End-to-end Computerisation of Targeted Public Distribution System
Computerization of supply-chain management, setting up of transparency portal and grievance redressal mechanisms. This was stated by the Minister of Consumer Affairs, Food and Public Distribution, Prof. K.V. Thomas in a written reply in Rajya Sabha today. He said that as part of Fair Price Shop (FPS) automation, some States namely, Chandigarh UT, Chhattisgarh, Haryana, Odisha, Puducherry have reported issuance of TPDS commodities on… Read More
MoF Clarification on Online Monitoring of Evasion of Taxes
Under the provisions of the Prevention of Money Laundering Act, 2002 and the rules framed there under, it is the responsibility of the banks and other financial institutions to detect suspicious transactions and report such transactions to the Financial Intelligence Unit-India (FIU-IND) under the Ministry of Finance. FIU-IND is responsible for receiving and analysing such… Read More
FDI Norms on Ownership
The Reserve Bank of India (RBI) has issued a notification amending the Foreign Direct Investment (FDI) norms on ownership during the recent times. Reserve Bank of India has issued Notification No. FEMA.278/2013 dated June 7, 2013 (available on RBI web-site) on guidelines for calculation of total foreign investment in Indian companies, transfer of ownership, control… Read More
FDI Inflow and Outgo
The total inflow and outgo of FDI during each of the last three years is as below: (Amount in Rs. Crore) Year FDI inflows# FDI outgo 2012-13 1,21,906.73 29,700* 2011-12 165,145.53 65,000 2010-11 97,320.39 31,900 # amount includes the inflows received through SIA/Foreign Investment Promotion Board (FIPB) route, acquisition of existing shares and RBI™s automatic route only. * upto December, 2012 only… Read More
Drugs (Prices Control) Order, 2013 – Prices of Essential Medicines
After the announcement of National Pharmaceuticals Pricing Policy 2012, Drugs (Prices Control) Order, 2013 (DPCO, 2013) was notified on 15.05.2013. As per the provisions of DPCO, 2013 all the existing manufacturers of scheduled formulations, selling the branded or generic or both the versions of scheduled formulations at a price higher than the ceiling price (plus… Read More
Companies Bill, 2012 gets Presidential Nod – Industries welcome the “Companies Act, 2013” (18 of 2013)
Dear Professional Colleagues, We are delighted to inform that the Companies Bill has received the Hon™ble President™s assent on 30th August 2013, to become the Companies Act, 2013. The next steps would be to finalize the Rules and define the procedural aspects of this Act. The Ministry of Corporate Affairs is expected to put the… Read More
8% Savings (Taxable) Bonds, 2003 – Premature Encashment
RBI/2013-14/206 DGBA.CDD. No. 1448/13.01.299/2013-14 August 30, 2013 The Chairman / Managing Director Head Office (Government Accounts Department) State Bank of India and Associates All Nationalized Banks (Excluding Punjab and Sind Bank & Andhra Bank) Axis Bank Ltd./ICICI Bank Ltd./HDFC Bank Ltd./ Stock Holding Corporation of India Ltd. (SHCIL) Dear Sir/Madam, 8% Savings (Taxable) Bonds, 2003… Read More
Donations to Trusts and Institutions where Directors, their relatives hold position or are interested
RBI/2013-14/205 UBD.BPD.(PCB).Cir. No. 7/09.72.000//2013-14 August 30, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir/Madam, Donations to Trusts and Institutions where Directors, their relatives hold position or are interested Please refer to our Circular UBD (PCB)/BPD/Cir.43/09.72.00/2004-05 dated April 11, 2005, in terms of which Urban Co-operative Banks (UCBs) were advised that the normal… Read More
Statistics in RBI™s Policy Making Conceptual and Empirical Issues
(Inaugural address by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the 7th Statistics Day Conference of RBI, Mumbai on August 30, 2013) We have gathered here today to celebrate the seventh Statistics Day Conference of the Reserve Bank. The Reserve Bank instituted the Statistics Day Conference to honour the memory of Prof. P.… Read More
Statistics and the Reserve Bank of India
(Remarks by Shri Deepak Mohanty, Executive Director, Reserve Bank of India at the Statistics Day Conference, Mumbai, August 30, 2013) Governor Dr. Subbarao, Prof. Bimal Roy, Prof. Richard Smith, Prof. B.L.S. Prakasa Rao, Prof. Subhashis Ghoshal, Deputy Governor Dr. Patel, Deputy Governors, colleague Executive Directors, Shri A. B. Chakraborty, distinguished guests from the financial sector… Read More
IMF-World Bank: India – Basel Core Principles for Effective Banking Supervision – Detailed Assessment Report
RBI welcomes the comprehensive review of banking regulation and supervision in India done with respect to the highest international standards, by the joint IMF-World Bank team. The Detailed Assessment Report (DAR) recognised that India made considerable progress towards developing a stable financial system through improvements in the legal, regulatory and supervisory framework, which led India to be… Read More
Five Years of Leading the Reserve Bank – Looking Ahead by Looking Back
(Tenth Nani A. Palkhivala Memorial Lecture delivered by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India in Mumbai on August 29, 2013) First of all, my sincere thanks to the Nani Palkhivala Memorial Trust, particularly Shri Y.H. Malegam, the widely respected Chairman of the Trust, for extending me the honour of delivering the Palkhivala Memorial… Read More
Delegation of power for suspension and cancellation of Importer Exporter Code Number
[To be published in the Gazette of India, Extraordinary, Part II Section 3, Sub-section (ii)] GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE (DIRECTORATE GENERAL OF FOREIGN TRADE) Notification No. 39 (RE-2013)/2009-2014 New Delhi, Dated the 29th August, 2013 S.O.(E) In pursuance of the powers conferred by sub-section (1) of section 8 of theForeign Trade… Read More
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