Archive for January, 2010

Format for the quarterly report on venture capital activity to be submitted by Venture Capital Funds has been revised as per enclosed Annexure. In accordance with Regulation 22 of SEBI (Venture Capital Funds) Regulations, 1996, all venture capital funds are directed to submit the report on venture capital activity to SEBI, complete in all respects in the new format with effect from the quarter ended 31st March, 2010. Full Article

It has been decided to introduce repo in corporate bonds. In this regard, the Reserve Bank of India has issued a direction IDMD.DOD.04/11.08.38/2009-10 dated January 08, 2009 under section 45W of the RBI Act, 1934, which has been placed on the Reserve Bank of India website. A copy of the direction is enclosed. Full Article

DBOD. AML.BC. No. 68 /14.01.001/2009-10- Some of the salient features of the amendment, relevant to banks and financial institutions are as under: • Clause (ca) inserted in sub-rule (1) of Rule 2 defines "non-profit organization" • Clause (BA) inserted in sub-rule (1) of Rule 3 requires banks/financial institutions to maintain proper record of all transactions involving receipts by non-profit organizations of value more than rupees ten lakh or its equivalent in forei.. Full Article

at page 20 of the Gazette Notification, in sixth line of clause (B) of sub-rule 2, for “amount attributable to official use of the vehicle provided that the following conditions are fulfilled”, read “amount of charges met or reimbursed by the employer as reduced by such higher amount attributable to official use of the vehicle provided that the following conditions are fulfilled ”, Full Article

Shri Anand Sharma, Union Minister of Commerce and Industry, while addressing the media here today, has announced a series of new incentives for exporters. These are as follows: 1. New Products under Focus Product Scheme (FPS): 1.1 112 new products added under FPS at 8 digit level, eligible for benefits @ 2% of FOB value of exports to all markets. Full Article

The core group for convergence of Indian Accounting Standards with International Financial Reporting Standards accepts the Report of Sub-Group 1. Ministry of corporate affairs reiterates commitment to carry out the convergence of Indian accounting standards by April, 2011. Full Article

This office had issued above referred Trade Circulars explaining scope of section 6A of CST Act, 1956. In the Trade Circular dated 20th February 2007, a view had been taken that section 6A of CST Act, 1956 deals only with transactions between principal and agent and that it applies in those cases where the movement of goods is to the place of business of the dealer himself in another state or to his agent or his principal in another state. It was viewed that section 6A d.. Full Article

None of the two panels that contested in the election of Ahmedabad branch of Institute of Chartered Accountants of India (ICAI) received clear mandate. Both vibrant-8 panel, representing small and medium CA practitioners, and care panel, representing Ernst & Young, PricewaterhouseCoop ers, Delloitte and KPMG, managed to win four seats each out of total eight. Full Article