Government issued refunds of Rs. 72,000 crores in 2010-11
The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers in the fiscal year 2009-10 against Rs 57,000 in the previous financial year. The tax collection has gone up rapidly and this fiscal which ended on March 31, 2011 to the tune of Rs 4.50… Read More
NBFC licences put on hold till revision of Guidelines
RBI is in the midst of tightening rules for lenders who don't fall under the 'banks' category and has told some of the applicants for the finance company licence that it may not issue one till the new rules come into force. It might take RBI two to three months to come out with its… Read More
Pension Fund Regulatory and Development Authority (PFRDA) Bill soon
Finance minister Pranab Mukherjee is likely to reach out to BJP leader Yashwant Sinha to get an early green signal for the Pension Fund Regulatory and Development Authority (PFRDA) Bill. Sinha heads the parliament's standing committee on finance whose nod is necessary to get the long-pending bill passed. PFRDA was established by Government of India… Read More
Proposed guidelines for issue of banking licenses soon
The Reserve Bank of India is expected to bring out a second draft of the proposed guidelines for issuance of new banking licences by end of April, 2011. After the Finance Minister's announcement in 2010-11 Budget, the Reserve Bank had brought out a discussion paper in August 2010 on dispensing banking licences to business houses… Read More
SEBI clarified limitation period for filing an Arbitration Reference
CIRCULAR CIR/MRD/DP/4/2011 April 07, 2011 To, The Depositories Dear Sir / Madam, Sub: Limitation period for filing an arbitration reference SEBI has earlier issued directions to stock exchanges with regard to the limitation period for filing an arbitration reference. In view of streamlining the provisions in the depositories on the captioned… Read More
Guidelines for Insurers to hit capital markets
Insurance sector regulator IRDA on Monday said guidelines to allow life insurance companies to raise funds from the capital market will be out by the end of this month. The Life insurers companies will be completing 10 years (in business) later this year. Discussions for allowing listing of insurance companies on the bourses have been… Read More
Request for Tax Exemptions for NGOs in Direct Tax Code
An NGO has urged Finance Minister Pranab Mukherjee to continue tax exemption for them in the proposed Direct Taxes Code in order to encourage non-profit organisations to undertake welfare activities. Their view is that Taxes will put a constraint resource generation of charitable bodies and reduce their ability to undertake welfare activities. It said that government grants… Read More
Biometric PAN cards on the anvil
The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the finance ministry and it comes in the wake of a Comptroller and Auditor General (CAG) report that asked the Income Tax department to ensure… Read More
Enjoy Smooth Clearances by ‘Self Assessment’ of Custom Duty for Import and Export
Circular No.17/2011- Customs F.No.450/26/2011-Cus.IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs 227-B, North Block, New Delhi-110001. 8th April, 2011. To All Chief Commissioners of Customs / Customs (Prev.). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs / Customs (Prev.). All Commissioners… Read More
Committee for Lokpal Bill
Days before the Joint Drafting Committee meets for the first time to prepare a stronger Lokpal Bill, government today said members should come with an open mind and refrain from drawing lines beyond which they would not retreat. "What is happening with this Committee is before the Committee meets, everybody is giving their point of… Read More
SEBI working on alternate models for Corporate Governance
In a bid to bring in greater transparency and enhance accountability of India Inc, market regulator Securities and Exchange Board of India (SEBI) today said it is working on an alternative model of corporate governance. "A committee is working on it. We have also asked the MCA (Ministry of Corporate Affairs) to broaden the scope… Read More
SEBI Takeover code up for change
Market regulator Sebi is likely to give its final view on the Takeover Code for merger and acquisition deals at its board meeting scheduled later this month. SEBI is in consultation process and may place the Takeover Code in the next Board meeting. As per the Takeover guidelines proposed by a Sebi Panel headed by C… Read More
Pay appropriate excise duty to avoid interest
Effective 1st April 2011, the Central Government has notified the rate of interest at 18% for non payment or short payment of excise duty under Section 11AB of the Central Excise Act 1944. File no. 334/3/2011 - TRU Notification No. 6/2011-Central Excise (N.T.) New Delhi, the 1stMarch, 2011 G.S.R. (E).” In exercise of… Read More
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