Mooting greater transparency regarding donations by corporate houses to political parties, the Corporate Affairs Minister, Mr Salman Khurshid, said on Wednesday that his Ministry has already recommended the inclusion of norms for disclosure of the details of such funding in the new Companies Bill.
The Reserve Bank on Thursday said it will consider allowing corporates in hotel, hospital and software sectors to raise overseas debts beyond $ 100 million, the stipulate limit now. “…it has now been decided to consider applications from the corporates in the hotel, hospital and software sectorsto avail of ECB beyond $ 100 million under the approval route, for foreign currency or rupee capital expenditure for permissible end-uses,” RBI said in a notification.
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, the trustees of the mutual funds were advised not to make further payment to such distributors till full compliance/ completion of the steps enumerated in the said circular and to send a status to SEBI as and when process is completed to satisfaction.
The Bank had announced in the Annual Policy 2010-2011 that companies which have their assets predominantly as investments in shares for holding stake in group companies but not for trading, and also do not carry on any other financial activity, i.e., Core Investment Companies,
In terms of Reserve Bank of India (RBI) Master Circular dated July 1, 2010 on Customer Service, banks have been advised that they should exercise due care and necessary precautions for the protection of the lockers provided to the customer.
The amount of excise duty collected from chewing tobacco Including Kara Masala, Kimam etc. during 2008-09 and 2009-10 is Rs. 916.63 crore and Rs. 1062.05 crore respectively. The excise duty collections from other tobacco varieties and products like cigarettes, bidis, cigars for the years 2008-09 and 2009-10 is Rs. 9798.75 crore and Rs. 10045.35 crore respectively.
Immediate appropriate action is taken by the Directorate of Enforcement under the Foreign Exchange Management Act, 1999, whenever any specific case of unauthorized maintenance of foreign bank account or retention of funds in foreign banks by any person resident in India comes to its notice.
Several countries have submitted data to Government of India on Non-Resident Indians (NRIs) black money. The German Tax Authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT bank of Liechtenstein.
The draft Direct Taxes Code (DTC) along with a Discussion Paper was released for public discussion in August 2009. The Discussion Paper mentioned that profit-linked incentives are inherently inefficient. Essentially, a profit-linked incentive is regressive in nature.
Special tax benefits/facilites are offered to Special Economic Zones (SEZs) in the country. They include: I. Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units. II. 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for the next 5 years thereafter and 50% of the ploughed back export profit for next 5 years;
