eMinds Legal - Corporate Law Reporter

RBI releases Guidelines for Licensing of New Banks in the Private Sector

The Reserve Bank of India today released on its website, the Guidelines for Licensing of New Banks in the Private Sector. Key features of the guidelines are: (i) Eligible Promoters: Entities / groups in the private sector, entities in public sector and Non-Banking Financial Companies (NBFCs) shall be eligible to set up a bank through… Read More

RBI issues clarification on the obligations of Authorised Persons under Prevention of Money Laundering Act

KYC norms/AML Standards/CFT Standards Obligation of Authorised Persons under PMLA, 2002 RBI/2012-13/419 A. P. (DIR Series) Circular No. 84 February 22, 2013 To, All Authorised Persons Madam/ Dear Sir, Know Your Customer (KYC) norms/Anti-Money Laundering (AML) Standards/Combating the Financing of Terrorism (CFT) Standards Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002… Read More

RBI Guidelines on Saving Fund Account Holder

RBI Guidelines on Saving Fund Account Holder; Banks to Ensure that Adequate Stocks of Cheque Books of 20 / 25 Leaves are Maintained With All the Branches to Meet the Requirements of their Customers Reserve Bank of India (RBI) has issued a Master Circular dated 02.07.2012 on ˜Customer Service in Banks™ which, inter-alia, provides that… Read More

Central Government declares some companies as “Nidhis”

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 15th February, 2013 G.S.R. 87(E).-In exercise of the powers conferred by sub-sections (1) and (2) of Section 620A of the Companies Act, 1956 (1 of 1956), the Central Government hereby,- (i) declares the following companies to be Nidhis Sl. No. Name of the Company… Read More

Beneficiaries under Forest Rights Act, 2006

As per information received from the State Governments/Union Territory Administration, till 31st January, 2013, 32,45,191 claims have been filed under the Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006 and 12,80,100 titles have been distributed under the Act. Further, 16,226 titles were ready for distribution. As per the information received… Read More

Expenses towards Brand creation are to be revenue expenditure in nature

CLR Editorial Notes: The assessee in this case is a company engaged in the business of manufacturing and export of jewellery. During the assessment, the Assessing Officer, while examining expenses relating to Miscellaneous expenses, which were actually made to enhance the image of a particular product brand, held that it is capital in nature and hence the… Read More

Expenditure on club corporate membership is revenue expenditure in nature

CLR Editorial Notes: The assessee in this case had obtained a corporate membership of a Golf Club after a payment of Rs.6 lakhs. The Assessing Officer on the assessment of this transaction, disallowed the expenditure, and rendered it on grounds of it being capital expenditure in nature. The CIT (Appeals) and ITAT, then reversed the order,… Read More

Mechanism for Fixing Drugs Price

The government has notified the National Pharmaceutical Pricing Policy, 2012 (NPPP-2012) where it has also been proposed to regulate and control the prices of National List of Essential Medicines- 2011. The salient features of National Pharmaceutical Pricing Policy, 2012 (NPPP- 2012) are as under: ¢ The regulation of prices of drugs is on the basis… Read More

IRDA Guidelines pertaining to Agents

Circular no. IRDA/CAGTS/GDL/028/02/2013, dated 15-2-2013 Dated 15-2-2013 MCA Guidelines pertaining to Agents Reference is invited to the Circular No. IRDA/CAD/GDL/AGN/052/03/2011 dated 25th March, 2011 wherein the Authority has allowed special dispensation to Standalone Health Insurance Companies to avail the services of General Insurance Agents of other Companies to distribute their products. In continuation to the… Read More

MCA 21 fees relaxation modules being tested

The MCA has issued Circular No.3 dated 08/02/2013 on ˜relaxation of additional fees and extension of last date in filing of various forms™ and Circular No.5 dated 12/02/2013 on ˜filing of Balance Sheet and P&L Account in XBRL mode™. The changes required to be made at Back Office for implementing the circulars are being tested/validated… Read More

Introduction of New Drug Policy

The government has notified the National Pharmaceutical Pricing Policy, 2012 (NPPP-2012) where it has also been proposed to regulate and control the prices of National List of Essential Medicines- 2011. The salient features of National Pharmaceutical Pricing Policy, 2012 (NPPP- 2012) are as under: ¢ The regulation of prices of drugs is on the basis… Read More

Expansion and Improvement of Telecommunication Services

The details, of the physical and financial targets set and achieved for expansion and improvement of telecommunication services in the country during the Eleventh Five Year Plan as per 11th Plan document of the Planning Commission, are as given below: Targets Achievements To reach a telecom subscriber base of 600 million. Target has been achieved. Total number… Read More

Directions issued by Department of Telecommunications regarding Specific Absorption Rate

Study on Radiation From Mobile Towers and Cell Phones Bio-initiative 2012 report has summarized about 1800 new studies under twenty four technical chapters. Overall, these new studies reported abnormal gene transcription; genotoxicity and single and double strand DNA damage; stress proteins because of the fractal RF-antenna like nature of DNA; chromatin condensation and loss of… Read More

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