"31 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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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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Income Tax Dept detects tax evasion of Rs 1,900 crore

Duty evasion to the tune of more than Rs 1,900 crore was detected today during raids conducted by commercial tax department on gutkha and pan masala units in different parts of Uttar Pradesh, an official here said....

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Posted Under: Fema / RBI |

India opposes two per cent tax on foreign procurement imposed by US

Government today said the recent US legislation imposing a two per cent tax on foreign procurement and extending the present visa fee till 2015 will create a bias against the Indian IT sector. The US government has recently passed a bill --James Zadroga 9/11 Health and Compensation Act-- that will impose two per cent tax on the US govern...

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Posted Under: Fema / RBI |

ICAI Convocation (II)-2010

The Convocation for the newly enrolled Members for the period from March, 2010 to August, 2010 will be held as per schedule given below with a view to inculcate a sense of belongingness and attachment with the Institute. ...

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Posted Under: Fema / RBI |

50 Paise Coins to be Minimum Denomination Coin Acceptable for Transaction from June 30, 2011

The Central Government, Ministry of Finance has notified on December 20, 2010 to call in from circulation the coins of denomination of 25 paise and below, issued from time to time, with effect from June 30, 2011. From this date, these coins shall cea...

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Posted Under: Fema / RBI |

Taxing times ahead for High Net worth Individuals

Early this month, FM Pranab Mukherjee had okayed the setting up of a high-level multi-disciplinary panel to study black money at home and abroad, and another panel to suggest counter-measures against tax havens. These actions are likely to reflect in the Budget for 2011-12....

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Posted Under: Fema / RBI |

Govt likely to announce FDI policy on LLPs in January 2011

The government is likely to usher in the New Year with some important policy reforms. Important foreign direct investment (FDI) policy announcements is likely to be made in January 2011, reports sources. It is learnt that FDI policy is likely to be...

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Posted Under: Fema / RBI |

Citigroup investigating transactions at India branch

U.S. bank Citigroup said on Tuesday it was investigating a set of suspicious transactions based on what it said were forged documents by an employee at a branch in India. The bank did not say how much money was involved, but a person familiar with th...

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Posted Under: Fema / RBI |

Cricketer Harbhajan and Yuvraj defaulted on payment of service tax

Cricketer Harbhajan Singh, currently spinning misery on the South African team, seems to have been caught by the central excise and service tax department for defaulting on service tax. The department has found that he owes nearly Rs 1 crore as servi...

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Posted Under: Fema / RBI |

Income Tax Department suspects tax evasion in derivative transactions

The revenue department of the finance ministry estimates that Corporate India could have evaded over Rs 20,000 crore in taxes in 2007-08 had it shown mark-to-market losses on forex derivative transactions. According to the income tax department, in t...

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Posted Under: Fema / RBI |

CBI detains senior Joint Commissioner of Income tax and an inspector for alleged graft

CBI yesterday detained a Joint Commissioner of Income tax and an inspector of the Income Tax department here in an alleged corruption case. CBI sources said Arun Gurjar, a 1999 batch Indian Revenue Service officer, and Baljit Singh, inspector, were detained following a complaint from a grain merchant....

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Posted Under: Fema / RBI |

Notification No. 137/2010–Customs dated 31.12.2010

Notification No. 137/2010–Customs (31/12/2010)

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, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (D...

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Notification No. 136/2010-Customs Dated: 31/12/2010

Notification No. 136/2010-Customs (31/12/2010)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes ...

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Insurance – Recognition of Surplus arising in non-participating funds as profit/loss in the Profit & Loss Account

CIRCULAR NO. IRDA/F&A/CIR/217/12/2010, (27/12/2010)

CIRCULAR NO. IRDA/F&A/CIR/217/12/2010, DATED 27-12-2010 Authority has observed that there is no uniform approach followed by the insurers for transfer of the surplus to the Profit & Loss Account. A few of the insurers are doing it on quarterly basis while a few are doing on yearly basis. In view of the same, it is […]...

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Notification No. 135/2010-Customs Dated: 31/12/2010

Notification No. 135/2010-Customs (31/12/2010)

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, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Departmen...

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Position paper on Identification of tax issues arising out of convergence with IFRS

A Group for identifying direct tax issues arising from convergence of Indian Accounting Standards (IAS) with International Financial Reporting Standards (Ind AS) was constituted by the ICAI, which comprised both of members of the Council of the Insti...

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Posted Under: Fema / RBI |

FICCI Call to Defer Compliance Date of IFRS from April 1, 2011

FICCI has urged the Government to defer the date of implementation of compliance with IFRS (International Financial Reporting Standards) by India Inc. from April 1, 2011 to a date when companies are better equipped to deal with the new envisaged acco...

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Posted Under: Fema / RBI |

China's top auditor to serve as chairman of UN Board of Auditor

Liu Jiayi, auditor-general of China's National Audit Office (NAO), will take up the position as chairman of the United Nations Board of Auditors (UNBA) starting Jan.1, 2011, the NAO announced in Beijing Wednesday. Liu, who was appointed as auditor-ge...

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Posted Under: Fema / RBI |

SEBI – Master Circular on Administration of Stock Exchanges, Arbitration in recognised Stock Exchanges and Stock Exchanges/trading platform for Small & Medium Enterprises including guidelines for Market Makers

Masyer Circular No. MRD/DSA/SE/43/2010 (31/12/2010)

This Master Circular consolidates the circulars/directions issued by SEBI in this regard up to December 31, 2010 as listed in the Schedule and shall come into force from the date of its issue....

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SEBI – Master Circular on Matters relating to Exchange Traded Derivatives

Master Circular No. DNPD/7/2010 (31/12/2010)

This master circular seeks to consolidate all the applicable circulars issued on the subject as on date. The list of previous circulars on the subject is referred to in Annexure VII....

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SEBI issues Master Circular for Stock Exchange – Cash Market

Master Circular No.. MRD/DP/42/2010 (31/12/2010)

Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time. In order to enable the users to have an access to all the applicable circulars at one place, Master Circular for Stock Exchange/ Cash Market has been prepared....

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SEBI issues Master Circular for Depositories

Master Circular No. MRD/DP/41/2010 (31/12/2010)

Securities and Exchange Board of India (SEBI) has been issuing various circulars/directions from time to time. In order to enable the users to have an access to all the applicable circulars/directions at one place, Master Circular for Depositories has been prepared....

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Johnny and Service Tax Refund (Series-II) Part VI – “Self Certification – An Inflexible Condition”

In continuation of previous articles, elaborating the difficulties in getting the refund claim under different conditions, we in this article are unveiling the problems existing in the Service tax refund mechanism under condition of Certification of Self Certification. This complete scenario is being elaborated with the means of humorous ...

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Posted Under: Fema / RBI |

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