As per SEBI circular No. CIR/IMD/FII/9/2010 dated August 06, 2010, unutilised investment limits for Government debt & corporate debt were available for allocation to the FIIs/ sub-accounts in the open bidding platform. The bidding for these limits took place today on the NSE offered platform.
I am directed say that for effective administration and implementation of the SEZ Scheme, the Development Commissioners of the Central Government owned SEZs were declared as Zonal Development
SEBI vide circular No. SEBI/IMD/CIR No.12 /1 86868 /2009 dated December 11, 2009 has inter alia advised mutual funds to confirm whether all the investor related documents are maintained/ available with them. Further in case the investor related documentation was incomplete.
Hitherto, Indian corporates in the services sectors viz., hotels, hospitals and software were allowed to avail ECB upto USD 100 million per financial year under the automatic route for permissible end-uses. ECB beyond USD 100 million was arguably not permissible even under the approval route.
Interest Rate on EPF :- The rate of interest on Employees Provident Fund Accounts for the year 2010-11 is to be based on the income receivable on the corpus during the year and it is likely to be declared by the Central Board of Trustees, Employees’ Provident Fund [CBT(EPF)] in its next meeting scheduled to be held on 04.09.2010.
The Reserve Bank of India does not have any estimate of alleged illegal gold transactions going on in the country, according an RTI reply. The application addressed to the Finance Ministry was transferred to the Bankers’ Bank for a reply on the issue of illegal gold transactions, ‘hawala’ trade and blackmoney stashed away in banks abroad, but the RBI said it had no information on these issue.
While Explanation 2 to s. 147 deems income to have escaped assessment if excessive deduction is allowed, the reopening of an assessment u/s 147 has serious ramifications because the AO is empowered to reassess income even in respect of issues not set out in the notice. Therefore, if the power to rectify an order u/s 154(1) is adequate to meet a mistake or error in the order of assessment, the AO must take recourse to that power as opposed to the wider power to reopen the assessment. If the error can be rectified u/s 154, it would be arbitrary for the AO to reopen the entire assessment u/s 147. Further, the error in the order was not attributable to a fault or omission on the part of the assessee and the assessee cannot be penalized for a fault of the AO;
1. Heard counsel on either side at length. Records perused. 2. Even though both sides had cited several decisions of this Court on the scope and application of Section 5 of the Limitation Act, but it is neither necessary nor required to deal with those cases in the peculiar facts and circumstances of this case.
It has been reported that Customs is insisting that the Courier Companies Produce an authorization from the recipient of the gifts before allowing clearance, which is causing delays and hardship to individuals.
Rajya Sabha on Tuesday passed the Trademarks (amendment) Bill of 2009, which enables a person or an enterprise to seek registration of a trademark in any of the 84 member countries of the Madrid Protocol through a single application. The amendment bill, which provides for a simplified trademark registration process,
