Notifications issued By RBI, CBEC, IRDA, CBDT, RBI and DGFT

In term of notification No- 458L dt. 31/03/2012, am amendment has been brought in in the Schedule amended to the West Bengal State Tax on Professions, Trade, Callings and Employments Act,1979 allowing further exemption from payment of profession tax to the category of salary & wages earners whose monthly salaries or wages fall between Rs.3000/- to Rs.5000/- Full Article

A. P. (DIR Series) Circular No. 113 As per the extant guidelines, availing of ECB for working capital is not a permissible end-use. On a review of the policy related to ECB and keeping in view the announcement made in the Union Budget for the Year 2012-13, it has been decided to allow ECB for working capital as a permissible end-use for the civil aviation sector, under the approval route, subject to the following conditions: Full Article

Notification No.36 / 2012 - Customs (N.T.) for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Jupiter Tools Corporation, 1, Minerva Motor Marhet, Kashmere Gate, Delhi-6 and M/s Suri & Co., 2712A, Lothian Road, Kashmere Gate, Delhi-6, issued vide, DRI F.No. 856(11)Ldh/2010/Pt.IV/265-279 dated the 13th February, 2012 by the Joint, Directorate of Revenue Intelligence, Ludhiana Regional Unit, Ludhiana. Full Article

Notification No. 35 /2012 - Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), dated the 2nd April, 1997, published in the Gazette of India, Extraordinary, Part II, Section 3, Su.. Full Article

With effect from 1st April 2012, amends the Notification No. JC(HQ)1/ VAT/2005/97, dated 29th August 2005, as follows, namely :— In the Schedule appended to the said notification at Serial No. 1, in column (3), for the words four percent the words five percent shall be substituted. Full Article

Trade Cir. No.6T of 2012 In view of the above, it is decided on the administrative grounds to allow carry forward of the refund claim upto rupees one lakh for the return period ending March-2012 to the first return of the next financial year i.e. 2012-13. In case, any dealer, who has already filed the claim of refund, for the period/ periods of 2011-12 in Form-501 and desires to withdraw such claim so as to carry forward his refund then such dealer shall file a revised r.. Full Article

A reference is invited to our circular IDMD.PCD.No.5053/14.03.04/2010-11 dated May 23, 2011 enclosing the Guidelines on Credit Default Swaps for corporate bonds. As indicated in paragraph 2.1.1 of the guidelines, commercial banks, PDs, NBFCs, mutual funds, insurance companies, housing finance companies, provident funds, listed corporates and foreign institutional investors (FIIs) are permitted as users in the CDS market. Full Article

Notification No. 34/2012 - Customs (N.T.) Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), dated the 2nd April, 1997, published in the Gazette of India, vide number G.S.R. 193(E), dated the 2nd April, 1997, namely:- Full Article