Archive for 2012

MASTER CIRCULAR DBOD.BP.BC NO.14/21.04.018/2012-13, DATED 2-7-2012 Please refer to the Master Circular DBOD.BP.BC.No.16/21.04.018/2011-12 dated July 1, 2011 consolidating all operative instructions issued to banks till June 30, 2011 on matters relating to disclosures in the 'Notes to Accounts' to the Financial Statements. The Master Circular has now been suitably updated by incorporating instructions issued upto June 30, 2012. The Master Circular has also been placed on.. Full Article

MASTER CIRCULAR DNBS (PD) CC NO. 284/03.02.001/2012-13, dated 2-7-2012 As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated Circulars/notifications. The instructions contained in the Notification No.DNBC.39/DG(H)-77 dated 20th June 1977 updated as on June 30, 2012 is enclosed. The updated notification has also been placed on the RBI web-site (http://www.rbi.org.in). Full Article

MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 13/23.11.001/2012-13, DATED 2-7-2012 Pattern of Investment 4. (i) A mortgage guarantee company shall hold not less than 25% of its total investment portfolio in Central and State Government securities. (ii) The remaining investments may be invested as the Board considers prudent, but with a ceiling of 25% in any one category i.e. listed and rated corporate bonds and debentures or debt oriented mutual fund units, etc. (iii) .. Full Article

NOTIFICATION AS AMENDED UP TO JUNE 30, 2012 – MORTGAGE GUARANTEE COMPANIES PRUDENTIAL NORMS (RESERVE BANK) DIRECTIONS, 2008 MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 12/23.11.001/2012-13, DATED 2-7-2012 As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars / notifications. The instructions [...] Full Article

Master Circular DNBS (PD) CC No.285/03.10.42/2012-13, dated 2-7-2012 - NBFCs were advised to follow certain customer identification procedure for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority. These 'Know Your Customer' guidelines have been revisited in the context of the Recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering (AML) standards and on Combating.. Full Article

MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 11/ 23.11.001/2012-13, DATED 2-7-2012 Registration with the Reserve Bank of India - 3. A mortgage guarantee company shall commence the business of providing mortgage guarantee after - (a) obtaining a certificate of registration from the Reserve Bank of India; and (b) having a net owned fund of one hundred crore rupees or such other higher amount, as the Reserve Bank of India may, by notification, specify. Full Article

It is known that section 399 of the Companies Act, 1956 entitles minority shareholders, subject to the qualification prescribed, to approach the Company Law Board (CLB) under section 397/398 of the Companies Act, 1956 seeking relief against the ‘oppression and mis-management’ from the majority shareholders in the Company. As majority shareholders effectively controls the Board through their say in General Body Meetings, the protection to the majority is not envisaged.. Full Article

The impugned order was passed by the Commissioner under section 84 as this section stood prior to 19-8-2009. It was passed on 24-3-2011. With effect from 19-8-2009, the date on which a new appellate remedy was granted in the place of the erstwhile revisionary remedy against orders passed by Central Excise officers subordinate to Commissioner of Central Excise, section 84 offers appellate remedy against an order passed by an Assistant Commissioner of Central Excise. The p.. Full Article

Whether the exemption u/s 54 will be available, in case, capital gain arising from sale of more than one residential house, is invested in one residential house. The ld. counsel appearing for the assessee argued that there was no restriction under section 54 that capital gain arising from two residential houses cannot be invested in one residential house. We find substance in the argument advanced by the Id. counsel for the assessee. Full Article

The assessee is getting twin benefit from the employer, one of which is not taxed on the basis of reimbursement of rent by the assessee to the employer. The first benefit is of rent free accommodation provided by the employer to the assessee employee for which the employer is incurring rental expenditure of Rs. 1.70 lacs per month in addition to providing interest free deposit of Rs. 40 lacs with the land lord. The 2nd benefit being received by the assessee is this that .. Full Article