Expect Tighter norms for reporting and monitoring of interest rate and forex derivatives : RBI

In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives. The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of India (CCIL) should be made the repository… Read More

RBI places report on OTC Interest Rate and Forex Derivatives

The Reserve Bank of India today placed on its website the Report of the Working Group on Reporting of over-the-counter (OTC) Interest Rate and Forex Derivatives (Chairman: Shri P Krishnamurthy). The Working Group has observed that non-transparency of the OTC market results in build-up of risks in the system which is widely believed to be… Read More

LLP Firms cannot act as Statutory Auditors

In a sweeping circular by MCA, LLPs have been defined as Body Corporate for the limited purpose of clause (a) of sub- section 3) of section 226 of the Companies Act, 1956. Section 226 of the Companies specifies Qualifications and disqualifications of auditors. As per Sec 226, a person shall not be qualified for appointment as auditor… Read More

Tag: LLP

Finance for Loans and Advances against IDRs

RBI/2010-11/ 543; Dated May 25, 2011 All Scheduled Commercial banks (Excluding RRBs) In terms of Foreign Exchange Department circular A.P (DIR Series) Circular No.5 dated July 22, 2009, eligible companies resident outside India have been permitted to issue Indian Depository Receipts (IDRs) through a domestic depository, subject to terms and conditions indicated therein. 2. The matter… Read More

Tax collection in Delhi grows by 23% over last year

 - Delhi The Delhi Government has collected a record tax revenue of Rs 16,478 crore in the year 2010-11, registering a growth of 23 per cent over 2009-10. "The collection has gone up from Rs 13,448 crore in 2009-10 to Rs 16,478 crore in 2010-11," Chief Minister Sheila Dikshit, who also holds the charge… Read More

ASSOCHAM – Seminar on Transfer Pricing

A seminar on Tranfer Pricing  will be held on the 17th June, 2011 in Mumbai at the Hilton Mumbai International Hotel. The Tax authorities globally have been increasing scrutiny of taxpayer's transfer pricing policies, challenging companies with reduced profitability and imposing transfer pricing adjustments to increase tax payables. While the recessionary environment is mainly to blame,… Read More

Tags: ASSOCHAMtransfer pricing

Enhancement in gratuity limits – Prudential Regulatory Treatment

RBI/2010-11/544; CIR No. 49/09.14.000/2010-11; Dated May 24, 2011 The Chief Executive Officers; All Primary (Urban) Co-operative Banks Please refer to para 10 of Memorandum attached to our Circular UBD.No.I&L.38/J.1-92/93 dated February 9, 1993 advising UCBs that it is necessary to estimate the liabilities on account of Provident Fund, Pension, Gratuity etc. on actuarial basis and full… Read More

CBEC- Provisional assessment of imports of vitrified porcelain tiles exported to India without anti-dumping duty being paid

GOI; Ministry of Finance (Department of Revenue); Notification No. 41/2011-Customs G.S.R.        (E). Whereas, in the matter of import of Vitrified Porcelain Tiles, (hereinafter referred to as the ˜subject goods™), falling under Chapter 69  of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the ˜Customs Tariff Act™) and originating… Read More

Tag: anti dumping duty

MCA clarifies on the applicability of provisions of sec 108A to 108I

GOI, MCA, Circular 30/2011, Dated- 23.5.2011 All the Regional Directors; All the Registrar of Companies/ Official Liquidators Sub: Clarification on applicability of provisions of section 108A to 108I of the Companies Act, 1956- regarding Sections 108A to 108I of the CVompanies Act, 1956 were inserted in the Companies Act, 1956 through Monopolies and Restrictive Trade… Read More

Sub-Committee of Financial Stability Development Council FSDC meets at Mumbai

The second meeting of the Sub-Committee of the Financial Stability Development Council (FSDC) was held today in the Reserve Bank of India, Mumbai. Dr. D. Subbarao, Governor, Reserve Bank of India, chaired the meeting. Shri R. Gopalan, Secretary, Department of Economic Affairs, Shri Shashi Kant Sharma, Secretary, Department of Financial Services, Dr. Kaushik Basu, Chief… Read More

Central Govt. specifies LLP a body corporate

GOI, MCA, Notification dated 23.5.2011 In exercise of the powers conferred by clause (c) of sub- section (7) of section 2 of the Companies Act, 1956 (1 of 1956), the Central Governement hereby specifies, for the purpose of the said clause, the Limited Liability Partnership, a body corporate, incorporated under clause (1) of section 3… Read More

Tag: LLP

DTAAs to be amended to check black money

Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money. "Income Tax Department is engaged in ways to tackle with black money," he told reporters on the sidelines of an income tax conference here. He… Read More


Government should not withdraw DEPB scheme :PHDCCI

The government should not withdraw tax refund DEPB scheme, which is ending in June, as it will make exports uncompetitive and would affect the growth momentum, industry body PHD Chamber said today. Exporters get refund of duties on import content of their export products. It costs the exchequer about Rs 8,000 crore per annum. "If… Read More

Tag: DEPB Scheme

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