"13 August 2010" Archive

RBI proposes foreign investment in private banks below 50%

The Reserve Bank on Wednesday suggested lowering the foreign investment limit in new private sector banks to below 50 per cent from 74 per cent currently, in order to strengthen the local banks....

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Posted Under: Fema / RBI |

Regarding Shortage of Physical Application Forms for Chartered Accountants November-2010 Examinations

Availability of Physical Application Forms for Chartered Accountants November-2010 Examinations Due to unavoidable difficulties in dispatching, there have been instances of shortage at certain decentralized offices and / or branches of ICAI in the availability of the physical application forms for the Chartered Accountants November-2010 E...

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Posted Under: Fema / RBI | ,

Circular No. 27/2010-Customs, Dated:-13th August, 2010

Circular No. 27/2010-Custom Duty (13/08/2010)

DGFT have subsequently issued a Public Notice No.38/2009-2014 dated 3.2.2010 and also a Policy Circular No.22/2009-14 dated 3.2.2010 for extending the validity of Duty Credit Scrips. Accordingly, concerned Commissionerates of Customs are required to issue a consolidated certificate indicating total amount sanctioned as refund (4% CVD). As...

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Finance Minister to Review the Performance of all Public Sector Banks (PSBs) and Financial Institutions (FIs) Tomorrow

Union Finance Minister, Shri Pranab Mukherjee will review the performance of all Public Sector Banks (PSBs) and Financial Institutions (FIs) in a meeting to be held here tomorrow. This will include annual review of banks performance in the field of agriculture credit, micro, small and medium enterprise credit, housing loan, education loan...

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Posted Under: Fema / RBI |

Customs Notification No 76/2010 (NT) Amends Notification No. 36/2001-Cus (N. T.), dated, the 3rd August 2001

Notification No. 76/2010-Customs (N.T.) (13/08/2010)

Notification No. 76/2010-CUSTOMS (N. T.), New Delhi, 13th August, 2010 - In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of I...

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IRDA circular on Transition from referral arrangement to Corporate Agency

Circular No. IRDA/CAGTS/CIR/LCE/127/08/2010, (10/08/2010)

In order to facilitate smooth transition of eligible entities from existing referral arrangements to Corporate Agency system for complying with the IRDA (Sharing of data base for distribution of insurance product) Regulations, 2010, it has been decided by the Authority to waive CIE qualification requirement for a period of two months effe...

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Import of goods under Notification No.13/2010-Customs dated 19.2.2010 for Commonwealth Games, 2010-Circular No.:28 / 2010-Customs

Circular No. 28/2010-Custom Duty (13/08/2010)

OC CWG or Prasar Bharti, as the case may be, will apply to Customs for NOC/Permission to amend the import documents viz. IGM and Bill of Lading/Airway Bill to include itself as the importer in place of the contractors/vendors/sub-vendors. This application will be accompanied by a NOC from the importer on record i.e. contractors/vendors/s...

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Section 54 Exemption on multiple sales & purchases of residential houses

Rajesh Keshav Pillai Vs. ITO (ITAT Mumbai), ITA No. 6661/Mum/2009

In case of multiple sale and purchase of residential houses, the exemption cannot be calculated considering the aggregate of capital gain and aggregate of investment in the residential houses. The exemption will be available in relation to each set of sale and corresponding investment in the residential house and the combination which is ...

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Service tax on Air Travel, Rate and Services at airports free from service tax

Service tax on air travel has been imposed on international air travel for a passenger embarking in India and travelling in higher (other than economy) classes with effect from 01.05.2006. Vide the Finance Act,2010, Service tax on air travel was expanded to cover international travel (economy class) and domestic travel....

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Posted Under: Fema / RBI |

Cashless medical facility likely to resume in a week

NA (13/08/2010)

"I am hopeful that cashless mediclaim treatment would be fully restored in 7 days. Going forward we will see the component of co-pay gaining more importance. There would be different premiums for different hospitals," Max Healthcare Institute MD Pervez Ahmed said after a CII initiated meeting of hospitals and the Third Party Administrator...

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