Contract

Risk Management and Inter Bank Dealings

RBI/2013-2014/446 A.P. (DIR Series) Circular No. 92 January 13, 2014 All Category - I Authorised Dealer banks Madam/Sir, Risk Management and Inter Bank Dealings Attention of Authorised Dealers Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No. FEMA/25/RB-2000 dated May 3,… Read More

Tags: Anno DominiCategories of New Testament manuscriptsContractForeign Exchange Management ActForward contractGeneral managerRisk management

Defence Offset Policy

             30% Offset clause in contracts having indicative cost of Rs. 300 crore or more is being signed in schemes that are categorised as Buy (Global). However, in specific cases depending on the type of acquisition / strategic importance of the acquisition, waiver of the requirement of Offset obligation is obtained from the… Read More

Tags: Carrier air wingContractDefence Acquisition CouncilDefence MinistryDPPIndiaIndian Air ForceSwiss Franc

NTPC subsidiary enters into agreement with KSEB

NTPC Vidyut Vyapar Nigam Limited (NVVN), a wholly owned subsidiary of NTPC Limited, has entered into a Power Purchase Agreement (PPA) with Kerala State Electricity Board (KSEB) for supply of 300 MW Round the Clock (RTC) power for a period of three years starting from 1st March 2014. The PPA was signed by Shri N.K.Sharma,… Read More

Tags: ChhattisgarhContractKeralaKerala State Electricity BoardKSEBNTPC LimitedPPAThiruvananthapuram

Clarification of Definition of MSE Owned by SC/ST Entrepreneurs

The Government introduced Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012 which is notified under MSMED Act 2006. The Public Procurement Policy mandates every Central Ministries/Departments/CPSUs to set an annual goal for procurement from the MSE sector from the 1st April 2012 with objective of achieving an overall procurement of minimum 20% of… Read More

Tags: Audit and PurchasingContractEconomyGovernmentGovernment ProcurementMSEProcurementPublic sector

DTAA with Monaco

NOTIFICATION NO. 43/2013 DATED 12/06/2013  SO 924(E) - Whereas an Agreement (hereinafter referred to as the said Agreement) between the Government of the Republic of India and the Government of the Principality of Monaco for the exchange of information relating to tax matters was signed at Monaco on the 31st day of July, 2012 ; And… Read More

Tags: Business and EconomyCollective investment schemeContractIndiaMonacoPublic companyRonaldoSecurities & Exchange Board of India

CBEC examines issues regarding difficulties faced in availing exemption in Oil Exploration Sector

Circular No. 21 /2013-Customs F.No.B1/20/2013 -TRU Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, dated 16th May, 2013 To, All Chief Commissioners of Customs. All Chief Commissioners of Customs & Central Excise. All Chief Commissioners of Central Excise. Subject: Difficulties being faced in availing exemption relating to the… Read More

Tags: ContractGovernment of IndiaIndiaJoint ventureNew DelhiNew Exploration Licensing PolicySubcontractorTax exemption

PM directs Planning Commission to formulate Draft Bill on Dispute Resolution in Public Contracts

The Prime Minister has tasked the Planning Commission to formulate a draft Bill on Dispute Resolution in public contracts in consultation with all stakeholders and Ministries. Dispute resolution in large public contracts is an area of growing concern and the Prime Minister has initiated the first steps in improving the institutional arrangement for dispute settlement.… Read More

Tags: ContractDispute resolutionIndiaInstitutionPlanning CommissionPPPPublic–private partnershipPurchasing power parity

Double Taxation Agreement between India & Gibraltar

SECTION 90 OF THE INCOME-TAX ACT, 1961 DOUBLE TAXATION AGREEMENT AGREEMENT FOR EXCHANGE OF INFORMATION WITH RESPECT TO TAXES WITH FOREIGN COUNTRIES GIBRALTAR NOTIFICATION NO. 28/2013[F.NO.503/11/2009-FTD-I], DATED 1-4-2013 Whereas, an Agreement between the Government of the Republic of India and the Government of Gibraltar for the Exchange of Information with respect to taxes was signed… Read More

Tags: ContractExchange of InformationFinance MinisterGIBRALTARGovernment of GibraltarGovernment of IndiaIndiaTax treaty

Liquidated Damages to be payable irrespective of actual damages

The High Court of Delhi in its recent judgment in the case of Sudhir Gensets Ltd. v. Indian Oil Corporation Ltd., while interpreting Section 74 of the Indian Contract Act,1872, held that if a contract specifies the limit of liquidated damages that would be payable in the event of a breach,  then the claimant is entitled… Read More

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