Corporate Law Reporter - The Daily Journal

GoI signs Double Taxation Avoidance Agreement & Prevention of Fiscal Evasion with Ethiopia

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 14/2013 INCOME TAX New Delhi, the 21st February, 2013 S.O.418(E)- Whereas the annexed Agreement between the Government of the Republic ofIndia and the Government of the Federal Democratic Republic of Ethiopia for the Avoidance of Double Taxation and the Prevention of fiscal evasion with respect to taxes on income… Read More

MoF Communique on Tax Residency Certificate and proposed amendments to Indian Income Tax Act

Mauritius has taken note of the measures announced by the Indian Minister of Finance, the Honourable P. Chidambaram, during the presentation of the 2013-14 budget to the Indian Parliament on Thursday 28 February 2013. The Minister announced, amongst others, that the Indian Income Tax Act would be amended to provide that Tax Residency Certificate (TRC)… Read More

Corporates under Investigation are not allowed to access ECB under the Automatic route

RBI/2012-13/429 A.P. (DIR Series) Circular No. 87 March 5, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy Corporates under Investigation Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No. 71 dated June 30, 2009… Read More

Scope of the guidelines for Facility for Exchange of Notes and Coins widened

RBI/2012-13/428 DCM (NE) No. 3498 /08.07.18/2012-13 January 28, 2013 The Chairman and Managing Director / The Chief Executive Officer All Banks (including Co-operative banks and RRBs) Madam / Dear Sir Facility for Exchange of Notes and Coins Please refer to paras 130 and 131 of the Monetary Policy Statement 2012-13 of Reserve Bank of India… Read More

GoI signs DTAA with Bhutan

Double Taxation Avoidance agreement (DTAA) Signed by India and Bhutan ; to Provide Tax Stability to the Residents of India and Bhutan and Facilitate Mutual Economic Cooperation and Stimulate the Flow of Investment, Technology and Services between Two Countries The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the… Read More

Action taken on Anti-Competitive Agreements by the Competition Commission of India

During the last three years, the Competition Commission of India (CCI) has passed Cease and Desist Orders in 14 cases; and Cease and Desist Orders along with a penalty of Rs.7,354.11 crore in another 14 cases of anti-competitive agreements. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that the parties… Read More

MCA clairifies on the laws under which to take Action against Fraudulent Companies

Companies floating fraudulent investment deposits mobilizing schemes (also called ˜ponzi schemes™) under various guises are liable for action under the following laws: (i) The Prize Chits and Money Circulation Schemes (Banning) Act, 1978 administered by Ministry of Finance (Department of Financial Services) through the State Governments; and (ii) Section 11AA of the Securities and Exchange… Read More

Committee constituted for Inquiry into Wal-Mart lobbying issue

Inquiry into Wal-Mart™s Lobbying Activities A Committee, under Shri Justice Mukul Mudgal, former Chief Justice of Punjab and Haryana High Court has been constituted, vide Resolution dated 31.01.2013, with the following Terms of Reference: (i) To inquire into recent media reports on disclosures of Wal-Mart before the US Senate regarding their lobbying activities and details… Read More

Reserve Bank of India hosts the RBI-OECD-World Bank Regional Conference on Financial Education

Financial literacy and financial inclusion are integral to each other : Dr. D. Subbarao, Governor, Reserve Bank of India Reserve Bank of India hosts the RBI-OECD-World Bank Regional Conference on Financial Education at New Delhi Financial literacy and financial inclusion are integral to each other and are important because they are integral to attacking poverty.… Read More

Data on Free Trade Agreement with ASEAN

The details of countries with which India has entered into Free Trade Agreement (FTA) on services and investments including countries in the Association of South East Asian Nations (ASEAN) region during each of the last three years are given below:- S. No. Name of the Agreement Date of Signing Date of implementation 1. India - South Korea Comprehensive Economic… Read More

RBI clarifies on Information to be submitted by banks under Branch Authorisation Policy

RBI/2012-13/427 DBOD.No.BAPD.BC.82/22.01.001/2012-13 March 4, 2013 Phalguna 13 , 1934 (Saka) All Domestic Scheduled Commercial Banks (excluding RRBs) Madam / Dear Sir, Branch Authorisation Policy - Information to be submitted by banks along with Annual Branch Expansion Plan (ABEP) Please refer to our circular DBOD. No. BL. BC. 24/22.01.001/2011-12 dated July 15, 2011, wherein banks were advised,… Read More

Representations to remove the ban on retail trading through e-commerce received

Ban on FDI in Retail E-commerce Business Some representations to remove the ban on retail trading through e-commerce have been received. As per the extant Foreign Direct Investment (FDI) policy, FDI, up to 100%, is permitted under the automatic route, in business-to-business e-commerce. Retail trading, in any form, by means of e-commerce, is not permissible… Read More

MoC clarifies conditions with respect to FDI in Retail

Government announced the decision to permit FDI, up to 51%, in multi-brand retail trading, vide Press Note No. 5 (2012 Series) dated 20.9.2012, subject to the following conditions: (i) FDI in multi brand retail trading upto 51% shall be allowed through the Government approval route. (ii) Minimum amount to be brought in, as FDI, by… Read More