eMinds Legal Advocates & Solicitors
eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.
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RBI :: Simplification of Procedure Settlement of Claims of Deceased Depositor & Placing claim forms on bank™s website
RBI/2013-14/214 DBOD.No.Leg.BC.48/09.07.005/2013-14 September 03, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Settlement of Claims of Deceased Depositor Simplification of Procedure Placing of claim forms on bank™s website Please refer to circular DBOD.No.Leg.BC.95 /09.07.005/2004-05 dated June 09, 2005 wherein simplified procedure has been specified for settlement of claims of deceased depositors. We have been receiving feedback… Read More
RBI :: Information sought by Banks from Customers under PMLA has to be as per guideline and not intrusive
RBI/2013-14/213 DBOD. AML.BC. No. 50/14.01.001/2013-14 September 3, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002 Information sought by banks from customers… Read More
RBI :: Finding Alternate Avenues for Distribution of Banknotes and Coins
RBI/2013-2014/212 DBOD.NO. BAPD.BC.46 /22.01.009/2013-14 September 02, 2013 The Chairmen and CEOs (All Scheduled Commercial Banks including Regional Rural Banks and Local Area Banks) Dear Sir, Financial Inclusion by Extension of banking Services- Use of Business Correspondents for distribution of Banknotes and Coins- Alternative Avenues Please refer to Para 110 of the Monetary Policy Statement 2013-14… Read More
RBI :: 20th Half Yearly Report on Management of Foreign Exchange Reserves – October 2012-March 2013
The Reserve Bank of India has today released the 20th half-yearly report on management of foreign exchange reserves with reference to March 2013. It may be recalled that in February 2004, the Reserve Bank had commenced a process of compiling half yearly reports and placing them in the domain for bringing about more transparency and also for… Read More
RBI :: Challenges to Policy Making and Evolving Role of Statistical Analysis
The Reserve Bank of India organised the 7th Statistics Day Conference on August 30, 2013. The theme of the conference was 'Challenges to Policy Making and Evolving Role of Statistical Analysis'. Statistics Day is observed in India to commemorate the sterling contribution of Prof. Prasanta Chandra Mahalanobis to statistics and the Indian statistical system. Distinguished… Read More
Gov: Rajya Sabha to take up Land Acquisition Bill Tomorrow
The Land Acquisition Bill, which has been renamed as The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2012" will come up in the Rajya Sabha for debate and voting on Wednesday. The Bill is in continuation of the UPA Government™s commitment to enacting rights based legislation with the objective of empowering the common… Read More
FDI :: Government Approves 17 Proposals for Foreign Direct Investment
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 29, 2013, the Government has approved17 Proposals of Foreign Direct Investment (FDI) amounting to Rs. 992.61crore approximately. In addition, one proposal viz., M/s Jet Airways India Ltd., amounting to Rs. 2057.66 crore, has been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA). Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on29.07.2013. Following 17 (Seventeen) proposals have been approved. Sl.… Read More
Case Laws :: Sham transaction :: Finance lease designed as a sale and leaseback to avoid taxation
CLR Editorial Notes: The assessee, an investment company, had bought some electric meters from the Gujarat State Electricity Board (GSEB) which were then leased back to GSEB in a simultaneous transaction. The assessee then claimed 100% depreciation on the purchase cost of the meters. This was ruled by the Assessing Officer and CIT(A) as "sham"… Read More
Case Laws :: Sec 192 explains TDS obligation on Medical Reimbursement & LTC components of a CTC of an employee
CLR Editorial Notes: In this case related to TDS and LTC of an employee, it was noticed that the assessee (in this case - Infosys BPO, Bangalore) had recruited employees under a contract of employment which provided the salary as a ˜cost to company™ or ˜CTC™. Once the employee had determined the CTC, he/she was permitted… Read More
Case Laws :: Transfer Pricing :: Consequences of an assignment and novation of contract are different
CLR Editorial Notes: In this case, the assessee™s (Tellabs India) associate enterprise, Tellabs Denmark, was awarded a contract by the Power Grid Corporation for the supply, installation and commissioning of telecommunication equipments. The work was to be performed both within India (customs clearance in India and installation termed as "onshore") as well as outside India (where… Read More
CLR Flash :: Companies Act 2013, Notified in the Official Gazette of India
The Companies Act, 2013 has been notified in the official gazette w.e.f. 30.08.2013. Please find attached herewith the copy of the same Official Gazette of India -Companies Act 2013 Notified Read More
MoF :: 20th Progress Report pursuant to the recommendations of the Joint Parliamentary Committee on Stock Market Scam
The Report of the Joint Parliamentary Committee on Stock Market Scam and matters relating thereto was presented to the Parliament on 19th December 2002. In Para 3.31, the JPC recommended that the Government should present its Action Taken Report to the Parliament within six months and, thereafter, a Progress Report every six months until action on all the recommendations… Read More
MoF :: Medium-term Expenditure Framework Statement laid before Parliament as required under the Fiscal Responsibility and Budget Management Act, 2003
Section 3 of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 require the Government to place three Statements in both Houses of Parliament. This section has been amended to require the Government to lay a fourth statement viz. the Medium Term Expenditure Framework (MTEF) in both Houses of Parliament, immediately following the session of the Parliament in which the budget… Read More
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