eMinds Legal Advocates & Solicitors
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Dialogue on promoting Competition Culture in the Country
The Eminent Persons Advisory Group (EPAG) that held its second meeting in Delhi today suggested that time has come wherein the culture of total governance should now be replaced with culture of competition in the country. . Mr. N.L.Mitra, former Vice Chancellor, NLSIU and Member of EPAG said that Competition Commission should initiate dialogue with… Read More
Identification of ‘beneficial ownership’ under PMLA
RBI/2012-13/385 DBOD.AML.BC. No.71/14.01.001/2012-13 January 18, 2013 The Chairmen/CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks /All India Financial Institutions Dear Sir, Know Your Customer (KYC) norms /Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Please refer to paragraph 2.4 (a) of Master Circular… Read More
Exim Bank’s Line of Credit to Nigerian Export-Import Bank
RBI/2012-13/384 A.P. (DIR Series) Circular No.77 January 18, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit (LOC) of USD 20 million to Nigerian Export-Import Bank Export-Import Bank of India (Exim Bank) has concluded an agreement dated November 15, 2011 with the Nigerian Export-Import Bank , making… Read More
Reporting under Foreign Exchange Management Act, 1999 (FEMA)
RBI/2012-13/383 A.P. (DIR Series) Circular No. 76 January 17, 2013 To All Category - I Authorised Dealer Banks Madam /Sir, Reporting under Foreign Exchange Management Act, 1999 (FEMA) In terms of Section 11 (2) of FEMA, 1999, the Reserve Bank may, for the purpose of ensuring the compliance with the provisions of the Act or… Read More
Reporting of declines in ATM transactions
RBI/2012-13/382 DPSS.CO.PD.No.1207/02.10.002/2012-2013 January 17, 2013 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir Declines in ATM transactions reporting of Please refer to our circular DPSS. No. 101/02.10.02/2009-2010, dated July 17, 2009 on… Read More
Aligning ˜National Investment Fund™ operation to enhance ˜Disinvestment Policy™
The Cabinet Committee on Economic Affairs today approved the following: (i) The disinvestment proceeds with effect from the fiscal year 2013-14 will be credited to the existing public account under the head National Investment Fund (NIF), and they would remain there until withdrawn/invested for the approved purposes. (ii) The NIF will be used for the following purposes:… Read More
Continuation of the Jawaharlal Nehru National Urban Renewal Mission
Approval to mandate continuation of Jawaharlal Nehru National Urban Renewal Mission to sanction new projects and capacity building activities till 31st March, 2014 The Cabinet Committee on Economic Affairs today approved the continuation of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) to sanction new projects and capacity building activities till 31st March, 2014 under… Read More
Cabinet Committee Allows exports of value added farm produce despite restrictions
Approved for the export of processed and/or value added agricultural products even in the event of restriction/ban on export of basic farm produce The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Commerce for allowing the export of processed and/or value added agricultural products even in the event of restriction/ban… Read More
Cabinet Committee Approves Budgetary Ceiling for Annuity Payments for PPP Projects
The Cabinet Committee on Economic Affairs has approved the recommendations made by the Inter-Ministerial Task Force under the chairmanship of Member (B.K. Chaturvedi), Planning Commission on budgetary ceilings for annuity commitments under Public Private Partnership (PPP) projects across sectors. The recommendation of the committee would ensure that future budgetary options do not get restricted due… Read More
Revision of tariff value on imported edible oils
The Cabinet Committee on Economic Affairs has approved to defreeze the tariff values of all edible oils, Palm Oil - Crude; Palm Oil - RBD (Refined Bleached Deoderized); Palm Oil - others; Palmolein - Crude; Palmolein - others; and Soyabean Oil - Crude and notify their tariff values on the basis of their prevailing international… Read More
Planning Commission Comment on Factory output
The Deputy Chairman of the Planning Commission, Mr. Montek Singh Ahluwalia, has said that the country's industrial output shrank unexpectedly in November and it was owing to statistical reasons. The industrial production index fell by 0.1% annually in the month of November. The Central Statistics Office released data which was in comparison to October 2012 revised growth of… Read More
Higher Market Projections for 2013 on GAAR deferral news
The Industry has cheered the government™s deferment of the implementation of GAAR (General Anti Avoidance Rule) which was surrounded by controversy ever since the day it was announced. The tax-avoidance rule has since been deferred till April 2016. This has come with great relief to the industry and markets which responded with a 2-year high… Read More
XBRL Filing last date extended to 15th Feb’13
The Ministry of Corporate Affairs has extended the last date for filing of XBRL data for financial year starting FY 2011-12 till 15th February 2013. The circular is attached here for reference. No. 17/161/2012-CL-V Government of India Ministry of Corporate Affairs 5th Floor-, "A" Wing, Sllaslri Bhawan, Dr. R.P. Road, New Delhi-110001 Dated 15/01/2013… Read More
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