Legislation for Protection of Interest of Depositors
The Reserve Bank of India (RBI) Act, 1934 provides adequate protection to small depositors in financial institutions. The interest of Depositors in financial establishments can be broadly divided into two segments (a) companies registered as Non-Banking Financial Companies (NBFCs) which are under the regulatory purview of RBI, (b) Un-incorporated Bodies (UIBs) accepting public deposits unauthorisedly.… Read More
Mechanisms to Monitor and Assess Foreign Institutional Investments
The Government and the Securities and Exchange Board of India have put in place mechanisms to monitor and assess foreign institutional investments. These mechanisms help to promote safe, transparent and efficient markets and protect market integrity. The systems established include advanced risk management mechanisms comprising of on-line monitoring and surveillance, circuit filters, prescription of limits… Read More
Show Cause Notices issued for FEMA Violations
The Foreign Exchange Management Act, 1999 is a civil act in nature as such there is no provision for launching the prosecutions. During the last three years i.e. 2009-10,2010-11 and 2011-12 (upto July 2011) , the Directorate of Enforcement has issued 990 Show Cause Notices to various persons/firms under Foreign Exchange Management Act,1999 (FEMA), for initiating the adjudication proceedings. The… Read More
Amendments in Schedule-I (Imports) to the ITC (HS) Classifications of Export and Import Items- DGFT
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. 69 (RE-2010)/2009-14 New Delhi, Dated: 1st September, 2011 S.O. (E) In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with… Read More
Post Offices will now provide visa related services in remote area
India Post has signed a Memorandum of Understanding (MOU) with M/s VFS Global to provide visa related services for different countries through Post Offices. Memorandum of Understanding between India Post and M/s VFS Global was signed here on 30.08.2011 in the presence of Secretary, Department of Posts and senior officers from Department of Posts and… Read More
Bank penalised for not reporting cash transactions in excess of Rs. 10 lacs
Shri Janata Sahakari Bank Limited, Halol, Dist. Panchmahal Penalised The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Shri Janata Sahakari Bank Limited, Halol, Dist. Panchmahal, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation… Read More
Sectoral Deployment of Bank Credit July 2011
Data on sectoral deployment of credit collected on a monthly basis from select 47 scheduled commercial banks accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks for the month of July 2011 are set out in Statements I and II .These data are also available in the Real-Time Handbook of Statistics… Read More
Auction for Sale (Re-issue ) of ˜8.30 per cent Government Stock, 2040™
Government of India Ministry of Finance Department of Economic Affairs Budget Division New Delhi, dated August 26, 2011 NOTIFICATION Auction for Sale (Re-issue ) of ˜8.30 per cent Government Stock, 2040™ F. No.4 (4) W&M/2011(ii): Government of India hereby notifies sale (re-issue) of ˜8.30 per cent Government Stock, 2040™ (hereinafter called 'the Stock') for an… Read More
Modification of Sion C-1579 under Engineering Product Group-DGFT
(To be published in the Gazette of India Extraordinary Part -I, Section-1) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi-110011 Public Notice No. 74 /(RE-2010)2009-2014 Dated: the 30th August, 2011 Subject:- MODIFICATION OF SION C-1579 under Engineering Product Group. In exercise of the powers conferred… Read More
Amendment in Appendix 2 and Appendix 5 of Handbook of Procedure Vol.I (Appendices and Aayat Niryat Forms), 2009-2014-DGFT
To be published in The Gazette of India Extraordinary (Part-I, Section-1) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi -110 011 Public Notice No. 75/2009-2014 (RE-2010) The 30th August, 2011 Subject: Amendment in Appendix 2 and Appendix 5 of Handbook of Procedure Vol.I (Appendices and Aayat… Read More
1003 branches opened in Rural areas by Scheduled Commercial Banks in 2010-11
In Order to extend the reach of banking to the rural hinterland, to begin with, Banks were advised in 2010-11 to provide appropriate banking facilities to habitations having a population in excess of 2000 (as per 2001 census) by March, 2012, using the Business Correspondent (BC) and other models, with appropriate technology back up. Approximately… Read More
Penalty for failure to export cotton yarn of the allowed quantity within stipulated time-DGFT
Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Trade Notice No. 19 dated 30th August, 2011 To, Members of Trade All Regional Authorities of DGFT Subject : Penalty for failure to export cotton yarn in terms of Policy Circular No. 27 dated 01.04.2011 and… Read More
Amendment in tariff value of Brass scrap and poppy seeds
[TO BE PUBLISHED IN PART-II, SECTION-3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 63/2011-CUSTOMS (N. T.) New Delhi, 30th August, 2011 8 Bhadrapada , 1933 (SAKA) S. O______ (E) In exercise of the powers conferred by sub-section (2) of section 14 of… Read More
Subscribe to the Daily Journal
Corporate Law Referencer
India’s Leading Compliance Software
