Archive for September, 2010

Banks are putting up stiff resistance to Reserve Bank of India’s (RBI’s) move to deregulate the interest rate on savings bank accounts — the last bastion of administered rates. Banks benefit from low-cost savings deposits. The central bank wants to free the savings deposit rate to smoothen monetary policy transmission, which it feels is hampered by the current fixed-rate regime. Full Article

Parliamentary Standing Committee on Finance today lashed out at the Reserve Bank of India (RBI) for “not filing an FIR against the BCCI when it found out that the society has violated several provisions of the Foreign Exchange Management Act (FEMA) i Full Article

With no consensus in sight for a model to implement the goods and services tax (GST), state governments have presented a modified version of the proposed regime that would enable states to enjoy discretionary fiscal powers without requiring Constitu Full Article

Getting approvals for setting up units in SEZs will be done electronically from next month - a move which will help entrepreneurs reduce transaction costs, a senior Commerce Ministry official said today. "Special Economic Zones (SEZs) online means al Full Article

The Institute of Chartered Accountants of India (ICAI), which is one of the Institutes functioning under the aegis of the Ministry of Corporate Affairs, will be organizing a one- day Round Table Conference on the theme ‘Commerce & Accountancy Educati Full Article

CIRCULAR NO. 36/2010-CUSTOMS Sub: Conversion of free shipping bills to export promotion  scheme  shipping bills and conversion of shipping bills from one scheme  to another – reg. I am directed to invite attention to the Board’s circular No.4/2004-Cus dated 16.01.2004 which debars conversion of free shipping bills to Advance License/DFRC/DEPB shipping bills and allows conversion [...] Full Article

PUBLIC NOTICE NO. 10/(RE2010)/2009-14      Dated:            22nd September 2010 Subject: Minor corrections in Public Notice No. 2 (RE2010)/2009-14 dated 23.8.2010. In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments/corrections in the  Handbook of Procedures Vol.1 (Appendices and Aayat Niryat Forms) [...] Full Article

CIT Vs. Kalpataru Colours and Chemicals - section 28(iiid) covers only the “profit” (difference between sale consideration and face value of the DEPB credit) and that the “face value” is assessable u/s 28(iiib) is not correct. The entire amount received on transfer of the DEPB credit is “profits” and falls under s. 28(iiid). There was no basis or justification for the Tribunal to hold that the face value of the DEPB credit can be reduced from the sale conside.. Full Article