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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The Port of Export could be held to be the Place of Removal, for Excisable goods cleared from factory for export
CLR Editorial Notes: The question whether the port of export could be considered to be place of removal of excisable goods was examined by the division bench in this case, with reference to the definition of place of removal under Section 4(3) of the Central Excise as also to Section 5 of the Central Sales… Read More
Introduction of Periodic Call Auction for Illiquid Scrips and Extension of Pre-open Session to all Scrips
CIRCULAR CIR/MRD/DP/ 6/2013 February 14, 2013 To All Stock Exchanges Dear Sir/Madam, Sub: Introduction of Periodic Call Auction for Illiquid Scrips and Extension of Pre-open Session to all Scrips. 1. SEBI vide circular no CIR/MRD/DP/21/2010 dated July 15, 2010 introduced Call Auction in Pre-open session on pilot basis at NSE and BSE for scrips forming… Read More
If Service tax is not collected separately, the gross amount has to be adopted to quantify the tax liability
CLR Editorial Notes:- As per this system of taxation, tax borne by the consumer of goods/services is collected by the assessee (manufacturer/service provider) and remitted to the Government. When the amount is collected for the provision of services, the total compensation received should be treated as inclusive of service tax due to be paid by… Read More
Inadmissible CENVAT credit taken and reversed will still attract interest under Rule 14
CLR Editorial Notes: The case is related to an Interest charge placed on a CENVAT credit. A manufacturer or service provider was required by the Revenue to pay interest on an amount of CENVAT credit taken (though inadmissible) and later on reversed without utilization, for the period from the date of credit-taking to the date of… Read More
An Economic and Functional Classification of the central government budget (2012-2013)
Since 1957-58, the Economic Division of the Ministry of Finance has been preparing an economic classification of the Central Government budgetary transactions to make the budget a more useful tool of economic analysis. In brief, this classification involves arranging the expenditures and receipts of the Central Government including those of railways and posts by significant economic categories distinguishing current from capital outlays, spending for… Read More
MoC Speak :: India and France expected to Conclude India – EU Bilateral Trade and Investment Agreement by Summer 2013
In a meeting with Ms Nicole Bricq, French Minister for External Trade, the Union Minister for Commerce, Industry & Textiles Shri Anand Sharma today said that a Broad-based Indian-EU Trade and Investment Agreement has seen fifteen rounds of negotiations. The Chief negotiators are meeting in March and hoped that this would be the last round… Read More
Rupee depreciation raises crude oil price of Indian Basket
The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas remained same at US$ 114.68/barrel (bbl) on 11.02.2013 as it. Prevailed on the previous trading day of 08.02.2013. In rupee terms, however, the crude oil price of increased… Read More
Customs Amendment to Unloading of imported goods and the loading of export goods
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii)] Government of India Ministry of Finance (Department of Revenue) Notification No. 15 /2013-Customs (N.T.) New Delhi Dated the 31st January, 2013 S.O. 297(E).- In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52… Read More
Appointment of Loksan, Nagarkata and Kulkuli as Land Customs Stations on India-Bhutan Border
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART-II, SECTION-3, SUB-SECTION (ii)] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 18/2013-Customs (N. T.) New Delhi, the 31st January, 2013 11 Magha, SAKA 1934 S.O.305(E).- In exercise of the powers conferred by clause (c) of sub-section (1) of… Read More
Customs amendments to allow import of catalyst for one subsequent charge under EPCG scheme
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 03/2013-Customs New Delhi, the 13th February, 2013 24 Magha 1934 Saka G.S.R. 72 (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central… Read More
Pesticides under SION J-373 deleted as permissible input
TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY (PART-I -SECTION-1) GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 49(RE:2012)/2009-2014 NEW DELHI : DATED :13.02.2013 Subject: Deletion of pesticides from SION, J-373 (Textile Product). In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade… Read More
RBI Clarifies Gold Deposit Scheme for Mutual Funds & Exchange Traded Funds
Gold Deposit Scheme RBI/2012-13/415 DBOD.No.IBD.BC. 81/23.67.001/2012-13 February 14, 2013 All Scheduled Commercial Banks authorized to deal in Gold Dear Sir / Madam Gold Deposit Scheme The Central Government, with a view to bringing privately held stock of gold in circulation, reduce the country™s reliance on import of gold and providing its owners with some income… Read More
RBI Deputy Governor talks about Challenges in Large Value and Retail Payment Systems
Principles of Financial Market Infrastructure & Innovations in Retail Payment Systems: Some Perspectives (Inaugural address delivered by Shri Harun R Khan, Deputy Governor at the Infrastructure Seminar on Principles for Financial Market Infrastructures and Innovations in Retail Payment Systems organized by Reserve Bank of India on February 14, 2013 at New Delhi) It is a… Read More
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