Cir. /IMD/DF/5/2011- March 16, 2011 – The Listing Agreement for securitized debt instruments as set out at Annexure shall come into force with immediate effect for all ‘securitised debt instruments, as defined under regulation 2(1 )(s) of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008, seeking listing on the Stock Exchange.
The Supreme Court on Monday admitted a petition filed by Reliance Industries over a dispute on imposition of sales tax on purchase and return of Linear Alkyl Benzene Feed Stock (LABFS) to Bharat Petroleum after it processed it at its chemical plant at Patalganga. A bench comprising Justice B Sudershan Reddy and Justice S S Nijjar admitted the petition filed by RIL and posted the matter in July for the final hearing. The apex court also issued notice to Maharashtra state government and directed it to file a reply.
India has imposed anti-dumping duty of up to 40.9 per cent on the import of glass fibre, used in automobiles, electrical insulation and heat resistant fabrics, from China to protect domestic players. The restrictive duty on import of glass fibre would be imposed for a period of five years, the Department of Revenue said.
Government of India vide notification dated December 16, 2010 has recognized the letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar Number as an “officially valid document” to satisfy the ‘Know Your Customer’ (KYC) norms for opening small accounts in banks. This is expected to promote the financial inclusion of the poor and the hitherto excluded by making it possible for them to easily establish their identity and open bank accounts. The UIDAI is facilitating opening of bank accounts for the residents at the time of enrolment for Aadhaar through partner banks and acceptance of the letter of UIDAI as a valid KYC will make the process seamless.
Finance minister Pranab Mukherjee on Monday made a case for raising the Tax GDP ratio to a “reasonable level” of 12%-14%, to enhance the government’s capability to fund social sector schemes. “I do believe that Tax GDP ratio, which has come down to 10% plus, must reach 12%, so that the Tax GDP ratio is at reasonable level,” Mukherjee said in his reply to the general budget 2011-12 in the Rajya Sabha.
The Hon’ble Finance Minister has expressed his deep concern at the rising litigation with employees of the Income Tax Department. A committee is already been set up in CBDT to i. Identify systematic causes for service litigation and litigation with taxpayers in the CBDT. ii. To prepare a roadmap for reducing the existing litigation and also to avoid litigation for future. iii) TO act as standing committee to reduce litigation.
The term “Infrastructure Loan” has been defined in Para 2(viii) of Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 and Non-Banking Financial (Non – Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, respectively. It has now been decided to include “Telecom Towers” also as an infrastructure facility for availing credit facility.
Cabinet Secretariat has brought to the notice of the CVC that in spite of above clarifications issued by CVC, some Ministries/Departments which receive complaints from CVC for taking appropriate action, instead of taking further necessary action at their level continue to forward the same to the Group of Secretaries of Group of Officers for consideration. Cabinet Secretariat has therefore, desired that instructions be issued by CVC to all the Ministries/Departments in this regard.
As per clause (a) of Rule 49, an ‘authorized income-tax practitioner’ is any authorized representative as defined in clause (v) or clause (vi) or clause (vii) of sub-section (2) of section 288 for appearing before this Tribunal.
