Repo, Reverse Repo rates, CRR hiked by RBI

On Tuesday, April 20, the short term lending rates have been hiked by Reserve Bank of India  along with borrowing rates by 25 basis points each. In order to check inflation, the RBI has also hiked the portion of money banks deposit with it by 25 basis points. RBI on Tuesday raised the repo, reverse repo rates to… Read More

Power of Revenue to reopen cases in case of change of opinion is expressed

AREVA T&D, SA Vs THE ASST. DIRECTOR OF INCOME TAX & ORS. Date of Decision: 25 April, 2011 CLR Note: Where no return has been filed by the assessee for the assessment year in dispute, Income Tax department can reopen the assessment proceedings, said The Delhi high court. Sections 195 together with section 197 of the Income Tax Act,  says that if… Read More

Custom raised Tariff value for crude oil, RBD Palm Oil and RBD Palmolein

CLR Note:   Tariff value went up for Crude oil                From 337 to 447 RBD Palm Oil       From 351 to 476 RBD Palmolein  From 372 to 484 Notification No. 33/2011 - Customs (N. T.) New Delhi, 29th April, 2011 S. O¦ (E) In exercise of… Read More

Issue of Irrevocable Payment Commitment (IPCs) to Stock Exchanges

Issue of Irrevocable Payment Commitment (IPCs) to Stock Exchanges on behalf of Mutual Funds (MFs) and Foreign Institutional Investors (FIIs) CLR Note: The Foreign Institutional Investors can purchase shares or convertible debentures which are  issued by the Indian Company under the Portfolio Scheme and it also allowed to Custodian Bank, on behalf of FII clients for purchase… Read More

Tag: FII

Only Operating Profit of Comparables to be considered for Transfer Pricing – ITAT

DHL Express (India) Pvt Ltd vs. ACIT (ITAT Mumbai) Brief Facts :- The assessee company is engaged in the business of couriers mainly International couriers and is belongs to DHL group.  The assessee company  had entered into an agreement with DHL for access the DHL network for transportation and delivery of consignment. For this purpose, the assessee company… Read More

Tags: ITATtransfer pricing

RBI guidelines for Banks to mitigate the risks of use of Information Technology in Banking Operations

RBI/2010-11/494 DBS.CO.ITC.BC.No. 6/31.02.008/2010-11 April 29, 2011 The Chairman / Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Dear Sir / Madam, Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds- Implementation of recommendations As you are aware, following the announcement in the April 2010 Monetary Policy Statement, the Working Group… Read More

Limit of USD 5 bn increased to USD 25 bn by RBI for investments in bonds and Non Convertible Debenture by FIIs

RBI/2010-11/492 A.P. (DIR Series) Circular No.  55 To, All Category I Authorised Dealer banks Madam / Sir, Foreign investments in India by SEBI registered FIIs in other securities Attention of Authorised Dealers Category I (AD Category - I) banks is invited to paragraph 1 of Schedule 5 to the Foreign Exchange Management (Transfer or Issue… Read More

RBI liberalises the norms for Advance Remittances made by Banks for Imports

RBI/2010-11/493 A.P. (DIR Series) Circular No. 56 April 29, 2011 To All Authorised Dealers in Foreign Exchange Madam/ Sir Foreign Exchange Management Act, 1999- Advance Remittance for Import of Goods - Liberalisation Attention of Authorised Dealer Category I (AD Category-I) banks is invited to A. P. (DIR Series) Circular No.106 dated June 19, 2003, A. P.… Read More

MCA Clarifies- Now send Annual Accounts under Section 219 via e-mail

The Ministry of Corporate Affairs (MCA), has made certain elucidation  vide Circular no. 18/ 2011 dated 29th April 2011 with regard to the Green Initiative in the Corporate Governance wherein, the Companies are now allowed to send the Balance sheet, Profit& Loss A/C, Auditor's Report, Director's Report  and Explanatory Statement etc. via e- mode in accordance with  MCA Circular… Read More

Tags: Accounts via emailCircular no. 18/2011Section 219

SEBI Circular for ASBA facility

CIRCULARCIR/CFD/DIL/1/2011 April 29, 2011 CLR Note: Application Supported by Blocked Amount(ASBA)  is an applicationcontaining an authorization to block the application money in the bank account, for subscribing to an issue. If an investor is applying through ASBA, his application moneyshall be debited from the bank account only if his/her application is selected forallotment after the… Read More

Every procedure is permitted to the court for doing justice unless expressly prohibited

Recently, hon™ble Supreme Court in RAJENDRA PRASAD GUPTA V. PRAKASH CHANDRA MISHRA & ORS. {(2011) 2 SCC 705; Civil Appeal No(s). 984 of 2006-Decided on 12-01-2011} has held as follows (in para 2).   2.........................Rules of procedure are handmaids of justice. Section 151 of the Code of Civil Procedure gives inherent powers to the court… Read More

AGREEMENTS VALID WITHOUT PAYING STAMP DUTY-Purchase order, Airline ticket and Courier receipt etc

Extracts from Section 3 and Entry No. 5 in Schedule I to the Indian Stamp Act, 1899 are reproduced below for ready reference. (A) Entry No. 5 in Schedule I (Stamp Duty on Instruments) to the Indian Stamp Act, 1899 read as follows. 5. AGREEMENT or Memorandum of Agreement-(a) if relating to the sale of… Read More

When an Unregistered Equitable Mortgage Deed is Invalid

An extract of section 58(f) and section 59 of the Transfer of Property Act, 1882 is reproduced below for ready reference. 58(f). Mortgage by deposit of title-deeds.”Where a person in any of the following towns, namely, the towns of Calcutta, Madras, and Bombay, and in any other town which the State Government concerned may, by notification… Read More

Tag: Mortgage by deposit of Title deeds

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