Govt. permits FDI upto 51% in multi- brand retail trading
Government has approved a proposal to permit FDI, up to 51%, under the Government approval route, in multi-brand retail trading, subject to specified conditions. However, the decision has been suspended, in order to evolve a broader consensus among various stakeholders. Safeguards built into the policy decision are: (i) FDI in Multi Brand Retail Trade… Read More
Redressal of investor grievances against listed companies in SEBI Complaints Redress System
CIRCULAR CIR/OIAE/1/2012 August 13, 2012 All Companies whose securities are listed on Stock Exchanges (through Stock Exchanges); All recognized Stock Exchanges Dear Sir/Madam, Subject : Redressal of investor grievances against listed companies in SEBI Complaints Redress System (SCORES). SEBI had issued Circular No.CIR/OIAE/2/2011 dated June 3, 2011 regarding commencement of SEBI Complaints Redress System (SCORES)… Read More
Amendments in Schedule-I (Imports) of the ITC(HS) Classifications of Export and Import Items, 2009-14
TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-II, SECTION”3, SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION No. 10 (RE 2012)/2009-2014; Dated 14 August, 2012 S.O. (E) In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, as amended, read… Read More
E- Passbook for Provident Fund Members – EPFO
Employees™ Provident Fund Organization (EPFO) had recently started the Electronic Challan cum Return (ECR) facility for employers for promoting a prompt and transparent service. Now, EPFO has issued a circular on introducing a facility of E-Passbook to Provident Fund (˜PF™) Members through Member Portal on EPFO website. What is E-Passbook: E-Passbook is the employee… Read More
SEBI-: Manner of Dealing with Audit Reports filed by Listed companies
CIRCULAR CIR/CFD/DIL/7/2012 August 13, 2012 To All the Stock Exchanges Dear Madam / Sir, Sub.: Manner of Dealing with Audit Reports filed by Listed companies 1. Clause 31(a) of Equity Listing Agreement, inter-alia, requires listed companies to submit six copies of annual reports containing audited annual financial statements to the stock exchanges. 2. SEBI, in… Read More
No exemption to any sector including telecom and banking sectors under the Competition Act, 2002
The Competition Act, 2002 does not provide exemption to any sector including telecom and banking sectors from its ambit. This was stated in the Rajya Sabha by Shri R.P.N. Singh, Minister of State in the Ministry of Corporate Affairs in reply to an USQ question today. Department of Financial Services has approached Ministry of Corporate… Read More
Cement Companies violate the provisions of the Competition Act, 2002
A large number of cement manufacturers have been found violating the provisions of the Competition Act, 2002.The Competition Commission of India (CCI) in two cases has found 11 cement manufacturers in contravention of Competition Act. The Commission in its first order dated 20.06.2012 has imposed a penalty of Rs.6307.32 crores on 11 cement manufacturers. In… Read More
SEBI-Aadhaar Letter as Proof of Address for Know Your Client (KYC) norms
CIRCULAR CIR/MIRSD/ 09 /2012 August 13, 2012 All Recognized Stock Exchanges Association of Mutual Funds in India (AMFI) SEBI Registered Intermediaries: 1. KYC Registration Agencies (KRAs), 2. Stock Brokers through Stock Exchanges, 3. Depository Participants (DPs) through Depositories, 4. Mutual Funds (MFs) 5. Portfolio Managers (PMs) 6. Alternative Investment Funds (AIFs) 7. Collective Investment Schemes… Read More
Exim Bank’s Line of Credit of USD 40.32 million to the Government of the Republic of Chad
RBI/2012-13/166 A. P. (DIR Series) Circular No. 14 August 13, 2012 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 40.32 million to the Government of the Republic of Chad Export-Import Bank of India (Exim Bank) has concluded an Agreement dated January 19, 2012 with the Government… Read More
Applicability of Service Tax on commission payable to Non-Whole Time Directors of a company u/s 309(4)
General Circular No. 24/2012 F.No.14/33/2012-CL. VII Government of India; Ministry of Corporate Affairs 9th August, 2012 To, All Regional Directors; All Registrars of Companies; The Institute of Company Secretaries of India; The Institute of Chartered Accountants of India The Institute of Cost Accountants of India Sub: Applicability of Service Tax on commission payable to Non-Whole… Read More
ICSI to organise Corporate Governance Week from 27th August to 31st August
MEGA PROGRAMMES Day & Date Venue Monday, August 27,2012 Hotel Vivanta, Bangalore Tuesday, August 28,2012 Hotel Taj Deccan, Hyderabad Wednesday, August 29, 2012 NSE (Auditorium, Ground Floor), Mumbai Thursday, August 30, 2012 Hotel Park, Kolkata Friday, August 31, 2012 Hotel Ashoka, New Delhi Programme Sheet Inaugural Session 9.30 -10.30 am Tea Break 10.30 -11.00… Read More
Initiatives taken by the Investigation Division of CBDT for unearthing black money
Initiatives taken by the Investigation Division of Central Board of Direct Taxes (CBDT) for unearthing black money : I.The Government of India has commissioned a study on unaccounted income/ wealth both inside and outside the country bringing out the nature of activities engendering money laundering and its ramifications on national security. The study is being… Read More
Financial Inclusion- Access to Banking Services Basic Savings Bank Deposit Account
RBI/2012-13/164 DBOD.No. Leg. BC.35/09.07.005/2012-13 August 10, 2012 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Financial Inclusion- Access to Banking Services Basic Savings Bank Deposit Account Please refer to paragraphs 88 and 89 of Monetary Policy Statement for the year 2012-13 announced on April 17, 2012. 2. Banks were advised in November 2005 to make available a… Read More
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