An official in the finance ministry said, that the income tax department will soon send 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries. Concerns have been raised in the recent past over suspicion of round tripping or routing of Indians' illicit money back… Read More
The government ordered the constitution of an inter-ministerial group to review India's foreign direct investment (FDI) norms in Rs 47,000-crore pharmaceutical sector. The directions were issued in a meeting of the Cabinet Committee of Economic Affairs , chaired by prime minister Manmohan Singh. The inter-ministerial group has to examine all concerns related to foreign direct… Read More
RBI/2010-11/481; RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 CLR Note: The scheme of 1% interest subvention on the housing loans now extends up to 15 lakh where the cost of house is up to 25 lakh from the existing 10 lakh and 20 lakh respectively. April 21, 2011 The Chairman/Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear… Read More
Circular No. 1712011; NO1 7/95/2011 CL-V CLR Note: Green Initiative in the Corporate Governance - Now, it becomes easier for the companies to send notices/documents to its shareholders via their E-mail instead of posting; bringing in more flexibility, less time consuming and easier for both, the company and the shareholders. The companies will be be giving time… Read More
RBI /2010-11/484 DBOD.Leg. No.BC. 86/09.08.011 /2010-11 April 21, 2011 CLR Note: GOI, Ministry of Finance has taken step to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property by setting up the Central Electronic Registry under SARFAESI . Further the transactions relating to securitization and reconstruction of financial assets… Read More
RBI/2010-11/485 DBOD.No.BP.BC. 87/21.04.048/2010-11 April 21, 2011 The Chairman and Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/ Madam Provisioning Coverage Ratio (PCR) for Advances Please refer to the circular DBOD.No.BP.BC.64/21.04.048/2009-10 dated December 1, 2009, in terms of which a Provisioning Coverage Ratio (PCR) of 70 percent of gross NPAs was prescribed,… Read More
RBI/2010-11/482 RPCD.CO.No RCB. 61/07.38.03/2010-11 April 21, 2011 CLR Notes: Coins of denomination of 25 paise and below will be withdrawn from circulation with effect from 30th June ,2011 and the banks are instructed to exchange before the close of business on the 29th June, 2011. The Chairmen/CEOs of all State and Central Co-operative Banks Dear… Read More
RBI/2010-11/483 RPCD.CO.RCB.AML.No.12146/07.02.12/2010-11 April 21, 2011 CLR Note: Banks are required to update the consolidated list of individuals and entities linked to the terrorist group issued by the Ministry of External Affairs , before opening any new account for strict compliance to the order issued by the Government. The Chairmen / CEOs of all State and Central Co-operative Banks Dear… Read More
CLR Note: India imposed Anti-dumping duty on imports from Japan and Thailand for the period of five years from 9th April 2010 India has imposed anti-dumping duty of up to USD 94.96 per tonne on imports of a chemical used in manufacture of alcohol and rubber, from Japan and Thailand to protect domestic players. The restrictive… Read More
Credit scores give banks an estimate of an individual™s ability to repay a loan, since they are based on parameters like the loan amount, the nature of the loan, payment frequency and prior delinquency. Credit Information Bureau (India) Limited (Cibil) research shows 58 per cent of individuals with credit scores of 800 or above were… Read More
D.O. F.No.A-12026/3/2011-Ad.I Dated- 4th April, 2011 CLR Note: Income Tax Department seeks to appoint Ombudsman. The Ombudsman shall have the powers to (a) receive complaints from taxpayers on any matters specified in clause 9; (b) consider such complaints and facilitate their satisfaction or settlement by agreement, throughconciliation and mediation between the Income Tax Department and the… Read More
Circular No.136/5/2011-TRU CLR Note: Account codes specified for depositing service tax for restaurant having air-conditioning and license to serve alcoholic beverages and Service provided by a hotel, inn, guest house, club. F.No.335/5/2006-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tax Research Unit New Delhi, 20th April, 2011 To, Chief Commissioners of… Read More
Circular No. 137/6/ 2011 ST CLR Note: The circular seeks to clarify that service tax will not be leviable on the service of Visa facilitation. However, if the Visa facilitators provide additional services like recruitment for foreign companies or other value added services, then service tax will be applicable to that extent. F.No.332/11/2010-TRU Government of India… Read More