Corporate Law Reporter - The Daily Journal

Exports under Duty Drawback Scheme – CBEC

Circular No. 46/2011 - Customs F.No.603/01/2011-DBK Government of India Ministry of Finance Department of Revenue New Delhi, the 20th October, 2011 To All Chief Commissioners of Customs / Customs (Prev). All Chief Commissioners of Customs & Central Excise. All Directors General of CBEC. All Commissioners of Customs / Customs (Prev). All Commissioners of Customs (Appeals). All Commissioners of… Read More

Due date of filing Service Tax Return extended to 26th December 2011

F. No. 137/99/2011 Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Delhi dated the 20th October 2011 ORDER NO. 1 /2011 Service Tax In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central… Read More

Penalty limitation period not curbed by Proviso to Section 275(1)(a)

Penalty limitation period not curbed by Proviso to Section 275(1)(a) CIT vs. Mohair Investment & Trading Co (Delhi High Court) S. 275(1) (a) provides that no order imposing penalty shall be passed after the expiry of six months from the end of the month in which the quantum order of the CIT (A) or Tribunal… Read More

Export of goods imported under reward schemes and DEPB

F. No. 605/49/2009-DBK Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Circular No. 45/2011-Cus. To All Chief Commissioners of Customs/ Customs (Preventive) All Chief Commissioners of Customs & Central Excise All Director Generals under CBEC, All Commissioners of Customs/ Customs (Preventive), All Commissioners of Customs & Central Excise.… Read More

RBI notifies Credit Default Swaps as a Derivative under RBI Act 1934

Notification of Credit Default Swaps as a derivative under Reserve Bank of India Act, 1934 All market participants Dear Sir/Madam, Notification of Credit Default Swaps as a derivative under Reserve Bank of India Act, 1934 Reserve Bank of India having considered it necessary in public interest and to regulate the financial system of the country… Read More

RBI clarification regarding repatriation of income and sale proceeds of assets held abroad by NRIs

RBI/2011-12/226 A.P. (DIR Series) Circular No. 37 To, All Banks Authorised to Deal in Foreign Exchange Madam / Sir, (i) Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation of income and sale proceeds of assets acquired abroad through remittances under Liberalised Remittance Scheme… Read More

RBI permits opening of FCNR account in any freely convertible currency

RBI/2011-12/225 A.P. (DIR Series) Circular No. 36 To, All Banks Authorised to Deal in Foreign Exchange Madam/Sir, Opening Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR(B)] account in any freely convertible currency liberalisation Attention of Authorised Dealer (AD) banks is invited to the Paragraph 2 of Schedule 2 to the Notification No.FEMA 5/2000-RB dated May 3, 2000,… Read More

DGFT – Procedure for sale or transfer of imported firearms simplified

To be published in the Gazette of India Extraordinary (Part-I) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi -110 011 Public Notice No. 82 /2009-2014 (RE-2010) Dated 17th October 2011 Subject: Amendment of Para 2.43.2 of the Handbook of Procedures, Vol. I,… Read More

Exim Bank’s Line of Credit of USD 27.50 million to the Government of the Republic of Senegal

To, All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 27.50 million to the Government of the Republic of Senegal Export-Import Bank of India (Exim Bank) has concluded an Agreement dated April 21, 2011 with the Government of the Republic of Senegal, making available to the latter,… Read More

NIFT & FIT New York Establishes Academic Linkages Dual Degree Programme Launched

A Dual Degree (UG Programmes) has been finalized between National Institute of Fashion Technology (NIFT) and Fashion Institute of Technology (FIT), New York. This implies that selected meritorious students from NIFT would avail the unique opportunity to obtain a joint Degree awarded both by NIFT & FIT. The association of two premier fashion institutes would… Read More

Guidelines on IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010

Many representations have been made by the insurers to allow a higher revival period to enable the policyholder to revive at a later stage and requests were also made to allow the insurer to levy fund management charge for managing the discontinued linked fund. In consultation with the industry, the Authority, in exercise of powers… Read More

Inclusion of Credit under KCC under direct financing for Agriculture

RBI/2011-12/224 RPCD.CO RRB. BC.NO.24 /03.05.33/2011-12 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Inclusion of Credit under KCC under direct financing for Agriculture Please refer to Para 1.1.3 of our circular RPCD.No.RRB.BC.20/03.05.33/2007-08 dated August 22, 2007 on lending to priority sector in terms of which working capital and term loans for financing production and investment requirements… Read More

Discussion paper on Tax Accounting Standards

DISCUSSION PAPER ON TAX ACCOUNTING STANDARDS OCTOBER 2011 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes 1. Background 1.1 Section 145 of the Income-tax Act, 1961 (the Act) provides that the method of accounting for computation of income under the head Profits and gains of business or profession and… Read More