MCA has revised the versions of eForms - Form AOC-4 (Form for filing financial statement and other documents with the Registrar), Form AOC-4 XBRL (Form for filing XBRL document in respect of financial statement and other documents with the Registrar), Form GNL-2 (Form for submission of documents with the Registrar). The revised forms will be available on the portal on the portal of MCA w.e.f 17th February 2017Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.

ICAI elects New Torch-Bearers for the year 2017-18

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. The affairs of the ICAI are managed by the Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council is composed of 40 members of whom 32 are elected by the members and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders. 

On February 12, 2017, ICAI elected its new torch-bearers CA. Nilesh Shivji Vikamsey as the President and CA. Naveen N.D.Gupta as the Vice-President for year 2017-18.

CA. Nilesh Shivji Vikamsey, President, ICAI

A person of professional vigour, high integrity and technical expertise, CA. Nilesh Shivji Vikamsey has been elected as new President of The Institute of Chartered Accountants of India (ICAI) on February 12, 2017 by its 23rd Council, for the term 2017-18. A resident of Mumbai, he has been a member of the ICAI since 1985.While serving the ICAI Council as a member since 2010 and then as Vice-President of the Institute in 2016-17, he has proven his strength as a formidable professional. Having gained deep insights into the profession as a fellow member of the ICAI with more than 30 years of impeccable professional standing, he is widely commended and credited for his key role in contributing towards inclusive as well as exclusive growth of Indian Accountancy profession.

CA. Naveen N. D. Gupta , Vice-President, ICAI

A blend of intellect, experience, foresight, technical expertise and professional excellence , CA. Naveen N.D. Gupta has been elected as new Vice-President of The Institute of Chartered Accountants of India (ICAI) on February 12, 2017 by its 23rd Council for the term 2017-18.A Fellow Chartered Accountant with over 20 years of experience in auditing, banking & finance, he is a prolific speaker at national and international forum. He has vast experience of handling intricate taxation, accounting, auditing, corporate governance and finance matters. An altruistic hard-worker bestowed with exceptional organisational, administrative and leadership skills, he has been serving as a Central Council member since 2010.

RBI: No limit on cash withdrawal from March 13, 2017

The Reserve Bank of India on Wednesday decided to phase out weekly limit on cash withdrawal from savings accounts in two stages, starting from February 20, 2017

"The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetisation, it has now been decided to remove these limits in two stages," said RBI Deputy Governor R Gandhi.

First, the weekly withdrawal limit for savings accounts will be raised to Rs 50,000 from February 20, 2017. From March 13, there will be no limit on cash withdrawal from savings accounts, the RBI announced at the sixth bi-monthly monetary policy review.

At present, the weekly withdrawal limit is Rs 24,000 for savings accounts.

The RBI said that total currency worth Rs 9.92 lakh crore was in circulation on January 27.

The RBI added that new notes of Rs 2,000 and Rs 500 are difficult to copy+ . "The ones being found fake are photocopied and not printed versions of new notes," the central bank said.

The RBI had put limit on cash withdrawal from bank accounts in the wake of demonetisation of Rs 500 and Rs 1,000 notes on November 8. Long queues had been visible outside banks and ATMs following this move.

On January 30,2017,  the RBI had ended all curbs on withdrawals+ from current accounts, cash credit accounts and overdraft accounts.

RBI imposes *fresh restrictions on deposit* of banned notes (RS. 500 and RS. 1,000) in bank accounts from today.

Tender of banned notes *in excess of ? 5,000* into a bank account *can now only be done once* during the remaining period till 30 December 2016 , only in KYC compliant accounts. 

Such a credit shall permitted only after *questioning the tenderer* in presence of at least two bank officials of the bank, as to *why such deposit was not done earlier and after receiving satisfactory explanation.* This explanation will be kept on record to facilitate an audit trail at a later stage. 

The above limit of ? 5,000 will be calculated on *cumulative basis.*

The above restrictions are not applicable to deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016. 

RBI notification available at -

  1. Assessing Officers advised by CBDT not to reopen past assessments merely on the ground that the current year’s turnover has increased, due to use of digital means, as a result of Demonetization. Because reason to believe and not the reason to suspect is the premise behind S.147-Circular no. 40/2016 dated 09-12-2016.
  2. Direct Tax Collections for November, 2016 show growth of 15.12 %. This collection is 48.67% of the total budget estimates of Direct Tax. 
  3. SEBI had issued Circular regarding streamlining the process for acquisition of shares pursuant to tender officer made for takeover, Buy Back and De-listing of Securities CIRCULAR CFD/DCR2/ CIR/P/2016/131 December 09, 2016. 
  4. The Government will waive service tax on debit and credit card transactions of up to Rs. 2,000 to promote digital transactions amid cash crunch following the withdrawal of old Rs. 500 and 1,000 banknotes.
  5. GST Migration for Delhi VAT dealers to start from 16.12.2016. As (GST) is likely to be implemented with effect from April 1, 2017.
  6. RBI Allows Banks to Open Account with OTPs. The Reserve Bank of India has amended customer authentication rules to allow banks to open new accounts using one-time pins.

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