Expert panel for addressing queries arising during Bank branch audits for year ending 31st March, 2012
The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members, many a times, face a lot of… Read More
The BRICS Trade and Economic Ministers reviewed the global economic situation & underscored the need for greater policy coordination to ensure a stable and thriving global economy
The BRICS Trade and Economic Ministers reviewed the global economic situation and noted with concern the continuing difficulty faced by many countries and underscored the need for greater policy coordination to ensure a stable and thriving global economy. In such a scenario, the Ministers emphasised the need to resist protectionist tendencies and to promote international… Read More
Telenor files a $14 billion lawsuit against Unitech
With the recent Supreme Court ruling regarding mobile phone service providers' licenses being revoked, aside from their own personal financial downfall in this case, some have it still worse than others. For example, Unitech, an Indian real estate company, who is tied to Norway™s major telecom provider, Telenor, and has been providing services in India… Read More
Guidelines issued under Section 36(1) (a) of the Banking Regulation Act, 1949 (AACS) – Implementation of the provisions of Foreign Contribution (Regulation) Act, 2010
RBI/2011-12/472 UBD. CO. BPD. (PCB).No 28/12.05.001/2011-12 March 27, 2012 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Dear Sir, Guidelines issued under Section 36(1) (a) of the Banking Regulation Act, 1949 (AACS) - Implementation of the provisions of Foreign Contribution (Regulation) Act, 2010 The Reserve Bank, considering the public interest and on being… Read More
DGFT- Procedure for refund / revalidation of DEPBs/Reward Scrips for re-credit of 4% CVD (SAD)
TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY (PART-I, SECTION-1) GOVERNMENT OF INDIA; MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE PUBLIC NOTICE No. 105 / 2009-14(RE 2010) Dated-27th March, 2012 Subject: Procedure for refund / revalidation of DEPBs/Reward Scrips for re-credit of 4% CVD (SAD). In exercise of powers conferred under Para 2.4 of… Read More
DGFT- Extension of prohibition on export of Pulses (except Kabuli Chana and 10,000 tonnes of organic pulses) upto 31.03.2013
(To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)) Government of India; Ministry of Commerce & Industry Notification No 109 (RE 2010)/2009-2014 Dated : 27th March, 2012 Subject: Extension of prohibition on export of Pulses (except Kabuli Chana and 10,000 tonnes of organic pulses) upto 31.03.2013 regarding S.O.(E) In… Read More
Interest Subsidy Scheme to provide full interest subsidy on educational loans taken by students belonging to economically weaker sections
Ministry of Human Resource Development has formulated an Interest Subsidy Scheme to provide full interest subsidy during the period of moratorium on educational loans taken by students belonging to economically weaker sections from scheduled banks under the Model Educational Loan Scheme of the Indian Banks™ Association (IBA) for pursuing any of the approved courses of… Read More
The Fourth BRICS Summit organised in New Delhi to start on 29th March 2012
India is hosting the Fourth BRICS Summit in New Delhi 29 March 2012. On the preceding day, i.e. tomorrow the trade Ministers of the five BRICS nations are meeting for the Second Trade Ministers Meeting. The First BRICS Trade Ministers meeting was held in Sanya, China on 13 April 2011 on the sidelines of the… Read More
Stringent regulation for the Multinational Accounting Firms
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Indian Chartered Accountant (CA) firms are regulated by the Institute of Chartered Accountants of India (ICAI) in terms of provisions of the Chartered Accountants Act, 1949 and the Rules and Regulations framed thereunder. Further, no… Read More
MCA- Proposal for the modification in the definition of term ‘Foreign Company’
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that Under the Companies Act, 1956, there is no specific provision for mandatory registration of foreign companies engaged in on-line business practices. However, keeping in view the present scenario which has been witnessing a large number of… Read More
CBDT sets up panel for tax anti-avoidance
The CBDT, India™s apex body for administration of taxes, has formed a six-member committee to draft guidelines for enforcing the general anti-avoidance rules (GAAR) introduced in the Union budget to crack down on tax cheats. The panel, headed by CBDT chairman Laxman Das, is expected to submit the draft norms to the finance ministry within… Read More
Finance Bill 2012-13- Service Tax Highlights
1:- INTRODUCTION OF NEGATIVE LIST APPROACH: A Negative List approach to taxation of services is being introduced vide new sections, namely, 65B, 66B, 66C, 66D, 66E and66F proposed in Chapter V of the Finance Act, 1994 (please refer clause 143 of the Finance Bill, 2012). The services specified in the ˜Negative List™ (section 66D) shall… Read More
MCA- Role-check for the Digital Signatures (DSCs) belonging to authorized signatories of Banks/ Fls
No. HQI 104/ 2007 - Computerisation Government of India; Ministry of Corporate Affairs Dated the 17.02.2012 CIRCULAR Subject: Role-check for the Digital Signatures (DSCs) belonging to authorized signatories of Banks/ Fls The Ministry of Corporate Affairs (MCA) has implemented MCA21 e-Governance Project. The Project is aimed at enhancing the service level efficiencies and bringing about… Read More
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