(1)These rules may be called The Legal Metrology (Packaged Commodities) Rules, 2011. (2) They shall come into force on the 1st day of April, 2011.
Notification No. 13/2011 – Income Tax [F.NO. 203/57/2009/ITA-II], DATED 7-3-2011. It is hereby notified for general information that the organization Karnataka State Sericulture Research and Development Institute, Bangalore has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2003 onwards in the category of ‘Institution’, partly engaged in research activities subject to the following conditions, namely:-
This is in continuation of SEBI Circular No. SEBI/DNPD/Cir- 46/2009 dated August 28, 2009 regarding Exchange Traded Interest Rate Futures. 2. It has now been decided to permit introduction of futures on 91-day Government of India Treasury-Bill (T- Bill) on currency derivatives segment of Stock Exchanges. Eligible Stock Exchanges may do so after obtaining prior approval from SEBI.
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It has been decided to introduce Interest Rate Futures on 91-Day Treasury Bills issued by Government of India. In this regard, Reserve Bank of India has issued an amendment direction IDMD.PCD.27/ED(HRK)-2010 dated March 7, 2011 under section 45W of the Reserve Bank of India Act, 1934, which has been placed on the Reserve Bank of India website (www.rbi.org.in).
The Institute entered into an MOU with United Stock Exchange of India Ltd. on March 07, 2011United Stock Exchange of India Limited (USE) is India’s newest stock exchange and has been promoted by 21 Indian public sector banks, private banks and corporate houses.
Problem of judgements without giving reasons continues :- Though the SC has criticised some high courts for writing judgements without giving reasons, the problem seems to continue. In the case of Tikaula Sugar Mills vs State of Uttar Pradesh, the Allahabad high court was asked to pass a reasoned judgement in the dispute. The high court had set aside the order of the Special Secretary, Government of Uttar Pradesh, without giving reasons. “In our considered view, the judge should not have set aside the order without assigning any reasons,” the SC said, and asked the high court to dispose of the case within a month.
As part of efforts to improve exchange of tax information, Paris-based grouping OECD will come out with over 50 peer review reports, mainly on taxation standards of countries by November this year. The Organisation for Economic Cooperation and Development (OECD) is leading initiatives on international tax norms and works closely with the G20 nations on cracking down on tax havens that allegedly help people to stash unaccounted money.
As Indian carriers protest the proposed hike in service tax on air travel, global airlines body IATA has said such taxes would compromise the industry’s ability to maintain margins in the wake of rising fuel prices. In the last few weeks, additional taxes have been proposed on air travel in India, South Africa and Iceland, while new and increased taxes of 3-5 per cent of ticket prices were imposed in the UK, Germany and Austria last year, the International Air Transport Association (IATA) has said.
Expressing distress over the proposed service tax on treatment in private hospitals and tests in diagnostics labs, Ficci today said the move would jeopardise preventive care and impact the rural population. Finance Minister Pranab Mukherjee in his budgetary proposals last Monday imposed 5 per cent service tax on treatment in private hospitals, paid either by individuals, insurance companies or firms.
