Corporate Law Reporter - The Daily Journal

RBI penalises Bank for non adherence to AML guidelines

The Reserve Bank of India has imposed a monetary penalty of Rupees one lakh on The Unava Nagarik Sahakari Bank Ltd., Unava, Dist. Mehsana, Gujarat in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violation of Reserve Bank of… Read More

Instructions regarding Standard Operating Procedure on filing of appeals to High Court

CBDT'S INSTRUCTIONS REGARDING STANDARD OPERATING PROCEDURE ON FILING OF APPEALS TO HIGH COURT Section 260A of the Income-tax Act, 1961 - High Court - Appeal to - Instructions regarding Standard Operating Procedure on filing of appeals to High Court under section 260A and related matters INSTRUCTION NO. 7 /2011 [F.NO. 279/MISC./M-42/2011-ITJ], DATED 24-5-2011 The Government… Read More

Transparency in Survey Operations : CBDT

From the desk of Chairman,CBDT Transparency in Survey operations For bringing transparency in survey operations and obviate the possibility of any grievance to the taxpayers, it is decided that henceforth: I. Survey teams visiting taxpayer™s premises under the provisions of section 133 A of the Income tax Act will, before the commencement of survey proceedings,provide to the… Read More

Income-tax (Fifth Amendment) Rules, 2011 – Amendment in rule 114B

AMENDMENT IN RULE 114B OF THE INCOME-TAX RULES, 1962 Income-tax (Fifth Amendment) Rules, 2011 - Amendment in rule 114B NOTIFICATION NO. 27/2011 [F. NO. 149/122/2010-SO(TPL)], DATED 26-5-2011 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules… Read More

DEPB withdrawal to hurt Exports : CII

Lobbying hard for continuation of DEPB, industry body CII today said the termination of export incentive scheme will hurt exports in the absence of an alternative plan to neutralise local taxes on overseas shipments. "Export margins are in single digit 6-7 per cent. It is a volume game," CII Chairman on National Committee on Exports… Read More

RBI asks banks to reimburse failed ATM transactions in 7 days

The Reserve Bank today directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder's complaint or else pay a Rs 100 per day compensation. "The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working… Read More

RBI liberalises Overseas Direct Investments Regulations

In order to encourage Indian companies to expand their global footprint and showcase entrepreneurial skills, the Reserve Bank today relaxed norms for overseas direct investments. The regulations relating to overseas direct investments, RBI said in a circular, are being liberalised "with a view to providing more operational flexibility to Indian corporates having investments abroad". The… Read More

Tyre Manufacturer’s Association picth for DEPB scheme extension

Automotive Tyre Manufacturers' Association (ATMA) today said it has requested the government to extend the Duty Entitlement Passbook (DEPB) scheme beyond its deadline on June 30, 2011, to continue availing tax benefits for exports. In a letter written to the Commerce and Industry Minister Anand Sharma, ATMA Chairman Neeraj Kanwar said the domestic industry is… Read More

Indian Retail Sector – Primitive

Describing the Indian retail sector as "primitive", the panel on inflation today suggested that foreign investments in the multi-brand retail should be allowed at the earliest to check rising prices. "India's retail sector continues to be primitive...Its time for India to allow FDI in multi-product retail and IMG recommends that the government consider this at… Read More

State-of-the-Art New Wing of ESIC Model Hospital for Workers at Noida inaugarated

Shri P. C. Chaturvedi Secretary of Labour & Employment Inaugurates State-of-the-Art New Wing of ESIC Model Hospital for Workers at Noida (U.P.) Shri Prabhat C. Chaturvedi, Secretary, Ministry of Labour & Employment, Govt. of India inaugurated the 300 bedded State-of-the-art New Building Wing of ESIC Model Hospital at Noida (U.P.) today. The ESI Corporation is… Read More

National Consumer Helpline Receives 10,170 Complaints in April

The National Consumer Helpline (NCH) received 10,170 calls during April 2011 for redressal of consumer complaints. In addition of these calls, 639 complaints were also received through online complaint system on NCH website. The maximum calls were received from Delhi followed by Uttar Pradesh,Maharashtra, Rajasthan and Haryana. Break-up of calls in respect of top five States during March 2011… Read More

Modification in the instruction regarding payment of MCA fees in Electronic Mode

The Ministry of Corporate Affairs has instructed that from Monday next, i.e. May 29th, 2011 the payment of less than Rs. 50,000/- through electronic mode will be permissible in the Investor Education and Protection Fund through Pay Misc. Fee functionality. This facility will also be admissible for user having category as Official Liquidator (OL) office,… Read More

Interests of LDC be Accorded Priority & Efforts to be made to Fast Track Negotiations

The Commerce and Industry Minister Shri Anand Sharma, visited Paris from 24-26 May to address the OECD ministerial meeting. During his visit he also participated in an infiormal meeting of trade ministers convened by Australia to take stock of progress of negotiations in WTO. He expressed satisfaction with the meeting , which was convened in… Read More