"01 September 2009" Archive

Circular on Anti Money Laundering (AML) Standards/Combating Financing of Terrorism

Master Circular No. ISD/AML/CIR-1/2009 (01/09/2009)

SEBI, vide Master Circular No. ISD/AML/CIR-1/2008 dated December 19, 2008, issued consolidated requirements/obligations to be fulfilled by all registered intermediaries with regard to AML/CFT. In addition to the obligations contained in the Master Circular, following are the additional requirements to be fulfilled or the clarifications wi...

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Circular No. 896/16/2009-Central Excise, Dated: 01.09.2009

Circular No. 896/16/2009-Central Excise (01/09/2009)

Ministry of Health & Family Welfare has notified the Cigarettes and Other Tobacco Products (Packaging and Labelling) Rules, 2008 prescribing the manner in which the specified health warning shall be displayed on the tobacco product packs covering all types of tobacco products, produced, supplied or distributed in India. The Rules have com...

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RBI Guidelines on Exchange Traded Interest Rate Derivatives

RBI/2009-10/ 141- IDMD.PDRD.No. 1056/03.64.00/2009-10 (01/09/2009)

In the context of the Interest Rate Futures (Reserve Bank) Directions, 2009 dated August 28, 2009 issued by the Reserve Bank of India, it is clarified that stand-alone Primary Dealers (PDs) are allowed to deal in Interest Rate Futures (IRFs) for both hedging and trading on own account and not on client’s account, subject to adherence to...

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Corrigendum in respect of export of Meat of Sheep/Goat covered under Chapter 2 of ITC(HS)

Policy Circular No. 04/2009-14 (01/09/2009)

Attention is invited to the ITC (HS) Classification of Export & Import Items (Updated upto 31.07.09). It is hereby informed that provisions at S.No. 20(a), 20(b), 21(a) and 21(b) in the Chapter 2 under heading Meat and Edible Meat Offal” stands substituted to read as under....

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Government of India Cash Management Bills will be treated as SLR securities

RBI/2009-10/ 139, Ref: DBOD.No.Ret. BC.36/12. 02.001/2009- 10 (01/09/2009)

RBI/2009-10/ 139 Ref: DBOD.No.Ret. BC.36/12. 02.001/2009- 10 September 01, 2009 To, All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Section 24 of the Banking Regulation Act, 1949 Maintenance of Statutory Liquidity Ratio (SLR) Please refer to the Reserve Bank Press Release: 2009-2010/227 dated August 10, 2009 on t...

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Credit cannot be denied on ground that, documents were not in the name of assessee’s factory

Commissioner of Customs & C. Ex., Vapi Vs DNH Spinners (CESTAT Ahmedabad)

The documents were not in the name of the assessee's factory situated at Silvassa but the same were issued in the name of the head office of the assessee situated at Mumbai. However, I find that there is otherwise no dispute about the input services received by the assessee. The substantive benefit cannot be denied on the procedural groun...

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Circular on Powers of adjudication of the officers of Customs

Circular No. 23/2009-Custom Duty (01/09/2009)

As per definition under section 2 (8) of the Customs Act, 1962, Commissioner of Customs includes an Additional Commissioner of Customs except for the purpose of appeal and revision. Therefore, respective Commissioners may review the status of cases pending for adjudication, which fall within the powers of Commissioners only...

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IL&FS to be the New Promoter of Maytas Infra Limited

Company Law Board Asks Il&FS To Appoint 4 Directors, Including Chairman, On The Board; Central Government To Have 2 Nominees On The Maytas Board....

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Posted Under: SEBI |

ICAI will soon recommend Accounting standered for Insurance sector

The Institute of Chartered Accountants of India (ICAI) is likely to come out with insurance specific accounting standards in the next three months, a top official said. “We are likely to come out with it (insurance sector accounting standards) in the next two-three months,” ICAI President, Uttam Prakash Agarwal, told....

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Posted Under: SEBI |

Income tax official may be appointed in tax heavens to investigate tax evasion in cross border transactions

Income tax officials from India could be posted in the tax haven nations to collect information about tax evasion from these countries; if a proposal made by a committee set up to investigate abuse of tax treaties goes through....

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Posted Under: SEBI |