"27 December 2010" Archive

Collection of Statistics on pre-paid instruments

RBI/2010-11/342, DPSS.CO.OSD. No. 1381 /06.08.001/ 2010-2011, 27/12/2010

Authorized entities have hitherto been submitting information on the volume and value of transactions, to the Reserve Bank of India. In order to bring in uniformity and facilitate straight through processing, a format in Excel has been prepared and is forwarded herewith. All authorised entities are advised to furnish the data related to t...

Issuance and operation of Prepaid Payment Instruments in India – Auditor Certificate on the balances in Escrow account

RBI/2010-11/341, DPSS.CO.OSD. No. 1445 /06.12.001/ 2010-2011 27/12/2010

It is observed that the authorised entities are not adhering to the prescribed time frame laid down for submission of Auditor’s certificate. All authorised entities are advised to furnish a quarterly certificate on the balances held in the Escrow account in accordance with the above Guidelines, from an auditor within a fortnight from t...

RBI Directions for submission of system audit reports from CISA qualified Auditor

RBI/2010-11/340 DPSS.CO.OSD. No. 1444/06.11.001/2010-2011 27/12/2010

All authorised entities are advised to furnish their respective system audit reports from a CISA qualified auditor on an annual basis. Authorised entities which follow an April-March financial year, the system audit report should be submitted within two months i.e. by 1st June of that year. Authorised entities, which follow a calendar yea...

Unexplained expenditure u/s. 69C and Addition under s. 41(1) on the ground that there was remission or cessation of liability

Commissioner of Income Tax Vs M/s Radhika Creation (Delhi High Court)

Unexplained expenditure u/s. 69C :- Sec. 69C refers to the source of the expenditure and not to the expenditure itself; further, in the absence of any material found during the search, addition of expenditure would not be justified in the block assessment....

Capital or revenue expenditure- Market research expenses and Severance cost of employees vis-à-vis closure of business

KJS India (P) Ltd. Vs. DCIT

Assessee having suspended only its manufacturing activity and not closed down its trading activity, it is not a case of closure of business and, therefore, expenses incurred by it towards severance cost of employees is allowable as revenue expenditur...

Posted Under: Fema / RBI |

Analysis of recent service tax Notifications including Exemption to canned software rescinded

This article summarizes the recent Service Tax Notifications dated 21 December 2010 issued by the GOI including the withdrawal of exemption from payment of service tax under ‘information technology software service’ for import of single user canned o...

Posted Under: Fema / RBI |

Issuance of Non-Convertible Debentures (NCDs)- IDMD.PCD.25 /14.03.03/ 2010-11

RBI/2010-11/333, IDMD.PCD.25 /14.03.03/ 2010-11 27/12/2010

Raising funds through issuance of NCDs in multiple tranches based on a single valid rating for the consolidated amount, each tranche need not be separately certified by the auditor (in compliance with section 8.2 of the NCD Directions). However, where the issuer obtains a separate/fresh rating for an issuance, such issuance must be backed...

StCBs/DCCBs – Operation of bank accounts and money mules- RPCD.CO.RCB.AML.BC. No.39/07.40.00/ 2010-11

RBI/2010-11/334 RPCD.CO.RCB.AML.BC. No.39/07.40.00/ 2010-11 27/12/2010

The operations of such mule accounts can be minimised if banks follow the guidelines contained in various RBI Circulars on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/ Obligation of banks under PMLA, 2002. State and central Co-operative Banks are, therefore, advised to st...

Asian Clearing Union (ACU) Mechanism – Indo – Iran trade – A.P. (DIR Series) Circular No. 31

RBI/2010-11/335 A.P. (DIR Series) Circular No. 31 27/12/2010

In view of the difficulties being experienced by importers / exporters in payments to /receipts from Iran, the extant provisions have been reviewed and it has been decided that all eligible current account transactions including trade transactions with Iran should be settled in any permitted currency outside the ACU mechanism until furth...

Public Provident Fund Scheme, 1968 Amendment to Section 9(3) of Scheme

RBI/2010-11/344 DGBA. CDD. No. H-4311/15.02.001/2010-11 27/12/2010

Provided further that an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fifteen years from the end of the year in which the initial subscription was made and the entire amount standing at the credit of the subscriber shall be refunded, after making adjustments, if a...

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