Archive for January, 2010

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 is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: - Full Article

It has been observed that the Regional Rural Banks (RRBs) are not following a uniform practice in reckoning their liability in respect of arrangements with correspondent banks (mainly sponsor banks) for remittance facilities. Under the arrangements, there is a transfer of funds by accepting bank to its correspondent bank and it is an obligation of the correspondent bank to honour the instruments. Full Article

It is essential for the investors to be aware that the investments made in mutual funds are subjects to risk and that the scheme related documents should be read before investing. Hence it was mandated that statements appearing in Clauses 10, 13 and 14 of Schedule VI of SEBI (Mutual Funds) Regulations, 1996 on Advertisement Code should appear in all advertisements. However, it is noted that the advertisements issued are generally lengthy and hence these disclosures are n.. Full Article

The finance ministry is likely to keep the corporate tax rate unchanged at 30%, as it faces stiff resistance from companies to the draft direct tax code's proposal to cut the rate to 25% and remove all exemptions. "Corporates are resisting the phasing out of exemptions even with a lower tax rate," said a senior government official. Full Article

Driven by angry mortgage borrowers, RBI has once again nudged top banks to charge lower home loan rates to old customers instead of just using the lower interest rates to pull new borrowers. But lenders continued to resist the proposal, citing cost mismatch. The contentious issue cropped up when CEOs of large banks met senior RBI officials on Thursday to suggest possible measures that the central bank could consider for the January 29 monetary policy. Full Article

The Income-Tax authorities expect to raise nearly Rs 30 crore from Vidhu Vinod Chopra — the Bollywood film producer, whose recently-produced movie 3 Idiots emerged as the highest grosser in the history of Hindi cinema — for his income in 2009-10. An I-T official, who did not wish to be named, said Mr Chopra visited the I-T department last week to sort out issues related to his income tax payment. He is expected to pay the last installment of advance tax by March 15. Full Article

The CBI on Monday opposed the bail plea of Price Waterhouse auditor Mr Srinivas Talluri who was arrested in Satyam fraud case for allegedly conniving with its founder Mr B Ramalinga Raju and other aides. Additional Solicitor General, Mr Harin Raval told a Bench headed by the Chief Justice, Mr K G Balakrishnan that Mr Talluri was part of the conspiracy in the entire fraud. Full Article

The Securities Exchange Board of India (Sebi) has said that 'in-person' verification of clients is a mandatory requirement for opening account by a depository participant (DP). This will hold good for opening trading account by a stock broker and vice versa, if the stock broker and DP is the same entity or if one of them is the holding or subsidiary company of the other, said Sebi in a note today. Full Article