Legal Updates - Corporate Law Reporter

RBI Press release on Macroeconomic and Monetary Developments : First Quarter Review 2011-12

The Reserve Bank of India today released the Macroeconomic and Monetary Developments First Quarter Review 2011-12. The document serves as a background to the Monetary Policy Statement 2011-12 to be announced on July 26, 2011. The major highlights of the document are set out below. Overall Outlook Taming inflation warrants continuation of anti-inflationary monetary stance Inflation… Read More

Dishonour / Return of Cheques – Banks need to Sign / Initial the Cheque Return Memo

RBI/2011-12/121 DPSS.CO.CHD.No. 120 / 03.06.01 / 2011-12 July 25, 2011 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, Dishonour / Return of Cheques - Need to Sign / Initial… Read More

RBI: Quarterly Report of Financial Inclusion Indicators discontinued

RBI/2011-12/122 RPCD.FID.BC.No.13/12.01.011/2011-12 July 22, 2011 The Chairman/Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/ Madam Financial Inclusion Indicators: Quarterly Reporting-Discontinuance of Please refer to our Circular RPCD. MFFI. No 11324/12.01.011/2007-08 dated April 24, 2008 in terms of which you were advised to submit quarterly statements pertaining to certain financial inclusion… Read More

Jurisdictional CIT should not be part of Dispute Resolution Panel to avoid likelihood of bias

Pursuant to s. 147 reopening and a draft assessment order u/s 144C, the assessee filed objections before the Dispute Resolution Panel (DRP). As the Director of Income Tax (International Taxation)-II (DIT-IT) who had granted approval to the reopening and had supervised the passing of the draft assessment order was a member of the DRP, the assessee… Read More

Utilising CFCs Service for XBRL filing of financial statements from 2010-11 onwards

ICSI- Utilising CFCs Service for XBRL filing of financial statements from 2010-11 onwards The Institute is pleased to inform that Ministry of Corporate Affairs has decided to utilize the services of Certified Filing Centers (CFC) for enabling companies to file their financial statement in XBRL from FY 2010-11 onwards. CFC would also be required to assist… Read More

Last date for filing of BS & P&L in XBRL mode likely to be extended till 30th November

Last date for filing of Balance Sheet, Profit and loss Account in XBRL is extended till 30th November. Announced by MCA in XBRL web seminar. Expect circulars to this effect soon. Read More

Conditions and modalities for registration of contracts of cotton waste including yarn waste and garneted stock [ITC(HS) Code 5202] with DGFT.

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhavan, New Delhi. Policy Circular No. 34 (RE-2010)/2009-14 Dated the 1st July, 2011 To All Customs Authorities / All Regional Authorities / Members of Trade. Subject:- Conditions and modalities for registration of contracts of cotton waste including yarn waste and garneted stock… Read More

Payment of fees to CAs in cases where funds are not permitted from Common Pool Fund

GENERAL CIRCULAR NO. 42/2011 35/6/2011-Insolvency Government of India Ministry of Corporate Affairs 5th Floor, A Wing, Shastri Bhavan, Dr. R.P. Road, New Delhi-110001 Dated: 7thJuly 2011 To All Regional Directors All ROCs All Official Liquidators Subject: Payment of fees to CAs in cases where funds are not permitted from Common Pool Fund. Sir, It has been… Read More

MCA invites comments on Draft Public Companies (Terms of Issue of debenture and of raising of loans with option to convert such debentures or loans in to shares) Rules, 2011

No 2/8/2011-CL.V Government of India Ministry of Corporate Affairs 5th floor, ˜A™ Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi Dated: 13.07.2011 All the Regional Directors, All the Registrar of Companies All stakeholders Subject : Draft Public Companies (Terms of Issue of debenture and of raising of loans with option to convert such debentures or… Read More

RBI permits hedging for import and export in Indian Rupees by non-resident entities

RBI/2011-12/115 A.P. (DIR Series) Circular No. 3 July 21, 2011 To, All Authorised Dealer Category - I Banks Madam / Sir, Facilitating Rupee Trade hedging facilities for non-resident entities Attention of Authorized Dealers Category I (AD Category I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3,… Read More

NOTIFICATION No. 38/2011- Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th July, 2011 No. 38/2011- Income Tax S.O. 1608(E).- In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Income TaxAct, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the… Read More

Guidelines for Prior Permission under Section 281 to create a charge on the assets of Business

SECTION 281 OF THE INCOME-TAX ACT, 1961 - CERTAIN TRANSFERS TO BE VOID - GUIDELINES FOR PRIOR PERMISSION UNDER SECTION 281 TO CREATE A CHARGE ON THE ASSETS OF BUSINESS CIRCULAR NO. 4/2011 [F. NO. 402/69/2010-ITCC], DATED 19-7-2011 References have been received by the Board regarding issuance of guidelines for granting of prior permission u/s 281 of… Read More

Assessing officer reprimanded for harassing the assessee for levying penalty wrongly

ITO vs. Audyogik Tantra Shikshan (ITAT Pune) Brief Facts: In the appeal, Revenue has questioned action of the ld CIT(A) in deleting the penalty on Rs. 8,69,000/- levied u/s. 271(1)(c) of the Act by the A.O. The assessee in its Cross Objection, has objected the penalty levied by the A.O with this contention that the A.O has not recorded… Read More