Legal Updates - Corporate Law Reporter

India- Afghanistan sign’s MOU for Cooperation in Official Statistics

As a follow up of the umbrella agreement signed by Government of India with Government of Afghanistan and UNDP on 30th March 2010 to develop the capacity of Afghan Ministries / Agencies in Afghanistan through the project called National Institution Building Project, Dr. M. S. Gill, Minister of Statistics and Programme Implementation signed an MOU… Read More

Indian Government Accounting Standards (IGAS)2 – Accounting and Classification of Grants-In-Aid

NOTIFICATION NO. S.O.1113(E), DATED 19-5-2011 In exercise of the powers conferred by article 150 of the Constitution of India, the President of India, on the advice of the Comptroller and Auditor General of India, hereby makes the following accounting standards, namely, - Indian Government Accounting Standards (IGAS)2,- "Accounting and Classification of Grants- In- Aid." 2.… Read More

IRDA – Public Disclosure by Insurers

To The CEO™s of all Insurance Companies and Reinsurer Sub: Public Disclosures by Insurers Attention is invited to IRDA™s Circular no. IRDA/F&I/CIR/F&A/012/01/2010 dated 28th January 2010 and further clarifications issued thereon vide Circular dated 9th April 2010, wherein the Authority has mandated Public Disclosures by the insurers at periodic intervals. 2. Effective from the year ending March 2011,… Read More

FM clears RBIs draft guidelines on new bank licenses; but with a rider

The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained. The central bank, which had proposed capping FDI in new banks at 49% in the first 10 years, is likely to make the guidelines public… Read More

National Floor Level Minimum Wage to be made statutory

Unskilled workers will soon be legally entitled to a minimum daily wage of Rs. 115 per day with states agreeing to endorse the centre's proposal to make the National Floor Level Minimum Wage statutory. The move will potentially benefit 360 million workers across the country, most of whom are engaged in agriculture and related activities.… Read More

Committee formed under CBDT to curb generation of black money, its illegal transit and for its recovery

ï»¿ Government has constituted a Committee under the Chairmanship of Chairman, Central Board of Direct Taxes (CBDT) to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery. The Committee includes Member (L&C), CBDT, Director, Enforcement Directorate(ED), Director General, Directorate of Revenue Intelligence… Read More

Combination Regulations : Corrigendum to notification GSR No. 482 (E) – MCA

CLR Note: By virtue of the below circular, the original notification no. 482 (E), stands modified as follows by insertion of the words in underline: In exercise of the Powers conferred by clause (a) of Section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts an enterprise,… Read More

Review of Guidelines on entry of NBFCs into Insurance Business

RBI/2010-11/540 May 27, 2011 CLR Note: The Non Banking Financial Companies registered with RBI will now be permitted to set up a joint venture company for undertaking insurance business with risk participation, subject to safeguards. The maximum equity contribution such an NBFC can hold in a joint venture company is 50 per cent of the… Read More

Indian origin man pleads guilty of Insider Trading in US

An Indian-origin hedge fund manager in the US has pleaded guilty to his involvement in insider trading schemes and could face up to 20 years in prison. Samir Barai, 39, a portfolio manager at two different New York hedge funds, pleaded guilty before Magistrate Judge Kevin Nathaniel Fox to one count of conspiracy to commit… Read More

RBI penalises Bank for non adherence to AML guidelines

The Reserve Bank of India has imposed a monetary penalty of Rupees one lakh on The Unava Nagarik Sahakari Bank Ltd., Unava, Dist. Mehsana, Gujarat in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violation of Reserve Bank of… Read More

Instructions regarding Standard Operating Procedure on filing of appeals to High Court

CBDT'S INSTRUCTIONS REGARDING STANDARD OPERATING PROCEDURE ON FILING OF APPEALS TO HIGH COURT Section 260A of the Income-tax Act, 1961 - High Court - Appeal to - Instructions regarding Standard Operating Procedure on filing of appeals to High Court under section 260A and related matters INSTRUCTION NO. 7 /2011 [F.NO. 279/MISC./M-42/2011-ITJ], DATED 24-5-2011 The Government… Read More

Transparency in Survey Operations : CBDT

From the desk of Chairman,CBDT Transparency in Survey operations For bringing transparency in survey operations and obviate the possibility of any grievance to the taxpayers, it is decided that henceforth: I. Survey teams visiting taxpayer™s premises under the provisions of section 133 A of the Income tax Act will, before the commencement of survey proceedings,provide to the… Read More

Income-tax (Fifth Amendment) Rules, 2011 – Amendment in rule 114B

AMENDMENT IN RULE 114B OF THE INCOME-TAX RULES, 1962 Income-tax (Fifth Amendment) Rules, 2011 - Amendment in rule 114B NOTIFICATION NO. 27/2011 [F. NO. 149/122/2010-SO(TPL)], DATED 26-5-2011 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules… Read More