"24 September 2010" Archive

Dispute Resolution Mechanism under the Payment and Settlement Systems Act, 2007

RBI/2010-11/213, DPSS.CO.CHD.No.654/ 03.01.03/2010-2011 24/09/2010

In case of disputes where the Reserve Bank of India is an involved party, the dispute shall be referred to the Central Government which may authorise an officer not below the rank of Joint Secretary for settlement of the dispute and the decision of such officer shall be final and binding on all parties....

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Points to be noted for E-filing of I-T return for AY 2010-11 for Corporate Taxpayer in respect of signing of ITR

Please note that the due date of filing of I-T returns for corporate taxpayers is 30th September, 2010 for AY 2010-11. In case you have not already E-filed your I-T return, please do so immediately without waiting till the last minute. The following are the important points to be noted: 2. Amendment to Rule 12 - Making Digital Signature M...

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Posted Under: Fema / RBI |

Goods cleared in DTA without permission should be charged to excise duty under main Section 3 and not under the proviso

Commissioner of Central Excise Vs M/s Ncc Blue water Products Ltd. (Supreme Court of India)

Challenge in this batch of appeals filed by the revenue under Section 35(L)(b) of the Central Excise Act, 1944 (for short “the Act”) is to the orders passed by the Customs, Excise and Service Tax Appellate Tribunal, South Zone (for short “the Tribunal”), inter alia, holding that the duty of Central Excise on shrimps and shrimp see...

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Larger Bench decision on the concept of ‘transaction value’

M/s Maruti Suzuki India Limited Vs CCE (CESTAT Delhi)

The appellants, manufacturers of motor vehicles, entered into dealership agreements with their dealers. The agreement provided for servicing and warranty including free service. The dealers margin covered pre-delivery inspection and three after sales services. The issue, therefore, was whether such pre-delivery inspection and after- sale-...

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LIST of CA firms to be considered for appointment as statutory central auditors for the year 2010-11

Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks :- Government of India vide their letter D.O..No.1/1 4/2004-BOA dated August 31, 2010 have advised that we may forward a list of eligible audit firms containing the names of firm...

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Posted Under: Fema / RBI |

Regarding illegal use of Satellite Phones in India

Circular No. 37/2010-Custom Duty 24/09/2010

I am directed to invite your attention to Notification No.36/2010-Cus (NT) dated 5th May, 2010 vide which the Board has notified Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010. These Regulations have been framed to enable electronic filing and processing of customs declarations with regard to import ...

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Empanelment with United Bank of India for Concurrent Audit

Notice for Empanelment:-United Bank of India intends to empanel Chartered Accountant Firms for Concurrent Audit of Branches located in North Eastern states, Chartered Accountant Firms located in the area and fulfilling the following criteria may submit their application with din -date for the empanelment....

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Posted Under: Fema / RBI |

Clarification on PAN encrypted Digital Signature Certificate (DSC)

The Central Board of Direct Taxes (CBDT) had recently amended the Rules relating to the manner of furnishing the return of income for companies for Assessment Year 2010-11 and onwards. Under the revised Rules, all companies (including foreign compani...

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Posted Under: Fema / RBI |

Emami settles dispute over 'Zandu Balm' song

Emami Ltd, the owner of Zandu Balm, today said its copryright infringement dispute with the production company of Salman Khan starer 'Dabangg' has been amicably settled between the two parties. Subsequently, the company will be using the chartbuster ...

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Posted Under: Fema / RBI |

Banks not in favour of deregulation of interest rate on savings bank accounts

Banks are putting up stiff resistance to Reserve Bank of India’s (RBI’s) move to deregulate the interest rate on savings bank accounts — the last bastion of administered rates. Banks benefit from low-cost savings deposits. The central bank wants to free the savings deposit rate to smoothen monetary policy transmission, which it feel...

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Posted Under: Fema / RBI |

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