Corporate Law Reporter - The Daily Journal

GoI clarification on Electoral Trusts Scheme

The Government has notified the Electoral Trusts Scheme, 2013 vide Notification No. S.O.309(E) dated 31st January, 2013. Beside rule 17CA for functioning of electoral trusts for the purpose of section 13B of the Income-tax Act, 1961 has also been notified vide Notification No. S.O. 308(E) dated 31st January, 2013. The scheme and the rules provide… Read More

SEBI clarification on sharing of information between Debenture Trustees and Credit Rating Agencies

CIR/MIRSD/3/2013 March 15, 2013 To All Debenture Trustees and Credit Rating Agencies registered with SEBI Sir/ Madam, Sub: Sharing of information regarding issuer companies between Debenture Trustees and Credit Rating Agencies SEBI (Debenture Trustee) Regulations, 1993 require the Debenture Trustees (DTs) to share information regarding the issuer companies that are their clients, with Credit Rating… Read More

All India Conference of Central Administrative Tribunal to be held Tomorrow

The All India conference of the Central Administrative Tribunal will be held here tomorrow. Mr. Justice Altamas Kabir, Chief Justice of India will be the Chief Guest. Dr. Ashwani Kumar, Union Minister for Law and Justice will preside and Shri V. Narayanasamy. Minister of State for Personnel, Public Grievances & Pensions will be the special… Read More

Proposed Changes in Narcotic Drugs and Psychotropic Substances Act, 1985

Views of the State Governments/Union Territories had been sought on regulatory changes relating to availability of opioids for palliative care and reasonable safeguards to address the concerns of the legitimate trade and industry dealing with narcotic drugs and psychotropic substances. At present, there is no proposal under consideration to bring out new narcotic drugs within… Read More

Insurance Regulatory and Development Authority frames two new regulations

The Insurance Regulatory and Development Authority (IRDA) has informed that two regulations have been framed, namely, (i) Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations 2013 dated 18.02.2013 and (ii) Insurance Regulatory and Development Authority (Non- Linked Insurance Products) Regulations 2013 dated 18.02.2013 to make life insurance products user friendly. The provisions of the… Read More

Government proposes New ITR Filing Procedure

The Government proposes to introduce new procedures/forms for filling Income Tax returns. Every year government notifies forms for filing of income-tax returns after incorporating the changes brought out by the Finance Act of the previous year and the suggestions received from stakeholders. The new forms for filing of income tax returns for the assessment year… Read More

GoI negotiating new Double Taxation Avoidance Agreements with Sweden

Government of India is negotiating new Double Taxation Avoidance Agreements (DTAAs) and has also taken steps to update the article concerning Exchange of Information in existing DTAAs to specifically allow for exchange of banking information and information without domestic interest. India has also decided to negotiate Tax Information Exchange Agreements (TIEAs) with priority countries/jurisdictions. On… Read More

Government launches drive against Fake Pan Cards

The Government has launched drive against fake Permanent Account Number (PAN) cards. As a continuous process, in order to know the genuineness of Know Your Customer (KYC) documents on Proof of Identity (POI) and Proof of Address (POA), third party field verification is conducted after allotment of PAN. The information of failed KYC verification is… Read More

Report on Efforts to Check Fake Currency Notes

The Shilabhadra Banerjee Committee constituted to review the acquisition procedure of the security features for currency notes has submitted its report to the Government. The main recommendations of the Committee and action taken thereon are indicated below: i) Creation of Directorate of Currency: Directorate of Currency has been set up in the Ministry of Finance.… Read More

No change in RBI policy on not issuing fresh proposals for new Urban Cooperative Banks

The number of Urban Cooperative Banks (UCBs) whose license was cancelled in the last three years are, 31 in 2009-10, 12 in 2010-11 and 14 in 2011-12. Reserve Bank of India (RBI), the licensing authority for UCBs announced in the Annual Policy Statement (2004-05) that no fresh proposals for new UCBs would be considered till… Read More

GoI clarification on Adoption of International Norms on Radiation From Towers and Handsets

Government of India, in the year 2008, adopted the international radiation norms prescribed by International Commission on Non Ionizing Radiation Protection (ICNIRP) in respect of mobile towers and mobile handsets. Further, in respect of mobile towers, norms for exposure limit for the Radio Frequency Field (Base Station Emissions) has been reduced to 1/10th of the… Read More

12th Five Year Plan Proposes setting up Telecom Finance Corporation for Telecom Sector funding

The 12th Five Year Plan (2012-2017) has recommended that Telecom Finance Corporation may be created as a vehicle to access funds at competitive rates to facilitate the funding needs to the Telecom Sector, in case of requirement. The National Telecom Policy-2012 has also envisaged the creation of Telecom Finance Corporation as a vehicle to mobilize… Read More

No Classification of “Essential Medicines” under Price Control Mechanism

Under the provisions of the Drugs (Prices Control) Order, 1995 (DPCO, 1995) the prices of 74 bulk drugs as listed in its First Schedule and the formulations containing any of these scheduled drugs are controlled. There is no classification as essential medicines in the Drugs (Price Control) Order, 1995. The National Pharmaceutical Pricing Policy, 2012… Read More