RBI : Increase in Housing Loan Limit under Priority Sector

RBI/2010-11/533 RPCD.CORRB.No.71 /03.05.33/2010-11 May 16, 2011 The Chairman All Regional Rural Banks (RRBs) Please refer to paragraph 7.1 of our circular RPCD.No.RRB.BC.20/03.05.33/2007-08 dated August 22, 2007 on lending to Priority Sector, wherein loans up to Rs.20 lakh irrespective of location, to individuals for purchase / construction of dwelling unit per family, excluding loans granted by… Read More

DEPB scheme to end by 30th June, 2011

Rejecting exporters' repeated pleas, the Finance Ministry today said the popular DEPB tax rebate scheme will come to an end from June 30, saving revenue for the government. "All exports will be zero-rated after Duty Entitlement Pass Book (DEPB) scheme ends. Two similar kind of schemes cannot go on. It will save some revenue for… Read More

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Apple smartphone and Google’s Android to face tighter regulation in Europe

Smartphones of Apple and Google are likely to face tighter regulation in Europe after a data protection panel ruled that location information collected by the devices should be classified as personal data, says a media report. "Apple smartphones and those running on Google's Android system look set to come under tighter regulation in Europe, after… Read More

Tags: Apple smart phoneGoogle Android

Central Excise and Service tax evasion of Rs. 5500 crore unearthed

Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money. Unravelling the trail of the ill-gotten wealth, taxmen was able to recover Rs 431 crore in search-and-seizure operations during the same period,… Read More

RBI – Enhancement of Rates of Provisioning for Non-Performing Assets and Restructured Advances

RBI 2010-11/529; DBOD.No.BP.BC. 94/21.04.048/2011-12; May 18, 2011 The Chairman and Managing Directors / Chief Executive Officers; All Scheduled Commercial Banks (Excluding RRBs) Enhancement of Rates of Provisioning for Non-Performing Assets and Restructured Advances Please refer to paragraph 110 of the Monetary Policy Statement for the year 2011-12 (extract enclosed) wherein it was proposed to enhance… Read More

MCA clarification on Certification of E- forms under the Companies Act by the practicing professionals

Corrigendum to Circular no. 14/2011 dated 8th April,2011 GOI, Ministry of Corporate Affairs All Regional Directors; All Registrar of Companies Subject: Certification of E- forms under the Companies Act, 1956 by the practicing professionals The undersigned is to draw the attention on the Circular no. 14/2011 dated 8.4.2011 of this Ministry on this subject cited… Read More

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RBI notifies Central Electronic Registry under SARFAESI to curb fraud

RBI/2010-11/530 RPCD.CO RRB.BC.No. 72/03.05.33/2010-11 May 19, 2011 CLR Note: The Government of India, Ministry of Finance notified to set up the Central Registry, to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. This Registry has become operational on March 31, 2011. The Central Registry of Securitisation Asset Reconstruction… Read More


RBI opens its 2nd sub-office in Agartala

The Reserve Bank of India (RBI) opened its sub-office at Agartala. Tripura will be the second state in the North-East region to have an RBI office. The new office was inaugurated by Shri Manik Sarkar, Hon™ble Chief Minister of Tripura. Dr. D. Subba Rao, Governor, Reserve Bank of India presided over the inaugural function. The… Read More

Expect policy changes soon in FDI in Multi-brand retail

The government is expected to take a decision in the next three months on allowing foreign direct investment in multi-brand retail, a long pending issue. A new National Manufacturing Policy creating an investor friendly environment is also likely, Minister of State for Commerce and Industry Jyotiraditya Scindia said today. "We are committed to the issue… Read More

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FICCI Secretary General Amit Mitra resigns

Amit Mitra, who is tipped to become the next Finance Minister of West Bengal in the Trinamool Congress-led government, has resigned as Ficci Secretary General. Mitra, 63, emerged as a 'giant killer' by defeating CPI(M) veteran and state Finance Minister Asim Dasgupta by a big margin from the Khardah Assembly constituency. His resignation has been… Read More


SEZs require sanction of Unit Approval Committee for service tax refund

The government today said that SEZ unit and developers would require the sanction of Unit Approval Committee for availing benefits of service tax refund. Besides, developers and units would also have to furnish original invoices for claiming benefits, the Department of Revenue said in a circular. SEZ units and developers are exempted from service tax.… Read More

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Damages due to Defamation and Wrong Doings of Excise Deptt.

Recently one of our acquaintances faced a serious problem due to collusion between his past rival, a Media Moghal  who used a higher official of Excise Deptt to act against the said person. They used print media to defame him. He had lot of activities among public and social sector. The plan was to arrest… Read More

Clarifications regarding Service Tax Refund in SEZ

Circular No.142/11/2011 - ST F. No.354 /30 /2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Tax Research Unit North Block, New Delhi 18th May 2011   To   Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director… Read More

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