These rules may be called the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Third Amendment Rules, 2010.
The Revenue Department, Government of Uttar Pradesh vide their Gazette Notification No. 1858/1-5-2010-181-2002T.C.-Rev.-5 Lucknow dated July 01, 2010 has advised about the constitution of a new district viz. Chhatrapati Shahuji Maharaj Nagar with effect from July 01, 2010. The new district, with its headquarter at Gauriganj, has been carved out from the existing Raebareli & Sultanpur districts and comprises Tiloi, Salon, Amethi, Gauriganj and Jagdishpur talukas.
In order to capture the statistics relating to Foreign Direct Investment (FDI), both inward and outward in a more comprehensive manner as also to align it with international best practices, it has been decided to replace Part B of the Form FC-GPR by a separate ‘Annual Return on Foreign Liabilities and Assets’ given as Annex-I. The return should be submitted by July 15 of every year to the Director, Balance of Payment Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, C-9, 8th floor, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051. Further, the return should be submitted by all the Indian companies which have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year. The Annex –II gives the concepts and definitions useful in filling the Annual Return on Foreign Liabilities and Assets.
Finance Minister Pranab Mukherjee today said the income tax department has recovered undisclosed income of Rs 25,000 crore in the last two years during its search and seizure operations. In Income Tax Act there is regular provision for search and seizure. And this year search and seizure when we intensified, we have got undisclosed income of Rs 25,000 crore in last 24 months and out of that Rs 7,000 crore additional taxes have been realised,” Mukherjee said while replying to the discussion on the General Budget 2011-12 in Lok Sabha.
There are 15 non-working PSUs in Karnataka, including seven under liquidation, says a CAG report tabled in the State Legislative Assembly as it recommended to the government to consider winding them up. The companies which have taken the route of winding up by Court order are under liquidation process for the last three to seven years.
The Bombay high court last week quashed the office memorandum / press release dated November 11 and policy circular dated December 22 last year as they were not issued under the provisions of the Foreign Trade (Development and Regulation) Act, and, therefore, the restrictions contained in them were contrary to law.
Various benches of the high court have taken different stands on the issue of relationship between the employer and such workers. SC framed three questions for the larger bench. The first and main one is “whether a person who is employed by a contractor who undertakes contracts for the execution of any of the whole of the work or any part of the work which is ordinarily work of the undertaking is an employee under the Act?”
Coins of 25 Paise and Below – Withdrawal from Circulation vide UBD.BPD. (PCB). Cir.No. 39 /09.73.000/2010-11. The Reserve Bank of India has instructed the banks maintaining small coin depots (list annexed) to arrange for exchange of coins of denomination of 25 paise and below for their face value at their branches. Members of public can exchange small denomination coins at any branch of these banks. Exchange facility will also be available at all Issue Offices of the Reserve Bank. The coins will be exchanged at the branches of these banks/offices of the Reserve Bank till the close of business on June 30, 2011.
Notification No. 23/2011-CUSTOMS (N. T.)- 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 amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –
the ld. Magistrate viewed that imposition of a fine payable as compensation to the Appellant was sufficient to meet the ends of justice in the instant case. The High Court confirmed the order of the ld. Magistrate, with an increased fine — the Supreme Court held no interference with the order of the High Court, except to the extent of increasing the amount of compensation payable by a further sum of Rs.2 lakhs — appeal partly allowed.
