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Insurance Regulatory and Development Authority frames two new regulations
The Insurance Regulatory and Development Authority (IRDA) has informed that two regulations have been framed, namely, (i) Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations 2013 dated 18.02.2013 and (ii) Insurance Regulatory and Development Authority (Non- Linked Insurance Products) Regulations 2013 dated 18.02.2013 to make life insurance products user friendly. The provisions of the… Read More
Government proposes New ITR Filing Procedure
The Government proposes to introduce new procedures/forms for filling Income Tax returns. Every year government notifies forms for filing of income-tax returns after incorporating the changes brought out by the Finance Act of the previous year and the suggestions received from stakeholders. The new forms for filing of income tax returns for the assessment year… Read More
GoI negotiating new Double Taxation Avoidance Agreements with Sweden
Government of India is negotiating new Double Taxation Avoidance Agreements (DTAAs) and has also taken steps to update the article concerning Exchange of Information in existing DTAAs to specifically allow for exchange of banking information and information without domestic interest. India has also decided to negotiate Tax Information Exchange Agreements (TIEAs) with priority countries/jurisdictions. On… Read More
Government launches drive against Fake Pan Cards
The Government has launched drive against fake Permanent Account Number (PAN) cards. As a continuous process, in order to know the genuineness of Know Your Customer (KYC) documents on Proof of Identity (POI) and Proof of Address (POA), third party field verification is conducted after allotment of PAN. The information of failed KYC verification is… Read More
Report on Efforts to Check Fake Currency Notes
The Shilabhadra Banerjee Committee constituted to review the acquisition procedure of the security features for currency notes has submitted its report to the Government. The main recommendations of the Committee and action taken thereon are indicated below: i) Creation of Directorate of Currency: Directorate of Currency has been set up in the Ministry of Finance.… Read More
No change in RBI policy on not issuing fresh proposals for new Urban Cooperative Banks
The number of Urban Cooperative Banks (UCBs) whose license was cancelled in the last three years are, 31 in 2009-10, 12 in 2010-11 and 14 in 2011-12. Reserve Bank of India (RBI), the licensing authority for UCBs announced in the Annual Policy Statement (2004-05) that no fresh proposals for new UCBs would be considered till… Read More
GoI clarification on Adoption of International Norms on Radiation From Towers and Handsets
Government of India, in the year 2008, adopted the international radiation norms prescribed by International Commission on Non Ionizing Radiation Protection (ICNIRP) in respect of mobile towers and mobile handsets. Further, in respect of mobile towers, norms for exposure limit for the Radio Frequency Field (Base Station Emissions) has been reduced to 1/10th of the… Read More
12th Five Year Plan Proposes setting up Telecom Finance Corporation for Telecom Sector funding
The 12th Five Year Plan (2012-2017) has recommended that Telecom Finance Corporation may be created as a vehicle to access funds at competitive rates to facilitate the funding needs to the Telecom Sector, in case of requirement. The National Telecom Policy-2012 has also envisaged the creation of Telecom Finance Corporation as a vehicle to mobilize… Read More
No Classification of “Essential Medicines” under Price Control Mechanism
Under the provisions of the Drugs (Prices Control) Order, 1995 (DPCO, 1995) the prices of 74 bulk drugs as listed in its First Schedule and the formulations containing any of these scheduled drugs are controlled. There is no classification as essential medicines in the Drugs (Price Control) Order, 1995. The National Pharmaceutical Pricing Policy, 2012… Read More
Legislation for Price Control and Monitoring of Drugs
To implement the provisions of National Pharmaceutical Pricing Policy, 2012, the process of finalising a new Drug (Price Control) Oder has started. National Pharmaceutical Pricing Authority is the implementation authority of existing Drug (Price Control) Order the National Pharmaceutical Pricing Policy, 2012 and the new Drugs (Prices Control) Order. This information was given by the… Read More
Budget Allocation to “Bringing Green Revolution to Eastern India” under Rashtriya Krishi Vikas Yojana
Keeping in view the enthusiastic results of the implementation of BGREI programme, an allocation of Rs. 1,000crore has been announced for the programme in the Budget Speech for the year 2013-14. In addition, National Food security Mission (NFSM) and Rashtriya Krishi Vikas Yojana (RKVY) etc. are also being implemented in BGREI States for increasing agricultural output. The programme of Bringing Green Revolution to Eastern India (BGREI)… Read More
DGFT makes Amendments to specified goods list (SCOMET)
TO BE PUBLISHED IN THE GAZETTE OF INDIA PART II, SECTION 3, SUB SECTION (ii) EXTRAORDINARY GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION No. 37 (RE-2012) /2009-2014 DATED: 14th MARCH, 2013 S.O. (E) -In exercise of powers conferred by Section 5 and Section 14 A of the Foreign Trade (Development & Regulation) Act, 1992 {FT(D&R) Act,1992} as amended… Read More
RBI Discontinues Centralised Funds Management System
RBI/2012-13/442 DPSS (CO) No. 1594/04.08.002/2012-13 March 15, 2013 The Chariman / Managing Director / Chief Executive Officer All CFMS Member Banks Madam / Sir, Discontinuation of CFMS As you are aware, funds transfer through Centralised Funds Management System (CFMS) has been discontinued with effect from January 1, 2013. The access to CFMS information and data… Read More
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