Corporate Law Reporter - The Daily Journal

DBTS (Direct Benefits Transfer System) scope to be expanded

PM to review expansion of scope of DBTS (Direct Benefits Transfer System) The Prime Minister is holding a meeting of the National Committee on DBT to review the rollout of the Direct Benefits Transfer (DBTS) system so far and the approaches and strategies being adopted for expansion into new districts and schemes. The Direct Benefits… Read More

Transfer Pricing: Delay payments by Associated Enterprise does not attract notional interest addition

CLR Editorial Notes: There was a delay in payment of credit between an Organization and its Associated Enterprise (AE). The Organization (assessee) raised invoices on its AE and gave 30 days of credit for the payments. There was a delay by the AE in making the payments beyond the given credit period. The Transfer Pricing Officer… Read More

Criminal Law (Amendment) Bill, 2013 – President accords Assent

President™s Assent to Criminal Law (Amendment) Bill, 2013. The Criminal Law (Amendment) Bill, 2013 was passed by the Lok Sabha on 19th March, 2013 and by the Rajya Sabha on 21st March, 2013. The President of India has accorded his assent to the Bill on 2nd April, 2013 and it will now be called the… Read More

National Food Security Bill set to revolutionize Food Distribution System

National Food Security Bill - Set To reform the PDS By providing food security to 75% of the rural and 50% of the urban population with focus on nutritional needs of children, pregnant and lactating women, the National Food Security Bill will revolutionize Food Distribution System. It will lead to massive PDS reforms including doorstep… Read More

Prime Minister™s Address at the CII National Conference and Annual General Meeting

Text of the Prime Minister, Dr. Manmohan Singh`s address At the CII National Conference and Annual General Meeting, in New Delhi I am delighted to be here today to inaugurate the CII annual meeting for 2013. I have always believed that both government and business have to be partners in writing the story of development… Read More

Self Help Groups – UCBs to Simplify KYC / AML norms

UCBs to Simplify KYC / AML norms for Self Help Groups RBI/2012-13/469 UBD.BPD (PCB) Cir. No.46 /14.01.062/2012-13 April 3, 2013 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Measures/Combating of Financing of Terrorism (CFT) / Obligations of banks under Prevention of Money Laundering Act (PMLA),… Read More

External Commercial Borrowings Data for Feb 2013

External Commercial Borrowings The Reserve Bank of India has today released the data on External Commercial Borrowings (ECB) and Foreign Currency Convertible Bonds (FCCB), both through Automatic Route and Approval Route, for the month of February 2013. Ajit Prasad Assistant General Manager Data on ECB/FCCB for the month of February 2013 I AUTOMATIC ROUTE* ECB/ FCCB Borrower… Read More

Efficacy of Monetary Policy Rules in India

Efficacy of Monetary Policy Rules in India (Speech by Shri Deepak Mohanty, Executive Director, at Delhi School of Economics, Delhi, 25th March 2013) I thank Professor Pami Dua for the opportunity to interact with this distinguished gathering of professors and young scholars.The Delhi School of Economics has a formidable reputation world over in teaching and… Read More

UCBs can now grant Unsecured Loans up to 25% – RBI proposes norms

UCBs Unsecured Loans Exposure Norms RBI/2012-13/468 UBD.BPD.(PCB) Cir No.45 /13.05.000/2012-13 03 April 2013 The Chief Executive Officers All Primary (Urban) Co-operative Banks Madam / Dear Sir, Unsecured Exposure Norms for UCBs Please refer to our circular No. UBD.BPD.(PCB) Cir No.21/13.05.000/2010-11 dated November 15, 2010 on ˜Maximum Limit on Unsecured Loans and Advances™ prescribing that the total unsecured loans… Read More

Developments in India™s Balance of Payments in Q3’12

Preliminary data on India™s balance of payments (BoP) for the third quarter (October-December 2012) of the financial year 2012-13, are now available. The details of these data, as per the revised format of BoP presentation provided in IMF™s BPM6, are set out in Statement I. These data as per the old format are also given… Read More

Monetary Policy Statement 2013-14 to be released on May 3, 2013

Dr. D. Subbarao, Governor, Reserve Bank of India will announce the Monetary Policy Statement 2013-14 on Friday, May 3, 2013. This will be done in a meeting with the chief executives of major scheduled commercial banks at 11.00 a.m. on May 3, 2013 at the Central Office, Reserve Bank of India, Mumbai. Alpana Killawala Chief… Read More

CESTAT trashes CBEC Recovery Circular

Lawyers & Consultants are in mourning as their easy income is gone. Everyone who approached Courts was getting automatic stay against recovery notices sent by Department where stay applications in appeals were pending. First, Bombay High Court made it applicable to all, even if they did not approach Court. Now Bangalore CESTAT has done it.… Read More

Republic of Yemen added to list of Least Developed Countries to avail DFTP

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 19/2013-Customs New Delhi, dated the 2nd April, 2013 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the… Read More