Corporate Law Reporter - The Daily Journal

RBI Clarification on Export and Import of Currency

RBI/2013-14/233 A.P. (DIR Series) Circular No. 39 September 6, 2013 To All Category - I Authorised Dealer Banks Madam/ Sir, Export and Import of Currency Attention of Authorised Persons is invited to Regulation (2) of Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2009, notified vide Notification No. FEMA 195/RB-2009 dated July 7, 2009,… Read More

RBI Clarification w.r.t. Purchase of shares on the recognised stock exchanges in accordance with SEBI (Substantial Acquisition of Shares and Takeover) Regulations

RBI/2013-14/232 A.P. (DIR Series) Circular No. 38 September 6, 2013 To All Category - I Authorised Dealer Banks Madam/ Sir, Purchase of shares on the recognised stock exchanges in accordance with SEBI (Substantial Acquisition of Shares and Takeover) Regulations Attention of Authorised Dealer Category I (AD Category-I) banks is invited to Schedule 1 to Foreign… Read More

Financial Inclusion in India: Journey So Far And Way Forward

(Keynote address delivered by Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India at the Finance Inclusion Conclave organized by CNBC TV 18 at New Delhi on September 6, 2013) Mr. M Narendra, Chairman, Indian Overseas Bank; Mr. Y M Deosthalee, CMD, L&T Finance; Mr. Arun Tiwari, ED, Allahabad Bank, Ms. Shereen Bhan, Managing Editor,CNBC-TV18,… Read More

MCA invites comments on subject “Stopping of payment through physical Challan” by 20th Sep’13

NOTICE The Ministry had reviewed the processes involved in delivery of important services to stakeholders and with a view to improving service delivery time, decided to accept payments of value upto Rs. 50,000/- for MCA21 services only in electronic mode w.e.f. 27.3.2011. It was also intimated in the same circular No. HQ/9/2002-Computerisation dated 9th March, 2011… Read More

Salient Features of Service Tax VCES – Voluntary Compliance Encouragement Scheme 2013

Finance Act 2013 has announced VCES 2013 to provide an opportunity to a person to pay service tax, which he was required to pay, but was not paid; and the same was not detected by tax department as on 1st March, 2013. Under the scheme, the person will get exemption from payment of Interest and Penalty… Read More

RBI Clarification on Cash withdrawal at Point of Sale

RBI/2013-14/231 DPSS.CO.PD.No.563/02.14.003/2013-14 September 5, 2013 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 /All Card Network Providers Madam / Dear Sir, Cash withdrawal at Point of Sale (POS) - Prepaid Payment Instruments issued by banks… Read More

RBI to publish Mid-Quarter Review of Monetary Policy 2013-2014

The Reserve Bank of India will release the next Mid-Quarter Review of Monetary Policy 2013-14 at 11.00 a.m. on September 20, 2013 instead of September 18, 2013 as indicated in the First Quarter Review of Monetary Policy 2013-14. The Review will be by way of a press release and will be placed on the Reserve… Read More

Issue of Bank Guarantee on behalf of person resident outside India for FDI transactions

RBI/2013-14/230 A.P. (DIR Series) Circular No.37 September 05, 2013 To, All Category - I Authorised Dealer banks Madam / Sir, Issue of Bank Guarantee on behalf of person resident outside India for FDI transactions Attention of the Authorised Dealer Category I (AD Category - I) banks is invited to the Foreign Exchange Management (Transfer or… Read More

RBI Simplifies Procedure for Settlement of Claims of Deceased Depositor at UCBs

RBI/2013-14/229 UBD.BPD.(PCB)CIR No. 10/13.01.000/2013-14 September 5, 2013 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Settlement of Claims of Deceased Depositor - Simplification of Procedure Placing of claim forms on bank™s website Please refer to our circular UBD.BPD.(PCB).Cir.No.32/13.01.000/2012-13 dated January 21, 2013 advising all Urban Co-operative Banks (UCBs) to instruct their branches to follow… Read More

RBI Clarifications on KYC / AML Standards & Information sought by UCBs from Customers

RBI/2013-14/228 UBD.BPD (PCB) Cir. No. 11/14.01.062/2013-14 September 05, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Information sought by banks from customers - Primary (Urban) Co-operative… Read More

Direct Tax Collections for August Quarter up by 14.43%

Gross direct tax collections during April-August of the Financial Year 2013-14 is up by 14.43 percent at Rs.1,88,193 crore as against Rs. 1,64,463 crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 11.72 percent and stood at Rs. 1,08,075 crore as against Rs. 96,738 crore in… Read More

Land Acquisition Bill Gives Special Concessions to SCS & STS

The Land Acquisition Bill, which has been renamed as The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2012 has a separate Chapter to protect the interests of tribals and those belonging to the Scheduled Castes. Where acquisition does take place it shall be done as a demonstrable last resort. The Bill stipulates… Read More

Lok Sabha Passes Pension Fund Regulatory and Development Authority Bill, 2011 with official amendments

Subscribers Seeking Minimum Assured Returns Allowed to OPT for Investing their Funds in such Scheme Providing Minimum Assured Returns The Pension Fund Regulatory and Development Authority Bill (PFRDA), 2011 was passed by the Lok Sabha today with official amendments. It was earlier introduced in Lok Sabha on the 24th March, 2011 to provide for a… Read More