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 liquidity reform package, based on the comments received, the QIS and top-down calibration. The fully calibrated Basel III rules will be published by the BCBS by end-December 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 reasonable period, so as to ensure that customers are not put to inconvenience.
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
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
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 applicant, would ensure easy, flexible filing of application and reduce human interface and paper work in the process.
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 which are covered under RBI guidelines.
Assessing interest expenses disallowance. Own funds cover interest-free advances. Proportionate disallowance if own funds insufficient. Judicial discipline emphasized.
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
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 the Tribunal’s power under section 254(2) to recall its order where prejudice has resulted to a party due to an apparent omission, mistake or error committed by the Tribunal while passing the order. Such recalling of order for correcting an apparent mistake committed by the Tribunal has nothing to do with the doctrine or concept of inherent power of review. It is a well settled provision of law that the Tribunal has no inherent power to review its own judgment or order on merits or reappreciate the correctness of its earlier decision on merits. However, the power to recall has to be distinguished from the power to review. While the Tribunal does not have the inherent power to review its order on merits, it can recall its order for the purpose of correcting a mistake apparent from the record.
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.
