Corporate Law Reporter - The Daily Journal

Clarification – Prior intimation to the Reserve Bank of India for raising the aggregate Foreign Institutional Investors / Non-Resident Indian limits for investments under the Portfolio Investment Scheme

RBI/2011-12/453 A.P. (DIR Series) Circular No. 94 To All Category I Authorised Dealer banks Madam / Sir, Clarification - Prior intimation to the Reserve Bank of India for raising the aggregate Foreign Institutional Investors / Non-Resident Indian limits for investments under the Portfolio Investment Scheme Attention of Authorised Dealers Category I (AD Category - I)… Read More

Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account – Reporting and Accounting of March Transactions – Special Arrangements – Financial Year 2011-2012

RBI/2011-2012/458 DGBA.GAD.No.H - 6160/42.01.029/2011-12 The Chairman & Managing Director / The Chief Executive Officer All Agency Banks Dear Sir / Madam, Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account - Reporting and Accounting of March Transactions - Special Arrangements -… Read More

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2011-12)

RBI/2011-12/457 DGBA.GAD.No.H - 6150/42.01.029/2011-12 March 19, 2012 The Chairman & Managing Director/The Chief Executive Officer All Agency Banks Dear Sir/Madam, Annual Closing of Government Accounts - Transactions of Central / State Governments - Special Measures for the Current Financial Year (2011-12) With a view to facilitating accounting of all Government transactions of the current financial… Read More

Implementation of the Indian Accounting Standards with IFRS gets delayed

Keeping in view the consultation held with various stakeholders on certain issues including tax related issues, it was decided to implement convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) in a phased manner to ease the process for all the stakeholders. The date of implementation will be decided after the relevant issues… Read More

Investment in Indian Venture Capital Undertakings and /or domestic Venture Capital Funds by SEBI registered Foreign Venture Capital Investors

RBI/2011-12/452 A.P. (DIR Series) Circular No.93 March 19, 2012 To, All Category I Authorised Dealer banks Madam / Sir, Investment in Indian Venture Capital Undertakings and /or domestic Venture Capital Funds by SEBI registered Foreign Venture Capital Investors Attention of Authorised Dealers Category I (AD Category - I) banks is invited to Schedule 6 to… Read More

Govt proposes setting up of the NCLT & NCLAT

The Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT). Provisions have been incorporated in the Companies Bill, 2011 which has been introduced in the Lok Sabha on 14.12.2011. The establishment of NCLT and NCLAT as specialized Quasi Judicial Bodies with professional approach will have the following… Read More

Union Budget 2012-13: Proposal to allocate Rs.1000 crore to NSDF

In the Union Budget 2012-13 tabled in the Lok Sabha, an allocation of Rs.1000 crore to National Skill Development Fund (NSDF) has been proposed. It has been stated in the budget speech that in 2011-12 National Skill Development Corporation (NSDC) approved 26 new projects, thereby doubling the number of projects sanctioned since 2009 to 52, with… Read More

Setting up of the New E-filing call centre by CPC

CPC Bangalore has been set up for faster processing of all e-filed returns of the country. E-filing facility for Income Tax payers are currently being provided from New Delhi. These facilities will soon be made available out of CPC Bangalore premises. Many taxpayers have been reported difficulties in e-filing their returns of Income. To make… Read More

Notification No. 22 /2012 – amend the Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 22 /2012- Customs (N.T.) G.S.R. (E).- In exercise of the powers conferred by section 156 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following… Read More

Notification No.21/2012 – Amend the Baggage Rules,1998

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi dated the 17th March, 2012 Notification No.21/2012-Customs (N.T.) G.S.R. (E).- In exercise of the powers conferred by section 79 of the Customs Act, 1962 (52 of 1962), the Central… Read More

Notification No. 20/2012-Customs (N.T.)

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, dated the 17thMarch, 2012 Notification No. 20/2012-Customs (N.T.) G.S.R (E). - In exercise of the powers conferred by section 11 of the Customs Act, 1962 (52 of 1962), the… Read More

Amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 16/2010-Central Excise, dated the 27th February, 2010

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India; Ministry of Finance (Department of Revenue) New Delhi, the 17th March, 2012 Notification No.14/2012 Central Excise G.S.R. (E). - In exercise of the powers conferred by sub-section (3) of section 3A of the Central Excise Act, 1944(1… Read More

Notification No.14/2012 Central Excise

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance (Department of Revenue) New Delhi, the 17th March, 2012 Notification No.14/2012 Central Excise G.S.R. (E). - In exercise of the powers conferred by sub-section (3) of section 3A of the Central Excise Act, 1944(1… Read More