The Eminent Persons Advisory Group (EPAG) that held its second meeting in Delhi today suggested that time has come wherein the culture of total governance should now be replaced with culture of competition in the country. . Mr. N.L.Mitra, former Vice Chancellor, NLSIU and Member of EPAG said that Competition Commission should initiate dialogue with… Read More
RBI/2012-13/385 DBOD.AML.BC. No.71/14.01.001/2012-13 January 18, 2013 The Chairmen/CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks /All India Financial Institutions 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 2.4 (a) of Master Circular… Read More
RBI/2012-13/384 A.P. (DIR Series) Circular No.77 January 18, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit (LOC) of USD 20 million to Nigerian Export-Import Bank Export-Import Bank of India (Exim Bank) has concluded an agreement dated November 15, 2011 with the Nigerian Export-Import Bank , making… Read More
RBI/2012-13/383 A.P. (DIR Series) Circular No. 76 January 17, 2013 To All Category - I Authorised Dealer Banks Madam /Sir, Reporting under Foreign Exchange Management Act, 1999 (FEMA) In terms of Section 11 (2) of FEMA, 1999, the Reserve Bank may, for the purpose of ensuring the compliance with the provisions of the Act or… Read More
RBI/2012-13/382 DPSS.CO.PD.No.1207/02.10.002/2012-2013 January 17, 2013 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir Declines in ATM transactions reporting of Please refer to our circular DPSS. No. 101/02.10.02/2009-2010, dated July 17, 2009 on… Read More
A day after deferring the controversial GAAR rules, the Ministry of Finance (MoF) has now sought to clear its stand regarding tax breaks being offered on software development done ˜Onsite™ i.e. at the client™s offices overseas. The MoF has stated that the Indian IT companies are allowed to claim tax benefits with reference to software… Read More
The $100 billion Information Technology sector got a major boost from the Ministry of Finance which declared that they will continue to benefit from Tax exemptions for onsite work. The Ministry said that the IT Firms in India which deploy software development professionals onsite at client locations overseas, will continue to benefit from tax exemptions.… Read More
In a much anticipated and awaited move, the UPA 2 government partially deregulated the diesel prices on Thursday. The Indian oil marketing companies (OMCs) will now be able to hike the prices of diesel periodically. Minister of Oil Mr. Veerappa Moily has said the other day that the OMCs will now be able to cover the… Read More
The Cabinet Committee on Economic Affairs today approved the following: (i) 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 they would remain there until withdrawn/invested for the approved purposes. (ii) The NIF will be used for the following purposes:… Read More
Approval to mandate continuation of Jawaharlal Nehru National Urban Renewal Mission to sanction new projects and capacity building activities till 31st March, 2014 The Cabinet Committee on Economic Affairs today approved the continuation of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) to sanction new projects and capacity building activities till 31st March, 2014 under… Read More
Approved for the export of processed and/or value added agricultural products even in the event of restriction/ban on export of basic farm produce The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Commerce for allowing the export of processed and/or value added agricultural products even in the event of restriction/ban… Read More
The Cabinet Committee on Economic Affairs has approved the recommendations made by the Inter-Ministerial Task Force under the chairmanship of Member (B.K. Chaturvedi), Planning Commission on budgetary ceilings for annuity commitments under Public Private Partnership (PPP) projects across sectors. The recommendation of the committee would ensure that future budgetary options do not get restricted due… Read More
The Cabinet Committee on Economic Affairs has approved to defreeze the tariff values of all edible oils, Palm Oil - Crude; Palm Oil - RBD (Refined Bleached Deoderized); Palm Oil - others; Palmolein - Crude; Palmolein - others; and Soyabean Oil - Crude and notify their tariff values on the basis of their prevailing international… Read More