The Bombay High Court on Wednesday deferred to Nov 23 a hearing of Vodafone’s petition against a move by Indian tax office to treat it as an agent of the seller in its 2007 acquisition of Hutchison Whampoa’s mobile business in India, a spokesman for
Market regulator SEBI on Tuesday indicated that it could tighten the disclosure norms for transactions between related companies. “There is a scope for improvement…,” SEBI Chief C.B. Bhave said when asked if the measures taken by SEBI so far with r
With less than six months to go before the nation moves towards a globally-recognised accounting system, the government plans to dilute some key provisions relating to foreign exchange differences and overseas borrowings which will make global invest
Expecting the country’s growth rate to strengthen further in the coming months, finance minister Pranab Mukherjee on Tuesday said the government would gradually withdraw fiscal stimulus measures undertaken since October 2008 to combat the adverse imp
The finance ministry expects to overshoot its indirect tax collection target by Rs 15,000 crore. For 2010-11, the government had set an indirect tax collection target of Rs 315,000 crore. “We may exceed our original target…It (indirect tax mop-up) co
After slapping over Rs 11,000 crore tax notice on Vodafone over its deal with Hutch , the income tax department today said it is not unnecessarily aggressive on this case and is just implementing the law. “We are implementing the law as it is.
I am directed to invite attention to the Board’s circular No.58/2004-Cus dated 21.10.2004 which prescribes form of bond to be furnished for availing duty exemption under Advance License and EPCG Schemes. Condition 1 of the prescribed form of bond reads as under
Custodian banks have expressed operational difficulties in complying with the requirement of incorporating a clause in the agreement with their clients which gives them an inalienable right over the securities to be received as payout in any settlement before November 1, 2010. Accordingly, it has been decided to grant an additional period of two months i.e. upto December 31, 2010, to the custodian banks to fulfil this requirement.
Please refer to RBI/2010-11/147 A.P. (DIR Series) Circular No. 05 dated July 30, 2010 containing guidelines on Trading of Currency Options on Recognised Stock / New Exchanges issued by Foreign Exchange Department (copy enclosed). In this connection, we advise as under.
Please find enclosed circular DBOD No. BP .BC .44 / 21.04.141 / 2010-11 dated September 29, 2010 on the above subject. In this connection, it is advised that the above guidelines issued to banks, shall mutatis mutandis apply to the select All-India Financial Institutions.
