Legal Updates

RBI – Auction of Government of India Dated Securities

Government of India Offered for sell of Dated Securities Ref.No.IDMD / 4860 /08.02.033/2010-11 May 9, 2011 All Scheduled Commercial Banks / All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers Dear Sirs, Auction of Government of India Dated Securities Government of India have offered to sell (re-issue) of  (a)… Read More

Amendments in the Companies Regulations, 1956

GOI, Ministry of Corporate Affairs; Notification dated 9th May, 2011 G.S.R   (E):- In exercise of the powers conferred by sub sections (1), (2), (5) and (8 ) of section 25 of the Companies Act, 1956 ( 1 of 1956), the Central Government herby makes the following regulations further to amend the Companies Regulations, 1956, namely:-… Read More

Tag: Companies (Amendment) Regulations

ICAI notifies Information Systems Audit (ISA) Course Assessment Test

No.13-CA(EXAM)/ISA/J/2011: - In pursuance of Rule 7 of Schedule ˜F™ to Regulation 204 of theChartered Accountants Regulations, 1988 (as amended vide Notification No. 1 -CA(7)/59/2001dated 28th September 2001), the Council of the Institute of Chartered Accountants of India ispleased to notify that the Information Systems Audit (ISA) Course Assessment Test will be heldon 18th June… Read More


RBI announces Marginal Standing Facility (MSF) Scheme w.e.f. 9th May

RBI- Marginal Standing Facility Scheme w.e.f. 9/05/2011   RBI/2010-11/515 FMD. No.59/01.18.001/2010-11 May 9, 2011 All Scheduled Commercial Banks Dear Sir, Marginal Standing Facility Scheme As announced in the Monetary Policy for the year 2011-12, a new Marginal Standing Facility (MSF) is being introduced with effect from May 9, 2011. The Scheme will be operationalized on the lines… Read More

Tags: Marginal Standing Facility SchemeMSF Scheme

Maintenance of Statutory Liquidity Ratio (SLR)

CLR Note:- Some assets and  securities were announced  for the purpose of valuation of Statutory Liquidity Ration(SLR). However, The securities (including margin) shall not be treated as an eligible asset ,if acquired under the Reserve Bank- Liquidity Adjustment Facility (LAF). RBI/2010-11/516 Ref. DBOD No. Ret. BC. 92 /12.02.001/2010-11 May 09, 2011 All Scheduled Commercial Banks (Excluding… Read More

Tags: SLRStatutory Liquidity Ratio

Transfer Pricing: Loss-making & Super-Profit companies are not comparable

Sapient Corporation Pvt Ltd vs. DCIT (ITAT Delhi) Brief History of the Case:- The assessee is a subsidiary company of M/s Sapient Corporation, USA and was set up under the Software Technology  Park  Scheme of the Government of India. The assessee renders customized software development services to associated enterprises and also renders post sales support services. The assessee in the… Read More

Tags: ITATtransfer pricing

6th Annual Summit on Capital Markets by ASSOCHAM

The 6th Annual Summit on Capital Markets is being organised on the 26th May, 2011 in New Delhi wherein the guest of honour will be Shri R. Gopalan, Secretary, Department of Economic Affairs, Ministry of Finance, GOI and Dr. Thomas Mathew, Joint Secretary (CM) Department of Economic Affairs, Ministry of Finance, GOI. The discussion would be focused on… Read More


RBI revises the Housing Loan limit under Priority sector

CLR Note: The Reserve Bank of India passed a notification on Monday, 9th May, 2011, with regard to the increase in the limit for the housing loan under the priority sector from a limit of Rs.20 lakh to Rs. 25 lakh, irrespective of the  location, to individuals for purchase/construction of a dwelling unit per family,excluding… Read More

Tag: Housing Loan

Draft National Voluntary Guidelines on Social, Environmental and Economic Responsibilities

The Draft National Voluntary Guidelines on Social, Environmental and Economic Responsibilities issued by the  Indian Institute of Corporate Affairs (IICA) are a refinement over the Corporate Social Responsibility Voluntary Guidelines 2009, released by the Ministry of Corporate Affairs in December 2009. The Guidelines are designed to be used by all businesses irrespective of size, sector or location laying down the… Read More

Tags: CSRICSINational Voluntary Guidelines on Social Responsibility

Now Download CS Admit Cards and Mark sheets online – Physical discontinued

ICSI goes Hi-tech and announces discontinuance of receipt of Admit Cards and Mark sheets via post. Students appearing for the JUNE, 2011 CS Examinations will not be receiving their admit cards via post rather it will be receivable on the site once uploaded by the Institute, thus the students are advised to download the Admit Card on or… Read More


Deemed Export Benefit Scheme Tightened

After detecting several cases of misuse of incentives, the Commerce Ministry has tightened the norms governing the Deemed Export benefit scheme, a move expected to save about Rs 1,800 crore to the exchequer annually. It has been decided that the deemed exports would not be available if the bill of entry is in the name… Read More

Tag: Deemed Exports

Restrictions on Mutual Funds to pay Commissions to Distributors to continue

New Sebi chief UK Sinha said he does not intend to reverse rules put in place by his predecessor, by CB Bhave, that restricted the ability of mutual funds to pay commissions to distributors. Indian fund houses, which manage equity and debt schemes with a corpus of over Rs 7,000,00 crore, were hopingfor change in policies… Read More

FICCI to suggest impact of GST on Aviation Sector

A Ficci committee today said it will suggest ideas to the aviation industry on how the proposed Goods & Services Tax (GST) would affect them, along with other recommendations to give the sector a boost. The Ficci Civil Aviation Committee has also set for itself a wide-ranging agenda to give the civil aviation industry a… Read More

Tag: Aviation sector

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