"24 December 2010" Archive

ICAI- Decisions of the Council of the Institute regarding CPE activities

An online e-learning module would be developed and implemented by ICAI for the all the members shortly. Under the cited e-learning module, the members would be required to answer on-line such number of questions as may be decided by the Council. On s...

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Posted Under: CA, CS, CMA |

Third Quarter Review of Monetary Policy 2010-11 on January 25, 2011

Dr. D. Subbarao, Governor, Reserve Bank of India will announce the Third Quarter Review of Monetary Policy 2010-11 on Tuesday, January 25, 2011. This will be done in a meeting with the chief executives of major scheduled commercial banks at 11.00 a....

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Posted Under: CA, CS, CMA |

RBI Releases Gist of Comments on the Discussion Paper on Entry of New Banks in the Private Sector

The Reserve Bank of India released on its website today, the gist of the comments on the Discussion Paper on "Entry of New Banks in the Private Sector". The range of comments received has been very wide and does not indicate consensus on any of the ...

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Posted Under: CA, CS, CMA | ,

If Grant of loan is one for the purpose of purchase of capital asset which was also utilised for the same is only a capital receipt

M/s. Iskraemeco Regent Limited Vs The Commissioner of Income Tax-I (Madras High Court)

The object of the transaction namely the loan transaction is towards the purchase of the capital asset as against the running of the regular business such a receipt would be a capital receipt. Therefore, by applying the said principle laid down by the Honourable Apex Court there is no doubt that the grant of loan being one for the purpose...

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Receipt of order in one department not being communicated to another department in assessees office not a ground to condone delay

M/s Affiliated Computetr Services of India Private Limited Vs Commissioner of Services Tax (CESTAT Bangalore)

Service Tax – Condonation of delay in filing appeal – Submission of the learned Chartered Accountant that the appellant company had different division and departments situated in the same building at Bangalore and the receipt of the said order in one department was not communicated to the legal department to prefer an appeal, is an ar...

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HC may impose costs but should decide issues on merit rather than dismissing Revenue’s appeal on mere ground of delay- SC

Commissioner of Income Tax Vs West Bengal Infrastructure Development Finance Corporation Limited (Supreme Court of India)

Supreme Court held that Looking to the amount of tax involved in this case, we are of the view that the High Court ought to have decided the matter on merits. In all such cases where there is delay on the part of the Department, we request the High Court to consider imposing costs but certainly it should examine the cases on merits and sh...

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RRBs – Submission of Data to Credit Information Companies – Format of Data to be submitted by Credit Institutions

RBI/2010-11/331, RPCD.CO RRB.BC.No. 41 /03.05.33/2010-11 (24/12/2010)

It is therefore, advised that RRBs which have become members of the above credit information company / companies may provide them the current data in the existing format. Such RRBs may also provide historical data in order to enable the new credit information companies to validate their software and develop a robust database....

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RBI circular to Regional Rural banks on Operation of bank accounts and money mules

RPCD.CO RRB.AML.BC.No.40/ 03.05.33(E)/2010-11 (24/12/2010)

In a money mule transaction, an individual with a bank account is recruited to receive cheque deposits or wire transfers and then transfer these funds to accounts held on behalf of another person or to other individuals, minus a certain commission payment. Money mules may be recruited by a variety of methods, including spam e-mails, adver...

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RBI circular on Financial Assistance to Senior Citizens, Widows and Handicapped persons

RBI/2010-11/328, RPCD.CO.RRB.BC No. 38/ 03.05.33/2010-11 (24/12/2010)

Please refer to our circulars RPCD. CO. No. RRB. BC. 57/ 03.05.33(F)/ 2005-06 dated December 27, 2005 and RPCD. CO. FID. BC. No. / 12.01.012/ 2010-11 (RBI/ 2010-11/ 253 dated November 1, 2010, in terms of which RRBs are permitted to handle pension accounts and other government business as sub-agents; and to open the accounts of beneficiar...

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RTGS System – Use of NEFT Customer Facilitation Centers

RBI/2010-11/327, DPSS (CO) RTGS No. 1433/04.04.002/2010-2011 (24/12/2010)

You are aware that there has been a remarkable growth of customer transactions in RTGS over the years, with currently more than 1,50,000 customer transactions being settled on a daily average in the RTGS system. As the RTGS system handles large value and time critical transactions, all member banks need to address the customer complaints ...

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