The BPLR system, introduced in 2003, fell short of its original objective of bringing transparency to lending rates. This was mainly because under the BPLR system, banks could lend below BPLR. For the same reason, it was also difficult to assess the transmission of policy rates of the Reserve Bank to lending rates of banks. The Base Rate system is aimed at enhancing transparency in lending rates of banks and enabling better assessment of transmission of monetary policy. Accordingly, the following guidelines are issued for implementation by banks.
As per the information available on the website of the Ministry of Corporate Affairs (MCA), Government of India, a company would be deemed to be a vanishing company, if it is found to have: 1. Failed to file returns with Registrar of Companies (ROC) for a period of 2 years; 2. Failed to file returns with Stock Exchange (SE) for a period of 2 years (if it continues to be a listed company);
On a review of the issue it has been decided that the exemption granted to RRBs up to the financial year 2008-09 from ‘mark to market’ norms in respect of their investments in SLR securities be extended by one more year i.e. for the financial year 2009-10. Accordingly, RRBs will have the freedom to classify their entire investment portfolio of SLR securities under ‘Held to Maturity’ for the financial year 2009-10 with valuation on book value basis and amortisation of premium, if any, over the remaining life of securities.
Please refer to our Master Circular dated July 1, 2009 on Lending to Priority Sector, in terms of which finance granted by banks to micro and small enterprises as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, is eligible for classification under priority sector.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby notifies the following amendments/additions in Appendix 1 (List of Regional Authorities and their jurisdiction) in the Handbook of Procedures (Vol.I):
To curb illegal trading in commodity market, the regulator FMC has asked exchanges to impose a penalty of Rs 100,000-500,000, with effect from April 1, on brokers carrying unauthorised trading activities.Besides introducing a penalty for illegal trading, the Forward Markets Commission has announced a uniform penalty structure for all the commodity exchanges, while raising the penalty amount for various other offences.
The Cabinet today approved a proposal to introduce the Prevention of Torture Bill, 2010 in the Parliament. This is a step towards ratification of the Convention against Torture and Other Cruel, Inhuman and Degrading Treatment or Punishment adopted by the United Nations General Assembly on 9th December, 1975 [resolution 3452(XXX)]. India had signed the Convention in October, 1997.
DGFT notification 37/2009-2014 (a) Export to EU permitted subject to Compulsory registration of contracts with APEDA, alongwith controlled Aflatoxin level certificate given by agencies/laboratories nominated by APEDA; (b Exports to Russian Federation permitted subject to pre-shipment quality certification issued by (1) Insecticide Residue Testing Laboratory.(2) Geo-Chem Laboratories Pvt. Ltd. (3) Reliable Analytical Laboratory (4) Arbro Pharmaceuticals Ltd. (5) Shri Ram Institute for Industrial Research, Delhi
The Madhya Pradesh Government has enacted the Madhya Pradesh Value Added Tax (Amendment) Act, 2010. Some of the significant changes under the said Act are as follows: Effective from 1 April, 2010, the rate of tax on goods falling under Part IV of Schedule II has been enhanced from 12.5% to 13%.
The Delhi Government has imposed certain restrictions and conditions subject to which a dealer can avail input tax credit. The amendments, effective from 1 April, 2010, are as follows:1. Input tax credit will be available to a dealer for a tax period on the goods purchased during that tax period
