[Professional Updates]

Dear Professional Colleague,

If you believe in special moments they are always there, if you wait for special people to share I am always here. Good morning for today…!!!

FORMER CAPITAL OF INDIA – KOLKATTA

During the British Raj, until 1911, Calcutta ( now Kolkata ) was the capital of India.
The first newspaper in India, the Bengal Gazette started publishing from the city in 1780.
BENGALI, the official state language, is the dominant language in Kolkata.
Located on the east bank of the Hooghly river, it is the principal commercial, cultural, and educational centre of East India. The Port of Kolkata is India's oldest operating port.
Having Population (census 2011) 4.5 million approx, 7^th Rank in Country and 3^rd Rank in Metro.
For every 10,000 people in the city, there are 61.7 hospital beds, which is higher than the national average of 9 hospital beds per 10,000.
The main commercial and financial hub of East and North-East India and home to the Calcutta Stock Exchange.
It is a major commercial and military port, and is the only city in eastern India to have an international airport.
Kolkata is home to many industrial units operated by large public- and private-sector corporations; major sectors include steel, heavy engineering, mining, minerals, cement, pharmaceuticals, food processing, agriculture, electronics, textiles, and jute.

COMPANIES ACT, 2013

PRESENTATIONS:

UPDATES:

Companies (Acceptance of Deposits) Amendment Rules, 2015: if a company receives any amount by way of subscriptions to any shares, stock, bonds or debentures before the 1^st April,2014 and disclosed in the balance sheet for the financial year ending on or before the 31^st March,2014 against which the allotment is pending on the 31^st March,2015, the company shall, by the 1^st June 2015, either return such amounts to the persons from whom these were received or allot shares, stock, bonds or debentures or comply with these rules."
Delegation of Powers to RD under sub-section (5) of section 94: In exercise of the powers conferred by section 458 of the Companies Act, 2013 (18 of 2013), the Central Government hereby delegates to the Regional Directors at Mumbai, Kolkata' chennai' Noida' Ahmedabad' Hyderabad and Shillong, the powers and functions vested in it under sub-section (5) of section 94 of the Companies Act, 2O13.

RESERVE BANK OF INDIA

RBI RATES

Bank:	8.50%	Repo:	7.50%	Reverse Repo:	6.50%	MSF	8.50 %
CRR:	4.00 %	SLR:	21.50 %

EXCHANGE RATES (Base Currency INR)

$ 1 USD :

62.5908

€ 1 Euro:

67.5104

¥ 100 Japan:

52.1100

£ 1 Pound:

92.4591

UPDATES

INCOME TAX

DDIT vs. Serum Institute of India Limited (ITAT Pune)

TITLE: S. 206AA: Even in the absence of PAN payer not required to deduct TDS at 20% if case covered by DTAA

The ITAT had to consider whether section 206AA of the Act was applicable in cases which are governed by the DTAAs and whether section 206AA of the Act would override section 90(2) of the Act and therefore the tax deduction was liable to be made @ 20% in absence of furnishing of PANs by the recipient non-residents.

SECURITIES AND EXCHANGE BOARD OF INDIA

Exit Order in respect of OTC Exchange of India (OTCEI): Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, has passed an Order on March 31, 2015 providing the exit to OTC Exchange of India ("OTCEI"). OTCEI is the twelfth Stock Exchange to exit under this policy.