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In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 of the Foreign Trade Policy, 2004-2009, as amended from time to time, the Central Government hereby makes the following additions with immediate effect at the end of Paragraph 3 Notification No. 45 (RE-2006)/2004-2009 dated 09.02.2007.
In exercise of the powers conferred by Sub-section (2A) of Section 10E read with clause (a) of Sub-section (1) of Section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the Following rules to amend the Company Law Board Qualifications, Experience and other Conditions of Service of Members) Rules, 1993, namely.
At the request of an exporter, the proper officer shall intimate the exporter in writing the ground for doubting the truth or accuracy of the value declared in relation to the export goods by such exporter and provide a reasonable opportunity of being heard, before taking a final decision under sub-rule (1).
In cases where the production of the element in question involves a number of countries and over a period of time, the adjustment should be limited to the value actually added to that element outside the country of importation.
In exercise of the powers conferred by section 94, section 95 and section 113 of the Finance Act, 2007(22 of 2007), the Central Government hereby appoints the 10th day of October, 2007, as the date on which the provisions of the said section 94, section 95 and section 113 of the Finance Act, 2007 (22 of 2007) shall come into force.
In MICR technology the information is printed on the instrument with a special type of ink which is made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system is beneficial as it minimizes chances of error, clearing of cheques becomes easy and transfer of funds becomes faster in order to facilitate operations. For details of MICR branch codes please click on the link below.
RBI EFT is a Scheme introduced by Reserve Bank of India (RBI) to help banks offering their customers money transfer service from account to account of any bank branch to any other bank branch in places where EFT services are offered.The EFT system presently covers all the branches of the 27 public sector banks and 55 scheduled commercial banks at the 15 centres (viz., Ahmedabad, Bangalore, Bhubneshwar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthpuram). Funds transfer is possible from any branch of these banks at these centres to other branch of any bank at these centres both inter-city and intra-city.
By virtue of the provision of clause (d) of sub-section (1) section 115 WB, introduced by Finance Act, 2007, an employer is liable to pay Fringe Benefit Tax on any consideration for employment provided by way of any specified security or sweat equity shares allotted or transferred, directly or indirectly, by such employer free of cost or at concessional rate to his employees. The value of the fringe benefit is determined as the fair market value of the specified security or sweat equity share on the date on which the option vests with the employee as reduced by the amount actually paid, by or recovered from the employee in respect of such security or shares.
