"05 May 2010" Archive

Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2010 – Amendment in Schedule II

Notification No. G.S.R. 382(E) (05/05/2010)

In the Foreign Exchange Management (Current Account Transactions) Rules, 2000, in schedule II, item number 8 and the entry relating thereto shall be omitted....

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Allowing of authorized employees of IT/ITES units in SEZ to work from Home

SEZ: Instruction 55/2010 (05/05/2010)

I am directed to say that references have been received from various stake holders seeking clarification regarding whether employees of units in IT SEZ can work on need base basis from home or from a place outside the SEZ....

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National Housing Bank not supportive of teaser rate, examines issue

National Housing Bank, the housing finance regulator, is looking at issues concerning teaser rate saying such practices could pose systemic risk for the home loan sector. "We have to be on top of the issue (teaser rate) ......

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Posted Under: Fema / RBI |

Government may increase BIFR benches

The Government is considering increasing the number of benches in BIFR, the quasi-judicial body that looks at revival of financially sick companies, Finance Minister Pranab Mukherjee said yesterday. Board of Industrial and Financial Reconstruction (BIFR) currently has only three benches, which is one of the reasons why revival or winding ...

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Posted Under: Fema / RBI |

Delhi High Court stays order of bringing stock exchanges under RTI

The Delhi High Court today stayed its order of bringing stock exchanges within the ambit of the Right to Information Act. A division bench headed by acting Chief Justice Madan B Lokur stayed the operation of a single bench order which had on April 15 held that stock exchanges are "quasi" governmental bodies which are bound to disclose inf...

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Posted Under: Fema / RBI |

Consolidated Statement on Clarifications on the Roadmaps for Application of Converged Indian Accounting Standards by Companies

On the basis of the deliberations taken place in the meeting on 29th March, 2010, a Press Release (No.3/2010) related to the roadmap for the application of the converged Indian Accounting Standards by the Banking companies, Insurance companies and Non-Banking finance companies was issued on 31st March, 2010. ...

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Posted Under: Fema / RBI |

Company Liquidation Process

The Government has said that according to a recent study, it takes an average of about 10 years to complete a company liquidation process in India. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate Affairs, Shri Salman Khurshid told the House that the Companies Bill, 2009, which seeks to replace...

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Posted Under: Fema / RBI |

Loan Proposal of Asian Development Bank for MSMEs

An agreement has been signed with Asian Development Bank (ADB) for a loan of US$ 50 million to SIDBI on 19th March, 2010. ADB has also approved a Partial Credit Guarantee (PCG) facility of US$ 250 million for the Micro, Small and Medium Enterprises (MSME)....

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Posted Under: Fema / RBI |

FM’s Speech at the 43rd Annual Meeting of Asian Development Bank

At the outset, I extend my warm greetings and thanks to our hosts for organizing the Annual meeting in this beautiful city of Tashkent. Uzbekistan is special to India because of its close historic and cultural ties. A memorial to our former Prime Minister Lal Bahadur Shastri, who breathed his last here, stands in this city. So does the Ma...

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Posted Under: Fema / RBI |

Lok Sabha passes bill to hike gratuity ceiling to Rs. 10 lakh from Rs. 3.50 Lakh

A bill to raise the ceiling of gratuity for employees to Rs 10 lakh from Rs 3.5 lakh was passed by the Lok Sabha without discussion today. The House, which witnessed an opposition furore over the 2G spectrum "scam" and reports about alleged involvement of a central minister in an illegal arms deal, also adopted the Employees' State Insura...

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Posted Under: Fema / RBI |

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