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Arms Length Pricing – Adjustment cannot be made to the entire entity turnover/ profits
Ratio of the Case: With relation to the Transfer Pricing regime, Arms Length Pricing should be determined on segment-wise profits & not at an entity level. In such a case, adjustments cannot be made to the entire entity turnover or profits. CLR Editorial Notes: The assessee had entered into several international transactions with its Associated… Read More
MoC Speak :: Demands Internal Balance in the Trade Facilitation Proposal
Anand Sharma Demands Internal Balance in the Trade Facilitation Proposal Calls for LDC Package as Part of Bali Ministerial Meets Key WTO Ambassadors in Geneva The Union Minister for Commerce, Industry and Textiles Shri Anand Sharma, in a frank exchange on roadmap to Bali Ministerial with key Ambassadors to WTO in Geneva today, made a… Read More
Trade Credits for Imports into India Review of all-in-cost ceiling
RBI/2012-13/475 A.P. (DIR Series) Circular No. 98 April 9, 2013 To, All Category - I Authorised Dealer Banks Madam / Sir, Trade Credits for Imports into India Review of all-in-cost ceiling Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.28 dated September 11, 2012 and A.P. (DIR Series),… Read More
TRAI extends date for comments on Consultation Paper
Extension of date for receipt of comments on TRAI™s consultation paper on Issues relating to Media Ownership The Telecom Regulatory Authority of India (TRAI) released a consultation paper on Issues relating to Media Ownership on 15th February, 2013, inviting written comments from the stakeholders by 8th March, 2013 and counter-comments by 15th March 2013, which… Read More
National Institute of Design Bill, 2013 – Suggestions Invited
Department Related Parliamentary Standing Committee on Commerce Invites Suggestions on the National Institute of Design Bill, 2013 The National Institute of Design Bill, 2013, introduced in the Rajya Sabha on the 11th March, 2013, has been referred to the Department Related Parliamentary Standing Committee on Commerce, headed by Shri Shanta Kumar, M.P., Rajya Sabha, for… Read More
Direct Benefit Transfer Rollout, Phase II
PMO writes to Secretaries on roll out of Phase II of Direct Benefit Transfer The Principal Secretary to PM has written to the GOI Secretaries of the concerned Ministries/Departments on the roll out of the second phase of the Direct Benefits Transfer. He has said that it has been decided that the three pension schemes… Read More
Exim Bank’s Line of Credit to the Government of the Republic of Malawi
RBI/2012-13/474 A.P. (DIR Series) Circular No.97 April 9, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 76.50 million to the Government of the Republic of Malawi Export-Import Bank of India (Exim Bank) has concluded an Agreement dated December 13, 2012 with the Government of the… Read More
Customs – Search proceedings quashed by High Court as “reason to believe” absent
2013 (4) TMI 87 - BOMBAY HIGH COURT Other Citation: 2012 (286) E.L.T. 343 (Bom.) SAMADHAN STEEL TRADERS Versus UNION OF INDIA No. - Writ Petition No. 6043 of 2011 Dated - 14 August 2012 Reason for initiating search proceedings - Department conducted a search proceedings u/s 105 of Customs Act on a legal opinion… Read More
MoC Speak :: Developing Nations need Flexibility in honouring Intellectual Property Commitment
Anand Sharma Defends IP Flexibilities for Developing Countries at WIPO Calls for a Binding Treaty for Protecting Traditional Knowledge Hands Over Instrument of Accession to the Madrid Protocol. Addressing a High Level Policy Dialogue at the World Intellectual Property Organisation (WIPO) Headquarters in Geneva today, the Union Minister for Commerce, Industry and Textiles Shri Anand… Read More
Grievances related to process of reconciliation of realization of export proceeds
INSTRUCTION F. No. 609/35/2013-DBK Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Drawback Division New Delhi dated 04/04/2013 To All Chief Commissioners of Customs / Customs (Prev.) All Chief Commissioners of Customs & Central Excise All Commissioners of Customs / Customs (Prev.) All Commissioners… Read More
Import of Pets under Baggage
Circular No. 15 / 2013-Customs F. No. 495/16/2012-Cus.VI Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Room No.253-A, North Block New Delhi, 8th April 2013 To, All Chief Commissioners of Customs, All Chief Commissioners of Customs (Preventive), All Chief Commissioners of C.Ex. , Customs & S.Tax. All Director Generals.… Read More
Issues relating to implementation of Ministry of Steel™s Order
Circular No. 14/2013 - Customs F. No. 450/87/2012-Cus-IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Room No. 253A, North Block New Delhi, Dated 5th April 2013 To, All Chief Commissioners of Customs / Customs (Prev.). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs /… Read More
RBI publication on Deposits and Credit Statistics of SCBs
The Reserve Bank of India today released its 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks, June 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 June 29, 2012. The… Read More
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