"27 November 2009" Archive

KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PMLA (Amendment) Act, 2009- Money Changing Activities

RBI/2009-10/ 235 A.P. (DIR Series) Circular No.17 A.P. (FL/RL Series) Circular No.04 27/11/2009

In terms of Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009, all Authorized Persons, authorized under Section 10(1) of FEMA, 1999 have been brought under the purview of PMLA, 2002. Therefore, the existing Know Your Customer (KYC) norms/ Anti-Money Launderings (AML) stand...

Read More

Notification No.126/2009-Customs, Dated: 27.11.2009

Notification No. 126/2009-Customs 27/11/2009

The principal notification No.21/2002-Customs, dated the 1st March, 2002, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended by notification No. 125/2009-Customs, dated the 11th November, 2009 which was published in the Gazette...

Read More

RBI circular on Auction of Government of India Dated Securities

Ref.No.IDMD /2407 /08.02.033/2009-10 27/11/2009

Ref.No.IDMD /2407 /08.02.033/2009-10 - Dated:- November 27, 2009 The Reserve Bank of India at Mumbai will conduct the auctions on December 4, 2009. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the Notifications (copies enclosed), which should be read along with the Genera...

Read More

Memorandum of Instructions for Opening and Maintenance of Rupee /Foreign Currency Vostro Accounts of Non-resident Exchange Houses

RBI/2009-10/234, A. P. (DIR Series) Circular No. 16/ A. P. (FL/RL Series) Circular No. 3 27/11/2009

Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses, issued vide A.P.(DIR Series) Circular No. 28 [A.P. (FL/RL Series) Circular No. 02] dated February 6, 2008 and A.P.(DIR...

Read More

High Level Committee to Review Lead Bank Scheme – Providing banking services in every village having population of over 2000 by March 2011

RBI/ 2009-10/232-RPCD.CO.LBS.HLC.BC.No.43 /02.19.10/2009-10 27/11/2009

The Committee, inter-alia, recommended broadening of the scope of the Scheme to specifically cover financial inclusion, role of State Governments, financial literacy and credit counselling, 'credit plus' activities, formulation of time bound Development Plans to facilitate 'enablers' and remove /minimise 'impeders' for banking developme...

Read More

Circular on Augmentation of capital funds by issue of Long Term Deposits

RBI/2009-10/232- UBD.PCB.Cir.No. 24 /09.18.201/2009-10 27/11/2009

Please refer to our circular UBD.PCB.Cir.No.4/09.18.201/2008-09 dated July 15, 2008 prescribing guidelines for issue of Preference shares and Long term Deposits by Urban Cooperative Banks. In this connection, it is advised that the Long Term Deposits referred to in the said guidelines should henceforth be titled as ‘Long Term (Subordin...

Read More

Mumbai ITAT rules deductibility of PE expenses under India- Mauritius Tax Treaty

JCIT Vs State Bank of Mauritius Ltd. (ITAT Mumbai)

This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) in the case of JCIT v State Bank of Mauritius Ltd. (Taxpayer) [2009-TIOL-712- ITAT-MUM]. The ITAT held that the Taxpayer, a company incorporated in Mauritius, having established a Permanent Establishment (PE) in India, is entitled to the deduction o...

Read More

Clarification on changes in profession tax rates

Trade Cir. No. 32T of 2009 24/11/2009

To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XIV of 2009) to amend the Maharashtra State Tax on Professions, Trades, Callings and Employment Act, 1975 was introduced in the Legislature. The said Bill has been passed by both the houses of the Legislature. The Act is now published in the Maharashtra Governme...

Read More

Cashless hospitalisation schemes offered by insurance companies comes under the income-tax net

Cashless hospitalisation schemes offered by health insurers and insurance companies are under the income-tax net.The CBDT has now made it clear that Third Party Administrators (TPAs) must deduct tax at source on payments made to hospitals for settling insurance/medical claims under various schemes including cashless schemes....

Read More
Posted Under: Fema / RBI |

Salary of Rs.14 lakhs in 1997 to employee of charitable Trust held to be unreasonable

Her salary has been further increased disproportionately vis-a-vis the increase in the revenue and the surplus. This increase is over and above the increase for assessment year 1998-99, in which her salary was found to be excessive under the aforesaid provision. Therefore, it becomes clear that the AO had brought facts on record to establ...

Read More
Posted Under: Fema / RBI |

Search Posts by Date

September 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930