"19 December 2008" Archive

Public Notice No. 118 (RE-2008)/2004-2009, Dated: 19.12.2008

Public Notice No. 118 (RE-2008)/2004-2009 (19/12/2008)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, amendments/corrections at appropriate place as mentioned inANNEXURE “A” to this Public Notice are made....

Read More

Import of Trucks/Tippers/Dumpers etc. under EPCG Scheme

Policy Circular No. 48 (RE-2008/2004-09) (19/12/2008)

The matter was discussed in the Port Officers meeting held on 25th November 2008. It is hereby clarified that import of Tippers/Dumpers and spares thereof including tyres are allowed to be imported as mining equipment under EPCG Scheme by mining establishments subject to the following conditions....

Read More

Procedure relating to sanction and pre-audit of refund claims-regarding

Circular No. 22/2008-Customs Duty (19/12/2008)

A suitable Public Notice and Standing Order may be issued for the guidance of the trade and staff. Difficulties faced, if any, in implementation of the Circular may be brought to the notice of the Board at an early date....

Read More

Company Law under Slowdown Specter

The global economic meltdown may bring in a major change in the final layout of the new company law, which is now being considered by a Parliamentary Standing Committee. The Companies Bill 2008, which aimed to reduce government intervention in Internal affairs of the companies and substitute it with disclosures and their self- regulation,...

Read More
Posted Under: DGFT |

Celebrities too May Face Heat Over Misleading Advertisements

The new Companies Bill 2008 proposes sending celebrities to jail for up to three years if they induce consumers to buy a product with misleading claims. The Bill also wants the company to pay Rs 50 lakh as penalty for cheating consumers. Currently, such companies face a Rs 1-lakh fine. The Bill was tabled in Parliament in October....

Read More
Posted Under: DGFT |

Notification No. 73 (RE-2008)/2004-2009, Dated: 19.12.2008

Notification No. 73 (RE-2008)/2004-2009 (19/12/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect the following amendments to Notification No.4 (RE-2008...

Read More

Pending Tax Refund Up To Rs 25,000 to Be Given Soon – Govt

The government has asked the I-T department to soon process refund claims up to Rs 25,000 for every assessee whose tax is deducted at source (TDS) for 2007-08. "The Income- Tax Department has instructed the field formations to accept the TDS-payer's claim, with certain exceptions . where the refund computed does not exceed Rs 25,000," a F...

Read More
Posted Under: DGFT |

Income Tax exemption on home loans may be doubled

The government is considering a proposal to double the income tax exemption limit on housing loans to Rs 3 lakh from the current level of Rs 1.5 lakh, according to government sources. The proposal is being discussed by the committee of secretaries that was set up in the wake of the global financial crisis affecting the Indian economy. Ind...

Read More
Posted Under: DGFT |

RBI Says Time Ripe For Cheaper, Easier Loans

Corporate India and retail borrowers may soon get loans at cheaper rates and on easier terms. The Reserve Bank of India has advised banks to cut rates further, citing fall in inflation, easy liquidity and lower cost of funds....

Read More
Posted Under: DGFT |

CAs to be restricted from taking non-audit work

The government will be preventing Chartered Accountants from offering consultancy and advisory services to the companies which hire them for auditing their accounts. This is being done to lend greater credibility to company accounts. The statutory auditors, who vet the financial accounts of a company, will be restricted from providing the...

Read More
Posted Under: DGFT |