Export of19 lakh bales of cotton would give a fresh impetus to cotton prices benefiting the farmers and the exporters
Government had banned the export of raw cotton on 5th March, 2012. This was revoked on 12th March, 2012. All Registration Certificates (RCs) were to be scrutinised before revalidation so that they could go ahead with their exports. Government directed that priority be given to such cotton that had been pending for export through Land… Read More
SEBI – Allocation of debt limits to FIIs
CIRCULAR CIR/IMD/FIIC/10/2012 April 12, 2012 To All Foreign Institutional Investors through their designated Custodians of Securities Dear Sir/Madam Sub Allocation of debt limits to FIIs 1. Based on the assessment of the utilization of the limits to FIIs for investments in Government Debt Old, corporate Debt Old and Government Debt Long Term category, it has been decided… Read More
New forms for PAN application
With effect from April 8, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Indian citizens will have to submit their ˜Application for allotment of new PAN™ in revised Form 49A only. Foreign citizens will have to submit their ˜Application for allotment of new PAN™ in newly notified Form… Read More
Amends Notification No.12/97-Customs (N.T.) dated 2nd April, 1997
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 32/2012 - Customs (N.T.) G.S.R¦..(E).- In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of… Read More
Small Savings Schemes – Public Provident Fund Scheme, 1968 & Senior Citizens Savings Scheme, 2004 – Revision of interest rates
Small Savings Schemes - Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of interest rates Circular DGBA.CDD. No. H- 6506/15.02.001/2011-12, dated 3-4-2012 Please refer to our circular RBI/2011-12/359, dated January 20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per… Read More
National Floor Level Minimum Wage recommended by NCRL
In order to have a uniform wage structure and to reduce the disparity in minimum wages across the country, the concept of National Floor Level Minimum Wage (NFLMW) was mooted on the basis of the recommendations of the National Commission on Rural Labour (NCRL) in 1991. Keeping in view the recommendation of NCRL and taking… Read More
Foreign Direct Investment (FDI) Policy – Circular No. 2 of 2012 – Effective from 1st April, 2012
The consolidated FDI policy document is a single reference point for investors and regulators. The first such consolidation was released in March, 2010 after which it has been updated every six months. This ˜Circular 1 of 2012™-is the fifth edition of the consolidated policy document. In view of the fact that Government has undertaken substantial rationalization/ liberalization… Read More
STUDY TEAM ON COMMON TAX CODE
As announced by the Honorable Finance Minister™s in his Budget speech, a Study Team has been set up by the Government, under the leadership of Shri. M. K. Gupta, to examine the possibility of a common tax code for service tax and central excise, which could be adopted to harmonize the two legislations. The Study… Read More
Committee Constituted to review the Scheme for Electronic Refund of Service Tax Paid on Taxable Services used for Export of Goods
A Committee has been constituted with Director General of Service Tax Smt. Sanghamitra Panda as Chairperson to review the scheme for electronic refund of service tax paid on taxable services used for export of goods. Other members of the Committee are Commissioner of Service Tax, Mumbai-1, Shri Sushil Solanki and Director, TRU Shri J. M.… Read More
Notes on ˜Circular 1 of 2012™- Consolidated FDI Policy Document
The consolidated FDI policy document is a single reference point for investors and regulators. The first such consolidation was released in March, 2010 after which it has been updated every six months. This ˜Circular 1 of 2012™-is the fifth edition of the consolidated policy document. The significant changes introduced in this edition of the Circular are: (i) Policy… Read More
Constitution of a Committee on Corporate Governance
The Ministry of Corporate Affairs has constituted a Committee under the Chairmanship of Shri. Adi Godrej for framing a ˜National Corporate Governance Policy™ to suggest a comprehensive policy frame work to enable corporate governance of highest quality in all classes of companies without impinging on their internal autonomy to order their affairs in their best… Read More
Service tax paid on taxable services used for export of goods at the post-manufacture stage – electronic refund through the Indian Customs EDI System
Circular No. 156/7 /2012-ST F.No.354/66/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tax Research Unit) To Chief Commissioner of Customs/ Customs and Central Excise/ Central Excise & Service Tax (All), Director General of Service Tax /Central Excise Intelligence /Audit, Commissioner of Customs, Commissioner of Customs/Customs and Central… Read More
Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR
RBI/2011-12/490 A.P. (DIR Series) Circular No. 105 April 10, 2012 To All Category - I Authorised Dealer Banks Madam / Sir, Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 91… Read More
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