ITAT judgment on case related to royalties on sales of mobile handsets made by a foreign entity
CLR Editorial Notes: The Delhi Bench of the Income Tax Appellate Tribunal ruled that royalties with respect to manufacturing licenses granted to a non-resident organization by another non-resident for the manufacture of CDMA handsets, is not liable to taxation in India despite the handsets being sold to Indian companies / vendors / parties. The Indian… Read More
HC order in the case of denial of benefits under Double Taxation Avoidance Agreement
CLR Editorial Notes: Hon'ble High Court of Bombay has passed an order in this particular case, saying that there is no merit in the submission by the Director of Income Tax (International Taxation) that the assessee (respondent) - an organization in Germany - cannot be considered as a taxable entity in view of the Organisation for… Read More
Amendments to the National Bank for Agriculture and Rural Development (NABARD) Act, 1981
The Union Cabinet today gave its approval to the amendments to the National Bank for Agriculture and Rural Development (NABARD) Act 1981 The following amendments to the NABARD Act 1981 are proposed:- 1. Raising the authorized capital of NABARD to Rs. 20,000 crore from Rs. 5,000 crore. 2. The meaning of cooperative society is proposed… Read More
Customs House Agents Licensing (Amendment) Regulations, 2013
[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. 19/2013 Customs (N.T.) New Delhi, the 6th February, G.S.R._______(E) - In exercise of the powers conferred by sub-section (2) of section 146 of the Customs Act, 1962 (52 of 1962), the Central… Read More
Revenue collection officials of the Delhi Government to work on Saturdays to accelerate efforts
OFFICE OF THE ADDITIONAL COMMISSIONER (HR) DEPARTMENT OF TRADE & TAXES GOVERNMENT OF NCT OF DELHI VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002 No : 342 - 349 … Read More
Extension of levy of anti-dumping duty imposed on imports of ˜Flexible Slabstock Polyol™, from USA and Japan
[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. 1/2013-Customs (ADD) New Delhi, dated the 4th February, 2013 G.S.R 65 (E). -Whereas, the designated authority vide notification No. 15/15/2012-DGAD, dated the 24th January, 2013, published in Part I, Section… Read More
Supreme Court judgement on Custom House Agent License re-examinations on additional subjects
Circular No. 06/2013-Customs F. No. 494/4/2012-Cus.VI Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs ***** Room No.253-A, North Block, New Delhi, dated the 6th February, 2013 To, All Chief Commissioners of Customs / Customs (Prev.). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs /… Read More
DGFT allows exemptions with respect to ban on export of edible oils
(To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan Notification No. 32 (RE 2012)/2009-2014 New Delhi, Dated: 5th February, 2013 Subject: Amendment in Notification No 24(RE-2012)/2009-14 dated 19th October 2012 relating to export of edible oils.… Read More
SEBI circular on Time periods for offerings and allotments of tax saving mutual fund schemes
CIRCULAR CIR/ IMD/ DF/02/2013 February 06, 2013 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds Sir/ Madam, Subject: Time Period for initial offering and allotment of units of Mutual Fund Scheme eligible under Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS) 1. As per Regulation 34 of SEBI (Mutual Funds) Regulations,… Read More
Permission to standalone Primary Dealers for trading in corporate bonds
RBI/2012-13/412 IDMD. PCD.No.2310/14.03.05/2012-13 February 06, 2013 All Standalone Primary Dealers (PDs) Dear Sir/Madam, Permission to standalone PDs for membership in SEBI approved Stock Exchanges for trading in corporate bonds With a view to further developing the debt market in India, it has been decided to permit standalone PDs to become members of SEBI approved stock… Read More
Ministry of Railways Invites Suggestions on its Proposed Policy on Rail Terminals at Private Ports
Ministry of Railways has formulated final draft policy on Rail Terminals at Private Ports. The draft document is already available on the website of the Ministry of Railway, (Railway Board) www.indianrailways.gov.in . Ministry of Railways has invited suggestions/comments on this proposed policy from zonal railways and prospective investors latest by 10th February 2013. Comments/suggestions may… Read More
RBI Draft Guidelines on Restructuring of Advances by Banks and Financial Institutions
The Reserve Bank of India released on its website, ˜Review of Prudential Guidelines on Restructuring of Advances by Banks and Financial Institutions™ Draft Guidelines for comments and feedback. Comments / feedback on the draft guidelines may be sent by February 28, 2013 to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Reserve Bank… Read More
RBI Clarification on Bank Finance for Purchase of Gold as per Second Quarter Review of Monetary Policy 2012-13
RBI/2012-13/411 UBD.BPD.(PCB) Cir No.36/13.05.001/2012-13 February 6, 2013 The Chief Executive Officers All Primary (Urban) Co-operative Banks Madam / Dear Sir, Bank Finance for Purchase of Gold Please refer to our circular UBD.PCB.Cir.No 24/13.05.001/08-09 dated November 10, 2008 on ˜Advances against Pledge of Gold / silver ornaments™ advising UCBs to observe certain safeguards while granting loan against pledge… Read More
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