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 releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: September 2012’
The Reserve Bank of India today released 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks, September 2012™. The publication contains data on spatial distribution of aggregate deposits and gross bank credit of scheduled commercial banks including regional rural banks (RRBs) based on Basic Statistical Return (BSR)-7 as on September 28, 2012. The data… Read More
Clarifications to Queries on Guidelines for Licensing of New Banks in the Private Sector
Clarifications to Queries on Guidelines for Licensing of New Banks in the Private Sector In providing the clarifications, an attempt has been made to assist potential applicants in understanding the terms of the guidelines. The clarifications are specific to the queries and must be read in the overall context of the guidelines. Q.1. Is it compulsory for the… Read More
RBI releases clarifications to the queries on the Guidelines for Licensing of New Banks in the Private Sector
The Reserve Bank of India today released on its website, clarifications to queries on the Guidelines for Licensing of New Banks in the Private Sector. The Reserve Bank of India released the Guidelines for Licensing of New Banks in the Private Sector on its website on February 22, 2013. Following the issue of the guidelines, RBI… Read More
CBDT™s Scrutiny Guidelines – Section 143(3) assessment not valid if case has been picked up contrary to guidelines
CLR Editorial Notes: In the Assessment Year 2006-07, the assessee filed a ROI declaring income of Rs. 3.97 crore. The case was selected for scrutiny under clause 2(v)(b) of the Scrutiny Guidelines issued by the CBDT. The said clause of the Scrutiny Guidelines provided that a case had to be selected for compulsory scrutiny if… Read More
Index of Eight Core Industries as of April, 2013
The summary of the Index of Eight Core Industries (base: 2004-05) is given at the Annexure. The eight core industries have a combined weight of 37.90% in the Index of Industrial Production (IIP). The combined Index was 152.2 in April, 2013 with a growth rate of 2.3% compared to5.7% growth in April, 2012. The decline in the growth rate in April, 2013 was mainly on account… Read More
Government to Provide Support for Infrastructure Development for Mountaineering in NER
The Secretary, Ministry of Development of North Eastern Region (DoNER) Shri U.K. Sangma said that the Government will provide all possible support for infrastructure development for mountaineering in North Eastern Region. He said this while interacting with media and the mountaineers of the 1st North East India on top of the World (Mt. Everest) Expedition 2013 here today. Shri Sangma said… Read More
Cauvery Issue – First Meeting of the Supervisory Committee Held
The 1st Meeting of the Supervisory Committee (SC) on Cauvery held here in New Delhi today under the chairmanship Water Resources Secretary Dr. S. K. Sarkar. The meeting was convened inter alia, to establish the procedures for conducting its business and was in pursuance to the Supreme Court™s direction dated 10th May,2013 wherein the directions have been issued for the constitution of a Supervisory Committee under the… Read More
Direct Benefit Transfer Scheme for LPG Consumers
Dr Moily launches Direct Benefit Transfer Scheme for LPG Consumers at Tumkur (Karnataka); Andhra CM flags-off DBTL at Hyderabad DBTL Scheme Commences in 18 Districts from 1st June 2013. In line with the decision of the Government of India to launch Direct Benefit Transfer for LPG (DBTL) Scheme in 20 high Aadhaar coverage districts from 01.06.2013, the Minister of Petroleum &… Read More
Provisional Accounts of the Union Government for the Year 2012-2013 Released
Fiscal Deficit is 4.9 Percent, Revenue Deficit 3.6 Percent and Effective Revenue Deficit 2.5 Percent of GDP during the Period Office of the Controller General of Accounts (CGA) has compiled the accounts of the Union Government for the year 2012-2013 and brought out its results on provisional basis. The fiscal indicators for the year 2012-13 as percentage… Read More
Salient Features of Defence Procurement Procedure- 2013
The Salient features of the DPP- 2013, promulgated by MoD are as follows: 1. The first major change that has been brought in relates to the introduction of the ˜preferred categorisation™ in the following order; Buy(Indian), Buy & Make(Indian), Make(Indian), Buy & Make, Buy(Global). While seeking the approval for Ãccord of Necessity (AoN) in a… Read More
MoD Promulgates Defence Procurement Procedure- 2013
The Ministry of Defence has promulgated the Defence Procurement Procedure 2013. The new procedure which takes effect from today, aims to balance the competing requirements of expediting capital procurement, developing a robust indigenous defence sector and conforming to the highest standards of transparency, probity and public accountability, while laying a strong emphasis on promoting indigenisation… Read More
FII™s securities transactions™ profits cannot be assessed as business profits™
CLR Editorial Note: An appeal was placed with the Tirbunal by the assessee which was directed against an earlier order of the CIT(A) Mumbai for the assessment year 2007-08. The appeal was made on the following grounds :- 1. Based on the facts and circumstances of the case, the learned Commissioner of Income-tax (Appeal) [CIT(A)] erred in upholding… Read More
DGFT Amendment in Paragraph 2.1.2 of the Foreign Trade Policy
TO BE PUBLISHED IN THE GAZETTEE OF INDIA EXTRAORDINARY PART II, SECTION -3, SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION No. 14 (RE-2013)/2009-2014. New Delhi, Dated : 31 May, 2013 S.O. (E) - In exercise of powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act,… Read More
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