New Centralised Process of Incorporation of Companies

MCA has centralized the process of incorporation of companies w.e.f. 28.03.2016. Under this new process, all e-forms relating to incorporation of companies, viz., INC-2, INC-7, INC-29 and other related forms (INC-22, DIR-12) shall be processed by the Central Registration Centre (CRC).

It may be noted that the CRC was established by MCA vide notification dated 22.01.2016 and was made operational w.e.f. 26.01.2016.

The text of the relevant notification is reproduced below:

Securities and Exchange Board of India

CIRCULAR
CIR/MIRSD/29/2016 January 22, 2016
1. All Recognized Stock Exchanges
2. Stock Brokers through Recognized Stock Exchanges
3. All recognised Depositories
4. Depository Participants through Depositories
5. Association of Mutual Funds in India
6. Mutual funds through AMFI
7. Portfolio Managers
8. KYC Registration Agencies (KRAs)
9. Alternative Investment Funds (AIFs)
10. Collective Investment Schemes (CIS)
11. Custodians
1. The Hon'ble Supreme Court, in Writ Petition (Civil) No. 494 of 2012 in the matter of
Justice K.S.Puttaswamy (Retd.) & Another vs Union of India & Others, vide order
dated August 11, 2015 and October 15, 2015 directed that the usage of the
Aadhaar card as issued by the Unique Identification Authority of India (UIDAI) is
voluntary. In view of the said orders, the usage of Aadhaar card is optional and
purely on a voluntary basis, subject to the final judgment of the Hon’ble Supreme
Court in the aforesaid petition.
2. SEBI circular dated October 8, 2013, enables Aadhaar based e-KYC service
offered by UIDAI for KYC verification on authorisation by the client to the
intermediary on a voluntary basis. Clarification on certain operational aspects of
the said circular is provided at Annexure A.
3. It may be noted that the provisions laid down under the Prevention of Money-
Laundering Act, 2002, Prevention of Money-Laundering (Maintenance of Records)
Rules, 2005, SEBI Master Circular on Anti Money Laundering (AML) dated
December 31, 2010 and SEBI Circular on AML dated March 12, 2014 and relevant
KYC circulars issued from time to time shall continue to remain applicable.

Securities and Exchange Board of India

4. This clarificatory circular is issued in exercise of the powers conferred under
Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect
the interests of investors in securities and to promote the development of and to
regulate the securities market.
Yours faithfully,
D Rajesh Kumar
Deputy General Manager
022-26449242
Email: [email protected]
Encl: Annexure A – Clarification on voluntary adaptation of Aadhaar based e-KYC
process

Securities and Exchange Board of India
Annexure - A
Clarification on voluntary adaptation of Aadhaar based e-KYC process
SEBI vide circular dated October 8, 2013, enabled Aadhaar based e-KYC service offered
by UIDAI for KYC verification.
Intermediaries have sought clarifications from SEBI on certain operational aspects of the
same.
It is clarified that for accessing the details enabling client identification and authentication
from UIDAI based on client authorisation, on voluntary basis, intermediaries who utilize
the services of KYC Service Agencies (KSAs) would be registered as KYC User Agencies
(KUA) with UIDAI.
1. For entering into account based relationship, the client may provide the following
information to the intermediary:
i. Name
ii. Aadhaar number
iii. Permanent Account Number (PAN)
2. The above information can be provided by the client electronically including through
any web enabled device.
3. The intermediary shall perform verification of the client with UIDAI through biometric
authentication (fingerprint or iris scanning). Mutual Funds can also perform verification
of the client with UIDAI through One Time password (OTP) received on client’s mobile
number or on e-mail address registered with UIDAI provided, the amount invested by
the client does not exceed Rs. 50,000 per financial year per Mutual Fund and payment
for the same is made through electronic transfer from the client’s bank account
registered with that Mutual Fund.
4. PAN of such client is to be verified from the income tax website.
5. After due validation of Aadhaar number provided by the client, the intermediary (acting
as KUA) shall receive the KYC information about the client from UIDAI through KSA.
6. The information downloaded from UIDAI shall be considered as sufficient information
for the purpose of KYC verification. The intermediary shall upload this KYC
information on the KRA system in terms of KRA Regulations.
7. In case material difference is observed either in the name (as observed in the PAN
vis-a-vis Aadhaar) or photograph in Aadhaar is not clear, the intermediary shall carry

Securities and Exchange Board of India

out additional due diligence and maintain a record of the additional documents sought
pursuant to such due diligence.
8. The records of KYC information so received shall be maintained by the intermediary
as per the SEBI Act, Regulations and various circulars issued thereunder.

ICSI June 2016 Exams official Time Table



click on image and get full size
Annexure- "A"
tos) -rH E I I\lS-rt-r(J-rE oF C6rn foan-fr seErecaries of lrldia
COMPANY SECRETARIES EXAMINATIONS, JUNE, 2015
TIME-TABLE & PROGRAMME
EXAM INA]IION TIMING: 9:OO A.M. TO 12:00 Noon.
Date and
Day
Professlonal Programme
(Old Syllabus)
Executive Progtamme Professiona I Prog ra m me
(New Syllabus)
01.06.2015
Wednesday
Company Secretarial Practice
(Module - I)
Cost and Management Accounting
(Module-t1* OMR Based
Advanced Company Law and Practice
(Module - I)
02.05.2016
Thursday
Drafting, Appearances and Pleadings
(Module-I)
Tax Laws and Practice
(Module-I)* OMR Based
Secretarial Audit, Compliance Management
and Due Diligence (Module - I)
03.06.2016
Friday
Financial, Treasury and Forex Management
(Module-il)
Industrial, Labour and General Laws
(Module-fi)* oMR Based
Corporate Restructuring, Valuation and
Insolvency (Module - I)
04.o5.2016
Saturday
Corporate Restructuring and Insolvency
(Module-II) NO EXAMINATION
Information Technology and Systems Audit
(Module - II)
o5,06.2016
Sunday NO EXAMINATION NO EXAMINATION NO EXAMINATION
06.06.2016
Monday
Strategic Management, Alliances and
Internationa I Trade
(Module-III)
Company Law
(Module-I)
Financial, Treasury and Forex Management
(Module - II)
07.06.2016
Tuesday
Advanced Tax Laws and Practice
(Module- I)
Economic and Commercial Laws
(Module-I)
Ethics, Governance and Susta ina bility
(Module - II)
08.05.2016
Wed nesday
NO EXAMINATION
Company Accounts and Auditing Practices
(Module-II)
Advanced Tax Laws and Practice
(Module - ilI)
09.06.2016
Th u rsday
Due Diligence and Corporate ComPliance
Management
(Module-IV)
Capital Markets and Securities Laws
(Module-II)
Drafting, Appearances and Pleadings
(Module - III )
10.06.2016
Friday
Governance, Business Ethics and
Sustainability
(Module-IV)
NO EXAMINATION
Elective 7 out of below 5 subiects
(Module - III)
(i) Bankinq Law and Practice
( ii) Capital, Commodity and Money
Market
( iii') Insurance Law and Practice
( iv) Intellectual Property Rights - Law and
Practice
(v) International Business-Laws and
Practices
three papers, i.e., Cost and ManaSement accounting; (ii) Tax taws and Practice; and llll) lndustrlal, tabour and General Laws to be held ln OMR Mode on 1",2"" and 3'lun'e,2015 respectively)
'(The %tlBAL

Industrial labor and
general law CS ExcutiveILGL Notes
CS - EXECUTIVE

THE PAYMENT OF BONUS ACT, 1965
APPLICABILITY • To every factory, Business organization, establishment
(Sec. 1) • With more than 20 employees, employed on any working day of A.Y.
• With employee between 10 to 19 (By passing a notification in official
gazette by Appropriate Government, giving a 2 months prior notice to
establishment)
Corporate – year ending on closing
date of books
MEANINGS [Sec. 2(1)] Accounting year Company – Period of P & L
Any other – 1st April to 31st march
or year ending on closing
date of books
[Sec. 2(13)] Employee ANY Person (except apprentice)
doing any job, and getting salary/wage
less than Rs. 10,000 per month.
[Sec. 2(14)] Employer Owner or person who manages the
affair of establishment.
[Sec. 2(21)] Salary remuneration + DA + Food allowances +
cash payments (Nothing else)
Eligibility Employee Working days ≥ 30 days during A.Y.
(Sec 8)
Disqualification Employee has been dismissed from service for (any of the following)
(Sec 9) • Fraud,
• Riotous or violent behavior while on the premises of establishment.
• Theft misappropriation or sabotage of any property of establishment.
COMPUTATION AND PAYMENT OF MINIMUM BONUS [Sec. 10,11,12,13,14,15,17,18,19]
Age ≥ 15 yrs – Rs. 100 or 8.33% of salary or wages
Minimum Amount Employee age
(Sec 10) Age Once Applicable
Applicable Forever
Any means any, whether retrenched, temporary etc only apprentice is excluded
Establishment includes branches, departments and undertaking, except those whose books are
maintained separately.
Disqualified u/s 9 for any year will not receive any bonus for any year
Whichever is higher
Minimum bonus is must whether employer has allocable surplus or not
RAJNISH PANDEY - 9651594376 , [email protected] or at fb search - 9651594376 Page 3
Maximum Amount • if Allocable Surplus exceeds amt of minimum bonus then
(Sec 11) ® bonus = proportionate to wages or salary
® 20% of wages or salary
• If Allocable Surplus exceeds 20% of wages or salary then
® Excess amt is carried forward as per Sec. 15
Ceiling on salary or wages Lower of two
(Sec 12) • Actual Salary or wages
• Rs. 10000 per month
Proportionate reduction if employee has not worked on all working days in AY minimum
(sec 13) bonus shall be reduced proportionately.
Computation of working days the days on which employee is on leave (any kind) with salary
(Sec 14) or wages will be deemed as working days
Allocable Surplus > Max Bonus • Excess amt carried Forward
Set off and Set on • for being set on in 4 succeeding AY
(Sec 15) Allocable Surplus • for being set off in 4 succeeding AY
Adjustment of amt paid as • Customary Bonus (puja, diwali etc.)
Deduction from Bonus (Sec. 17) • Interim Bonus
Deduction of loss caused due to • Financial loss caused by Employee &
(Sec. 18) • Employee found guilty of misconduct
Time Limit for Payment • within 1 month of award becoming enforceable (in case of dispute)
(Sec. 19) • extension of 8 months from end of AY with permission of AG
Procedure Application by employer to AG
Stating reason of grant of extension
Total period including extension ≤ 2 yrs
Provision Applicable to New Establishments first 5 yrs – Sec 15 Not applicable
(Sec. 16) 6th year – excess/deficiency of 5 & 6 yr C/f
7th year – excess/deficiency of 5,6 & 7 yr C/f
8th year – Sec 15 applicable here onward
Whichever is
lower
RAJNISH PANDEY - 9651594376 , [email protected] or at fb search - 9651594376 Page 4
Recovery of Bonus due from employer App. by - Employee, Legal heir, Authorised person
(Sec. 21) App. To – Appropriate Government (AG)
Time Limit – Within 1 year of bonus become payable
(May be extended by AG if sufficient cause given)
After satisfaction AG Issues Certificate of Recovery and
Delegates the power u/s 21 to a collector who shall proceed to
recover the amt in the same manner as arrears of land revenue
In Case of Dispute Relating to – Payment of Bonus or applicability of act
Filed with – any court, Tribunal or Arbitrator
It is Presumed that – Particulars contained in books of Account, B/S and
P&L A/c of employer duly audited, are accurate.
Table showing whose and what books should be audited and by whom. Under what section.
S.
No. Meaning of Employer Section Nature of Books Audited by
1. A Company Sec. 24 B/S and P&L A/c Auditor qualified u/s 226
2. A Corporation Sec. 24 B/S and P&L A/c CAG
3. A Banking Company Sec. 25 Books of Accounts Chartered Accountant
4. Other than Company or Corporation Sec. 26 Books of Accounts Auditor qualified u/s 226
Inspectors Purpose of Appointment – To ascertain whether provison of act have been complied
(Sec. 27) Appointed by – AG (No. required & limits of exercising jurisdiction is also defined)
Power of Inspector – • Collect Information
• Enter into establishment
• Examine employer, his agents or servants
• Make copies of or take extracts from any book.
• Exercise other powers as prescribed [Sec. 27 (2)]
Non Applicabilty of the act Employees of 1. Insurance and Banking Companies
(Sec. 32) 2. Seamen, CG, SG or a Local authority
3. Educational Institutes

4. Indian Red Cross Society, NPO’s

5. Financial Institutes notified in off. Gazette
Exemption from Act Granted by – AG
(Sec. 36) On Grounds of – Financial Position
Order of Exemption – Shall be published as notification in Official Gazette
Contents of Order – Conditions and Period of Exemption
If Employer fails to get his accounts audited then Authority may get the account audited and

remuneration + expenses to auditor will be paid by

Credits: RAJNISH PANDEY

CLICK HERE / CLICK HERE TO DOWNLOAD NOTES

Call for the following information / records / details / evidences for the purposes of Statutory audit of Bank :

1. Closing circular issued to the branch / reference in their website to download the same.
2. The extent, size and specialization of the branch
3. The profile of the branch and performance in the past two years.
4. Comparative analysis of movement of interest income and expenses vis a vis advances and deposits respectively for two years.
5. List of top borrowers accounts accounting for 2% of the advances of the branch or Rs.1 crore whichever is lower, covering at least 60% of advances of the branch.
6. Copies of last three months Concurrent Audit Reports ( if covered under Concurrent Audit)
7. Copy of the summary sheet of the last Inspection Report.
8. Copy of Revenue Audit Report, if any.
9. Copy of IT Audit Report, if any.
10. Copy of vigilance enquiry or any special investigation reports.
11. Details of fresh advances made during the year.
12. Details of major weaknesses, if any, persisting in the branch
13. List of Potential NPA Accounts  – For quarter ending December.
14. Details of loan accounts restructured during the year.
15. Details of advances which are pending renewal for more than 3 months.
16. Details of advance accounts wherein stock statements are not received for 3 months.
17. List of NPA accounts wherein the valuation reports are older than 3 years.
18. List of non corporate entities with working capital limits in excess of Rs. 10 lakhs.
19. List of borrowers accounts which underwent CDR during the year.
20. List of accounts where recoveries are made, where DICGC / ECGC claims have been received.
21. Details of expired Letters of Credit / Guarantees.
22. Details of Invoked Guarantees / Letters of Credit and treatment thereof.
23. List of off balance sheet items and contingent liabilities, if any.
24. Details of suspense and sundry entries beyond 1 year.
25. Details of fraud by employee or outsiders, against the bank during the year.
26. List of recoveries in NPA accounts and appropriation thereof.
27. Details of legal expenses incurred and accounting in the books.
28. Details for Long Form Audit Report, including Annexures for advances above Rs.2 crore
29. Details for Tax Audit under section 44 AB of Income Tax Act, with specific reference to additions to fixed assets.
30. Details of section wise tax deducted and remitted including date of deduction, date of remittance and delay if any. TDS mapping for deduction and remittance.
31. Certificate from branch management that TDS has been duly deducted and remitted as per provisions of Income Tax Act, 1961
32. Details for furnishing various certificates.
33. Date when the audit could be commenced.
34. Proforma Management Representation Letter to obtain the management’s assurance that the financial statements and other information furnished for furnishing certificates are truly and correctly prepared and presented by the branch management to the branch Statutory auditors.

Income Tax Rates for Financial Year 2016-17

Finance Bill proposes rationalization of TDS rates and threshold limits
(w.e.f 1st June, 2016) TDS Provisions as per Budget 2016 / TDS Rate chart as per Budget 2016 / TDS Rates 2016-17
Sr. No.	Section		Provision		Existing Provision		Proposed amendment
1	192A		Payment of accumulated balance from provident fund account		No TDS if payment does not exceed Rs. 30,000		No TDS if payment does not exceed Rs. 50,000
2	194BB		Winning from Horse Race		No TDS if payment does not exceed Rs. 5,000		No TDS if payment does not exceed Rs. 10,000
3	194C		Payment to Contractors		No TDS if payment does not exceed Rs. 75,000		No TDS if payment does not exceed Rs. 1,00,000
4	194D		Payment of Insurance Commission		No TDS if payment does not exceed Rs. 20,000		No TDS if payment does not exceed Rs. 15,000
					Rate of TDS : 10%		Rate of TDS : 5%
5	194DA		Payment in respect of Life Insurance Policies		Rate of TDS : 2%		Rate of TDS : 1%
6	194EE		Payments in respect of NSS Deposits		Rate of TDS :20%		Rate of TDS : 10%
7	194G		Commission on sale of lottery tickets		No TDS if payment does not exceed Rs. 1,000		No TDS if payment does not exceed Rs. 15,000
					Rate of TDS : 10%		Rate of TDS : 5%
8	194H		Payment of commission or brokerage		No TDS if payment does not exceed Rs. 5,000		No TDS if payment does not exceed Rs. 15,000
					Rate of TDS : 10%		Rate of TDS : 5%
9	194-I		Deduction of tax from payment of Rent		No TDS if payment does not exceed Rs. 1,80,000		No TDS even if payment exceeds Rs. 1,80,000 provided landlord furnishes to the payer a self declaration in prescribed Form. No. 15G/15H.
10	194LA		Payment of Compensation on comoulsory acquisition of certain Immovable Property		No TDS if payment does not exceed Rs. 2,00,000		No TDS if payment does not exceed Rs. 2,50,000
11	194LBB		Income in respect of Units of Investment Funds		Rate of TDS: 10%		Rate of TDS: (a) 10% in case resident (b) Rates in Force in case of non-resident
12	206C		Collection of TCS at 1%				Collection of TCS at 1% in case of: (a) Purchase of motor vehicle, if value thereof exceeds Rs. 10 lakhs (b) Purchase of any goods or service, if value thereof exceeds Rs. 2 lakhs and the payment thereof is made in cash.
13	206AA		Exemption from Requirement of furnishing PAN to certain non-resident.		Exemption from Section 206AA was allowed only in case of payment of interest on long-term bonds as referred to in section 194LC		Section 206AA is proposed to be amended to provide exemption from withholding at higher rate in case of other payments made to nonresident as well subject to certain conditions as may be prescribed.

Chief Minister Siddaramaiah on Friday the 18th March 2016 presented Karnataka Budget 2016-17 in which major focus have been laid on water resources and agriculture sectors.
Following are the key features of Karnataka Budget 2016-17 presented by CM Siddaramaiah in state assembly:-

1. A budgetary allocation of Rs 4344 Crore has been made for Agricultural department and Agri-clinic would setup in collaboration with IIM-B and GKVK agricultural university through PPP model.
2. Rs 14,477 crores has been sanctioned for development of water resources, Rs 4034 Crore for Agriculture sector, Rs 1886 for Animal Husbandry and Rs 753 Crore for Horticulture sector.
3. “Suvarna Krishi Grama Yojana” introduced for welfare of agricultural sector and the state government has predicted a depreciation of 4.7 percent in agricultural sector due to poor monsoon.
4. Rs 100 crore has been allocated for lake development in Bengaluru and Rs 250 crore has been sanctioned for development of municipalities under Bruhat Bengaluru Mahanagara Palike (BBMP).
5. Two reaches of Namma Metro Phase-II to be completed by 2020.
6. A special package of Rs 5,000 crore announced for Bengaluru.
7. Liquor, movies, DTH services and soft drinks to cost more while paper, LED bulbs and electric cars to be cheaper.
8. Rail based mass transit system to be introduced in Bengaluru for traffic decongestion.
9. State government to abolish agriculture income tax. (To be updated)
Other key features of Karnataka Budget 2016-17:
• Budget size (Consolidated fund) – Rs.163419 crores. It is 14.65% more than the Budget Estimate of Rs. 142534 crore estimated for B.E. 2015-16.

• State Plan Size is at Rs. 85375 crores. It is more than the Budget Estimate of Rs. 72597 crores estimate for B.E. 2015-16. Increase is 17.6%.
• Total receipts – Rs. 161956 crores of which Rs. 130758 crores is Revenue Receipts while Rs. 31123 crores is Loan and Capital Receipts is Rs. 75 crores.
• Total Expenditure – Rs. 163419 crores out of which Revenue Expenditure is Rs. 130236 crore and Capital Expenditure Rs. 33183 crore.
Agriculture
• Constitution of “Karnataka State Agricultural and Farmers Welfare Committee” under the Chairmanship of Chief Minister for redressal of grievances and to achieve increased co-ordination at district, taluk and hobli levels.
• Identification of Special Agricultural Zones for emphasis on farmers and farm techniques.
50 Budget Highlights 2016-17

• Development of 100 model agricultural villages under the “Suvarna Krishi Grama” programme.
• “Pulse Mission” to be initiated for increasing the production of pulses during 2016 as part of International Year of Pulses.
• Coverage of 1 lakh farmers under R.K.V.Y, Krishi Bhagya and “Chief Ministers Sookshma Neeravari Yojane” for providing 90% subsidy for Drip Irrigation and Sprinkler units – Rs.300 cr.
• Organizing short term training programs to farmers through Agricultural Universities. Dissemination of innovations of progressive farmers as per the recommendations of Vision Group constituted under the Chairmanship of Dr. M. S. Swaminanthan – Rs.15 cr.
• Emphasis on saline water management and anti-saline crop farming.
• Strengthening agricultural extension services under Digital Agriculture. Development of a new extension system under PPP in association with IIM, Bangalore for agricultural universities and agri-clinics.
• Weather forecast and agricultural related suggestions to about 12 lakh farmers covered by 740 Raitha Samparka Kendras – Rs.3 crores.
• Guidance to the farmers for comprehensive management of pests using IT platform – Rs.5 crore.
• Development of 14 Regional Federations established to strengthen the Savayava Bhagya scheme – Rs.10 crore.
• Implementation of Karnataka Raitha Suraksha Pradhan Mantri Fasal Bima Yojana from 2016-17 – Rs.675.38 crores.
•• Providing incentive for promoting the establishment of agro processing units under Agri Business and Food Processing Policy 2015 – Rs.25 crores.
• A financial assistance for implementation of ‘Agri start-ups’ – Rs.10 crores.
• Open opportunity for private agricultural universities and agricultural colleges engaged in agriculture and agricultural related education and research.
Horticulture

• Horticultural area and productivity proposed to be increased.
• Establishment of Centre of Excellence, strengthening FPOs by providing working capital and risk management support under PPP-IHD initiative.
• Implementation of new scheme to encourage SC/ST farmers in getting the benefit of horticulture with a subsidy of 90% of the unit cost corresponding to crop intervals, installed under the drip irrigation scheme by them.
• 50% subsidy for automation of drip irrigation and fertigation to encourage precision farming.
• Formation of a framework on PPP mode for improving the quality of extension service in the horticulture sector.
• Subsidy for small and marginal farmers in the State through National Seed Corporation or FPOs for cultivating potato under rain fed conditions.
• Implementation of Comprehensive Computerization system in horticulture department.
Animal Husbandry
• Establishment of semen banks for indigenous breeds of cattle and sheep / goat – Rs.5 crore.
• Economic upliftment of widows and destitute women by providing unit of 3 sheep or 3 goats with a subsidy amount of 75% – Rs.7.5 cr for 10,000 units.
• Establishment of ultra modern vaccine production unit at Institute of Animal Health and Veterinary Biologicals, Hebbal under Jaanuvaaru Arogya Surksha Kavacha scheme – Rs.5 crores.
• Establishment of referral laboratory in Bellary for diagnosis of animal diseases.
• Implementation of “Karnataka Bovine Breeding Bill” to regulate indiscriminate breeding activities being carried out by unauthorized animal breeders.
• Taking up conservation and development programme of many valuable indigenous breeds of sheep – Rs.5 crores.
• Establishment of Cattle feed unit in Arakalagudu, Hassan district.
• Establishment of Obscure Disease Research Unit at KVAFSU, Shivamogga and Livestock Health Research and IEC center at Mulabagilu –
Rs. 2 crores.
• Establishment of Karnataka Sheep and Goat Farmers Co-operative Federation – Rs.5 crore.
Sericulture
• Suitable modification of cocoon production and productivity incentive to bear the production costs based on quality – Rs.20 crores.
• Establishment of cocoon banks – Rs.2 crores.
• Re-establishment of Price Stabilization Fund for the benefit of Farmers and Reelers.
• Establishment of Silk Testing Centre for certification of raw silk quality – Rs.1 crore.
• Commitment to stabilize the silk prices throughout the year and also to provide better market access to small reelers who are not capable of entering direct market. – Rs.5 crores.
• Undertaking a comprehensive study for long term development of silk industry.
• Institutional refinance mechanism to provide working capital to reelers through the Reeler cooperative societies in consultation with NABARD and Ministry of Agriculture, GOI.
• Strengthen Karnataka State Silk Research and Development Organization at Thalaghattapura.
Fisheries

• Establishment of “Inland Fisheries Development Centre” with an intention to undertake and implement specific local schemes in North Karnataka – Rs.2 crores.
• Construction of 3000 houses to houseless fishermen under Matsyashraya scheme.
• Taking up feasibility studies for construction of fishing harbor at Hangar katte – Kodi bengre, Udupi district and for extension of fishing harbour at Tadadi, Uttara Kannada District.
• Construction of Oceanarium at Pilikula Nisarga Dhama of Dakshina Kannada District – Rs.15 crores.
• Distribution of apron hand glove, fibre baskets and other safety equipments costing Rs.1000 each to 10,000 fisher women – Rs.1 crore.
Co-operation
• Disbursement of short term agricultural loans upto Rs.3 lakh at 0% rate of interest and medium term and long term agricultural loans up to Rs.10 lakh at 3% rate of interest to continue. Rs.11,000 crores of agricultural loans to be disbursed to 23 lakh farmers.
• Further extension of Yeshasvini Health Care Scheme benefit – Rs.169.11 crores.
• Computerization of the the Primary Agricultural Credit Co-operative Societies in the State in the next three years in a phased manner – Rs.5 Crores.
• Rejuvenation and strengthening the country’s first Co-operative Agriculture Society in Kanaginahala of Gadag district – Rs.1 crores.
• Loan upto Rs.10 lakhs at 3% interest for growing crops in poly houses and for installation of solar pumpsets for which capital subsidy is available from GOI. The limit prescribed for this scheme is upto Rs.25 lakhs.
• Waiver of loans amounting to Rs.473.05 lakhs along with interest, availed by Fisheries Cooperative Societies under 1st and 2nd Stage of NCDC Scheme for inland fisheries benefitting 5340 fishermen.
• Conversion of 20% of warehouse capacity of Karnataka State Warehousing Corporation across the state into cold storage with PPP and entrusting its operation and management to private partners industry, providing facilities to enable farmers to get remunerative prices for their produce.
• Installation of solar panels on the roof top of warehouse godowns of KSWC for generation of solar energy with private investment.
• Unified Market System that connected agricultural markets on an electronic platform will be extended to other markets in a phased manner.
• Modernization of sheep and goat markets in 25 major agricultural produce markets to enable “live weight based sale” – Rs.5 crores.
• Establishment of silos in 4 markets for storage of agricultural commodities and silos in 5 markets on PPP basis with viability gap funding – Rs.5 crore.
• Providing modern equipments to vegetable markets – Rs.2 crores.
• Providing pure drinking water facility in 25 rural sub market yards under Grameena Ganga Yojana and establishment of Kiosks to disseminate information in the markets using market funds – Rs.2.5 crores and Rs.1 crores respectively.
• Introduction of zero waste market scheme, Sunday market scheme and establishment of cold storage and irradiation units under RKVY Scheme – Rs.5 crores, Rs.2.5 crores and Rs.16 crores respectively.
• Prominent measure towards women empowerment by increasing women representation in the APMCs from 1 to 3.
Water Resources Major and Medium Irrigation

• The following Major Irrigation works at an estimated cost of Rs.3,000 crore to be taken up during 2016-17:-
• Modernization of Kolachi Right Bank Canals
• Modernization of Marehalli Tank Canals
• Development of Harangi Right Bank Canal 58 Budget Highlights 2016-17
• Development of Taraka Right Bank Canal
• Modernization of Hebballa Chennaiah Main Canal
• Modernisation of Distributory Canal No.35 of Hemavathy Right Bank canal
• Improvements of distributaries of Kabini Right bank canal
• Modernization of Shimsha Right Bank Canal
• Modernization of High Level Canal of Nugu
• Modernization of Left Bank Canal of Taraka
• Comprehensive Poorigali Drip/Sprinkler irrigation project
• 16 tanks in Indi taluk of Vijayapura district will be filled by Sanka and Buyyar Projects
• Construction of Kudalasangama Adavihala bridge
• Jattur bridge cum barrage work across Kagina river in Sedam taluk of Kalburagi District
• Nandavadagi Lift irrigation Scheme
• Implementation of Venkateshwara Lift Irrigation Scheme.
• Implementation of Veerabhadreshwara Lift Irrigation Scheme.
• Modernization of Bennetora Project.
• Completion of Karanja and Chulki Projects.
• Modernization Malaprabha Canal works at an estimated cost of Rs.962 crore.
• Constitution of Coordination Committee for the early and effective implementation of Ettinahole Integrated Drinking
Water Project.

• A separate Corporation for Ettinahole and Upper Bhadra projects.
• Formation of Experts’ Committee to study and report on the availability of water from other alternate sources along with Ettinahole project to provide permanent irrigation facility to drought prone areas of Chikkaballapur and Kolar districts.
Minor Irrigation

• Continuation of repair works of feeder canals/ Raja Kaluve through Tank Development Authority for removal of encroachment from lakes.
• Filling up of tanks in Kolar District through lift irrigation after treating sewage water flowing in Koramangala – Challaghatta valley – Rs.1280 crore.
• Filling up of selected tanks through LIS in Chikkaballapur and Bangalore Rural districts by treated sewage water flowing through Hebbala valley.
• Filling up of about 60 tanks of Anekal taluk, Bangalore Urban District, by treated water of Bangalore city flowing to South Pinakini through LIS near Muthasandra village.
Forest, Environment and Ecology

• Planting of 5.50 crore saplings and distribution of 2.50 crore saplings.
• Reestablishment of Elephant Corridors by purchasing private lands within forest area – Rs.20 crore.
• Rs.5 crore will be provided for LPG connections to general category families residing in sensitive forest areas of Western Ghats and Wildlife Reserve Forests in Chamaraja Nagar and Uttara Kannada Districts initially.
• Establishment of “Sri D. Devaraj Urs Bidiruvana” in 150 acres of forest area near Hunsur, under Tree Park Scheme.
• Assistance to develop Bear Sanctuary in Thimmalapura forest in Madhugiri Taluk of Tumkur district.
Primary and Secondary Education
• ‘Nali Kali’, the activity based learning system will be re-organized and implemented comprehensively.
• Activity based learning for mathematics will be expanded to Class 4 and 5.
• Supplementary teaching will be arranged during vacations for students with poor learning achievements in Government schools.
• Launching of ‘IT@Schools in Karnataka’, a comprehensive e-content driven programme.
• Streamlining of following programmes with transparent norms, made online and brought under Sakala:-
• Registration of schools and colleges.
• Renewal of recognition of schools and colleges for minimum five years.
• Permission for adopting CBSE and ICSE syllabus.
• Recognition or No Objection Certificate for status of minority educational institution.
• Process of reimbursement of expenditure to private schools admitting students under the Right to Education Act.
• System for disclosure of details of teaching and infrastructure resources in all private schools and colleges on a public website.
• Aadhaar enrollment of all students in all schools and colleges including private.
• A three year action plan to bring secondary and pre-university education under single administration.
• Enhancement of monthly honorarium of cooks by Rs.300/- under the Midday Meals scheme.
• Encouragement for Yoga education in all Government schools.
Higher Education

• Introduction of ‘Progressive Karnataka Education Policy’.
• Extension of Jnana Sangama scheme to all the institutions.
• Establishment of ‘Center for Excellence’ in VTU, Bangalore University and Tumkur University – Rs. 10 crore.
• Establishment of Karnataka Heritage Centre in Karnataka Folklore University – Rs.2 crore.
• Establishment of Government Engineering College in Bidar.
• Establishment of M.M. Kalburgi Research Centre at Karnataka University Dharwad and Institute an award in his name – Rs. 2 crore .
Health and Family Welfare
• Implementation of “Indira Suraksha” Scheme to help the families of farmers who commit suicide.
• Providing hygienic toilets and drinking water facilities in District hospitals and Mother and Child hospitals and “Dormitories” under “Aaraike” scheme.
• The following programmes will be taken up with the assistance of National Health Mission:
• Under Aapathbandhava scheme, setting up of Trauma care centers at 5 places to give emergency treatment to highway accident victims – Rs. 52.96 crore.
• Under “Dialysis Program”, setting up of 25 bed special Dialysis unit in K.C. General Hospital, Bengaluru – Rs. 4.49 Crore.
• Providing of mosquito net and mosquito repellent cream to all pregnant women under “Samagra Mathru Arogya Palana Scheme”.
• Extension of “Mobile Health and Mobike Clinic Services” to the villages which have no hospital and transport facilities.
• Setting up of free Diagnostic Center in Government Hospitals under ‘Free Laboratory Services’.
• Providing free testing and treatment to the students of Government and aided nursery, balavadi and anganavadi schools under ‘Abhaya’ scheme.
• Contruction of District Ayush Integrated Hospitals with 50 bed capacity each, in Chikkaballapura, Davangere and with 10 bed
capacity each, in Dandeli, Chincholi and T. Narsipur – Rs.6 crore.
• One time grant of Rs.3 crore for the Naturopathy Institute run by R.M.S. Medical Sciences, Hulikote.
• Construction of ladies hostel at Government Pharmacy College, Bengaluru – Rs.8 Crore.
• Establishment of District Hospital in Mysore City – Rs.60 crore.
• Constitution of Organ Donation Facilitation Cell under Jeeva Sarthakathe Scheme.
Medical Education

• Opening of new Medical Colleges at Karwar, Chamarajanagar and Madikeri.
• Upgradation of Kalburgi Peripheral Cancer Centre – Rs.50 crore.
• Upgradation of basic infrastructure at Rajiv Gandhi Super Speciality Hospital (OPEC), Raichur – Rs.35 crore.
• Establishment of a new Medical college in Bowring and Lady Curzon hospital Campus, Bengaluru with 150 seats.
• Upgradation of DIMHANS under National Mental Health Programme – Rs.46.35 crore with State Government’s share of 40%.
• Construction of campus of Rajiv Gandhi University of Health Sciences at Archakara Halli, Ramanagara.
• Construction of Gastro Enterology Institute in the premises of SDSTB Centre in Bengaluru – Rs.10 crore.
• Establishment of Women and Children Hospital at Kalburgi.
Woman and Child Development and Empowerment of Differently abled and Senior Citizens

• 2 gms of Spirulina per day for a period of 180 days to 25,000 children under Bala Poshaka Scheme – Rs.3.6 crore.
• Providing micronutrients to pregnant and lactating women in backward taluks under Mathru Pushtivardhini Scheme – Rs.42 crore.
• Providing milk with cream to Anganawadi children under Ksheera Bhagya Scheme – Rs.42.50 crore.
• Construction of 4,000 Anganawadi buildings.
• Conversion of 10,000 Anganawadi kendras as child friendly centres under Balasnehi Kendras Scheme – Rs.10,000 per centre.
• Enhancement of amount being paid to improve the nutrition level of severely malnourished children from Rs.750 to Rs.2,000 -Rs.3.12 crore.
• Registration of District Sthree Shakthi Groups under Karnataka Cooperative Societies Act, 1960 under Sthree Shakthi Samrudhi Yojane – Rs.30 lakhs.
• Enhancement of the amount being paid to children in destitute children kuteera from Rs.400 to Rs.1,000.
• Launching of Women Empowerment Policy.
• A State level resource cell will be setup for senior citizens.
• Providing training to educated specially/ differently abled persons for IAS/KAS exams under “Spardha Chetana” scheme – Rs.1 crore.
• Organization of “Arivina Sinchana” programme to create awareness among the guardians of disabled persons – Rs.1.50 crore.
• Rs.4 crore will be provided for the establishment of “Anupalana Gruhas” for care and protection of mentally challenged male and female destitutes.
• Enhancement of an amount of Rs.15,000/- to differently abled persons under “Sadhana Salakarana Yojane” and providing of motor driven two wheelers to additional 2000 severely disabled persons.
• Repair and construction of special school buildings of differently abled persons under Central Government’s “Swavalambhana
Chhatravas” scheme – Rs.10 crore.
• A grant of Rs.10 crore for 10,000 women running small road side business under “Samruddhi” Scheme.
• Launching of “Sthree Shakthi Skill” Program – Rs.2.50 crore.
• Rs.5 crore will be provided under “Dhanshree” scheme, to give loan of Rs.40,000 and subsidy of Rs.10,000 to each beneficiary of HIV affected victims.
Social Welfare

FOR MORE ON KARNATAKA BUDGET 2016. CLICK HERE

S.O. 1146 (E).- In exercise of the powers conferred by section 2, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (6th Amendment) Rules, 2016.
(2) They shall come into force from the 1st day of April, 2016.
2. In the Income-tax Rules, 1962, after rule 8A, the following rule shall be inserted, namely:-
“8 AA. Method of determination of period of holding of capital assets in certain cases.- (1) The period for which any capital asset, other than the capital assets mentioned in clause (i) of the Explanation 1 to clause (42A) of section 2 of the Act, is held by an assessee, shall be determined in accordance with the provisions of this rule.
(2) In the case of a capital asset, being a share or debenture of a company, which becomes the property of the assessee in the circumstances mentioned in clause (x) of section 47 of the Act, there shall be included the period for which the bond, debenture, debenture-stock or deposit certificate, as the case may be, was held by the assessee prior to the conversion.”
Note:- The principal rules were published vide notification number S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification S.O.No.1101 (E), dated the 15th March , 2016.

Frequently asked Questions (FAQs)

1. What is NPS?
New Pension System is a voluntary contribution of funds for a sustained period of time (till the age of 60years) to enable him to draw pension after he attains 60 years of age. The Scheme has been introduced by the Government of India and monitored by the Pension Fund Regulatory and Development Authority.

2. What are the benefits of NPS?
It is basically for people who do not have the benefit of pension after retirement from service. The scheme gives an opportunity to the subscriber to build up his pension fund over a long period so that after retirement he can draw pension for his sustenance.

3. What is TierI and TierII ?
Tier I is the primary account which the subscriber has to open to be able to open Tier II account.

4. What is the difference between Tier I and Tier II?
While in Tier I no withdrawal can be made till the subscriber reaches 60years of age, in Tier II the subscriber can withdraw from his balance anytime he wishes to withdraw.

5. What is the minimum age and maximum age for opening an account?
The scheme is open to people between age 18 to 60 years.

6. What is the minimum contribution in a year for Tier I?
Rs 6000/- has to be deposited by the subscriber in a year and the minimum contribution is Rs 500/- at one time.

7. What is the minimum contribution in a year for Tier II?
Rs 2000/- has to be deposited by the subscriber in a year and the minimum contribution is Rs 250/- at one time.

8. What is the maximum amount of contribution in a year?
There is no upper limit as of now.

9. What is the minimum number of contribution in a year?
Minimum 1 transaction has to be made in a year. However there is no limit on maximum number of transactions that can be made in a year.
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10. Can funds be withdrawn before attaining 60 years?
In Tier I funds cannot be withdrawn before attaining 60 years. However in Tier II funds can be withdrawn from his balance anytime he wishes to withdraw.

11. Can the full amount be withdrawn after attaining 60 years?
No. Maximum 60% can be withdrawn. 40% of the total balance available at the end of contribution year will have to be annuitized.
11. Is Nomination facility available?
Yes and unlike in Bank’s account nominations can be made in favour of 3 persons.

12. How many nominations can be made in an account?
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13. What is a CRA?
The National Securities Depositories limited ( NSDL ) is the Central Record Keeping Agency

14. Whose scheme is NPS?
It is a scheme of Government of India.

15. Can updated statement of account be made available?
Yes

16. How can funds be contributed?
Through Cash or Cheque. However credit to account in case of cheque can only be made available on realization of the Cheque.

17. What is PRAN?
Permanent Retirement Account Number which will be given to the subscriber on opening the Tier I account and which must be quoted in every transaction just like in case of bank account.

18. Which are the pension funds managers?
There are 06 Pension Fund Managers:
SBI Pension Funds Private Ltd
ICICI Prudential Pension Fund Management Company Limited
IDFC Pension Fund Management Company Limited
Kotak Mahindra Pension Fund Limited
Reliance Capital Pension Fund Limited
UTI Retirement Solutions Limited

19. What is the assured rate of return?
No assured rate of return as the investment will be market related.
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20. What is the transaction cost to be borne by the subscriber?
Rs 20+ service tax as applicable by Government rules at the time of opening of account & doing the KYC and Rs 20+ service tax as applicable by Government rules for first contribution.
Rs 20+ service tax as applicable by Government rules for any other transaction like making contribution/statement of account or any other request.

21. What is the Swavalamban Scheme?
The scheme will be applicable to all citizens in the unorganised sector who join the New Pension System (NPS) administered by the PFRDA.
Under the scheme, Government will contribute Rs. 1000 per year to each NPS account opened in the year 2010-11 and for the next three years, that is, 2011-12, 2012-13 and 2013-14. The benefit will be available only to persons who join the NPS with a minimum contribution of Rs. 1,000 and maximum contribution of Rs. 12,000 per annum.

22. What are the eligibility criteria for Swavalamban Scheme?
The scheme will be applicable to all persons in the unorganised sector subject to the condition that the benefit of Central Government contribution will be available only to those persons whose contribution to NPS is minimum Rs.1,000 and maximum Rs. 12,000 per annum, for both Tier I and II taken together, provided that the person makes a minimum contribution of Rs. 1000 per annum to his Tier I NPS account.

23. What are the definition of Unorganised Sector for Swavalamban Scheme ?
For the purpose of this scheme, a person will be deemed to belong to the unorganised sector if that person: government, or an autonomous body/ public sector undertaking of the Central or state government having employer assisted retirement benefit scheme, or r any of the following laws: 1952 Act, 1948 n Fund Scheme Act, 1955 The Jammu and Kashmir Employees’ Provident Fund Act, 1961


24. Who are the agencies involved in the NPS:
The various agencies in the scheme as under:
1. PFRDA( Controlling Body)
2. Bank of India( Trustee Bank)
3. NSDL( Central Recordkeeping Agency)
4. CRA- FC ( viz. KARVY)
5. POP( State Bank)
6. POP-SP( Branches)