Legal Updates - Corporate Law Reporter

Finmin Initiates Public Debate on Negative list for Taxation of Services

Ministry of Finance has initiated a public debate on the issue of a negative list for taxation of services as announced by the Finance Minister, Shri Pranab Mukherjee in his Budget 2011. The text of the speech is as below: Many experts have argued that it will be desirable to tax services based on a… Read More

Services provided by Subcontractors / Consultants chargeable to Service Tax

Circular No. 138/07/2011 Service Tax F. No. 137/57/2011 Service Tax Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) **** New Delhi, the May 2011 To Chief Commissioners of Central Excise & Customs (All) Chief Commissioners of Central Excise (All) Director General of Central Excise Intelligence Director General of… Read More

RBI Policy Guidelines for issuance and operation of Prepaid Instruments in India

RBI/2010-11/512 DPSS.CO.No.2501/02.14.06/ 2010-11 May 4, 2011 All System Providers, System Participants And Prospective prepaid Instrument Issuer Madam/ Dear Sir Policy Guidelines for issuance and operation of Prepaid Instruments in India. A reference is invited to Para 124 of the Monetary Policy statement (2011-2012) on the issue of mobile based semi-closed prepaid payment instruments. Attention is also… Read More

Mobile Banking Transactions in India – Limits increased to 5K

RBI/2010-11/511 DPSS.CO.No.2502 /02.23.02/ 2010-11 May 4, 2011 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam/ Dear Sir Mobile Banking Transactions in India - Operative Guidelines for Banks A reference is invited to Para 125 of… Read More

Monetary Policy Statement for 2011-12

Monetary Policy Statement for 2011-12 Press Statement by Dr. D. Subbarao, Governor 1. First of all, on behalf of the Reserve Bank of India, I want to welcome all of you to this announcement of our Annual Monetary Policy. 2. The Annual Policy for 2011-12 is set in conditions significantly different from those a year… Read More

Letters of Credit for Import of rough, cut and polished diamonds restricted to 90 days

RBI/2010-11/514; Circular No. 59 dated May 06, 2011 All Category - I Authorised Dealer Banks Foreign Exchange Management Act, 1999 Import of rough, cut and polished diamonds Attention of Authorised Dealer Category I (AD Category I) banks is invited to the A.P.(DIR Series) Circular No.12 dated August 28 ,2008, in terms of which AD Category I banks were… Read More

ICAI Students to appear for Exams again on the 17th May

An important announcement has come from ICAI for the students appearing for the Hindi medium papers which were cancelled, are to happen on the 17th May-2011. Due to some unavoidable reasons the examination of Group 1, Paper - 3 Law, Ethics and Communication of Professional Competence Examination and Group 1, Paper - 2 - Business Laws, Ethics… Read More

ICAI offers Certified course in Enterprise Risk Management

The Internal Audit Standards Board (IASB) of the Institute of Chartered Accountants of India (ICAI) has been constituted to reinforce the role of the Institute as a promoter and a source of knowledge relating to Internal Audit, this is with regard to the felt requirement of educating the members in the area of the Enterprise Risk Management and… Read More

2G scam : No One will be spared : SC

The Supreme Court Bench directed the IT department to submit the action taken report against tax evaders on May 13,the next date of hearing in case of 2G scam. A bench of justices G S Singhvi and A K Ganguly assured the petitioners that no person, irrespective of their chair and wealth, could get immunity… Read More

India prepares for Madrid System of Trademarks – Register or Lose your Brand Name

The Controller General of Patents PH Kurian has announced that India will join the Madrid System of Trademarks within one year, setting off a warning to Indian companies to 'register it, or lose it' as far as their brand names are concerned. India had been negotiating with the World Intellectual Property Organization (WIPO) to join… Read More

Infringement of Trademark in case of Deceptively similar marks

M/S MAHASHIAN DI HATTI LTD. Vs. MR. RAJ NIWAS, PROPRIETOR OF MHS MASALAY Brief Background of the case:- The Plaintiff company is engaged in the business of manufacturing and selling spices & condiments, which are being sold under its registered logo (comprising "MDH" within three hexagon device, on red colour background) and is registered since 31st May, 1991… Read More

Cost Audit Order for Drugs, Fertilizers, Sugar, Petro, Electricity, Telecom, Alcohol Industries

( COST AUDIT ORDER ON SPECIFIC INDUSTRIES) F. NO. 52/26/CAB-2010; Dated the 2nd May, 2011 Ministry of Corporate Affairs - Cost Audit Branch CLR Note: The companies as per the circular dated 11.04.2011 where required to appoint Cost Auditor, thus with regard to the same order has been passed for specific industries to implement the same… Read More

Cost Audit Order for Cement, Tyres, Tubes, Steel Tubes, Steel Pipes, Paper Industries

F. NO. 52/26/CAB-2010; Dated the 3th May, 2011 Ministry of Corporate Affairs - Cost Audit Branch CLR Note: An order has been passed directing all companies to which the rules specified herein are applicable and their aggregate value of turnover made from sale or supply of all products or activities during the immediately preceding financial year exceeds Rs.… Read More