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Archive: 23 December 2010

Posts in 23 December 2010

Asian Clearing Union (ACU) Mechanism – Payments for import of Oil or Gas

December 23, 2010 1053 Views 0 comment Print

The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

RBI increases LTV Ratio, Risk Weight and Provisioning in respect of Housing Loans by Commercial Banks

December 23, 2010 613 Views 0 comment Print

It has been observed that some banks are following the practice of sanctioning housing loans at ‘teaser rates’, wherein the loans are offered at a comparatively lower rate of interest in the first few years, after which rates are reset at higher rates. This practice raises concern as some borrowers may find it difficult to service the loans once the normal interest rate, which is higher than the rate applicable in the initial years, becomes effective.

Rescission of all previous notifications appointing Director, Software Technology Parks of India as Development Commissioner of IT& ITES SEZs

December 23, 2010 378 Views 0 comment Print

Section 11 of the Special Economic Zones Act, 2005 – Development Commissioner – Rescission of all previous notifications appointing Director, Software Technology Parks of India as Development Commissioner of IT & ITES SEZs NOTIFICATION (F.5/15/2010- SEZ), DATED 20-12-2010 In exercise of the powers conferred by sub-section (1) of section 11 of the Special Economic Zones […]

Exempts taxable services in relation to general insurance business provided under Weather Based Crop Insurance Scheme or Modified national Agricultural Insurance Scheme

December 23, 2010 411 Views 0 comment Print

Exempts taxable services in relation to general insurance business provided under Weather Based Crop Insurance Scheme or the Modified national Agricultural Insurance Scheme- Notification No. 58/2010-ST dated -21-12-2010 Notification No.58/2010-Service Tax, New Delhi, the 21st December, 2010. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 […]

Transport of goods by rail – Amendment to notification no. 1/2006 deferred till March 31, 2011 vide Notification No. 57/2010-ST dated -21-12-2010

December 23, 2010 453 Views 0 comment Print

Notification No.57/2010-Service Tax,  Dated- 21st December, 2010 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes […]

Exemption from Additional duty on specified goods by designated airlines when imported from specified countries-Notification No. 130/2010-Cus dated -23-12-2010

December 23, 2010 616 Views 0 comment Print

G.S.R (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods of description specified in column (2) of the Table annexed hereto, when imported into India by a designated airline specified in column (3) of the Schedule annexed hereto and registered or incorporated in a country specified in column (2) of the said Schedule, from the whole of the duty of customs leviable thereon which is specified

Anti dumping duty imposed on import of Bus and Truck Radial Tyres- Notification No. 129/2010-Cus dated -23-12-2010

December 23, 2010 241 Views 0 comment Print

G.S.R. (E). – Whereas, in the matter of import of Bus and Truck Radial Tyres, (hereinafter referred to as the subject goods) , falling under item nos. 40112010 (for tyres) and 40131020 and 40129049 (for tubes and flaps respectively) of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and originating in, or exported from the People’s Republic of China(China PR) and Thailand (hereinafter referred to as the subject countries), the designated authority, vide its final findings in notification No. 14/17/2008-DGAD, dated the 1st January, 2010 published in the

Central Excise Notification No 35/2010 – Central Excise; dated: 21.12.2010

December 23, 2010 315 Views 0 comment Print

Rescinds notification no. 17/2010 – Exempts packaged software or canned software equivalent to the excise duty payable on the portion of the value determined under section 4 which represents the consideration paid or payable for transfer of the right to use such goods Notification No. 35/2010-Central Excise, New Delhi, the   21st December, 2010 G.S.R.     (E).- […]

Notification No. 92/2010-Income Tax Dated 23/12/2010

December 23, 2010 1081 Views 1 comment Print

Notification No. 92/2010-Income Tax It is hereby notified for general information that the organization Indira Gandhi National Centre of the Arts, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2010-11 onwards in the category of ‘Other Institution’, partly engaged in research activities subject to the following conditions

Notification No. 91/2010-Income Tax Dated 23/12/2010

December 23, 2010 259 Views 0 comment Print

Notification No. 91/2010-Income Tax – Indraprastha Institute of Information Technology, New Delhi has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2010-11 onwards in the category of ‘other Institution’, partly engaged in research activities subject to the following conditions, namely :—

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