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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FM clears RBIs draft guidelines on new bank licenses; but with a rider
The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained. The central bank, which had proposed capping FDI in new banks at 49% in the first 10 years, is likely to make the guidelines public… Read More
National Floor Level Minimum Wage to be made statutory
Unskilled workers will soon be legally entitled to a minimum daily wage of Rs. 115 per day with states agreeing to endorse the centre's proposal to make the National Floor Level Minimum Wage statutory. The move will potentially benefit 360 million workers across the country, most of whom are engaged in agriculture and related activities.… Read More
Indian origin man pleads guilty of Insider Trading in US
An Indian-origin hedge fund manager in the US has pleaded guilty to his involvement in insider trading schemes and could face up to 20 years in prison. Samir Barai, 39, a portfolio manager at two different New York hedge funds, pleaded guilty before Magistrate Judge Kevin Nathaniel Fox to one count of conspiracy to commit… Read More
RBI penalises Bank for non adherence to AML guidelines
The Reserve Bank of India has imposed a monetary penalty of Rupees one lakh on The Unava Nagarik Sahakari Bank Ltd., Unava, Dist. Mehsana, Gujarat in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violation of Reserve Bank of… Read More
Instructions regarding Standard Operating Procedure on filing of appeals to High Court
CBDT'S INSTRUCTIONS REGARDING STANDARD OPERATING PROCEDURE ON FILING OF APPEALS TO HIGH COURT Section 260A of the Income-tax Act, 1961 - High Court - Appeal to - Instructions regarding Standard Operating Procedure on filing of appeals to High Court under section 260A and related matters INSTRUCTION NO. 7 /2011 [F.NO. 279/MISC./M-42/2011-ITJ], DATED 24-5-2011 The Government… Read More
Transparency in Survey Operations : CBDT
From the desk of Chairman,CBDT Transparency in Survey operations For bringing transparency in survey operations and obviate the possibility of any grievance to the taxpayers, it is decided that henceforth: I. Survey teams visiting taxpayer™s premises under the provisions of section 133 A of the Income tax Act will, before the commencement of survey proceedings,provide to the… Read More
Income-tax (Fifth Amendment) Rules, 2011 – Amendment in rule 114B
AMENDMENT IN RULE 114B OF THE INCOME-TAX RULES, 1962 Income-tax (Fifth Amendment) Rules, 2011 - Amendment in rule 114B NOTIFICATION NO. 27/2011 [F. NO. 149/122/2010-SO(TPL)], DATED 26-5-2011 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules… Read More
DEPB withdrawal to hurt Exports : CII
Lobbying hard for continuation of DEPB, industry body CII today said the termination of export incentive scheme will hurt exports in the absence of an alternative plan to neutralise local taxes on overseas shipments. "Export margins are in single digit 6-7 per cent. It is a volume game," CII Chairman on National Committee on Exports… Read More
RBI asks banks to reimburse failed ATM transactions in 7 days
The Reserve Bank today directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder's complaint or else pay a Rs 100 per day compensation. "The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working… Read More
RBI liberalises Overseas Direct Investments Regulations
In order to encourage Indian companies to expand their global footprint and showcase entrepreneurial skills, the Reserve Bank today relaxed norms for overseas direct investments. The regulations relating to overseas direct investments, RBI said in a circular, are being liberalised "with a view to providing more operational flexibility to Indian corporates having investments abroad". The… Read More
Tyre Manufacturer’s Association picth for DEPB scheme extension
Automotive Tyre Manufacturers' Association (ATMA) today said it has requested the government to extend the Duty Entitlement Passbook (DEPB) scheme beyond its deadline on June 30, 2011, to continue availing tax benefits for exports. In a letter written to the Commerce and Industry Minister Anand Sharma, ATMA Chairman Neeraj Kanwar said the domestic industry is… Read More
Indian Retail Sector – Primitive
Describing the Indian retail sector as "primitive", the panel on inflation today suggested that foreign investments in the multi-brand retail should be allowed at the earliest to check rising prices. "India's retail sector continues to be primitive...Its time for India to allow FDI in multi-product retail and IMG recommends that the government consider this at… Read More
State-of-the-Art New Wing of ESIC Model Hospital for Workers at Noida inaugarated
Shri P. C. Chaturvedi Secretary of Labour & Employment Inaugurates State-of-the-Art New Wing of ESIC Model Hospital for Workers at Noida (U.P.) Shri Prabhat C. Chaturvedi, Secretary, Ministry of Labour & Employment, Govt. of India inaugurated the 300 bedded State-of-the-art New Building Wing of ESIC Model Hospital at Noida (U.P.) today. The ESI Corporation is… Read More
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