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RBI Working Paper :: Financial Structures and Economic Development in India
The Reserve Bank today placed on its website a Working Paper titled Financial Structures and Economic Development in India: An Empirical Evaluation under the RBI Working Paper Series. The paper has been authored by Dr. Satyananda Sahoo. While the role of the financial structures in economic development is not a new theme in the economics… Read More
Income Tax Offices to remain open on 30th and 31st March 2013
SECTION 119 OF THE INCOME TAX ACT, 1961 - INCOME TAX AUTHORITIES - INSTRUCTIONS TO SUBORDINATE AUTHORITIES - ORDER FOR FACILITATING FILING OF IT RETURNS BY TAX PAYERS FOR F.Y. 2012-13 ON 30th & 31st MARCH, 2013 ORDER [F. NO. 225/45/2013/ITA.II], DATED 13-3-2013 The Financial Year 2012-13 closes on 31-3-2013. In view of holidays on 27th and… Read More
RBI Format for Collection of Information on Customer Grievances
RBI/2012-13/441 DPSS.CO.OSD. No.1604 /06.06.005/2012- 13 March 14, 2013 To All entities authorised to issue pre-paid payment instruments in India. Dear Sir, Collection of Information on Customer Grievances All entities authorised for issuance of prepaid payment instruments in India are advised to submit the data related to customer grievances received and resolved, on a quarterly basis,… Read More
RBI procedures for reporting and accounting of collection of Direct & Indirect Taxes
RBI/2012-13/440 DGBA.GAD.No.H - 5353/42.01.029/2012-13 March 14, 2013 The Chairman & Managing Director / The Chief Executive Officer All Agency Banks Dear Sir / Madam, Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account - Reporting and Accounting of March Transactions -… Read More
Maintenance of Collateral by FIIs for transactions in the cash and F & O segments
RBI/2012-13/439 A.P. (DIR Series) Circular No. 90 March 14, 2013 To All Category I Authorised Dealer Banks Madam / Sir, Maintenance of Collateral by Foreign Institutional Investors (FIIs) for transactions in the cash and F & O segments Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to Schedule 5 to the… Read More
Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives
RBI/2012-13/438 FMD.MSRG.No. 75/02.05.002/2012-13 March 13, 2013 All Category I Authorised Dealer Banks Madam/Sir, Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives Please refer to our circular FMD.MSRG.No.67/02.05.002/2011-12 dated March 9, 2012 on the captioned subject, wherein we had advised, inter alia, that all/selective trades in OTC foreign exchange and interest rate derivatives between… Read More
MoU between Defence Ministry and DOT for Vacation of Spectrum
As per Memorandum of Understanding (MOU) signed between Ministry of Defence and Department of Telecommunication (DOT) on 22nd May 2009, Ministry of Defence has released (10+10) MHz spectrum for 2G and 20 MHz for 3G. The auction of 3G spectrum has already been completed in 2010. Auction of 2G spectrum was held in November 2012… Read More
Planning Commission Hosting Google Hangout on the 12th Five Year Plan on 15th March 2013 at 5 PM
The Planning Commission, along with the National Innovation Council, is hosting its first Google Hangout on the 12th Five Year Plan on 15th March 2013 at 5 PM. The hour long session on Google Hangout will be attended by Dr. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, Sh. Sam Pitroda, Chairman, National Innovation Council, Members… Read More
GoI statement on National Child Labour Project Scheme
Implementation of NCLP Government of India is committed to address the issue of elimination of child labour in all its forms beginning with children working in hazardous occupations & processes. For rehabilitation of child labour the Government is implementing the National Child Labour Project (NCLP) Scheme since 1988. The major objective of the Scheme is… Read More
A draft amendment bill underway for making National Floor Level Minimum Wage statutory under Minimum Wages Act
Minimum Wages to Unorganised Workers Minimum Wages Act, 1948 (MW Act), interalia, applies to unorganized sector labourers including unskilled workers and agricultural labourers. The Government recently approved proposals for amendments to the MW Act, which, interalia, include making National Floor Level Minimum Wage (NFLMW) statutory. A draft bill to give effect to the proposed amendments… Read More
IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March
The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on such payments aggregating to Rs. 3,859 crore. Income-tax Department urges… Read More
National Telecom Policy envisages delinking of spectrum under Spectrum Management and Licensing Framework
The National Telecom Policy (NTP-2012) envisages delinking of spectrum in respect of all future licences and, making spectrum available at a price determined through market related processes. The Supreme Court of India in its judgment dated 2nd February 2012 in WP(Civil) No. 423 of 2010 quashed the licenses granted to the private respondents on or… Read More
India to reconsider International Telecom Regulations before signing
At the end of the ITU™s World Conference on International Telecommunications (WCIT-12) at Dubai in December 2012, India did not sign the ITRs. However, it made the statement, as detailed below: India supports the proposed ITRs and the Resolutions 1,2,4 and 5. We support the broad thrust of Resolution plenary 3 regarding an enabling environment… Read More
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