Corporate Law Reporter - The Daily Journal

SEBI-Allocation of debt limits in corporate debt old and Government Debt long term category to FIIs

CIR/IMD/FIIC/09/2012 March 12, 2012 To All Foreign Institutional Investors through their designated Custodians of Securities Dear Sir/Madam Sub Allocation of debt limits in corporate debt old and Government Debt long term category to FIIs 1. Based on the assessment of the utilization of the limits to FIIs for investments in corporate debt old and Government Debt long… Read More

Opening of Diamond Dollar Accounts (DDAs) Change in periodicity of the reporting

RBI/2011-12/440 A.P. (DIR Series) Circular No. 92 To, All Category - I Authorised Dealer Banks Madam / Sir, Opening of Diamond Dollar Accounts (DDAs) Change in periodicity of the reporting Attention of Authorized Dealer Category I (AD Category-I) banks is invited to para 4 of A.P. (DIR Series) Circular No. 51 dated February 13, 2009 in terms… Read More

Section 42(1) of the Reserve Bank of India Act, 1934 – Maintenance of CRR

RBI/2011-12/438 RPCD.CO.RCB.RRB.BC.No.65/03.05.33/2011-12 All Scheduled State Co-operative Banks / Regional Rural Banks Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of CRR Please refer to our Circular RPCD.CO.RCB.BC.No.56/07.02.01/2011-12 dated January 25, 2012, on the captioned subject. 2. On review of the current and evolving liquidity conditions as set out in the… Read More

Budget 2012: Finance Committee recommends liberal tax regime for DTC

The Standing Committee on Finance has recommended a very liberal tax regime in its suggestions on the Direct Taxes Code Bill, 2010 ( DTC). The key recommendations made by the committee affecting individual tax payers are: 1.)Tax rates The basic exemption limit as contained in DTC is recommended to be enhanced from 2 lakhs… Read More

The Institute of Cost Accountants of India announces 2 days seminar on Risk Based Internal Audit of Banks

The Institute of Cost Accountants of India announces 2 days seminar on Risk Based Internal Audit of Banks on 26th - 27 th April, 2012 at Hyderabad to provide training on Risk Based Internal Auditing (RBIA) to the concurrent auditors of banks/ bankers inline with the guidance note on (RBIA) released by the RBI. The… Read More

Customs: Removal of Prohibition on export of cotton (Tariff Codes 5201 and 5203)

To be published in the Gazette of India Extraordinary Part II Section 3, Sub Section (ii) Government of India; Ministry of Commerce & Industry; Department of Commerce Notification No. 106 (RE-2010)/2009-14 Dated 12th March, 2012 Subject:- Removal of Prohibition on export of cotton (Tariff Codes 5201 and 5203) S.O. (E) In exercise of the powers… Read More

Deduction u/s 80HHC on sale made to UNICEF in India- allowed or disallowed ?

M/S. Indian Del. (P) Ltd Vs. Commissioner of Income Tax, ITR 133/1997, Judgment delivered on 15.02.2012, High Court of Delhi The Hon™ble High Court held that provisions of Section 80-HHC required two conditions to be satisfied before an assessee could claim deduction there under. The two conditions being:- (i) the goods being export out of… Read More

Customs:Notification No.102, dated 05.03.2012 not applicable for cotton consignment for which LEO has been issued on 04.03.2012

Government of India; Ministry of Commerce & Industry Department of Commerce; Directorate General of Foreign Trade Policy Circular No. 58 (RE-2010)/2009-14; Dated the 9th March, 2012 All Customs Authorities / All Regional Authorities / Members of Trade. Subject:- Notification No.102, dated 05.03.2012 not applicable for cotton consignment for which Let Export Order(LEO) has been issued up… Read More

Fin Min at the inaugural ceremony of State Bank of India Staff College, Hyderabad says that good customer service is the heart of banking service delivery

The Union Finance Minister Shri Pranab Mukherjee said that good customer service is the heart of banking service delivery. He said that banking is predominantly a customer oriented business and good customer service is the key to banks™ growth and stability. The Finance Minister said that with enhanced competition amongst banks, customer service becomes the… Read More

Highlights of Report of Standing Committee – Income Tax exemption slabs may be increased

Highlights of Report of Standing Committee on Finance on DTC Bill, 2010 Raise Personal I-T exemption limit to Rs 3 lakh from Rs 1.8 lakh 20% on income between Rs 10-20 lakh, 30 % above Rs 20 lakh Hike tax savings schemes limit to Rs 3.2 lakh,from Rs 1.8 L Retain corporate tax rate at 30% Remove Securities Transaction Tax (STT)… Read More

Corrigendum to notification no.7/2012, dated 14-2-2012 w.r.t exemptions on Notified Bonds/ Debentures of PSUs

Section 10(15), item (h) of sub-clause (iv) of the Income-tax Act, 1961 - Exemptions - Interest on bonds/debentures - Notified bonds/debentures of Public Sector Companies - Corrigendum to notification no.7/2012, dated 14-2-2012 Notification No. 13/2012 [F.No.178/56/2011-(ITA.I)], dated 6-3-2012 The Central Government hereby makes following amendment to the notification of the Government of India, Ministry of Finance… Read More

Customs : Publication of Daily Lists of Imports and Exports (Amendment) Rules, 2012.

[To be published in Gazette of India Part -II-Section 3-Sub-sections-(i), Extraordinary] Government of India Ministry of finance Department of Revenue Central Board of Excise and Customs Notification No.18/2012 - Customs (N.T.) New Delhi, 5th March 2012. GSR (E) In exercise of the powers conferred by section 156 of the Customs Act, 1962 (52 of 1962), the Central… Read More

RBI reduces CRR reduced from 5.50 % to 4.75 %

RBI/2011-12/435 UBD.BPD. (SCB). Cir.No.3/12.03.000/ 2011-12 March 9, 2012 The Chief Executive Officers of All Scheduled Primary (Urban) Co-operative Banks Madam / Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of CRR Please refer to our Circular UBD (PCB).CIR.No.2/12.03.000/2011-12 dated January 25, 2012 on the captioned subject. 2. On review of the… Read More