Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down intricacies of Section 43B(h)
Notification No.51/2011-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st August, 2011 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
The Central Bureau of Investigation has arrested two Superintendents of Central Excise at Nagpur for demanding and accepting a bribe of Rs.15000/- from the complainant. The complainant of Nagpur had alleged that both the accused demanded a bribe of Rs.15000/- from him for returning the photocopies of documents seized by the Central Excise Department during the raids at his premises on 30.06.2011 which he required for audit purposes. The CBI registered a case and laid a trap. Both the accused were caught red handed while demanding and accepting the bribe from the complainant.
The Government of India today signed an Agreement and Protocol for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Lithuania. The Agreement and the Protocol were signed by Shri Prakash Chandra, Chairman, Central Board of Direct Taxes, on behalf of the Government of India and Mr. Petras Simeliunas, Ambassador, Republic of Lithuania to India, on behalf of the Government of Lithuania. Lithuania is the first Baltic country with which DTAA has been signed by India.
In order to cut timelines in giving approval, the Ministry of Corporate affairs has decided to simplify the procedures and to give approval online, if the proposed contract has been approved by the shareholders by way of special resolutions in a general meeting. Accordingly, the process of online approval of Central Government under section 297 of the Companies Act, 1956 is likely to be implemented with effect from 24th September, 2011. Now the application will be made in a new e-form with the prescribed fee as per the new procedure. The relevant information like terms of contract and details of Board resolutions and special resolutions shall be captured in the e-form.
The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma has restored the DEPB benefits for cotton yarn from 1st April, 2011 and on Cotton from 1st October, 2010. The Minister said here today, I have taken a composite review of the cotton and cotton yarn industry over the last few days. Both of these segments have faced huge fluctuation in the international and domestic prices
The Union Finance Minister Shri Pranab Mukherjee said that by announcing a 50 basis point increase in the policy repo rate, raising it from 7.50 per cent to 8.0 per cent, Reserve Bank of India (RBI) has sought to give a strong signal to further moderate inflation and check inflationary expectations. The Finance Minister Shri Mukherjee was reacting here today to the 50 basis points increase made in the policy repo rate under Liquidity Adjustment Facility(LAF) by RBI in its First Quarter Review of Monetary Policy 2011-12 which was announced today in Mumbai.
The Ministries and Departments of Union Government are gearing up for legislative business in view of the forthcoming Session of Parliament. The Monsoon session will begin on 1st August 2011 and will continue up to 8th September 2011.Original and amendment bills are either being drafted or the readied bills are being sent for cabinet nod for consideration and passing in Parliament. The Minister of Parliamentary Affairs Shri P K Bansal along with the three Ministers of state today reviewed the progress and preparedness of various ministries and departments of Union Government for taking up their legislative business.
Refund of CENVAT Credit under rule 5 of the said rules, shall be subjected to the following safeguards, conditions and limitations, namely:- (a) the manufacturer or provider of output service shall submit not more than one claim of refund under this rule for every quarter: provided that a person exporting goods and service simultaneously, may submit two refund claims one in respect of goods exported and other in respect of the export of services every quarter.
