Corporate Law Reporter - The Daily Journal

CBEC-Making E-payment of Customs duty mandatory

Government of India Ministry of Finance (Department of Revenue) Notification No. 83/2012-Customs (N.T.) New Delhi, dated the 17th September, 2012. S.O. (E). In exercise of the powers conferred by the first proviso to sub-section (2) of section 47 of the Customs Act, 1962 (52 of 1962), the Central Government hereby specify following classes of importers who shall pay… Read More

Govt. notifies the Cost Inflation Index for the FY 2012-13

CBDT has announced the Long awaited Cost Inflation index for the Financial Year 2012-13 . Cost Inflation index is used to calculate Long term capital gain on sale of Capital assets. Long term capital gain in case of assets other than securities is applicable where holding period of asset is more than 3 years and… Read More

Review of the policy of Foreign Investment in Companies Operating in the Broadcasting Sector

The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy & Promotion for Review of the policy on Foreign Investment (FI) in companies operating in the Broadcasting Sector. Enhanced access to foreign investment is expected to expand the reach of broadcasting services, thereby improving accessibility of these services, and bring in… Read More

Review of Policy on Foreign Direct Investment in Civil Aviation Sector

The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy and Promotion for permitting foreign airlines to make foreign investment, up to 49 percent in scheduled and non-scheduled air transport services. Removing the existing restriction on investment by foreign airlines would assist in bringing in strategic investors into the… Read More

Policy on Foreign Investment in Power Trading Exchanges

The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy & Promotion for permitting foreign investment up to 49 percent, in Power Trading Exchanges. The CCEA has decided to permit foreign investment, up to 49 percent (FDI & FII) [FDI limit of 26 per cent and FII limit of… Read More

Amendment of conditions in the policy on Foreign Direct Investment in single-brand product retail trading

The Cabinet has approved the proposal of the Department of Industrial Policy & Promotion for amendment of the existing policy on Foreign Direct Investment in Single-Brand Product Retail Trading. Vide Press Note 1(2012 Series) dated 10.1. 2012, Government had permitted FDI, up to 100%, in single brand product retail trading, subject to specified conditions, including,… Read More

Permitting FDI in multi-brand product retail trading

The Cabinet has approved the proposal of the Department of Industrial Policy & Promotion for permitting FDI in multi-brand retail trading, subject to specified conditions. The proposal had earlier been approved by the Cabinet in its meeting on 24.11.2011. However, implementation of the proposal had been deferred, for evolving a broader consensus on the subject.… Read More

NPA Management Requirement of an Effective Mechanism and Granular Data

RBI/2012-13/208 DBOD.No.BP.BC/41/21.04.048/2012-13 September 14, 2012 The Chairman and Managing Director/ Chief Executive Officer of All Scheduled Commercial Banks (Excluding RRBs) Dear Sir, NPA Management Requirement of an Effective Mechanism and Granular Data Please refer to the paragraph 100 (extract enclosed) of the Monetary Policy Statement 2012-13 announced on April 17, 2012. 2. As mentioned therein,… Read More

Non- XBRL Companies to file eform 23AC & 23ACA by 15th October, 2012

General Circular No.28/2012; F.No.17/160/2012 CL.V Ministry of Corporate Affairs , Government of India Dated 3rd September, 2012 All the Regional Directors, All the Registrar of Companies. Sub: Filling of Balance Sheet and Profit and Loss Account by companies in Non-XBRL for accounting year commencing on or after 01.04.2011. Reference: General Circular No.21/2012 vide File No.17/160/2012-CL-V dated 02.08.2012 Sir, This… Read More

CLB issues strict norms for notarisation of affidavits

Company Law Board while passing an order in the matter of Shri Rupak Gupta & Others Vs. M/s. Banaras House Pvt. Limited has taken a very serious note of the serious breach of duty by Notaries in the capital while attesting affidavits (like affidavits having blank spaces, non disclosure of the identity of the person… Read More

CBEC-Seeks to levy anti-dumping duty on imports of Metronidazole, originating in, or exported from People™s Republic of China, for a further period of five years

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No.40 /2012-Customs (ADD) New Delhi, dated the 30th August, 2012 G.S.R. (E). -Whereas, the designated authority vide notification No. 15/18/2010-DGAD, dated the 30th May,2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 30th May,2011, had initiated review in terms of sub-section (5) of section… Read More

CBEC-Applicable rate of CVD on imported Fertilizers

Circular No. 23 /2012-Customs F.No.354/35/2011-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit *** R.No.146 I, North Block New Delhi, dated the 30th August, 2012 To Chief Commissioner of Customs (All) Chief Commissioner of Customs & Central Excise (All) Director Generals (All) Sir/Madam, … Read More

Issue of Indian Depository Receipts (IDRs) – Limited two way fungibilty

RBI/2012-13/178 A. P. (DIR Series) Circular No. 19 August 28, 2012 To, All Category I Authorised Dealer banks Madam/Sir, Issue of Indian Depository Receipts (IDRs) - Limited two way fungibilty Attention of Authorised Dealers Category I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No.5 dated July 22, 2009, in terms of… Read More