The Annual Plan for 2013-14 for the State of Uttar Pradeshwas finalised today at a meeting between ShriMontek Singh Ahluwalia, Deputy Chairman, Planning Commission and Mr.AkhileshYadav, Chief Minister of Uttar Pradesh. The Plan size has been agreed at Rs.69,200crore which includes the central assistance to the State Plan of about Rs.11,225crore. In addition, an amount… Read More
Ministry of Finance Constitutes a Forum Chaired by Dr. Parthasarathi Shome, Adviser to the Finance Minister for Exchange of Views between Industry Groups and Government on Tax Related Issues or Tax Related Disputes; Forum to Meet Every Wednesday; First Meeting of the Forum on August 7, 2013 From time to time, representations are received from… Read More
The National Manufacturing Policy (NMP) 2011 proposed to provide inter alia, the following direct taxes incentives to promote skill development: Weighted deduction of 150% of the expenditure (other than land or building) incurred in Public Private Partnership (PPP) projects for skill development in manufacturing sector in separate facilities in coordination with National Skill Development Corporation… Read More
An Ordinance to Amend the Securities Laws Promulgated; SEBI would have now Powers to Regulate any Pooling of Funds Under An Investment Contract Involving A Corpus Of Rs.100 Crore Or More, Attach Assets In Case Of Non-Compliance And Chairman SEBI would have Powers to Authorize The Carrying out of Search and Seizure Operations, As Part… Read More
RBI/2013-14/145 A.P. (DIR Series) Circular No.13 July 17, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 35 million to the Government of the Republic of Ghana Export-Import Bank of India (Exim Bank) has entered into an Agreement dated December 14, 2012 with the Government… Read More
RBI/2013-14/144 DBOD.No.Ret.BC. 33/12.02.001/2013-14 July 17, 2013 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Section 24 of the Banking Regulation Act, 1949 Maintenance of Statutory Liquidity Ratio (SLR) Marginal Standing Facility (MSF) Please refer to our Circular DBOD.No.Ret.BC.95 - 12.02.001-2011-12 dated April 17, 2012 wherein it was advised that Scheduled Commercial Banks (SCBs) may borrow… Read More
RBI/2013-14/143 FMD.MOAG.No. 81/01.01.001/2013-14 July 17, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Special Repo Window for Liquidity Requirement of Mutual Funds As announced today, Reserve Bank of India will be opening a Special Repo window for a notified amount of Rs. 25,000 crore with a view to enabling banks to meet the liquidity… Read More
(Speech delivered by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the European Economics and Financial Centre, London on July 17, 2013) First of all, my thanks to the European Economics and Financial Centre for inviting me to speak at the Distinguished Speakers Seminar. It is an honour to which attach a lot of value.… Read More
As a contingency measure, the Reserve Bank of India (RBI) has decided to conduct a special 3-day repo at an interest rate of 10.25 per cent for a notified amount of Rs. 25,000 crore with a view to enabling banks to meet the liquidity requirements of mutual funds. Details of the facility are being announced… Read More
INSTRUCTION NO. 08/2013 Dated 16-07-2013 Subject: Standard Operating Procedure for appeals/SLPs tiled by the assessees in the Supreme Court and related matters: Instruction regarding. Instruction no. 4 of 2011 dated 9th March 2011 of CBDT laying down the Standard Operating procedure on filing of appeals/SLPs by the Income Tax Department contains, inter-alia, the procedure to be… Read More
INSTRUCTION NO. 07/2013 Dated 15-07-2013 Subject: Payment of interest u/s 244A of Income Tax Act 1961 when assessee is not at fault - regarding. Hon'ble Delhi High Court vide its judgement in case of Court On Its Own Motion Vs. UOI and Others in W.P,(C) 2659/2012 dated 14.03.2013 has issued seven Mandamus for necessary action by the… Read More
INSTRUCTION NO. 6/2013 DATED 10-7-2013 Subject: Past adjustment of refunds against the arrears where procedure u/s 245 of Income Tax Act was not followed - regarding. Hon'ble Delhi High Court vide its judgement in case of Court On Its Own Motion Vs. UOI and Others in W.P.(C) 2659/2012 dated 14.03.2013 has issued seven Mandamus for necessary action… Read More
RBI/2013-14/142 FMD.MOAG. No. 80/01.01.001/2013-14 July 16, 2013 All Scheduled Commercial Banks (excluding RRBs) and Standalone Primary Dealers Dear Sir, Liquidity Adjustment Facility As you are aware, Reserve Bank of India announced various measures yesterday to address the exchange rate volatility. As a part of the measures, it has been decided that the overall allocation of… Read More