Corporate Law Reporter - The Daily Journal

Engineering Sector Inclusion in pre and post shipment Rupee Export Credit

RBI/2012-13/389 UBD.BPD. (AD) Cir.No.2 /13.05.000/2012-13 January 22, 2013 Chief Executive Officer Scheduled Primary (Urban) Co-operative Banks (holding AD Category I licence) Dear Sir/Madam Interest Rates on Rupee Export Credit -UCBs Please refer to circular UBD.BPD.(AD) Cir. No.8 /13.05.000/2011-12 dated June 26, 2012 extending the interest subvention on rupee export credit on specified export sectors till March 31,… Read More

Explanation of salient terms of KYC norms under Anti Money Laundering Standards

RBI/2012-13/388 RPCD.RRB.RCB.BC.No. 59 /07.51.018/2012-13 January 22, 2013 The Chairmen / CEOs of all Regional Rural Banks / State and Central Co-operative Banks Dear Sir, Know Your Customer (KYC) norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Please refer to paragraph 3 of… Read More

Central Excise Unearths Service Tax Evasion of Around Rs.90 Crore

The Directorate General of Central Excise Intelligence (Hqrs.), New Delhi has booked a case of Service Tax evasion against M/s Tops Security Limited, Mumbai. The search operations at 41 offices of the Tops Security Group revealed that the group was raising invoices including Service Tax payable on its customers but were not depositing the same… Read More

Revised Lending Rates to Central Government Units

The lending rates prescribed in the aforesaid Office Memorandum have been reviewed. The revised rates of interest applicable from 1st April, 2012 are given in the document attached. Download the full circular here. Read More

MoF clarification on expenditure ceilings

Some Ministries /Departments had sought clarification in relation to the scheme-wise restriction of 33% and 15% on expenditure ceilings, in the last quarter / month of the year. The matter has been examined in this Ministry, and it is reiterated that the restriction of 33% and 15% expenditure ceilings is to be enforced both scheme-wise… Read More

MoF Instructions regarding continuation of on-going Central Schemes from XI to XII Plan

The ministry of finance has provided an on the subject of continuation of Plan Schemes from XI to XII Plan, detailing the modalities for continuation of Central Sector (CSs) and Centrally Sponsored Schemes (CSSs) from XI to XII Plan. It has come to the notice that the administrative Ministries have not been able to complete… Read More

Agenda for FIPB’s 186th Meeting to be held on 24th Jan 2013

Special Messenger Most Immediate No. 7(01)/2013-FIPB Government of India Ministry of Finance Department of Economic Affairs (FIPB Unit) **** New Delhi, the January 8, 2013. Office Memorandum Subject: Meeting of the Foreign Investment Promotion Board (FIPB) - regarding. The 186th Meeting of the Foreign Investment Promotion Board (FIPB) is scheduled to be held on Friday,… Read More

FIPB – Postponement Notice for 186th Meeting to be held now on 24th January,2013

Special Messenger Most Immediate No. 7(01)/2013-FIPB Government of India Ministry of Finance Department of Economic Affairs (FIPB Unit) New Delhi, the January 18, 2013. Office Memorandum Subject: Meeting of the Foreign Investment Promotion Board (FIPB) - regarding. The undersigned is directed to refer to this Department™s Office Memorandum of even number dated the January 8,… Read More

CCI Issues Cease And Desist Order Against Northern India Motion Pictures Association (NIMPA)

The Competition Commission of India passed its final order today against Northern India Motion Pictures Association (NIMPA) directing it to cease and desist from indulging in anti-competitive conduct. The order has been issued in a case filed by M/s Shri Ashtavinayak Cine Vision Limited against NIMPA and other film associations alleging inter alia contravention of… Read More

Government proposes changes in Gold Deposit Scheme; Import Duty on Gold & Platinum Raised to 6 Percent

Gold Deposit & ETF Schemes Linked to Unfreeze Part of Gold held under ETF Import Duty on Gold & Platinum Raised to 6 Percent Government Appeals to the people to moderate their Demand for Gold The Government has proposed to provide a link between the Gold ETF (Exchange Traded Fund) and the Gold Deposit Scheme.… Read More

Consumer Price Index Numbers for Agricultural and Rural Labourers base : (1986-87=100)

AGRICULTURAL LABOURERS RURAL LABOURERS General Food General Food State Nov Dec Nov Dec Nov Dec Nov Dec 2012 2012 2012 2012 2012 2012 2012 2012 1 Andhra Pradesh 718 725 718 723 717 724 718 723 2 Asam 682 681 686 681 687 685 697 692 3 Bihar 611 610 576 572 614 612 574 570 4… Read More

Simplification of Procedures for settlement of Claims with respect to deceased depositors

RBI/2012-13/386 UBD.BPD.(PCB)CIR No. 32/13.01.000/2012-13 January 21, 2013 The Chief Executive Officers All Primary (Urban) Co-operative Banks Dear Sir, Settlement of Claims in respect of Deceased Depositors Simplification of Procedure - UCBs Please refer to paragraph 2 of our circular UBD. BPD.CIR No.4/13.01.000/ 2005-06 dated July 14, 2005 on the captioned subject. In case of access to balance in… Read More

Amendments in External Commercial Borrowings Policy for Manufacturing, Infrastructure and Hotel Sectors

The RBI has made some amendments in the policies governing External Commercial Borrowings with respect to repayment of Rupee Loans and infusion of capital expenditure. It the current changes, it has allows, manufacturing and infrastructure companies to to avail ECBs for repayment of loans taken from Indian Banks. They can also avail this for fresh… Read More