Grievances Related to Family Pension
As on 23.08.2013, no grievance relating to non-payment of arrears of family pension which are registered in System in pending at CPAO level. As per information available with the Central Pension Accounting Office (CPAO), during the period from 25.03.2011 to 22.08.2013, 541 numbers of grievances relating to family pension were registered with CPAO. Out of… Read More
Regulatory Actions against Indian Drug Companies
US Food and Drug Administration (FDA) has taken certain regulatory actions in respect of violations or deviations of US FDA regulations applicable in that country in the cases of the following Indian Pharmaceutical companies:- 1. M/s Ranbaxy Laboratories Ltd., 2. M/s Wockhardt Ltd., 3. M/s Hospira Healthcare India Pvt. Ltd., 4. M/s RPG Life Sciences… Read More
CLR Snippets | Chief Justice of The High Court of Delhi Appointed
In exercise of the powers conferred by clause (1) of Article 217 of the Constitution of India, the President has appointed Shri Justice Nuthalapati Venkata Ramana, Judge of the High Court of Andhra Pradesh, as the Chief Justice of the High Court of Delhi with effect from the date he assumes charge of his office. Read More
Provisions in Electricity Act, 2003
As per available records, no complaint has been received by the Union Government regarding the private power distribution companies reporting more consumption of power than the actual consumption. The Electricity Act, 2003 does not have any provision for filing criminal case against those responsible for overcharging as well as for installation of faulty meters. However,… Read More
Tax Evasion by Foreign Companies
Data on dollars transferred abroad by foreign companies in India is not centrally maintained by the government. However, with a view to prevent shifting of profits out of India and consequent erosion of the Indian tax base, selected international transactions undertaken are analysed every year in accordance with the transfer pricing provisions contained in Chapter X of… Read More
DCI Search and Seizure Operations Reveal Undisclosed Income of Rs. 438 Crore
The Directorate of Criminal Investigation (DCI) was created vide Notification dated 30th May, 2011 and 19th August 2011 to perform functions in respect of criminal matters having any financial implications punishable as an offence under any direct tax law including inter-alia: ¢ Chapter XXII of the Income Tax Act, 1961 (Act 43 of 1961); and… Read More
External Borrowing Norms for Housing Projects
The policy regarding ECB for the low cost affordable housing projects has been recently reviewed in consultation with RBI and has been rationalized as under: ¢ Developers/builders should have a minimum of three (3) years™ experience in undertaking residential projects as against five (5) years prescribed earlier and should have good track record in terms… Read More
Voluntary Compliance Encouragement Scheme for Service Tax Defaulters
The Service Tax Voluntary Compliance Encouragement Scheme (VCES) has been brought into effect from 10.05.2013 to encourage voluntary compliance and broaden the service tax base by waiver of interest, penalty and any other consequences to a stop filer, non-filer or non-registrant or any other service provider who is eligible to make declaration under the Scheme… Read More
Board of Approval Clears Two New SEZ Proposals
The 59th meeting of Board of Approval (BoA) on Special Economic Zones (SEZs) and 4th meeting of 2013 series on Export Oriented Units (EOUs) were held here today under the chairmanship of Commerce Secretary Shri S R Rao. This was the first meeting of the Inter-ministerial body to be held after the recent SEZ reforms… Read More
PM™s statement on the current economic situation in the country
Following is the text of the Prime Minister, Dr. Manmohan Singh™s statement in the Lok Sabha, on the current economic situation in the country: The movement of the exchange rate of the Indian Rupee recently has been a matter of concern. The Rupee has depreciated sharply against the dollar since the last week of May.… Read More
CLR Important | Service Tax – Date of submission of Form ST-3 Extended
F.No.137/99/2011-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs *** New Delhi, dated the 30th August, 2013 Order No: 4/2013-Service Tax In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the… Read More
Revision of Clause 41 of Equity Listing Agreement
Discussion Paper on "Revision of Clause 41 of Equity Listing Agreement" Background: 1. Clause-41 of Equity Listing Agreement provides the framework for preparation, authentication and submission of Financial Results by listed companies. 2. Though sub-clauses of Clause-41 have been regularly updated as and when the need arose, revision of entire Clause-41 is proposed to be undertaken… Read More
SEBI (Investment Advisers) Regulations, 2013
The SEBI (Investment Advisers) Regulations, 2013 (IA Regulations) were notified on January 21,2013 and have come into effect from April 21, 2013. The IA Regulations are available on the SEBI website www.sebi.gov.in The details of the investment advisers registered and the details of the pending applications for grant of registration along with the status of the… Read More
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