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Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (Attached and Subordinate Offices), Assistant Director (Official Language) Recruitment Rules, 2016
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Recruitment rules for Assistant Director (Official Language) set selection, promotion and deputation procedures with qualifications and UPSC consultation.
The rules establish recruitment for Assistant Director (Official Language) as a Group A selection post with specified pay, sanctioned strength and age limits, preserve reservation and relaxations, and authorize the Central Government to relax provisions in consultation with the Union Public Service Commission. Vacancies are to be filled by a mix of promotion, deputation and direct recruitment with detailed eligibility, qualifying service, training and deputation conditions. Essential qualifications require a relevant Master's degree in Hindi and/or English and specified experience in translation, terminological work, teaching or research, with UPSC discretion to relax criteria; a one-year probation applies.
Sukanya Samriddhi Account Rules, 2016
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Sukanya Samriddhi Account rules establish eligibility, deposit limits, interest compounding, maturity and permissible withdrawals.
Establishes Sukanya Samriddhi Account rules setting eligibility for guardian-opened accounts for eligible girl child beneficiaries, documentation and familial limits; prescribes permitted deposit modes, minimum and annual deposit requirements, annual ceiling with non interest treatment for excess, and penalties for default; mandates yearly compounded interest at Government-notified rates with monthly calculation on lowest balance, operation by guardian until specified ages and transition to beneficiary control, rules for partial withdrawals for higher education on evidence, conditions for premature closure and transfer, and final maturity and payment procedures, with Government power to relax provisions.
Senior Citizens’ Welfare Fund Rules, 2016
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Senior Citizens Welfare Fund: unclaimed public savings redirected to finance approved welfare schemes for elderly support.
Establishes the Senior Citizens Welfare Fund as an interest-bearing public account receiving unclaimed amounts from specified small savings, PPF and EPF accounts; institutions must identify, notify and transfer unclaimed deposits annually on a net basis, after attempting contact and public notice. The Ministry of Social Justice and Empowerment is nodal and Secretariat host; a multi-ministry Committee administers the Fund, decides utilisation, submits budgetary requirements and meets at least twice yearly. The Fund finances approved schemes for financial security, healthcare, housing, education and research for senior citizens, with interest set annually by the Ministry of Finance and annual reporting required.
Indian Insurance Companies (Foreign Investment) Amendment Rules, 2016
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Foreign investment ceiling allowed on automatic route with regulatory verification for insurance companies, subject to Gazette commencement.
The amendment permits foreign investment up to forty-nine per cent of total paid up equity in an Indian insurance company on the automatic route, subject to verification by the Insurance Regulatory and Development Authority of India, and omits the prior rule 6, with the notification taking effect on publication in the Official Gazette.
Central Government notifies the winding up of National Manufacturing Competitiveness Council
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Winding up notified: National Manufacturing Competitiveness Council dissolved with immediate effect after CCEA decision.
Central Government has issued a notification effecting the winding up of the National Manufacturing Competitiveness Council, implementing a prior decision of the Cabinet Committee of Economic Affairs and declaring the Council dissolved with immediate effect through a formal Department of Industrial Policy and Promotion notification.
Amendment in Notification No. 11(5)/2009-DBA-II/NER dated the 22nd January, 2013
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State Level Committee composition required to consider and recommend subsidy claims under the Freight Subsidy Scheme.
Amendment prescribes that the State Government/Union Territory Administration shall set up a State Level Committee (SLC) to consider and recommend all subsidy claims under the Freight Subsidy Scheme. The SLC must include the Principal Secretary/Secretary (Industry), Director of Industries, and one representative each from the Finance Department, Excise and Taxation Department (Excise Commissioner), Transport Department, the nodal agency, and the Department of Industrial Policy & Promotion, Government of India.
Seeks to amend Notification No. 5/2010-Clean Energy Cess dated 01.03.2015.
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Clean Energy Cess territorial extension: inclusion of the State of Nagaland alongside Meghalaya in levy coverage.
The Central Government amends Notification No.05/2010-Clean Energy Cess by inserting the words "and the State of Nagaland" immediately after "State of Meghalaya" in the notification's list of States, under powers conferred by the Finance Act and the Central Excise Act, via Notification No.2/2016-Clean Energy Cess dated 1 March 2016.
Seeks to provide effective rates of Infrastructure Cess on specified goods.
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Infrastructure cess exemptions for specified motor vehicles permit nil or reduced levy subject to registration, refund and compliance conditions.
The notification exempts or reduces Infrastructure Cess on specified motor vehicle categories by prescribing Nil or reduced effective rates and attaching conditions under which manufacturers who pay cess at clearance may claim refund by taking credit in an Account Current and filing a verified claim with supporting proof of payment and registration certificates for vehicles subsequently registered as ambulances or taxis; officers must verify and determine refunds, and irregular or excess credits are recoverable as erroneously refunded excise duty.
Seeks to rescind Notification No. 1/2015-Clean Energy Cess dated 01.03.2015.
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Rescission of clean energy cess notification removes prior notification while preserving prior actions under statutory powers.
The Central Government, under sub section (7) of section 83 of the Finance Act, 2010 and section 5A of the Central Excise Act, 1944, rescinds Notification No.1/2015 Clean Energy Cess dated 1 March 2015 as necessary in the public interest, while preserving effects of things done or omitted before the rescission and recording the administrative file reference and signatory.
Government - announced initiative for creating a conducive environment for ‘Startup India’
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Startup recognition: eligibility and certification required for tax benefits, portal registration and penalties for false documents.
A startup is an entity within five years of incorporation, below a prescribed turnover ceiling, and engaged in technology or IP driven innovation or significant improvement of products, processes or services; reconstructed or split businesses are excluded. Tax benefit eligibility requires certification by an Inter Ministerial Board. Recognition is granted via the Department's portal (or interim process) upon uploading prescribed documentary evidence, triggering a real time recognition number; verification revealing forged or improper documents attracts a capital linked monetary penalty with a statutory minimum. The notification is effective on Gazette publication.
Notify the "Definition of Startup and procedure for recognition"
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Startup definition clarifies eligibility, recognition procedure, and penalties for obtaining recognition with false documentation.
An entity qualifies as a startup if within five years of incorporation, below the prescribed turnover ceiling, and engaged in technology or IP-driven innovation or significant improvement of products, processes or services; exclusions include reconstructions of existing businesses and activities lacking commercialization potential. Recognition requires portal-based application with prescribed documentary support or interim arrangements, issuance of a real-time recognition number, certification by an Inter-Ministerial Board for tax benefits, and a penalty for obtaining recognition through missing, different or forged documents.
Gold Monetisation Scheme -2015
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Gold monetisation scheme expands deposit and lending options, allowing banks to accept gold and remunerate deposits in cash or gold.
The Gold Monetisation Scheme links a Revamped Gold Deposit Scheme and Revamped Gold Metal Loan Scheme, permitting designated banks to open Gold Deposit Accounts in grams, accept bullion or jewellery after KYC and purity testing, and engage certified testing centres and licensed refiners. Deposits are available for distinct tenures with tenure-specific redemption and interest rules-short-term interest in gold grams set by banks; medium and long-term interest and bank fees set by the government and paid in rupees. Mobilised gold may be auctioned, credited to central bank reserves, used for coin minting, or lent to jewellers; prior tax exemptions apply and a Gold Reserve Fund captures the interest-borrowing spread.
Sovereign Gold Bond Scheme, 2016
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Sovereign Gold Bond scheme enables government-issued gram-denominated gold bonds with tradability, interest, and market-linked redemption.
The Central Government establishes the Sovereign Gold Bond Scheme, 2016 issuing Government of India Stock denominated in grams of 999 purity gold, specifies eligible holders, subscription units and fiscal per-person limits, ties issue and redemption prices to the previous week's average market gold price, prescribes application, issuance and demat conversion procedures, sets fixed interest payable half-yearly with premature redemption after the fifth year and redemption at eight years, and provides for SLR eligibility, use as loan collateral, transferability, nomination, commission sharing and tax treatment mirroring physical gold.

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Acts Income Tax