Corporate Law Reporter - The Daily Journal

RBI permits hedging for import and export in Indian Rupees by non-resident entities

RBI/2011-12/115 A.P. (DIR Series) Circular No. 3 July 21, 2011 To, All Authorised Dealer Category - I Banks Madam / Sir, Facilitating Rupee Trade hedging facilities for non-resident entities Attention of Authorized Dealers Category I (AD Category I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3,… Read More

NOTIFICATION No. 38/2011- Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th July, 2011 No. 38/2011- Income Tax S.O. 1608(E).- In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Income TaxAct, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the… Read More

Guidelines for Prior Permission under Section 281 to create a charge on the assets of Business

SECTION 281 OF THE INCOME-TAX ACT, 1961 - CERTAIN TRANSFERS TO BE VOID - GUIDELINES FOR PRIOR PERMISSION UNDER SECTION 281 TO CREATE A CHARGE ON THE ASSETS OF BUSINESS CIRCULAR NO. 4/2011 [F. NO. 402/69/2010-ITCC], DATED 19-7-2011 References have been received by the Board regarding issuance of guidelines for granting of prior permission u/s 281 of… Read More

Assessing officer reprimanded for harassing the assessee for levying penalty wrongly

ITO vs. Audyogik Tantra Shikshan (ITAT Pune) Brief Facts: In the appeal, Revenue has questioned action of the ld CIT(A) in deleting the penalty on Rs. 8,69,000/- levied u/s. 271(1)(c) of the Act by the A.O. The assessee in its Cross Objection, has objected the penalty levied by the A.O with this contention that the A.O has not recorded… Read More

Defaulters List Of Companies, Directors and Company Secretaries issued By MCA

The Ministry of Corporate Affairs vide its Circular No. 33/2011 dated 01.06.2011 had informed all stakeholders that no event based e-forms shall be accepted by the defaulting companies, their Directors and Companies Secretaries with effect from 3rd July, 2011 unless up-to-date Balance Sheets and Annual Returns are filed with ROC by such defaulting companies. The… Read More

India to further strengthen the Strategic and Economic Partnership with US

Union Finance Minister Shri Pranab Mukherjee has said that India gives high importance to India US Strategic and Economic Partnership. He was speaking on the occasion when an official US delegation led by the US Secretary of State, Ms. Hillary R. Clinton called on him, here today. He stated that India is carrying its reforms… Read More

Prosecution of Directors

General Circular No.47/2011; GOI; MCA; Dated 14th July, 2011 All Regional Directors, All Registrars of Companies, All Official Liquidators. Sub: Prosecution of Directors Regarding I am directed to refer to this Ministry™s General Circular No. 08/2011 dated 25.03.2011 on the subject cited above and to state that the nominee director on behalf of Public Financial Institutions,… Read More

Notification No. 65/2011-Customs- regarding Mega Power Project

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 21st July, 2011 Notification No. 65/2011-Customs G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby… Read More

Notification No. 35/2011- Central Excise- Reg. Ultra Mega Power Project

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 21st July, 2011 Notification No. 35/2011-Central Excise G.S.R. (E).-In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest… Read More

Customs Notification No. 48 / 2011 – Authority to levy Anti dumping duty

Government of India Ministry of Finance (Department of Revenue) Notification No. 48 / 2011-Customs (N.T.) New Delhi, the 20th July, 2011, G.S.R¦.(E) - In exercise of the powers conferred by sub-rule (1) of rule 3 of the Customs Tariff (Identification, Assessment And Collection Of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, and in supersession of the… Read More

Customs Notification No. 49 / 2011 – Authority for levy of CVD on subsidized ariticles

Government of India Ministry of Finance (Department of Revenue) Notification No. 49 / 2011-Customs (N.T.) New Delhi, the 20th July, 2011. G.S.R¦.(E) - In exercise of the powers conferred by sub-rule (1) of rule 3 of the Customs Tariff (Identification, Assessment And Collection Of Countervailing Duty On Subsidized Articles And For Determination Of Injury) Rules, 1995, and in supersession… Read More

Amendment to Article 243 D of the Constitution of India for enhancing reservation for women in Panchayats

The Cabinet approved the proposal for moving an official Amendment to the Constitution (One hundred and Tenth Amendment) Bill, 2009 for enhancing reservation for women in Panchayats at all tiers from 1/3rd to at least 50%. The Constitution (One hundred and Tenth Amendment) Bill, 2009 was introduced in the Lok Sabha on 26.11.2009. The official… Read More

Bill introduced to amend Sec 28 of Customs Act to validate with retrospective effect show cause notices by Preventive Wing

The Union Cabinet gave its approval for introducing a Legislative Amendment Bill to amend Section 28 of the Customs Act, 1962 (52 of 1962) to retrospectively recognize specified Customs officers as 'proper officers' for assessment of Customs duty thereby validating large number of Show Cause Notices involving substantial Customs revenue that are otherwise rendered invalid… Read More