As per the existing guidelines, banks charge interest rate not exceeding BPLR minus 2.5 percentage points on rupee pre-shipment credit up to 270 days and post-shipment credit up to 180 days. Banks will now charge interest rate not exceeding BPLR minus 4.5 percentage points on pre-shipment credit up to 270 days and post-shipment credit up to 180 days on the outstanding amount for the period April 1, 2010 to March 31, 2011 to the above mentioned sectors. However, the total subvention will be subject to the condition that the interest rate, after subvention will not fall below 7 per cent which is the rate applicable to the agriculture sector under priority sector lending. The banks may ensure that the benefit of the 2 per cent interest subvention is passed on completely to the eligible exporters.
Income Tax officials on Thursday swooped down on the Sahara India office in Lucknow looking for documents relating to the company’s bid for the IPL Pune team. The Sahara Group is the owner of the IPL Pune team. It paid a whopping Rs 1,700 crore to win the bid.
In order to implement the provisions of Sec. 51A effectively the Ministry of Home Affairs, Govt. of India requested the Ministry of Corporate Affairs to issue an appropriate order to ICAI,ICSI and ICWAI to sensitize their members to the provisions of Section 51A of Unlawful Activities(Prevention ) Act, 1967. Accordingly the Ministry of Corporate Affairs vide its letter dated 22.03.2010 (copy enclosed) asked the ICAI to advise its members to act as per mandate of the Ministry of Home Affairs.
THE issue of amendments to the RTI Act including regarding rejection of vexations and frivolous requests was discussed in a meeting held with the Chief Information Commissioners and Information Commissioners on 14.10.2009.
The investigation wing of the Income Tax Department has sought call detail records (CDRs) of the last six months of a landline number at the IPL office as it feels that the entries could throw more light on Lalit Modi’s association with the promoters of franchises – new and old.
The Indian Premier League organisers could now face a public interest litigation (PIL) over payment of entertainment tax in Maharashtra. Senior Shiv Sena leader and MLA, Mr Subhash Desai, has filed a PIL in the Bombay High Court, seeking such a levy on the cricketing event. The Board of Control for Cricket in India; the Commissioner of the IPL, Mr Lalit Modi, and the Maharashtra Government are the respondents in his petition.
The episode on Unit linked Insurance Plans (Ulips) started on 9th April, 2010 when SEBI issued notice u/s 11 of the SEBI Act, 1992 to the 14 life insurance companies namely, Aegon – Religare, Aviva, Bajaj Allianz Life Insurance, Bharti AXA, Birla Sun Life, HDFC Standard Life, ICICI Prudential, ING Vysa Life, Kotak Mahindra Old Mutual Life, Max New Life, Metlife India, Reliance Life, SBI Life and Tata AIG Life, banning them from selling Ulips. This surprised all particularly when the insurance regulator had approved the scheme.
Presently, it takes on an average around 22 days to list the securities after an issue closes. This exposes investors as well as issuers to market risk as well as leading to infrastructural stress and costs. One of the reasons identified for this delay is data entry at multiple level and reconciliation thereof. Needless to say, any reduction in the period taken to list an issue after closure is in general interest of investors.
In the facts of the present case the record indicates that the Director of the respondent has admitted shortage of Grey fabrics as well as illicit clearance thereof without issuance of central excise invoices or any other duty paying documents, without payment of central excise duty and without entering in the Daily Stock Account Register and Lot Register during the months May-2002 and June 2002.
Notification No. 28/2010-Income Tax It is hereby notified for general information that the organization Institute of Bioinformatics, Bangalores has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from Assessment year 2009-2010 onwards in the category of ‘other
