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The finance bill proposes to give statutory backing to guidelines issued by the Central Board of Direct Taxes (CBDT), making them binding not just on income-tax authorities but also on taxpayers responsible for deducting or collecting tax.So far, CBDT circulars and instructions were treated as binding only on the tax department and not on the…
MUMBAI: Reserve Bank of India has hacked through its regulatory rulebook in what it describes as a once-in-a-generation overhaul, consolidating circulars issued over seven decades of instructions into 244 master directions tailored to 11 categories of regulated entities. The exercise has eliminated 9,446 circulars, some dating back to 1944, replacing a dense and scattered web…
The Reserve Bank on Friday completed a nearly six-month regulatory consolidation, repealing 5,673 obsolete circulars and subsuming over 3,800 into 244 function-wise master directions (MDs), the central bank said.In all, 9,446 circulars have been repealed, subsumed or withdrawn as part of the exercise, Deputy Governor S C Murmu said, describing the review as a “mammoth…
