Realisation and Repatriation of Export Proceeds of Goods and Software
RBI/2012-13/298 A.P. (DIR Series) Circular No. 52 November 20, 2012 To, All Category - I Authorised Dealer Banks Madam / Sir, Export of Goods and Software Realisation and Repatriation of export proceeds Liberalisation Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 40 dated November 01, 2011 enhancing the period… Read More
Obligations of Authorised Persons under Prevention of Money Laundering Act (PMLA)
RBI/2012-13/294 A.P. (DIR Series) Circular No. 51 November 15, 2012 To All Authorised Persons in Foreign Exchange Madam/Sir, Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009… Read More
Memorandum of Instructions governing Money Changing Activities
RBI/2012-13 /287 A.P. (DIR Series) Circular No. 50 November 7, 2012 To, All Authorized Persons, Madam / Sir, Memorandum of Instructions governing Money Changing Activities Attention of Authorised Persons is invited to Para 17 of Part E of the Annex-I to the Memorandum of Instructions to Authorised Money Changers (AMCs), issued vide A. P. (DIR Series)… Read More
List of Sub Agents for Money Transfer Service Scheme
RBI/2012-13/286 A.P. (DIR Series) Circular No. 49 November 7, 2012 To, All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Madam / Sir, Money Transfer Service Scheme - List of Sub Agents As per extant instructions, Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS), are required… Read More
Delhi High Court Ruling on Reimbursement Of Expenses
Reimbursement Of Expenses Not Subject To Levy Of Service Tax : Delhi High Court (Division Bench) Rule 5(1), Service Tax (Determination of Value) Rules, 2006 - Ultra Vires Section 66 and 67 of the Finance Act, 1994 Intercontinental Consultants and Technocrats Pvt. Ltd. v. Union of India and Anr., W.P. (C) 6730/2008 A division bench of… Read More
Punjab VAT rate change
Effective 03 September, 2012, the rate of VAT in Punjab has been enhanced, as mentioned below: Particulars Rate up to 02 September 2012 Rate with effect from 03 September 2012 Goods falling under Schedule B (Except Declared Goods i.e.Wheat, Paddy and Rice) 5% 5.5% Declared Goods falling under Schedule C-I (Other than Wheat, Paddy and… Read More
Rajiv Gandhi Equity Savings Scheme, 2012
CIRCULAR NO. MRD/DP/32/2012, DATED 6-12-2012 1. As announced in the Union Budget 2012-13, the Finance Act 2012 has introduced a new section 80CCG on 'Deduction in respect of investment made under an equity savings scheme' to give tax benefits to new investors who invest up to Rs. 50,000 and whose gross total annual income is less… Read More
Service Tax (Fifth Amendment) Rules, 2012 – Amendment In Form ST-1
SERVICE TAX (FIFTH AMENDMENT) RULES, 2012 - AMENDMENT IN FORM ST-1 NOTIFICATION NO. 48/2012-ST [F.NO. 137/22/2012-ST]/GSR 858 (E), DATED 30-11-2012 In exercise of the powers conferred by sub-section(l) read with sub-section (2) of section 94 of the Finance Act, 1994 ( 32 of 1994), the Central Government hereby makes the following rules further to amend… Read More
Balco Judgment
The Indian Judiciary has always been frowned upon by the foreign investors and foreign lawyers alike, for interfering and delaying the arbitral proceedings having its seat outside India (Foreign Arbitrations). Hitherto, the Indian courts, based on the ratios laid down by the Hon™ble Supreme Court in Bhatia International[1] and Venture Global[2]have been passing orders under… Read More
Restoration of service specific accounting codes for payment of service tax
Circular No.165/16/2012 -ST F.No.341/21/2012-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tax Research Unit 146-F, North Block, New Delhi, 20th November, 2012 To Chief Commissioners of Central Excise and Customs (All), Director General (Service Tax), Director General(Systems), Director General (Central Excise Intelligence), Director General (Audit),Commissioners of Service Tax… Read More
New Cheque formats under New Cheque Truncation System introduced by RBI
Replace your old Cheque books The latest directive RBI's says that one may not be able to use the old cheques with the implementation of the new Cheque Truncation System (CTS-2010) from next year onwards. The CTS 2010, eliminates physical movement of cheques for the purpose of clearing. Instead, only the electronic images of the cheques,… Read More
SEBI | Inventory Management for Market Makers of SME Exchange / Platform
Securities and Exchange Board of India CIRCULAR C I R / M R D / D S A / 3 1 / 2 0 1 2 November 27, 2012 To The Managing Director/Executive Director of all Stock Exchanges, Clearing Houses/Corporations Dear Sir / Madam, Sub: Inventory Management for Market Makers of SME Exchange / Platform… Read More
SEBI | Review of the Securities Lending and Borrowing (SLB) Framework
Securities and Exchange Board of India CIRCULAR CIR/MRD/DP/ 30 /2012 November 22, 2012 To All Stock Exchanges and Depositories Dear Sir / Madam, Sub: Review of the Securities Lending and Borrowing (SLB) Framework 1. The framework for SLB was specified vide circular no. MRD/DoP/SE/Dep/Cir-14 /2007 dated December 20, 2007 and operationalised with effect from April 21,… Read More
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