on IGST & GST on Imports (A Sub- Committee has been set up to examine issues pertaining to IGST model);

The Committee to examine Business Processes under GST Regime (Three Sub-Committees have been constituted to examine issues pertaining to Registration & Returns, Refunds and Payments);

The Committee to draft model GST Law (Three Sub-Committees have been constituted to draft various aspects of the model law);

The first four Committees have submitted their final reports which have been approved by the Empowered Committee and are under consideration of the Government of India. The three Sub-Committees constituted to draft model law have also submitted their reports to the main Committee where these three reports are being discussed for finalization. Boxer Calvin Klein Baratos The EC has asked the Committee on the Problem of Dual Control, Threshold and Exemptions in GST Regime to re-work on the limits of threshold exemption and compounding threshold.

The Reports on four business processes, viz. registration, return, payment and refunds have recently been put in public domain for comments and feedback of stakeholders. Interactive workshops for trade and industry are being conducted at various places for educating them.

GSTN is a private company constituted under Section 25 of the Companies Act, 1956 has been set up by the Government. GSTN would provide three front end services, namely registration, payment and return to taxpayers. It will also assist some States with the development of back end modules. GSTN has already appointed M/s Infosys as Manage Service Provider at a total project cost of around Rs 1380 crores for a period of five years.

Role of CBEC

The CBEC is playing an active role in the deliberations in the various Committees constituted by the Empowered Committee. It is expected to play an equally important role in the drafting of GST law and procedures, particularly the CGST and IGST law, which will be exclusive domain of the Centre. This apart, the CBEC would need to prepare, in advance, for meeting the implementation challenges, which are quite formidable. The number of taxpayers is likely to go up significantly. Adidas Yeezy Boost 550 The existing IT infrastructure of CBEC would need to be suitably scaled up to handle such large volumes. Based on the legal provisions and procedure for GST, the content of work-flow software such as ACES (Automated Central Excise & Service Tax) would require review. DG Systems has already constituted a Steering Committee for implementation of GST System for CBEC. Augmentation of human resources would be necessary to

handle such large number of taxpayers scattered across the length and breadth of the country. Capacity building, particularly in the field of Accountancy and Information Technology for the departmental officers have to be taken up in a big way.

CBEC officials, as members of these Committees / Sub-committees, are playing a significant role in the work relating to design and contours of the proposed GST regime.

The meetings of the Empowered Committee are attended by the Nodal Member of the CBEC and other officials.

A GST Policy Wing headed by a Commissioner level officer has been created within CBEC. Further Directorate General of Service Tax has been shifted from Mumbai to Delhi and has been renamed as Directorate General of GST. The said Directorate has been given a well-defined mandate to work on various aspects of GST.

The GST law is still evolving and the dialogue continues between the Centre and the States on related issues.

Ministry of Corporate Affairs

F. Chaussures Adidas Yeezy 550 Boost No. 2/19/2011-CL-V

The Government constitutes a Companies Law Committee consisting of the following : –

S. Calvin Klein Underwear Mujer No.

Name of Person/Institution Position

1.

Secretary, Ministry of Corporate Affairs Chairperson

2.

Ms. T Shirt Balmain Paris Reva Khetarpal, former Judge, Delhi High Court Member

3.

Sh. Adidas Ultra Boost Homme Pas Cher Manoj Fadnis, President, The Institute of Chartered Accountants of India Member

4.

Sh. T Shirt Ralph Lauren Soldes Bragas Calvin Klein Baratas Atul H Mehta, President, The Institute of Company Secretaries of India Member

5.

Dr. A.S. T Shirt Dsquared Durga Prasad, President, The Institute of Cost Accountants of India Member

6.

Shri Bharat Vasani, Chief Legal Group General Counsel, Tata Sons Ltd, Industry nominee Member

7.

Shri Y.M. Philipp Plein Pas Cher Deosthalee, Chairman, L & T Finance Holdings, Industry nominee Member

8.

Joint Secretary (Policy), Ministry of Corporate Affairs Member- Convener

2. The Committee may invite or co-opt subject matter experts relating to corporate law or any other subject matter, as well as experts from SEBI, RBI, C & AG as needed. Adidas Yeezy Boost 750 Boxer Calvin Klein Hombre The Committee may also invite any other person or body in the interest of broad-based consultation.

3. Emporio Armani Ea7 The terms of reference of the Committee are as follows:

(i) to make recommendations to the Government on issues arising from the implementation of the Companies Act, 2013 and

(ii) to examine the recommendations received from the Bankruptcy Law Reforms Committee, the High Level Committee on CSR, the Law Commission and other agencies, while undertaking (i) above.

4. T Shirt Alexander Mcqueen Non-official members of the Committee will be eligible for travelling, conveyance and other allowances as per extant Government instructions, wherever the sponsoring agency is unable to bear their expenditure. Secretarial support to the Committee will be given by the Ministry of Corporate Affairs.

5.

PRIORITY SECTOR LENDING-TARGETS AND CLASSIFICATION

An Internal Working Group (IWG) was set up in July 2014 to revisit the existing priority sector lending guidelines. T Shirt Versace Homme Pas Cher Comprar Calvin Klein Baratos The report of the IWG was placed in the public domain inviting comments. Guía de compras Bragas de Calvin Klein The recommendations of the IWG were examined in the light of the comments / suggestions received from Government of India, banks, and other stakeholders and revised guidelines are being issued in supersession of guidelines mentioned in the Master Circular RPCD.CO.Plan.BC10/04.09.01/2014-15 dated July 1, 2014 on Priority Sector Lending – Targets and Classification.

The salient features of the guidelines are as under:-

(i) Categories of the priority sector: Medium Enterprises, Social Infrastructure and Renewable Energy will form part of priority sector, in addition to the existing categories.

(ii) Agriculture: The distinction between direct and indirect agriculture is dispensed with.

(iii) Small and Marginal Farmers: A target of 8 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, has been prescribed for Small and Marginal Farmers within agriculture, to be achieved in a phased manner i.e., 7 percent by March 2016 and 8 percent by March 2017.

(iv) Micro Enterprises: A target of 7.5 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, has been prescribed for Micro Enterprises, to be achieved in a phased manner i.e. Ropa Interior Calvin Klein Hombre 7 percent by March 2016 and 7.5 percent by March 2017.

(v) There is no change in the target of 10 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, for Weaker Sections.

(vi) Target for Foreign Banks: Foreign Banks with 20 branches and above already have priority sector targets and sub-targets for Agriculture and Weaker Sections, which are to be achieved by March 31, 2018 as per the action plans submitted by them and approved by RBI. The sub-targets for Small and Marginal Farmers and Micro Enterprises would be made applicable post 2018 after a review in 2017. Polo Philipp Plein Pas Cher Foreign banks with less than 20 branches will move to Total Priority Sector Target of 40 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, on par with other banks by 2019-20, and the sub-targets for these banks, if to be made applicable post 2020, would be decided in due course.

(vii) Bank loans to food and agro processing units will form part of Agriculture.

(viii) Export credit: Export credit upto 32 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, will be eligible as part of priority sector for foreign banks with less than 20 branches. Comprar Ropa Interior Calvin Klein For other banks, the incremental export credit over corresponding date of the preceding year will be reckoned upto 2 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher.

(ix) The loan limits for housing loans and MFI loans qualifying under priority sector have been revised.

(x) The priority sector non-achievement will be assessed on quarterly average basis at the end of the respective year from 2016-17 onwards, instead of annual basis as at present.

The revised guidelines are operational with effect from the date of this circular.