Ministry of Food Processing clarification on SPV for Management of Mega Food Parks
The execution, ownership and management of the Mega Food Park is vested with a Special Purpose Vehicle (SPV). The main eligibility criteria of the SPV is indicated below: i. The SPV shall be a Body Corporate registered under the Companies Act. ii. Each SPV would have at least three entrepreneurs / business units, with the… Read More
Coal Ministry identifies 42 Coal Blocks for Exploration
A programme for exploration of 37 coal blocks included in the total 42 blocks has been drawn for exploration during the 12th Five Year Plan. The names of these blocks are as under:- S.No Block S.No Block S.No Block 1 Mahajanbari 11 Tamla North 21 Tambia 2 Chandrabila 12 Kalyanpur-Badalpara 22 Patasi 3 Gandh- Bahera-Ujhaini 13 Kundanali Laburi 23 Bicharpur East… Read More
Custom Notification on Ojhar as a Offloading centre
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii)] Government of India Ministry of Finance (Department of Revenue) Notification No. 29/2013-Customs (N.T.) New Delhi, the 11th March, 2013 S.O¦¦..(E). In exercise of the powers conferred by clause (a) of sub-section (1) of Section 7 of the Customs Act, 1962 (52… Read More
Long term Capital Gains on Share transfer of Indian Listed Cos. between foreign entities exempt from tax – Goodyear case
Background: In 2011, US based manufacturer Goodyear Tire and Rubber Company had transferred 74% of its holding in Goodyear India to its subsidiary in Singapore without taking any consideration. The Indian Tax claimed that there is a tax implication in this transaction, while the Authority for Advanced Ruling (AAR), ruled that this particular transaction is not subject to… Read More
CIL Floats Expression of Interest for Overseas Coal Assests
Coal India Limited (CIL) had floated an expression of interest for selection of strategic partners from four countries namely Indonesia, South Africa, Australia and USA in July, 2009. After evaluation some of the proposals were short listed and due diligence activities were carried out for 3 brown-filed coal assets from listed companies one each in… Read More
India-Czech to Collaborate in Advanced Manufacturing
Acknowledging the Czech expertise in the field of engineering sector, especially automotives, the Union Minister for Commerce, Industry & Textiles Shri Anand Sharma, in a meeting with Mr. Martin Kuba, Czech Minister of Industry & Trade, invited Czech investment into the proposed National Investment Manufacturing Zones in India. Owing to the fact that the Czech… Read More
Effective Implementation of PNDT Act
As per Census Reports of the Registrar General of India, the Child Sex Ratio (CSR) in Delhi has shown 2 point decline from 868 in 2001 to 866 in 2011. However, as per information provided by the Government of NCT of Delhi, the sex ratio at birth, under the Civil Registration System, indicates some improvements… Read More
IRDA says all Insurers are required to comply with the IRDA (Protection of policyholders™ interests) Regulations, 2002
Online Sale of Insurance Policies The Insurance Regulatory and Development Authority (IRDA) has informed Online Sale of Insurance Policies is one of the ways of distribution of insurance policies. IRDA has put in place a regulatory framework for enhancing the transparency and improving the informed choice amongst all classes of policyholders during the course of… Read More
RBI Clarifies Risks arising from the deficiencies in AML regime in certain jurisdictions
RBI/2012-13/434 DBOD. AML.No. 12913/14.01.001/2012-13 March 11, 2013 The Chairmen/CEOs of all Scheduled Commercial Banks(Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to our letter DBOD. AML.No.8422/14.01.001/ 2012-13 dated December 12, 2012 on risks arising from the deficiencies in AML/CFT regime of… Read More
Plastic Currency Notes
It has been decided by the Government of India and the RBI to introduce one billion pieces of Rs. 10 notes in polymer/plastic on a field trial basis. The field trial will be conducted in five cities viz. Kochi, Mysore, Jaipur, Bhubaneswar and Shimla with varied geographical locations and climatic conditions. Reserve Bank of India… Read More
SEBI Board Meeting
The SEBI Board met in New Delhi today and took the following decisions: Regulations for issuance and listing of non-convertible redeemable preference shares: The Board approved the SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 thereby providing a comprehensive regulatory framework for issuance and listing of non-convertible redeemable preference shares. As in… Read More
Status of New Steel Policy
The Minister of Steel, Shri Beni Prasad Verma has said that as the matter involves detailed discussions with various stakeholders and with different Ministries / Departments, at this stage it is difficult to indicate by when the new Policy will be finalised. In a written reply in the Lok Sabha today he said, the prices… Read More
States Consulted on National Food Security Bill
A meeting of Food Ministers and Food Secretaries of States/Union Territories (UTs) was held on 13.02.2013 in New Delhi to discuss recommendations of the Standing Committee on Food, Consumer Affairs and Public Distribution on the National Food Security Bill, 2011. States/UTs expressed their views on recommendations of the Standing Committee on various aspects of the… Read More
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