Month: August 2015

New Form MGT 7 Launched

MCA released the Companies (Management and Administration) Amendment Rules, 2015. Form No. MGT-7 has been substituted and the new Form MGT-7 has been published therein in the said notification. Download Notification (TO BE NOTIFIED IN OFFICIAL...

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Government Plans to Amend RBI Act by February to Set Up Monetary Panel

The government plans to change the Reserve Bank of India Act before the end of the fiscal year so it can set up a new committee to direct the country’s monetary policy, retiring Finance Secretary Rajeev Mehrishi told Reuters. The committee would be comprised of appointees from the government, the Reserve Bank of India, and independent members appointed by the government, but any changes have to be approved by the Parliament, which has blocked other government bills. “An attempt will be made to bring in by December. If it cannot be done by December, then of course by February,” Mr Mehrishi said in an interview on Sunday, just before his last day in the job. The central bank and finance ministry have been trying to resolve differences over the panel’s composition – chiefly over the balance of representation between government and RBI appointees. The finance ministry last month signalled a willingness to retreat from a blueprint that would have ensured its effective control over a seven-member committee. RBI Governor Raghuram Rajan has said the central bank and government have reached a “broad consensus” on the composition of a rate panel, without disclosing details. Mr Mehrishi said the composition of the panel would reflect the views of Dr Rajan, the government and lawmakers, but details would be disclosed first to the Parliament. “His views have been noted and would be...

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Scheme Launched By Ministry of Finance

Government Launches Suraksha Bandhan Drive in a Mission Mode Through Participating Banks and Insurance Companies to Facilitate Enrolment Under Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Through the Jeevan Suraksha Gift Cheques (Rs. 351), the Suraksha Deposit Scheme (Rs. 201) and Jeevan Suraksha Deposit Scheme (Rs. 5001) And Atal Pension Yojana (APY), to Ensure Social Security for all Especially the Poor and Under Previleged Section of Society. In order to build on the very encouraging response to the two very affordable and convenient to subscribe insurance schemes, namely the Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accident and disability cover of up to Rs.2 Lakh at an annual premium of Rs.12 and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for a term life cover of Rs.2 Lakh at an annual premium of Rs.330, launched by the Prime Minister Shri Narendra Modi on 9th May 2015, a special enrolment drive is being launched by participating Banks and Insurance Companies in the months of August-September, in the backdrop of the forthcoming festival of Raksha Bandhan. The drive will reach out to the pool of eligible Bank account holders who are yet to be enrolled under these schemes.             This “Suraksha Bandhan” drive aims to take forward the Government’s objective of creating a universal social security system in the country, targeted especially at the poor...

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Government Starts E-Booking of 2KG LPG Gas Cylinders Connections

The government is planning to launch 2-kg LPG bottles at kirana stores even as it introduced online booking of new connections for subsidised cooking fuel. “We are now planning to introduce a 2-kg cylinder that can be easily carried… this will be particularly beneficial for the rural people and poor who cannot afford to pay the price of a 14.2-kg or even 5-kg cylinder,” Oil Minister Dharmendra Pradhan said in Delhi. New subsidised connections of 5-kg cylinders in rural as well as far flung areas will be issued in first place. “Consumers can now book a new connection online. It will be verified within 48 hours and a person from the nearest LPG agency will deliver a new connection at the doorstep in next 3-4 days,” he said. “On an average 50,000 people from all works of life are giving subsidy… the target set by Prime Minister Narendra Modi is one crore,” Mr. Pradhan...

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