Corporate Law Reporter - The Daily Journal

Modified Guidelines in respect of Deregulation of Savings Bank Deposit Interest Rate

RBI/2011-12/315 RPCD.CO.RCB.BC.No.47/ 07.38.01/2011-12 December 26, 2011 All State and Central Co-operative Banks Dear Sir, Deregulation of Savings Bank Deposit Interest Rate - Guidelines Please refer to our circular RPCD.CO.RCB.BC.No.65/07.38.01/2010-11 dated May 3, 2011. 2. As indicated in the Second Quarter Review of Monetary Policy announced on October 25, 2011, it has been decided to deregulate the… Read More

KYC Norms Letter issued by UIDAI containing name, address and Aadhaar number

RBI/2011-12/314 DNBS(PD).CC. No 251 /03.10.42 /2011-12 December 26 , 2011 All Non Banking Financial Companies / Residuary Non Banking Companies Dear Sir, Know Your Customer Norms Letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number Please find enclosed a copy of Government of India Notification No. 14/2010/F.No. 6/2/2007-ES… Read More

Convening Shareholder meetings through Video conferencing made optional for Listed Companies

General Circular No. 35/2011 issued on 6th June, 2011 provided the following provisions with respect to Video Conferencing of Shareholders' meetings. (ii) In respect of shareholders meetings to be held during financial year 2011-12, video conferencing facility for shareholders is optional. Thereafter, it is mandatory for all listed companies. (v) In the case of e-voting… Read More

Landmark steps taken to Tackle Corruption and Ensure Delivery of Services to Citizens in Time Bound Manner

The Ministry of Personnel, PG & Pensions brought landmark legislations to check corruption and to put in place measures for ensuring time-bound services for citizens. Further measures were initiated to make bureaucracy accountable and effective. Major initiatives/achievements of the Ministry during the year are as under: Lokpal Bill, 2011 The Government introduced in Lok Sabha the Lokpal and Lokayuktas Bill 2011, aimed… Read More

FM to hold pre-budget meetings with from Jan 11 onwards

Finance Minister Pranab Mukherjee is expected to hold brainstorming sessions with various stakeholders during his annual pre-budget meetings with sectoral experts, representatives, industry captains and economists from January 11 onwards. The objective of the meetings will be to get their feedback and inputs for incorporating them in Budget 2012-13 and to elicit views of different interest groups on arresting the economic slowdownand combating the impact… Read More

KYC Norms/AML Standards/CFT Obligation of Authorised Persons under PMLA, 2002

RBI/2011-12/313 A.P. (DIR Series) Circular No. 60 December 22, 2011 To All Authorised Persons in Foreign Exchange Madam/Sir, Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009… Read More

Right of Citizens for Time Bound Delivery of Services and Redressal of their Grievances Bill, 2011

The Government recently introduced the Right of Citizens for Time Bound Delivery of Services and Redressal of their Grievances Bill, 2011 in Parliament. Under the Bill, the designed authority at the grass-root level will have powers to redress the grievances of the block level. Shri V. Naraynasamy, Minister of State for Personnel, Public Grievances and… Read More

Income Tax Raids in 2011

It has been reported in a section of the press that several captains of industry have complained to the government that taxmen are harassing industry by resorting to indiscriminate and increased ˜raids™. It is informed that under the Income Tax Act, search and seizure is conducted on the basis of specific and credible information regarding… Read More

RBI removes Limits on Mobile Banking Transactions

Press Release : 2011-2012/999 The Reserve Bank of India yesterday removed the ceiling of Rs. 50,000 per customer per day mandated in 2009 under the guidelines on mobile banking. Banks are now free to place per transaction limits based on their own risk perception with the approval of its Board. The first guidelines on mobile… Read More

Deferment in the date of effect for implementation of bar-coding on export consignment of pharmaceuticals and drugs

To be published in the Gazette of India Extraordinary Part-I, Section-I Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 87 (RE-2010)/2009-2014 New Delhi, Dated the 22nd December, 2011 Sub: Deferment in the date of effect for implementation of bar-coding on Primary and Secondary level… Read More

Public Search of Trademark before Incorporation of Company made online – MCA

"In order to provide enhanced services to its stakeholders, MCA in a joined up service with the Trademark department has provided a facility for searching the trademark database before applying for Name availability. You can now use the link 'Public Search of Trade Marks' http://124.124.193.245/tmrpublicsearch/frmmain.aspx, which is also available on the MCA21 portal before… Read More

Continuation of Anti-dumping duty on ˜Sodium Hydrosulphite originating in or exported from China PR

[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. 111/2011-Customs New Delhi, dated the 20th December, 2011 G.S.R.889(E). -Whereas, the designated authority vide notification No. 15/34/2010-DGAD, dated the 14th October, 2010, published in Part I, Section 1 of the… Read More

Salient Features of Lokpal and Lokayuktas Bill 2011 Introduced in Lok Sabha

Government today introduced in Lok Sabha the Lokpal and Lokayuktas Bill, aimed at setting up the body of Lokpal at the Centre and Lokayuktas at the level of the States. Government also introduced a Bill for amending the Constitution for conferment of Constitutional status on both bodies. Government also withdrew earlier Lokpal Bill, 2011 as it decided to introduce… Read More