Others - Corporate Law Reporter

MoF Clarification on Online Monitoring of Evasion of Taxes

Under the provisions of the Prevention of Money Laundering Act, 2002 and the rules framed there under, it is the responsibility of the banks and other financial institutions to detect suspicious transactions and report such transactions to the Financial Intelligence Unit-India (FIU-IND) under the Ministry of Finance. FIU-IND is responsible for receiving and analysing such… Read More

Drugs (Prices Control) Order, 2013 – Prices of Essential Medicines

After the announcement of National Pharmaceuticals Pricing Policy 2012, Drugs (Prices Control) Order, 2013 (DPCO, 2013) was notified on 15.05.2013. As per the provisions of DPCO, 2013 all the existing manufacturers of scheduled formulations, selling the branded or generic or both the versions of scheduled formulations at a price higher than the ceiling price (plus… Read More

Grievances Related to Family Pension

As on 23.08.2013, no grievance relating to non-payment of arrears of family pension which are registered in System in pending at CPAO level. As per information available with the Central Pension Accounting Office (CPAO), during the period from 25.03.2011 to 22.08.2013, 541 numbers of grievances relating to family pension were registered with CPAO. Out of… Read More

Regulatory Actions against Indian Drug Companies

US Food and Drug Administration (FDA) has taken certain regulatory actions in respect of violations or deviations of US FDA regulations applicable in that country in the cases of the following Indian Pharmaceutical companies:- 1. M/s Ranbaxy Laboratories Ltd., 2. M/s Wockhardt Ltd., 3. M/s Hospira Healthcare India Pvt. Ltd., 4. M/s RPG Life Sciences… Read More

CLR Snippets | Chief Justice of The High Court of Delhi Appointed

In exercise of the powers conferred by clause (1) of Article 217 of the Constitution of India, the President has appointed Shri Justice Nuthalapati Venkata Ramana, Judge of the High Court of Andhra Pradesh, as the Chief Justice of the High Court of Delhi with effect from the date he assumes charge of his office. Read More

Provisions in Electricity Act, 2003

As per available records, no complaint has been received by the Union Government regarding the private power distribution companies reporting more consumption of power than the actual consumption. The Electricity Act, 2003 does not have any provision for filing criminal case against those responsible for overcharging as well as for installation of faulty meters. However,… Read More

Tax Evasion by Foreign Companies

Data on dollars transferred abroad by foreign companies in India is not centrally maintained by the government. However, with a view to prevent shifting of profits out of India and consequent erosion of the Indian tax base, selected international transactions undertaken are analysed every year in accordance with the transfer pricing provisions contained in Chapter X of… Read More

External Borrowing Norms for Housing Projects

The policy regarding ECB for the low cost affordable housing projects has been recently reviewed in consultation with RBI and has been rationalized as under: ¢ Developers/builders should have a minimum of three (3) years™ experience in undertaking residential projects as against five (5) years prescribed earlier and should have good track record in terms… Read More

Board of Approval Clears Two New SEZ Proposals

The 59th meeting of Board of Approval (BoA) on Special Economic Zones (SEZs) and 4th meeting of 2013 series on Export Oriented Units (EOUs) were held here today under the chairmanship of Commerce Secretary Shri S R Rao. This was the first meeting of the Inter-ministerial body to be held after the recent SEZ reforms… Read More

PM™s statement on the current economic situation in the country

Following is the text of the Prime Minister, Dr. Manmohan Singh™s statement in the Lok Sabha, on the current economic situation in the country: The movement of the exchange rate of the Indian Rupee recently has been a matter of concern. The Rupee has depreciated sharply against the dollar since the last week of May.… Read More

Water Disputes Tribunal

There are 8 no. of Inter-State River Water Disputes tribunal set up under Inter State River Water Disputes (ISRWD) Act, 1956. Their present status are as follows: S. No Name of Tribunal States concerned Date of constitution Present Status 1. Godavari Water Disputes Tribunal Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh & Orissa April, 1969 Award given on July, 1980 2 Krishna… Read More

National Electricity Fund

In order to provide interest subsidy on loans raised by distribution companies to improve the distribution network, National Electricity Fund (NEF), an interest subsidy scheme has been set up. Under the Scheme, loan amounting to Rs.25,000 cr. sanctioned by lenders during the financial year 2012-13 & 2013-14 for capital projects in distribution sector duly approved… Read More

PM’s statement on the economic situation in the Rajya Sabha

"It cannot be denied that the country is faced with a difficult economic situation. And there are several causes. I do not deny that there are some domestic factors but there are also international factors arising out of the changes in the US monetary stance. There are also problems created by the new tensions that… Read More