Corporate Law Reporter - The Daily Journal

RBI announces Auction of 56-day Cash Management Bills

Press Release : 2011-2012/91 The Reserve Bank of India has today announced the auction of 56-day Government of India Cash Management Bills for a notified amount of Rs. 8,000 crore. The auction will be conducted on July 18, 2011 using "Multiple Price Auction" method. The Cash Management Bills will be repaid at par on September… Read More

Branch Authorization Policy – Opening of branches in unbanked rural centres

RBI/2011-12/113 DBOD.No.BL.BC. 24/22.01.001/2011-12 July 15, 2011 All Scheduled Commercial Banks (excluding RRBs) Madam/Dear Sir, Branch Authorization Policy - Opening of branches in unbanked rural centres Please refer to paragraphs 97& 98 of the Monetary Policy Statement 2011-12 on the above subject (extract enclosed). As stated therein, there is a need to step up the opening… Read More

RBI Notification On Regularization of Liaison / Branch Offices of foreign entities established during the pre-FEMA period

RBI/2011-12/112 A.P. (DIR Series) Circular No. 02 July 15, 2011 To All Authorised Dealer Category - I banks Madam / Sir, Regularization of Liaison / Branch Offices of foreign entities established during the pre-FEMA period Attention of Authorised Dealer Category I (AD Category-I) banks is invited to Notification No. FEMA 22/2000-RB dated May 3, 2000 viz. Foreign… Read More

Clarification regarding admission of Limited Liability Partnerships as members of Stock Exchanges

CIR/MIRSD/12/2011 July 11, 2011 To All Recognized Stock Exchanges Sub: Clarification regarding admission of Limited Liability Partnerships as members of Stock Exchanges. Dear Sir/Madam, 1. We have received requests from various stock exchanges to permit Limited Liability Partnerships (LLPs) to be admitted as members of stock exchanges so as to enable them to get registration… Read More

Modification of Client Codes of Non-institutional Trades Executed on Stock Exchanges

CIR/DNPD/6/2011 July 05, 2011 To Managing Director/ Chief Executive Officer Recognised Stock Exchanges Dear Sir/Madam, Sub: Modification of Client Codes of Non-institutional Trades Executed on Stock Exchanges (All Segments) 1. In consultation with BSE, MCX-SX, NSE and USE, it has been decided that the Stock Exchanges may allow modifications of client codes of non-institutional trades… Read More

Sale of shares by Mauritius Co can treated as sale by 100% USA parent and Sale of shares of foreign company taxable if object to acquire the Indian assets

Aditya Birla Nuvo Limited vs. DDIT (Bombay High Court) Idea Cellular Ltd, an Indian company, was set up as a joint venture company pursuant to a JV agreement between AT&T Corp, USA, and the Birla Group. As provided by the agreement 49% of Idea Cellular™s equity was allotted to AT&T Mauritius, being 100% subsidiary & permitted… Read More

Even gains on shares held for 30 days & less is STCG & not business profits – ITAT Mumbai

Hitesh Satishchandra Doshi vs. JCIT (ITAT Mumbai) Brief Facts: The assesses was engaged in the business of share trading and investments and offered income from sale of shares by way of STCG and LTCG. The AO treated the STCG as business profits on the ground that there was systematic and regular course of share trading… Read More

Transfer Pricing: CBDT™s view that +/-5% variation amendment applies to pending proceedings incorrect

iPolicy Network Pvt Ltd vs. ITO (ITAT Delhi) Brief Facts: In respect of AY 2006-07, the assessee entered into international transaction with its associate enterprises (AE) for a sum of Rs. 14.33 crores. The TPO applied the TNMM and determined the Arm Length Price (ALP) at Rs. 15.08 crores and made an adjustment of Rs.… Read More

Customs Notification No. 59/2011

MINISTRY OF FINANCEGOVERNMENT OF INDIA (DEPARTMENT OF REVENUE) Notification No. 59/2011-Customs New Delhi, the 13th July, 2011 G.S.R. 532 (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… Read More

Customs Notification No. 47/2011 – Reg Amendment in tariff values for Oils, Poppy Seeds, Soyabean etc.

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 47/2011-CUSTOMS (N. T.) New Delhi, 15th July, 2011 24 Asadha , 1933 (SAKA) S. O______ (E) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it… Read More

Meeting of Asia Pacific Group (APG) on Money Laundering

The 14th Annual Meeting & 10th Annual Technical Assistance and Training Forum of the Asia/Pacific Group starts from 18th July The Government of India will host the 14th Annual Meeting and 10th Annual Technical Assistance and Training Forum of the Asia/Pacific Group (APG) on Money Laundering at the Le Meridien Hotel, Kochi (Cochin), Kerala, India, from… Read More

CBEC exempts certain goods imported from Bangladesh subject to conditions

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 60/2011-Customs New Delhi, 14th July, 2011 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, being satisfied that it is necessary in the public interest so to do, hereby exempts… Read More

Corrigendum to Customs Notification No. 58/2011 Reg. Anti dumping duty on Sodium Tripoly Phosphate

Title: Corrigendum to Notification No. 58/2011-Customs, dated the 8th July, 2011 CLR Note: Anti dumping duty specified under Notification No. 58/2011 is leviable onSodium Tripoly Phosphate (STPP) other than Food Grade instead of Sodium Tripoly Phosphate (STPP) GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CORRIGENDUM New Delhi, the 14th July, 2011 G.S.R. (E).- In the notification of… Read More