"December, 2010" Archive

Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF) – Parallel Run and Prudential Floor

RBI/2010-11/348, DBOD.BP.BC.No.71 /21.06.001/2010-11 31/12/2010

It may be recalled that the BCBS had issued in December 2009 two consultative documents for public comments. It also undertook a comprehensive quantitative impact study (QIS) and top-down calibration of minimum capital requirement. At its July and September 2010 meetings, the GHOS broadly agreed on the overall design of the capital and li...

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RBI Notification – Security Issues and Risk mitigation measures related to Card Not present transactions

RBI/2010-11/347, DPSS.CO.No.1503/02.14.003/2010-2011 31/12/2010

The progress in implementing the directions has been under continuous monitoring since several stake holders are involved in implementing the service solutions. While considerable progress has been achieved in the matter, banks have been requesting to permit them to test the new system in a live scenario by providing a parallel run for a ...

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Notification No. 104/2010-Customs (N.T.) Dated: 31/12/2010

Notification No. 104/2010-Customs (N.T.), 31/12/2010

In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendment in the ...

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Notification No. 103/2010-Customs (N.T.) Dated: 31/12/2010

Notification No. 103/2010-Customs (N.T.) 31/12/2010

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 ...

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Now apply for Importer Exporter Code code (IEC) online

Policy Circular No.10 (RE-2010)/2009-14 31/12/2010

Presently, the applications for obtaining an IEC are filed manually with the concerned Regional Authority of DGFT. The applications are filed in hard copy in the prescribed proforma with stipulated documents. The additional facility of filing “on-line” application for obtaining IEC will reduce the transaction cost and time for the ap...

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Investment in Non-SLR Securities- Non-Convertible Debentures (NCDs) of maturity up to one year

RBI/2010-11/349, DBOD.BP.BC.No.72/21.04.141/2010-11 31/12/2010

Please refer to circular DBOD.BP.BC.44/21.04.141/2003-04 dated November 12, 2003 on Prudential Guidelines on Banks’ Investment in Non-SLR Securities which, inter alia, advised the banks that they should not invest in Non-SLR securities of original maturity of less than one-year, other than Commercial Paper and Certificates of Deposits w...

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No interest disallowance if Own Funds Sufficient to Cover Interest Free Advances

Woodman Trading Co Pvt Ltd Vs ITO (Osd) (ITAT Rajkot)

Woodman Trading Co Pvt Ltd Vs ITO (Osd) (ITAT Rajkot) If an assessee having sufficient interest free funds, in the form of capital reserves and other funds without interest bearing from relatives and friends not related to business, to cover funds given interest free or utilized other than for business purposes, no disallowance is warrant...

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Provision of Budget for balance funds under Scheme of Rupees Export Credit Subvention to Scheduled Commercial Banks – Im

The Cabinet Committee on Economic Affairs today approved provision of Rs. 404 crore and also approved an addition amount of Rs. 996 crore (after adjustment of Rs.404 crore from the requirement of Rs. 1400 crore as advised by Department of Financial S...

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Posted Under: Fema / RBI | ,

U/s 254(2) Tribunal entitled to recall order in entirety to rectify apparent mistake

Lachman Dass Bhatia Hingwala (P) Ltd. Vs ACIT (Delhi High Court)

Lachman Dass Bhatia Hingwala (P) Ltd. v. ACIT (Delhi HC) - On this issue, the Delhi High Court observed that the justification of an order passed by the Tribunal recalling its own order is required to be tested on the basis of the law laid down by the Apex Court in Honda Siel Power Products Ltd. v. CIT (2007) 295 ITR 466, dealing with th...

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Facilitation for export of cotton in terms of Policy Circular No. 09 dated 29.12.2010

F.No : 01/91/180/1194/AM10/EC 31/12/2010

This is to bring to the notice of all concerned that the officials of Directorate General of Foreign Trade will be available in the office from 11.00 AM to 5.00 PM on 01.01.2011 and 02.01.2011 to address the queries or for clarifying any doubts....

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