Notification No.S.O.122(E) – Income Tax In exercise of the powers conferred by clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies BOB Mutual Fund set up by the Bank of Baroda, being a corresponding new bank under column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), as a Mutual Fund of public sector banks for the purpose of the said clause
As you are aware, with the spate of issues of rights shares and fully and convertible debentures in the current financial year (i.e. 1992-93), the volume of odd lot shares and debentures has reportedly increased manifold, but the secondary market for them is not that active.
The question whether the charge was voluntary or involuntary will have to be decided with reference to the facts relating to the creation of such charge. If the charge is created voluntarily, it remains so, whether it is created before the amendment or after the amendment.
For well over two decades, after the nationalisation of 14 larger banks in 1969, no banks have been allowed to be set up in the private sector. Progressively, over this period, public sector banks have expanded their branch network considerably and catered to the socio-economic needs of large masses of the population, especially the weaker section and those in the rural areas. The public sector banks now have 91 per cent of the total bank branches and handle 85 per cent of the total banking business in the country. While recognising the importance and the role of public sector banks, there is increasing recognition of the need to introduce greater competition which can lead to higher productivity and efficiency of the banking system. A stage has now been reached when new private sector banks may be allowed to be set up.
Circular No. 643-Income tax Section 194A of the Income-tax Act, 1961 requires any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident, any income by way of interest, other than interest on securities, to deduct income-tax at the prescribed rate thereon, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.
Notification No.S.O.258 – Income Tax In exercise of the powers conferred under clause (a) of sub-section (2) of section 119 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby orders that
In this connection, we have been requested by the Ministry of Finance to send them immediately a detailed report on the progress made by the stock exchanges on implementation of these directives. As SEBI has issued fresh directives vide its letter SMD-II.11615/92 dated 20.11.92,
Provided that, before rejecting any such application, the applicant shall be given an opportunity to remove within the time specified such objections as may be indicated by the Board.
This has reference to our letter Ref.No.11969 dated November 30, 1992 regarding payment of fees by member brokers of the Stock Exchanges. During the meeting of Stock Exchange Presidents with the Chairman, SEBI, certain questions were raised requiring clarifications on the calculation of turn-over for the purpose of payment of fees under the SEBI.
Notification No.S.O.18(E) – Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies MTNL 7-years 17 percent. (Taxable) Secured Redeemable Non-Convertible Telephone Bonds, 1992 (6th Series), issued by the Mahanagar Telephone Nigam Limited, New Delhi, for the purpose of the said clause
