Disinvestment proceeds to be credited to the existing public account for Capitalising Public Sector Banks
The Government has decided that the disinvestment proceeds with effect from the fiscal year 2013-14 will be credited to the existing public account under the head National Investment Fund (NIF) and will be used for subscribing to the shares being issued by the Central Public Sector Enterprises (CPSEs) including Public Sector Banks (PSBs) and Public… Read More
IRDA taking initiatives to educate consumers against mis-selling of insurance products and unfair business practices of Insurance Companies
Mis-Selling of Insurance Products and Unfair Business Practices of Insurance Companies; Implementing the Integrated Grievance Management System (IGMS) The Insurance Regulatory and Development Authority (IRDA) has informed that following initiatives have been put in place to educate the consumers against mis-selling of insurance products and unfair business practices of Insurance Companies:- Publicity in English, Hindi… Read More
Guidelines for Granting Licences to Start Private Banks
The Reserve Bank of India (RBI) has finalized guidelines for granting licences to start banks in private sector. Vide its Press Release dated 22.02.2013, the RBI has released its Guidelines for Licences of New Banks in the Private Sector. Key features of the guidelines include eligible promoters; ˜fit and proper™ criteria; corporate structure of the… Read More
Trading of Foreign Exchange by Nationalized Banks
Reserve Bank of India (RBI) has informed that nationalized banks are allowed to trade in foreign exchange. The details of profit / loss of nationalized banks by trading in foreign exchange operations during the financial year 2009-10, 2010-11 and 2011-12 are at Annex. This was stated by the Minister of State for Finance, Shri Namo… Read More
TRAI releases Consultation Paper on ˜Review of Tariff for National Roaming™
Telecom Regulatory Authority of India (TRAI) releases Consultation Paper on ˜Review of Tariff for National Roaming™ The tariff for National Roaming Services was last specified by the Authority through Telecommunication Tariff Order (44th Amendment) dated 24th January, 2007. In view of the changes in regimes governing some of the cost components which formed part of… Read More
TRAI directs all MSOs and LCOs in notified Digital Addressable Cable TV Systems areas to implement Subscriber Management Systems
TRAI issues Directions to all the registered MSOs and their linked LCOs operating in notified DAS areas regarding implementation of Subscriber Management Systems. TRAI has issued Directions to multi system operators (MSOs) and their linked local cable operators (LCOs), providing cable TV services in the notified Digital Addressable Cable TV Systems (DAS) areas, covered under… Read More
RBI advises all UCBs to complete the process of risk categorization and compiling of all existing customers by March-end 2013
KYC Norms /AML Measures - CFT/ Obligations of Banks PMLA, 2002 RBI/2012-13/420 UBD CO PCB Cir.No.37/14.01.062/2012-13 February 25, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks 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… Read More
CBEC revises Form ST 3 for filing Service Tax Returns – 2nd Quarter Returns to be filed by 25th March 2013
F. No. 137/98/2006-CX-4 ( Part-I) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Service Tax Wing) Room No 263A North Block, New Delhi, 22nd February 2013 To All Chief Commissioners of Central Excise / Customs and Central Excise Directors General of Service Tax /Central Excise Intelligence /Audit/Systems; All Commissioners of Central Excise/ Customs and Central Excise… Read More
Under Section 54/54F, “A Residential House” can consists of more than one unit
CLR Editorial Notes: The case refers to real estate related capital gains. An assessee had a house which was given to a developer for re-development into a multi-story building with multiple units. As returns towards this re-development, the assessee received 4 Cr and two floors of the building, and claimed exemption under Sec 54 with… Read More
Takeover Regulation – Making and Withdrawing Voluntary Open Offer
INTRODUCTION Efficient and smooth functioning takeover market plays an important role in economic development of the country. Takeover market serves as a monitor for managers of a public company, who are endowed with the duty of efficient working of the company, and inefficient working of public company, will be faced with the reduction in value… Read More
Executive Compensation in India
INTRODUCTION Issues of Corporate Governance, having gained stronghold in the developed nations of the West, have largely invaded the Indian Corporate Sector in the past decade. In present times, it has in fact reached a stature when Good corporate governance practices are a sine qua non for sustainable business that aims at generating long term value to… Read More
Importance of Prospectus as a Tool for Investor Protection in India
INTRODUCTION The definition of ˜prospectus™ in the Indian Companies Act, 1956 (the Act) was based on the definition found in the English Companies Act [Section 455(1)].[1] It then underwent amendment in 1960 following the recommendation of the Companies Act Amendment Committee of 1957 and also in 1974.[2] The current definition as per Section 2(36) stands… Read More
Customs Clarification regarding deemed export benefits for supply against ARO/Invalidation letter against Advance Authorisation
Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi- 110011 Policy Circular No. 15/(RE-2012)2009-2014 Dated: 21st February, 2013 To All Regional Authorities (RAs); All Commissioners of Customs; Exporting Community Subject : Clarification regarding deemed export benefits for supply against ARO/Invalidation letter against Advance… Read More
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