FEMA - Corporate Law Reporter

Scope of the guidelines for Facility for Exchange of Notes and Coins widened

RBI/2012-13/428 DCM (NE) No. 3498 /08.07.18/2012-13 January 28, 2013 The Chairman and Managing Director / The Chief Executive Officer All Banks (including Co-operative banks and RRBs) Madam / Dear Sir Facility for Exchange of Notes and Coins Please refer to paras 130 and 131 of the Monetary Policy Statement 2012-13 of Reserve Bank of India… Read More

GoI signs DTAA with Bhutan

Double Taxation Avoidance agreement (DTAA) Signed by India and Bhutan ; to Provide Tax Stability to the Residents of India and Bhutan and Facilitate Mutual Economic Cooperation and Stimulate the Flow of Investment, Technology and Services between Two Countries The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the… Read More

Reserve Bank of India hosts the RBI-OECD-World Bank Regional Conference on Financial Education

Financial literacy and financial inclusion are integral to each other : Dr. D. Subbarao, Governor, Reserve Bank of India Reserve Bank of India hosts the RBI-OECD-World Bank Regional Conference on Financial Education at New Delhi Financial literacy and financial inclusion are integral to each other and are important because they are integral to attacking poverty.… Read More

Data on Free Trade Agreement with ASEAN

The details of countries with which India has entered into Free Trade Agreement (FTA) on services and investments including countries in the Association of South East Asian Nations (ASEAN) region during each of the last three years are given below:- S. No. Name of the Agreement Date of Signing Date of implementation 1. India - South Korea Comprehensive Economic… Read More

RBI clarifies on Information to be submitted by banks under Branch Authorisation Policy

RBI/2012-13/427 DBOD.No.BAPD.BC.82/22.01.001/2012-13 March 4, 2013 Phalguna 13 , 1934 (Saka) All Domestic Scheduled Commercial Banks (excluding RRBs) Madam / Dear Sir, Branch Authorisation Policy - Information to be submitted by banks along with Annual Branch Expansion Plan (ABEP) Please refer to our circular DBOD. No. BL. BC. 24/22.01.001/2011-12 dated July 15, 2011, wherein banks were advised,… Read More

Representations to remove the ban on retail trading through e-commerce received

Ban on FDI in Retail E-commerce Business Some representations to remove the ban on retail trading through e-commerce have been received. As per the extant Foreign Direct Investment (FDI) policy, FDI, up to 100%, is permitted under the automatic route, in business-to-business e-commerce. Retail trading, in any form, by means of e-commerce, is not permissible… Read More

MoC clarifies conditions with respect to FDI in Retail

Government announced the decision to permit FDI, up to 51%, in multi-brand retail trading, vide Press Note No. 5 (2012 Series) dated 20.9.2012, subject to the following conditions: (i) FDI in multi brand retail trading upto 51% shall be allowed through the Government approval route. (ii) Minimum amount to be brought in, as FDI, by… Read More

DGFT makes Amendment in Para 2.33 of Handbook of Procedure Vol.I, 2009-2014

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-1, SECTION-1 GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 50 (RE 2012)/2009-2014 NEW DELHI, DATED THE 28th FEBUARY, 2013 Subject : Amendment in Para 2.33 of Handbook of Procedure Vol. I, 2009-2014. In exercise of powers conferred under paragraph… Read More

Successive cheque dishonours also permissible as long as it satisfies the requirements of Section 138 of the Negotiable Instruments Act

CLR Editorial Notes: In the matter of dishonor of cheques and cognizance taken by courts thereof, the Supreme Court has held that hold prosecution based upon second or successive dishonour of the cheque is also permissible so long as the same satisfies the requirements stipulated in the proviso to Section 138 of the Negotiable Instruments… Read More

RBI Publishes Report on Currency and Finance 2009-12 on Fiscal-Monetary Co-ordination

The Reserve Bank of India released today its Report on Currency and Finance, 2009-12 on Fiscal-Monetary Co-ordination. The Report on Currency and Finance, a staff research report, has focused on select themes since 1998-99. The theme for this Report assumes importance in the light of renewed focus on fiscal-monetary co-ordination across advanced economies and emerging… Read More

DGFT Import Policy of Used Rails

To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan Notification No. 36 (RE2012)/2009-2014 New Delhi, Dated: 28th February, 2013 Subject: Import Policy of Used Rails. S.O.(E) In exercise of powers conferred by Section 5 of the Foreign Trade… Read More

DGFT revision of Policy on Second Hand Goods

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-II, SECTION-3, SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION NO. 35 (RE-2012)/2009-2014 NEW DELHI: Dated: 28th February, 2013 Subject: Policy on Second Hand Goods: S.O. (E): In exercise of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act,… Read More

MoF Speak :: Concerns on Language of Dtaa To be Addressed When Finance Bill is Taken up for Consideration

Concern has been expressed regarding the clause in the Finance Bill that amends section 90 of the Income-tax Act that deals with Double Taxation Avoidance Agreements. Sub-section (4) of section 90 was introduced last year by Finance Act, 2012. That sub-section requires an assessee to produce a Tax Residency Certificate (TRC) in order to claim… Read More