Legal Updates

All Income Tax Refunds to be complete by April

After having made 8.23 lakh refunds already in the first half of this month, the Income Tax Department today said it will settle all the pending claims in April itself. Refunds of Rs 78,000 crore to about 85 lakh assesses were made in 2010-11. In the first half of April, the I-T Department refunded Rs… Read More

Tag: Income Tax Refunds

Constitution of committee on Lokpal bill challenged in Supreme Court

A group of advocates today moved the Supreme Court challenging the inclusion of five civil society members in a committee to draft the Lokpal Bill. Advocate M L Sharma and others have moved the court contending that inclusion of five civil society members in the committee, which also has five ministers, is constitutionally flawed as… Read More

Tags: anti-graft lawlokpal bill

Declaration of IEC Branch code and Authorised Dealer code is not required in case of Low value dutiable import consignments

The Central Board of Excise and Customs has made declaration of IEC branch code and AD code as non-mandatory in case low value dutiable import consignments (i.e. consignment other than documents, gifts and samples of an invoice value upto Rs. one lakh) under Courier Imports and Exports (Electronic Declaration and Processing)  Regulations, 2010.  The disclosure of IEC code will… Read More

ICSI enters into MOU with United Stock Exchange of India (USE)

Frequently Asked Questions on ICSI-USE MOU What is United Stock Exchange of India? United Stock Exchange of India Limited (USE) is India™s newest stock exchange and has been promoted by 21 Indian public sector banks, private banks and corporate houses. USE is the trading platform for Currency Futures now.   Who can trade on currency… Read More

Tag: icsi use mou

Commerce Ministry proposes Hire and Fire Policy

The ministry of commerce and industry has proposed to set up National Manufacturing and Investment Zones (NMIZ) to increase the share of manufacturing sector in the country™s gross domestic product (GDP). The ministry also suggested for an exemption from labour laws for easier hiring and firing of workers. In the proposal, the Contract Labour Abolition Act would also… Read More

Tag: contract labour

RBI mulls rules to improve bank’s services

Are you tired of Bank's services and don't know what to do ! Good news. RBI understands you and is working hard to provide you more "value for your money". Almost a year after RBI put in motion a process to improve banks' customer service practices, a high-profile panel set up by the central bank… Read More

Tag: rbi

Registrar of Companies and Regional Directors to get more powers

Ministry of corporate affairs (MCA) is set to give more powers to the Executive for conducting investigations by eliminating the need to seek multiple approvals before launching prosecution against defaulting companies. MCA is delegating a large part of investigation-related work to Regional Directors, encouraging the use of emails and stepping up hiring at its field… Read More

Tags: regional directorROC

Comments invited on Revised ICSI Syllabus

India is a vibrant and emerging economy on the global map which has recorded approximately 8.7 percent growth rate in GDP during 2010-11. Indian Economy is being taken to a higher orbit so as to attain the developed nation status by 2020 which is hardly a decade away. Indian businesses- particularly corporate professionals   such as Company… Read More

Tag: ICSI

Duty Drawback not to be recovered even if sale proceeds not realised by exporter

Where sale proceeds are not realised by an exporter within the period allowed under the Foreign Exchange Management Act, 1999 (42 of 1999), the amount of drawback paid to the exporter or the claimant  shall not be recovered subject to fulfillment of certain conditions. Notification is reproduced below for ready reference. [To be published in the… Read More

Central Government Revises the National floor level Minimum Wage

Central Government Revises the National floor level Minimum Wage (NFLMW) from Rs. 100 Per Day to Rs. 115 Per Day Effective from 01.04.2011 The Central Government has revised the National Floor Level Minimum Wage (NFLMW) from Rs. 100/- per day to Rs. 115/- per day effective from 01.04.2011, on the basis of the rise in… Read More

Tag: minimum wages

Managerial Remuneration in unlisted companies having no profits/inadequate profits

MCA has amended Part C of the Schedule XIII of Companies Act vide Notification GSR 70(E) . Earlier Central Government approval was required for Managerial remuneration if the proposed remuneration was exceeding Rs. 4 lacs per month and the Company had inadequate or no profits. The said approval has been dispensed with for unlisted companies. The… Read More

Tag: managerial remuneration

Ombudsman releases 660 crores in Income Tax Refunds

The income-tax ombudsman in Mumbai has released refunds and other dues to taxpayers amounting to over Rs 660 crore, which had been locked up for various years due to red-tapism at the income-tax office. This is the largest amount distributed to taxpayers in a single year from the office of the ombudsman in Mumbai, a… Read More

Tag: Income Tax Refunds

India eager to attract FDI

Prime Minister Manmohan Singh said in the Chinese town of Sanya in a statement at the BRICS summit that"India is eager to absorb foreign direct investment and is taking adequate measures to attract FDI . Singh also said the Indian economy was well positioned to achieve annual long-term growth of 9 percent or more. The Prime… Read More

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