Legal Updates - Corporate Law Reporter

Notification No. 49 /2011-Customs

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 49 /2011-Customs New Delhi, dated 21st June, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),… Read More

SEBI Periodical Report- Grant of prior approval to Debenture Trustees

CIR/MIRSD/10/2011 To All Debenture Trustees registered with SEBI Dear Sir/ Madam, Sub: Periodical Report- Grant of prior approval to Debenture Trustees 1. SEBI (Debenture Trustees) Regulations, 1993 {hereinafter referred to as "the said Regulations"}, have been amended vide Notification No. LADNRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as "the said amendment"}, a copy of which is… Read More

Declaration of Indent is mandatory on free shipping bills – DGFT

Policy Circular No. 32(RE-2010)/2009-14 Dated: 03rd June, 2011 To All Regional Authorities FIEO and All EPCs Subject:- Clarification about requirement of Declaration of Intent on Free Shipping Bills for claiming Chapter 3 scheme benefits. 1. Para 3.11.8 of HBPv1 2009-14 (earlier Para 3.23.8 in RE-2008) provides for Declaration of Intent to be made on… Read More

Modification of SION C-390 and C-1538 under Engg.Products Group

Public Notice No.57/ (RE-2010)/2009-2014 Dated: the 20 June, 2011 Subject: Modification of SION C-390 and C-1538 under Engineering Products Group. In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the following amendments are made in the Handbook of Procedure Vol. II (as stated in paragraph 1.1 of Vol. I): A. Amendment… Read More

GOI planning to provide subsidy to farmers of fertiliser directly

In pursuit of its objective to provide a direct cash subsidy to farmers for fertilisers, the government is mulling the feasibility of transferring the subsidy in cash to about 2.3 lakh retailers, instead of the fertiliser makers, as a preliminary step. A task force headed by Nandan Nilekani is working on a model for… Read More

Interactive Session on XBRL on 30th June 2011 – ICSI

Interactive Session on XBRL - Extensible Business Reporting Language 30 June 2011:India Habitat Centre, New Delhi Ministry of Corporate Affairs has mandated all listed Companies and certain unlisted Companies to file their Balance Sheet and Profit & Loss account (financial statements) for the year ended 31 March 2011 onwards using XBRL format. With the mandatory use of XBRL, the Industry needs… Read More

GOI announces auction for Sale (Re-Issue) of Government Stocks

Government of India have announced the sale (re-issue) of (i) 7.59 percent Government Stock 2016 for a notified amount of Rs.3,000 crore (nominal), (ii) 8.08 percent Government Stock 2022 for a notified amount of Rs.6,000 crore (nominal) and (iii) 8.28 percent Government Stock 2032 for a notified amount of Rs.3,000 crore (nominal) through price based… Read More

ICANN will accept new applications from Q1 2012

The Internet Corporation for Assigned Names and Numbers (ICANN) said it will start accepting applications for new domain names from January 12 to April 12 next year, a move that will give organisations more options for branding themselves. ICANN said internet domain names can consist of any word or words, in any language and any… Read More

Rolls Royce gets exemption of income tax on fees for technical services

SECTION 10(6C) OF THE INCOME-TAX ACT, 1961 - FEES FOR TECHNICAL SERVICES TO FOREIGN COMPANIES - NOTIFIED FOREIGN COMPANY - ROLLS ROYCE DEFENSE SERVICES INC. NOTIFICATION NO. 34/2011 [F. NO. 200/71/2006-ITA.I(PT.)] In exercise of the powers conferred by clause (6C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby… Read More

Accrual Based Financial Reporting in Government” is today’s requirement – FM

CLR Note: Finance Minister Pranab Mukherjee today inaugurated the National Conference of the State Finance Ministers on Accrual Based Financial Reporting in Government". This has been recommended to improve the transparency and fixing the accountability of departments for managing state-owned assets. He said, that "Based on the knowledge gained through pilot studies and the experience of some… Read More

New Executive Directors appointed at RBI

Press Release : 2010-2011/1830 Shri P. Vijaya Bhaskar assumed charge as Executive Director of the Reserve Bank of India on June 13, 2011. As Executive Director, Shri Bhaskar will look after Central Security Cell, Department of Banking Supervision and Department of Non-Banking Supervision. Prior to his appointment as Executive Director, Shri Bhaskar was the Regional… Read More

Exim Bank’s Line of Credit to the Government of the Federal Democratic Republic of Ethiopia

RBI/2010-11/568 A.P. (DIR Series) Circular No. 72 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 91 million to the Government of the Federal Democratic Republic of Ethiopia Export-Import Bank of India (Exim Bank) has concluded an Agreement dated February 18, 2011 with the Government of… Read More

LAF Repo/Reverse Repo/Marginal Standing Facility Rates

RBI/2010-11/569 FMD.MOAG. No.60/01.01.01/2010-11 All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers Dear Sir, Liquidity Adjustment Facility Repo and Reverse Repo and Marginal Standing Facility Rates As announced in the Mid-Quarter Monetary Policy Review: June 2011, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from… Read More