TIOL-DDT 2980 · the untouched capture
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=26988"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2016.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="252" height="220" hspace="5" border="0" align="right" ></a></font><font color="#663399" size="3">TIOL-DDT 2980</font><br>
29 11 2016<br>
Tuesday</strong></font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600">Demonetisation - 8.45 lakh crores in; 2.17 lakh crores out</font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>RBI</strong> has reported that exchange/deposits of old notes effected from November 10, 2016 upto November 27, 2016 amounted to Rs. 8,44,982 crore (exchange amounted to Rs. 33,948 crore and deposits amounted to Rs. 8,11,033 crore).</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The public have withdrawn, during this period, Rs. 2,16,617 crore from their accounts either over the counter or through ATMs.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">There is still about Rs. 8 lakh crores in old notes out there and much depends on how much stays back.</font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA4MjE=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBI Press Release 2016-2017/1349., Dated: November 28, 2016</font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600"><a name="f1"></a>RBI to Allow more Withdrawals</font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>RBI</strong> has informed the Banks:</font></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>It has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts. </em></font></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denominations bank notes of Rs. 2000 and Rs. 500 are to be issued for such withdrawals. </font></em></p>
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<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA4MjA=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBI/2016-17/163 DCM.No.1437/10.27.00/2016-17., Dated: November 28, 2016 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600"><a name="f2"></a>Dear Captain, Mumbai Customs Welcomes You - Boarding Procedure Streamline </font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>FOR </strong>speedy clearance of vessel operation and to streamline the boarding procedures, the JN Customs directs that: </font></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>The Steamer Agents shall inform the Section Officer/Boarding Officer in advance </em></font></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">regarding berthing time and details of the vessel along with requisite documents for scrutiny by the Boarding Officer. As soon as the message of Pilot Boarding the vessel is received by the Port authorities, they shall inform the same to the Boarding Office immediately so as to enable the Boarding Office to take necessary steps for granting entry inward. </font></em></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A revised feedback form is prescribed and the Steamer Agent should advise the Master of the vessel to give genuine feedback in the feedback form provided by the Boarding Officer. </font></em></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Boarding Officers have been directed to endorse the approval for work commencement on the hard copy of the Shipping Journal/Arrival Report as soon as the Boarding procedure is completed. All agents may take note and advise the Master(s) of vessel(s) accordingly.</font></em></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The feedback form starts with,</font></p>
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<td valign="top" bgcolor="#E7EFEB"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Dear Captain, </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Mumbai Customs Nhava Sheva welcomes you and your crew. You are requested </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">to fill the Part B of the feedback form carefully and give a genuine opinion about your experience with Customs. Your feedback will help us in improving our services. </font></p></td>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Comments are sought on the Courteous Behaviour, Efficiency in work and Quality of interaction of the officers. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Captain is also advised, </font></p>
<p align="justify"><font color="#009900" size="2" face="Verdana, Arial, Helvetica, sans-serif">Please desist from offering any compliments to the Officer of Customs and please don't take offence if they decline as they are under strict order, in this regard. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA4MjI=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">JN Customs Public Notice No. 156/2016., Dated: November 24, 2016</font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600"><a name="f3"></a>SEZ Rules - Annual Performance Return to be submitted within 180 days </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN </strong> the SEZ Rules, Form H is the Bond-Cum-Legal Undertaking For Special Economic Zone Unit. Condition 7 of this Bond Cum LUT reads as: </font></p>
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<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7. We, the obligors shall, after the commencement of production or service activities, submit to the Development Commissioner and the Specified Officer, Annual Performance Return within a period of <strong>ninety days</strong> following the close of financial year, in the form prescribed under the Special Economic Zone Rules, 2006, certified by a Chartered Accountant. In case of wrong submission of such information or failure to submit such information within the stipulated time, the permission granted to us for carrying out the authorized operations may be withdrawn and/or the permission for further imports and sales in the Domestic Tariff Area may be stopped. </font></em></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now, the <strong><em>ninety days</em></strong> is changed to <strong>one hundred eighty days. </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As per item 1 of the Annexure-I of the SEZ Rules, <em>The annual review of performance of unit and compliance with the conditions of approval shall be undertaken by Approval Committee on the basis of Annual Performance Report (in Form I) duly certified by an independent Chartered Accountant before the end of the <strong>first quarter </strong>of the following financial year. </em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now, the <strong>first quarter </strong>is changed to <strong>second quarter. </strong></font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA4MTk=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Dept. of Commerce Notification in F.No. D.12/24/2016-SEZ., Dated: November 21, 2016 </font></strong></a></p>
<p align="center"><strong><font size="3" face="Georgia, Times New Roman, Times, serif"><em><font color="#006600"><a name="f4"></a>Excise Duty Exemption to Point of Sale Devices</font></em></font></strong></p>
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<td><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/stories/point_sale.jpg" alt="" width="137" height="137" hspace="5" border="0" align="center"></font></div></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT</STRONG> has granted excise duty exemption to Point of Sale (POS) Devices falling under heading 8470 and all goods for manufacture of Point of Sale (POS) Devices, till March 31 2017. With the currency crunch, perhaps these devices are in much demand.</font></p>
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<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA4MTg=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 35/2016-Central Excise., Dated: November 28, 2016</font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600"><a name="f5"></a>Black Money - A Virtually Prohibitive Route - Revenue Secretary</font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>BRIEFING</STRONG> the media after the 'Taxation Laws (Second Amendment) Bill, 2016 was introduced in Parliament, revenue Secretary Dr. Hasmukh Adhia said keeping undisclosed income has become a virtually prohibitive route. He urged the people with unaccounted money to pay tax and penalty or use the proposed scheme Pradhan Mantri Garib Kalyan Yojana 2016. He said, <em>"Use this scheme now as the government may take more steps against black money later."</em> </font></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#F3DBCF" span="span">Objects and Reasons for the 'Taxation Laws (Second Amendment) Bill, 2016: </font><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and development programmes. It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage. As a step forward to curb black money, bank notes of existing series of denomination of the value of five hundred rupees and one thousand rupees(hereinafter referred to as specified bank notes) issued by the Reserve Bank of India have been ceased to be legal tender with effect from the 9th November, 2016. </font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>2. Concerns have been raised that some of the existing provisions of the Income-tax Act, 1961 could possibly be used for concealing black money. It is, therefore, important that the Government amends the Act to plug these loopholes as early as possible so as to prevent misuse of the provisions. The Taxation Laws (Second Amendment) Bill, 2016, proposes to make some changes in the Act to ensure that defaulting assessees are subjected to tax at a higher rate and stringent penalty provision. </em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>3. In the wake of declaring specified bank notes as not legal tender, there have been representations and suggestions from experts that instead of allowing people to find illegal ways of converting their black money into black again, the Government should give them an opportunity to pay taxes with heavy penalty and allow them to come clean so that not only the Government gets additional revenue for undertaking activities for the welfare of the poor but also the remaining part of the declared income legitimately comes into the formal economy. Thus, money coming from additional revenue as a result of the decision to ban Rs. 1000 and Rs. 500 notes can be utilised for welfare schemes for the poor. </em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>4. Therefore, an alternative scheme namely, the 'Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY) is proposed to be provided in the Bill. The declarant under this regime shall be required to pay tax @ 30% of the undisclosed income and penalty @ 10% of the undisclosed income. Further, a surcharge to be called 'Pradhan Mantri Garib Kalyan Cess' @ 33% of tax is also proposed to be levied. In addition to tax surcharge and penalty, the declarant shall have to deposit 25% of undisclosed income in a Deposit Scheme to be notified by the Central Government in consultation with the Reserve Bank of India under the 'Pradhan Mantri Garib Kalyan Deposit Scheme, 2016'.This amount is proposed to be utilised for the programmes of irrigation, housing, toilets,infrastructure, primary education, primary health, livelihood, etc.; so that there is justice and equality. </em></font></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5. The Bill seeks to achieve the above objectives. </font></em></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">For more details, please see our Breaking News - <a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=28734" target="_blank"><strong>Demonetisation Saga</strong> </a></font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600"><a name="f6"></a>CIC directs Supreme Court to disclose Impugned order details and update its website </font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN </strong> a landmark decision, the Chief Information Commissioner in the case of <em>R.K.Jain v. CPIO, Supreme Court, has directed the CPIO of the Supreme Court of India</em> to disclose the details of the Impugned Order (lower Court details) such as name of the Court, date of decision, case/order No. and also to upload the same on its website in larger public interest. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">These directions have been issued by rejecting the plea of the Supreme Court that </font></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) the information sought is not covered under section 2(f) of the RTI Act; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) such information is obtainable by applying certified copies under Supreme Court Rules being judicial records and not under RTI; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) the database available on the computer system of Supreme Court are for internal use, hence not disclosable on their website; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iv) providing such information will disproportionately divert the resource of the Supreme Court; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(v) in some cases, the data has not been updated on the internal server of the Supreme Court hence not available on website and for such information, an application under Supreme Court Rules is required to be made </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vi) RTI applicant is entitled only to such information which can be accessed by the Public Authority under any law; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vii) the compliance to Section 4 of the RTI Act is an obligation on the part of the Public Authority and not the CPIO;</font></p>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It is noteworthy that similar information was earlier provided by the same CPIO of the Supreme Court and such information is otherwise available at the kiosks installed in the Supreme Court premises but not displayed on Supreme Court website.</font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600"><a name="f7"></a>Demonetisation - Postal Officers in currency exchange fraud</font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>LAST</STRONG> week, the CBI raided some post offices in Hyderabad and the Senior Superintendent of Post Offices stated that they were routine inspections. But it is reported that yesterday, the CBI booked three postal officials including the Senior Superintendent, who thought it was a routine visit. Now it is revealed that the Superintendent had illegally exchanged 36 lakh old currency notes with the connivance of two employees including a lady.</font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more <strong>DDT</strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Have a nice day.</strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to <strong><a href="mailto:vijaywrite@tiol.in" target="_blank">vijaywrite@tiol.in</a></strong></font></p>
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