Author Archives: sukruthi

FAQs – Withdrawal of Rs.500 and Rs.1000 notes

Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

Withdrawal of Currency Rs.500 & Rs.1000 Denominations

1. Why is this scheme?

The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.

2. What is this scheme?

The legal tender character of the notes in denominations of ₹ 500 and Rs1000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.

3. How much value will I get?

You will get value for the entire volume of notes tendered at the bank branches / RBI offices.

4. Can I get all in cash?

No. You will get upto ₹4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

5. Why I cannot get the entire amount in cash when I have surrendered everything in cash?

The Scheme of withdrawal of old high denomination(OHD) notes does not provide for it, given its objectives.

6. ₹4000 cash is insufficient for my need. What to do?

You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.

7. What if I don’t have any bank account?

You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.

8. What if, if I have only JDY account?

A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.

9. Where can I go to exchange the notes?

The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.

10. Need I go to my bank branch only?

For exchange upto 4000 in cash you may go to any bank branch with valid identity proof.

For exchange over 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.

In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.

11. Can I go to any branch of my bank?

Yes you can go to any branch of your bank.

12. Can I go to any branch of any other bank?

Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds ₹4000.

13. I have no account but my relative / friend has an account, can I get my notes exchanged into that account?

Yes, you can do that if the account holder relative/friend etc gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

14. Should I go to bank personally or can I send the notes through my representative?

Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorization. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

15. Can I withdraw from ATM?

It may take a while for the banks to re calibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs.2,000/- per card per day upto 18th November, 2016. The limit will be raised to Rs.4000/- per day per card from 19th November 2016 onwards.

16. Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs10,000/- in a day within an overall limit of Rs.20,000/- in a week (including withdrawals from ATMs) for the first fortnight i.e. upto 24th November 2016.

17. Can I deposit withdrawn notes through ATMs, Cash Deposit Machine or cash Recycler?

Yes, OHD notes can be deposited in Cash Deposits machines / Cash Recyclers.

18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?

You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

19. How much time do I have to exchange the notes?

The scheme closes on 30th December 2016. The OHD banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 2016.

For those who are unable to exchange their Old High Denomination Banknotes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

20.I am right now not in India, what should I do?

If you have OHD banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)

21. I am an NRI and hold NRO account, can the exchange value be deposited in my account?

Yes, you can deposit the OHD banknotes to your NRO account.

22. I am a foreign tourist, I have these notes. What should I do?

You can purchase foreign exchange equivalent to ₹5000 using these OHD notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the OHD notes.

23. I have emergency needs of cash (hospitalization, travel, life saving medicines) then what I should do?

You can use the OHD notes for paying for your hospitalization charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.

24. What is proof of identity?

Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

25. Where can I get more information on this scheme?

Further information is available at our website (www.rbi.org.in) and GoI website (www.rbi.org.in)

26. If I have a problem, whom should I approach?

You may approach the control room of RBI by email or on Telephone Nos 022 22602201 / 022 22602944

 

To download click here  frequently-asked-questions-9thnovmail

To read ebook   

  

AMENDMENT TO THE BUILDING AND OTHER CONSTRUCTION WORKERS

AMENDMENT TO THE BUILDING AND OTHER CONSTRUCTION WORKERS (REGULATION OF EMPLOYMENT AND CONDITIONS OF SERVICE) ACT, 1996 AND BUILDING AND OTHER CONSTRUCTION WORKERS’ WELFARE CESS ACT, 1996

The Union Cabinet today approved the Amendment to the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) { BOCW (RECS)} Act, 1996 and Building and Other Construction Workers’ Welfare Cess Act, 1996 and the introduction of the Building and Other Construction Workers Related Laws (Amendment) Bill, 2012 in Parliament in its ensuing session.
This amendment will streamline the process of the registration of the construction workers. The State Welfare Boards will be able to consolidate their finances and incur expenditure on administrative and other purpose for smooth functioning of the Board. The amendments will facilitate speedy implementation of these Acts by the Central and the State Governments.
The provisions in the Amendment are given below :

  1. Empower the Central Government to specify the maximum cost of construction by notification, in place of the present limit of Rs.10 lakh, which shall fall within the definition of establishment under the BOCW (RECS) Act.
  2. The prerequisite condition of engagement of ninety days for registration of workers under the BOCW (RECS) Act is proposed to be done away with. Moreover, in order to extend benefits to the workers, who are engaged in building and construction work after attaining the age of sixty years, the criteria of upper age limit of sixty years is proposed to be done away with.
  3. To empower the Central Government to notify such percentage of total expenditure, in place of existing 5 percent during the financial year, for meeting administrative expenses by the State Building and Other Construction Workers Welfare Board.
  4. To empower Central Government to appoint such number of Director Generals not exceeding 10 to coordinate with the Central Government in carrying out its responsibility of laying down the standard of inspection and to exercise the power of an inspector.
  5. To empower the State Governments to file complaints for contravention of provisions of the Act.
  6. To prescribe a time limit of 30 days for cess collecting authorities to deposit cess to the State Building and Other Construction Workers Welfare Board.
  7. To constitute a Committee consisting of Secretary (Labour), Secretary (Finance), Secretary (Planning) and Secretary (Social Welfare) of the State for performing the functions of the State Building and Other Construction Workers Welfare Board till such time a Board is formally constituted by the State Government.

Background :

Building and other Construction Workers (Regulation Employment and Conditions of service) Act, 1996 (BOCW (RECS) Act and Building and Other Construction Workers Welfare Cess Act, 1996 (BOCW Welfare Cess Act) were enacted with a view to regularizing the wages, working conditions, safety and for their health, welfare measures, etc. The Acts apply to every establishment which employs 10 or more workers. The major source of the fund to the Building and Other Construction Workers Welfare Board is the collection of cess at the rate of one percent of the const of construction incurred by the employer under the Building and Other Construction Workers Welfare Cess Act, 1996. The fund has to be utilized for the welfare of such workers. Central Government is the implementing agency in the central sphere for the purpose of enforcement of various provisions of the Act, while States are the implementing authority under State sphere. The State Governments have to frame and notify rules, constitute Advisory Committees or Expert Committees and appoint various authorities for registration of workers, cess collection, inspection and Appellate Authority. They have to constitute State Welfare Boards as well.
The matter of slow progress of implementation of these Acts has been raised at various fora. The Tripartite Central Advisory Committee, constituted under the BOCW(RECS) Act, 1996 set up a Task Force to examine various provisions of the Act. The recommendations of the Task Force were considered by the Central Advisory Committee. The Task Force and the Central Advisory Committee recommended that certain provisions of these Acts require amendments. Accordingly the Central Government decided to carry out amendments in these Acts. – www.pib.nic.in

EXAMINATION OF BALANCE SHEETS BY ROCs

 

GENERAL CIRCULAR NO. 37/2012, DATED 6-11-2012
It is considered expedient to issue the following circular for general information.

Every company registered under the provisions of the Companies Act, 1956 is required to file its balance sheet annually with the office of the Registrar of Companies within whose jurisdiction the registered office of the company is located. Presently, there are more than 8 lakh companies registered with various offices of the RoCs located all over the country. Balance sheets of all the companies who carry out the filing are available for public inspection on the portal of this Ministry (http://www.mca.gov.in). The underlying idea behind the filing of balance sheets and other documents which require similar filings is to publicly disclose information which reflects various aspects of the working of a company so that the company’s public accountability is maintained. It is neither intended nor feasible for the Registrars to scrutinize or verify the contents of filing except on a random basis. Companies and its Directors and officials are liable to be penalized for any incorrect, false or misleading information that such filing disclose. In the following cases, however, the Registrars routinely scrutinize balance sheets:

  1. of companies against whom there are complaints;
  2. of companies which have raised money from the public through public issue of shares/debentures etc.;
  3. in cases where the auditors have qualified their reports.
  4. Default in payment of matured deposits and debentures.
  5. References received from other regulatory authorities pointing out violations/irregularities calling for action under the Companies Act, 1956.

After the scrutiny suitable steps are initiated wherever necessary to obtain explanation and clarification and to institute inspections, investigations and prosecutions wherever warranted.

Excel Utilities for Chartered Accountants

A new Website for e-filing of returns and forms has been launched by the Income-tax Department. On the new Website, a new feature has been introduced for tax professionals (presently this feature is available only for Chartered Accountants) for online filing of various forms. To assist tax professionals in filing the statutory forms various Excel Utilities have also been introduced.

These Excel Utilities shall be used for filing of following forms:

  1. Form No. 3CA-3CD – Audit report under Sec. 44AB in a case where the accounts of the business or profession of a person have been audited under any other laws;
  2. Form No. 3CB-3CD – Audit report under Sec. 44AB in the case of a person referred to in clause (b) of sub-rule (1) of Rule 6G;
  3. Form No. 3CEB – Report from an accountant to be furnished under Sec. 92E relating to international transactions;
  4. Form No. 29B – Report under Sec. 115JB for computing the book profits of the company.

Sukruthi Website Relaunch

We are pleased to announce the the launch of its revamped website at http://sukruthi.in. We have re-designed and re-created to make things more interesting @ sukruthi.

Please let us know your feedback using the question bubble at the bottom of the site.

@Team Sukruthi