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Central Excise Amendment notification – item insertion and substitution
[(TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i) of dated the 6th March, 2013] Government of India Ministry of Finance Department of Revenue Notification No. 05/2013-Central Excise (N.T.) New Delhi, the Dated, 6th March, 2013 G.S.R ( E ) . In exercise of the powers conferred by sub-rule (2)… Read More
Finance Minister meets the Directors of the RBI Central Board against the backdrop of Budget 2013
Shri P. Chidambaram, Hon™ble Union Minister of Finance addressed the Central Board of the Reserve Bank of India today. He indicated that the Union Budget 2013-14, presented against the backdrop of a slowdown in both global and domestic economic growth, is expected to lay the foundation for a sustainable rebalancing of government finances. It is… Read More
Joint Committee submits report on implementation of Forest Rights Act, 2006
The Ministry of Environment & Forests and the Ministry of Tribal Affairs had constituted a Joint Committee in April 2010 to study in detail the implementation of the Forest Rights Act, 2006 (FRA) including factors that were aiding/ impeding its implementation and recommend necessary policy changes in the future management of the forestry sector in… Read More
Revival of Sick/ Loss Making Central Public Sector Enterprises
As per information available in the Public Enterprises Survey 2011-12, that was laid in the Parliament on 26.2.2013, and based on the definition of sickness given in the Govt. of India Resolution dated 6th December, 2004, constituting Board for Reconstruction of Public Sector Enterprise™s (BRPSE), there were 64 sick Central Public Sector Enterprises (CPSEs) as… Read More
Divestment of RCF – Issue Subscribed over 1.3 Times
Rashtriya Chemicals & Fertilizers Ltd (RCF) issue has been subscribed over 1.3 times. The Government will receive approximately Rs. 310 crores from the sale proceeds. The Issue was subscribed by all categories of Investors including retail investors. The divestment was carried out to make the Company compliant to the mandatory public shareholding requirements under the… Read More
Committee Constituted to prepare blueprint for Women™s Public Sector Bank
The Union Finance Minister, Shri P. Chidambaram in his Budget Speech 2013-14 had proposed to set-up India™s First Women™s Bank as a Public Sector Bank. He had also provided Rs. 1000 crore as initial capital. In order to prepare a Blueprint for the aforesaid Bank, the Ministry of Finance has constituted a Committee as follows:… Read More
New Safety Measures for Credit and Debit Card Transactions
New Norms for Credit Cards Reserve Bank of India (RBI) vide Circular dated 28.02.2013on Security and Risk Mitigation Measures for Electronic Payment Transactions has directed banks to put in place the following safety measures for Credit and Debit Card Transactions : ¢ All new debit and credit cards to be issued only for domestic usage… Read More
Double Taxation Avoidance Agreement with 85 Countries in force
India has signed 88 Double Taxation Avoidance Agreements (DTAAs) out of which 85 have entered into force, with various countries including Sri Lanka and South Korea. The DTAAs provide for allocation of taxation rights to source State and residence State in respect of business profits including that of a permanent establishment, operation of ships or… Read More
Salient Features of National Telecom Policy-2012
Licensing, Convergence and Value Added Services Strive to create One Nation - One License across services and service areas. Achieve One Nation - Full Mobile Number Portability and work towards One Nation - Free Roaming. To orient, review and harmonise the legal, regulatory and licensing framework in a time bound manner to enable seamless delivery… Read More
GoI Notifies Guidelines for PCO Holders
The Government has notified the Information Technology (Guidelines for cyber Café Rules 2011). The Rules provide the detailed guidelines for cyber café holders interalia for registration of cyber café and preserving the records in respect of the users or any person who uses the services at such cyber café. After taking a considered view in… Read More
National High Level Airspace Policy Body to monitor Flexible Use of Airspace
On initiative of Civil Aviation Minister, Shri Ajit Singh, the Cabinet Committee on Security (CCS) today cleared Flexible Use of Airspace (FUA) by civil and military users, which was unresolved for last so many years. There was a need to fulfill the demand of national security, where the need of airspace by the military was… Read More
RBI signs Currency Swap Agreement with Royal Monetary Authority of Bhutan
The Reserve Bank of India has today signed the first Currency Swap Agreement with the Royal Monetary Authority of Bhutan. The Royal Monetary Authority of Bhutan can make drawals of US Dollar, Euro or Indian Rupee in multiple tranches up to a maximum of US$ 100 million or its equivalent. This is expected to further… Read More
Financial Sector Regulators sign an MoU to monitor Financial Conglomerates; Approve National Strategy for Financial Education
The financial sector regulators (Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority and Pension Fund Regulatory and Development Authority) signed a Memorandum of Understanding (MoU) for co-operation in the field of consolidated supervision and monitoring of financial groups identified as financial conglomerates. The Sub Committee of the Financial… Read More
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