GoI clarifies Sourcing Requirements of 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 specified conditions, including, inter-alia, the following: At least 30% of the value of procurement of manufactured/ processed products purchased shall be sourced from Indian `small industries` which have a total… Read More
India and Portugal Sign Social Security Agreement
A Social Security Agreement (SSA) was signed by Shri Vayalar Ravi, the Minister of Overseas Indian Affairs and Mr. Paulo Sacadura Cabral Portas, Minister of State of Foreign Affairs of Portugal here today. Speaking on the occasion, Shri Ravi said about 75,000 Indians are leaving in Portugal, most of them are working as professionals and… Read More
Agenda of 57th BoA SEZ Meeting to be held on 15th March, 2013
Agenda for the 57th meeting of the Board of Approval to be held on 15th March, 2013, in the Room No. 47, Udyog Bhawan Item No. 57.1: Proposals for setting up of SEZs S. Name of the Location Sector Area Land SGR* Status of No Developer (in ha) Possession application … Read More
MCA issues clarification on “adequacy” of Debenture Redemption Reserve
Circular No. 4/2013 No. 11/02/2o12-CL-V (A) Government of India Ministry of Corporate Affairs 5th floor 'A'Wing' Shastri Bhavan, Dr. R.P. Road, New Delhi. Dated: 11.02.2013 To All Regional Directors All Registrars of Companies All Chambers of Commerce The Reserve Bank of India The Securities and Exchange Board of India Subject: Debenture Redemption Reserve (DRR)- Clarification. Sir, The… Read More
Central Board of Direct Taxes directs new Income-Tax Authority
MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION No. 15/2013 Income-Tax New Delhi, the 26th February, 2013 S.O. 460(E).-In exercise of the powers conferred by Section 118 of the Income-taxAct,1961(43 of 1961), the Central Board of Direct Taxes hereby directs that the income-tax authority specified in column (3) of the Schedule below shall be subordinate to the… Read More
Jurisdiction of income-tax authorities
MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION No. 16/2013 Income Tax New Delhi, the 26th February, 2013 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Director General of Income-tax… Read More
DGFT makes Amendment in Para 2.33 of Handbook of Procedure Vol.I, 2009-2014
TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-1, SECTION-1 GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 50 (RE 2012)/2009-2014 NEW DELHI, DATED THE 28th FEBUARY, 2013 Subject : Amendment in Para 2.33 of Handbook of Procedure Vol. I, 2009-2014. In exercise of powers conferred under paragraph… Read More
CCGRT (ICSI) jointly with IMC organises a full day program on Growth Outlook for MSMEs in India
Background: Small and Medium Enterprises play an important role as a growth engine of Indian economy. SMEs produce 40% of the total industrial output, contribute 40% of total exports and provide 70% of the employment opportunities. SMEs are the driving force behind a large number of innovations and contribute to the National growth through employment… Read More
Successive cheque dishonours also permissible as long as it satisfies the requirements of Section 138 of the Negotiable Instruments Act
CLR Editorial Notes: In the matter of dishonor of cheques and cognizance taken by courts thereof, the Supreme Court has held that hold prosecution based upon second or successive dishonour of the cheque is also permissible so long as the same satisfies the requirements stipulated in the proviso to Section 138 of the Negotiable Instruments… Read More
Centre notifies award of the Cauvery Water Disputes Tribunal
Cauvery Water Disputes Tribunal The Centre has notified the award of the Cauvery Water Disputes Tribunal on 19.2.2013. Section 6 of the Inter State River Water Disputes Act, 1956 mandates the Central Government to publish the decision of the Tribunal in the Official Gazette. Therefore, in exercise of this power as well as on the… Read More
RBI Publishes Report on Currency and Finance 2009-12 on Fiscal-Monetary Co-ordination
The Reserve Bank of India released today its Report on Currency and Finance, 2009-12 on Fiscal-Monetary Co-ordination. The Report on Currency and Finance, a staff research report, has focused on select themes since 1998-99. The theme for this Report assumes importance in the light of renewed focus on fiscal-monetary co-ordination across advanced economies and emerging… Read More
Application for interim relief in a Foreign Seated International Commercial Arbitration, not maintainable under Section 9
CLR Editorial Notes: A Constitutional Bench of the Supreme Court in September 2012 has delivered a landmark judgment in Bharat Aluminium Co v Kaiser Aluminium Technical Services Inc which overrules the doctrine laid down by the Supreme Court in Bhatia International v Bulk Trading S.A. (Bhatia International). In Bhatia International, the Supreme Court had held that Part I of… Read More
Negative Covenants in an Agreement can be enforced only during the Pendency of the Contract and not beyond
CLR Editorial Notes: The Appellant/plaintiff has in the present case appealed against the order of a single bench judge. The suit was filed for the enforcement of the Non-Disclosure agreement which restricts the respondent from quoting directly to the appellant's customers, after the termination of the agreement. The two bench judge upheld the order of the… Read More
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