"October, 2010" Archive - Page 22

Amendment of DEPB entry Sl. No. 434 & 525 of the Product Group “Chemicals” (Product Code- 62)

Public Notice No. 13 (RE-2010)/2009-14 13/10/2010

There were two DEPB entries at Sl. No. 434 and 525 of the Product Group “Chemicals” (Product Code: 62) for the same product “Refined Glycerine”. The purpose of the amendment is to retain only one entry. Accordingly, DEPB entry at Sl. No. 434 stands deleted. There is no change in the DEPB rate for entry at Sl. No. 525....

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Opening of No-Frills Accounts by Students for Availing various Government Scholarships

RBI/2010-11/232, RPCD.CO.RRB.BC No. 23/ 03.05.33/2010-11 13/10/2010

It has been brought to our notice by the Secretary, Government of India, Ministry of Minority Affairs that banks are not opening 'no-frills' accounts in favour of students from minority communities who wish to avail of the scholarships being awarded by the Ministry through the State/UT Governments. This is causing hardship to the applican...

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Financial Stability and Development Council (FSDC) to be set up to Strengthen and Institutionalize the Mechanism of Fina

The Finance Minister Shri Pranab Mukherjee today held a meeting with the Regulators and officials of Ministry of Finance on the creation of Financial Stability & Development Council (FSDC). The discussion paper had been earlier circulated by the Mini...

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Posted Under: DGFT |

First Ever Takeout Finance Scheme Signed between IIFCL and Union Bank of India

Union Finance Minister, Shri Pranab Mukherjee has said that development of adequate and quality infrastructure is a major priority for Government to achieve sustainable and inclusive economic growth and make India a globally competitive economy. Shri...

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Posted Under: DGFT |

Public Notice No. 12(RE-2010)/2009-2014, Dated: 11.10.2010

Public Notice No. 12 (RE-2010)/2009-14 11/10/2010

Purpose of the amendment is to describe the product better and make a distinction between “live or chilled form” (with no value cap) and “dried form” for which same value cap would continue. There is no change in the DEPB rate....

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Additional Port of Registration under E.P. Schemes

Public Notice No. 11 (RE-2010)/2009-14 11/10/2010

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the following amendments are hereby made in the Handbook of Procedures, vol.1....

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Filing Offer Documents under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009

Circular No. CIR/CFD/DIL/9/2010 13/10/2010

The above are specified in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992....

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Non-Residents Not Liable For S. 234B Interest-Delhi High Court

Director of Income Tax Vs M/s. Jacabs Civil Incorporated (Delhi High Court)

S. 234D inserted by the FA 2003 w.e.f. 1.6.2003 is in the nature of a substantive provision and applies only for the AY 2004-05 and onwards and is not retrospective. A provision by which an authority is empowered to levy and collect interest, even if construed as forming part of the machinery provisions, is substantive law for the simple ...

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Despite section 195 TDS breach, no section 40(a)(i) disallowance

Central Bank of India V/s. The Dy. CIT (ITAT Mumbai)

Article 26(3) of the India-USA DTAA protects the interest of non residents vis-a-vis residents. Article 26(3) provides that payment made to a non-resident will be deductible under the same conditions as if the payment were made to a resident. The exceptions provided in Article 26(3) are not applicable on facts. As per s. 40(a)(i), no disa...

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Section 234D of Income Tax Act Applicable from 01.06.2003 but it is not retrospective

The Commissioner of Income Tax V/s. M/s. Bajaj Hindustan Ltd. (Bombay High Court)

In answer to the question raised by the department as whether interest u/s 234D can be charged in respect of refunds granted prior to 1.6.2003 it was held that as s. 234D came on the statute w.e.f. 1.6.2003, it did not have retrospective effect. ...

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