Corporate Law Reporter - The Daily Journal

Inadmissible CENVAT credit taken and reversed will still attract interest under Rule 14

CLR Editorial Notes: The case is related to an Interest charge placed on a CENVAT credit. A manufacturer or service provider was required by the Revenue to pay interest on an amount of CENVAT credit taken (though inadmissible) and later on reversed without utilization, for the period from the date of credit-taking to the date of… Read More

An Economic and Functional Classification of the central government budget (2012-2013)

Since 1957-58, the Economic Division of the Ministry of Finance has been preparing an economic classification of the Central Government budgetary transactions to make the budget a more useful tool of economic analysis. In brief, this classification involves arranging the expenditures and receipts of the Central Government including those of railways and posts by significant economic categories distinguishing current from capital outlays, spending for… Read More

MoC Speak :: India and France expected to Conclude India – EU Bilateral Trade and Investment Agreement by Summer 2013

In a meeting with Ms Nicole Bricq, French Minister for External Trade, the Union Minister for Commerce, Industry & Textiles Shri Anand Sharma today said that a Broad-based Indian-EU Trade and Investment Agreement has seen fifteen rounds of negotiations. The Chief negotiators are meeting in March and hoped that this would be the last round… Read More

Rupee depreciation raises crude oil price of Indian Basket

The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas remained same at US$ 114.68/barrel (bbl) on 11.02.2013 as it. Prevailed on the previous trading day of 08.02.2013. In rupee terms, however, the crude oil price of increased… Read More

Customs Amendment to Unloading of imported goods and the loading of export goods

[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. 15 /2013-Customs (N.T.) New Delhi Dated the 31st January, 2013 S.O. 297(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

Appointment of Loksan, Nagarkata and Kulkuli as Land Customs Stations on India-Bhutan Border

[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) (Central Board of Excise and Customs) Notification No. 18/2013-Customs (N. T.) New Delhi, the 31st January, 2013 11 Magha, SAKA 1934 S.O.305(E).- In exercise of the powers conferred by clause (c) of sub-section (1) of… Read More

Customs amendments to allow import of catalyst for one subsequent charge under EPCG scheme

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 03/2013-Customs New Delhi, the 13th February, 2013 24 Magha 1934 Saka G.S.R. 72 (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central… Read More

Pesticides under SION J-373 deleted as permissible input

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY (PART-I -SECTION-1) GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 49(RE:2012)/2009-2014 NEW DELHI : DATED :13.02.2013 Subject: Deletion of pesticides from SION, J-373 (Textile Product). In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade… Read More

RBI Clarifies Gold Deposit Scheme for Mutual Funds & Exchange Traded Funds

Gold Deposit Scheme RBI/2012-13/415 DBOD.No.IBD.BC. 81/23.67.001/2012-13 February 14, 2013 All Scheduled Commercial Banks authorized to deal in Gold Dear Sir / Madam Gold Deposit Scheme The Central Government, with a view to bringing privately held stock of gold in circulation, reduce the country™s reliance on import of gold and providing its owners with some income… Read More

RBI Deputy Governor talks about Challenges in Large Value and Retail Payment Systems

Principles of Financial Market Infrastructure & Innovations in Retail Payment Systems: Some Perspectives (Inaugural address delivered by Shri Harun R Khan, Deputy Governor at the Infrastructure Seminar on Principles for Financial Market Infrastructures and Innovations in Retail Payment Systems organized by Reserve Bank of India on February 14, 2013 at New Delhi) It is a… Read More

Wholesale Price Index :: Review for January 2013 Data

Index Numbers of Wholesale Price in India (Base: 2004-05=100) Review for the month of January, 2013 The official Wholesale Price Index for ˜All Commodities™ (Base: 2004-05 = 100) for the month January, 2013 rose by 0.4 percent to 169.2 (Provisional) from 168.6 (Provisional) for the previous month. INFLATION The annual rate of inflation, based on… Read More

MoCIT Speak :: Ministry to Set up Special Japan Desk in DeitY

Shri Kapil Sibal, Union Minister for Communications and IT, addressed the press at the Japan Press Club, as regards his ongoing visit to Japan, today. Below are the highlights of the statement made by him. OUTLINE ABOUT THE VISIT · Joint Working Group between METI(Ministry of Economy Trade and Industry) Japan and DEITY(Department of Electronics… Read More

MoCIT Speak :: Japan and India must become long term partners

India is keen that Japan does not look at India as a short term trading partner, but as a long term partner- India as a manufacturing centre to access the global market. Top companies can even come to India and set up testing centres for standards for 4G and 5G for the world. This was… Read More