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India Signs DTAA with Republic of Colombia
India Signs DTAA with Republic of Colombia for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on income India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes… Read More
Quarterly Report on Debt Management for the Quarter Jan-March 2011 Released
Government has released the Quarterly Report on debt management pertaining to the quarter Jan-March 2011, here today. The Middle Office (MO), Department of Economic Affairs in the Ministry of Finance has been bringing out the Quarterly Report on debt management since September 2010. This Report for the quarter Jan-March 2011 is the fourth such report in… Read More
India ratifies UN Conventions against Transnational Organised Crime and Corruption
India has ratified the United Nations Convention against Transnational Organised Crime and its three protocols and the United Nations Convention against Corruption. The United Nations Convention against Transnational Organised Crime is the main international instrument in the fight against transnational organized crime. It recognizes the need to foster and enhance close international cooperation in order… Read More
Committee to Review Deemed Export Invites Suggestions from Stakeholders
The first meeting of the Committee to review the existing policy on Deemed Export was held this week. The meeting was attended by Dr. Alok Sheel, JS (MR) Department of Economic Affairs, Shri M.C. Singhi, Senior Economic Advisor, Department of Industrial Policy and Promotion, Dr. Arbind Prasad, Senior Advisor Planning Commission, Shri Chandan Sinha, Regional… Read More
Rules for Government Servants to disclose immovable properties
Central Civil Services (Conduct) Amendment Rules, 2011 have been amended to the effect that where a Government Servant enters into a transaction for immovable property either in his ow name or in the name of his family, he shall, within 1 month from the date of such transaction, report the same to the prescribed authority,… Read More
MCA issues Corrigendum to its circular on XBRL reporting
MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business… Read More
Production, sale & use of Endosulfan pesticide banned for next 8 weeks – SC
The Supreme Court today banned the production, sale and use of controversial pesticide Endosulfan in the country for the next eight weeks, holding that human life is more important than anything else. "Keeping in mind various judgements of this court under Article 21 (right to life and liberty) of the Constitution and particularly keeping in… Read More
National Disaster Management Guidelines on Ensuring Disaster Resilient construction of Buildings and Infrastructure
RBI/2010-11/525 DBOD.Dir.BC.No.93 /08.12.14/ 2010-11 May 12, 2011 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, National Disaster Management Guidelines on Ensuring Disaster Resilient construction of Buildings and Infrastructure The National Disaster Management Authority (NDMA), Government of India has formulated guidelines on ensuring disaster resilient construction of buildings and infrastructure financed through banks and other… Read More
Finance Ministry may take up 42 FDI Proposals during next week
The Finance Ministry will take up 42 foreign direct investment (FDI) proposals, including that of BNP Paribas, Tata Steel and PTC India Financial Services, next week. The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R Gopalan is scheduled to meet on May 20 here. As per the Finance Ministry, 15 proposals are… Read More
CAG may review Transfer Pricing Cases
"Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of Income Tax (DGIT) R N Dash said while addressing a seminar organised by Assocham. The Income Tax department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised… Read More
Monthly Technical Reports under Customs, Excise and Service Tax
Circular No.944/05/2011-CX F.No.390/Misc/108/2010-JC Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs --- New Delhi, the 10th May, 2011 To. 1. All Chief Commissioners and Director Generals under the Central Board of Excise and Customs. 2. CDR, Customs, Excise & Service Tax Appellate Tribunal. 3. All Commissioners of Customs/Central Excise, Service Tax/… Read More
Govt. redrafting Rules for Appointment of Merchant Bankers
The Government is in the process of redrafting the proposal document format for appointment of merchant bankers to avoid the conflict of interest between public and private share sale issues. There was an issue in SAIL... That part (appointment of merchant bankers) of the document was drafted way back in 2001, we are trying to… Read More
RBI sets up Committee for streamlining Foreign Exchange
The Reserve Bank today set up a committee for streamlining foreign exchange transactions and also invited comments from public and other stakeholders for improving facilities pertaining to investments and repatriation of funds. The Reserve Bank, while referring to the Monetary Policy Statement for 2011-12, said in a statement that the Committee chaired by former RBI… Read More
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