Asset Management Services By Individuals- means any service provided or to be provided to any person, by any other person, except a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern referred to in sub-clause (zm), in relation to asset management including portfolio management and all forms of fund management.
All goods imported into India from abroad is liable to duties of Customs under Section 12 of the Customs Act and also is liable to all the restrictions under the Foreign Trade (Development & Regulations) Act 1992. However, the Government has exempted gifts received from abroad by persons residing in India from the whole of duties of Customs and from restriction under FT (D&R) Act. At present, import of goods upto the value of Rs. 5,000/- is allowed as gift, duty free. This exemption is allowed only for bonafide gifts imported by air or post. For the purpose of calculation of this value of Rs. 5,000/- the air freight or postal charges paid are not added.
Offers are invited for Empanelment for the Appointment of Internal Auditors in Eastern Coalfields Ltd. (ECL) along with its Areas & service units, for the year 2011-12 starting from 1st April, 2011 with a provision to renew the same for another three years.
Market regulator SEBI will soon come out with guidelines for foreign investors undertaking direct investments in mutual funds, a senior official said today. “SEBI will issue the guidelines allowing foreign investors to invest in mutual funds shortly…We are working with the Reserve Bank and the Finance Ministry (for allowing FIIs entry into mutual funds)…it is a matter of weeks and not months,” SEBI Executive Director of institutional investment management K N Vaidyanathan told reporters here.
The Pension Fund Regulatory and Development Authority (PFRDA) today said the Bajpai committee report on overhauling the structure of all citizens’ pension scheme is expected by the end of this month. “They have committed that they would submit the report by end of this month,” PFRDA Chairman Yogesh Agarwal said on the sidelines of a seminar here.
Having completed investigation into special audit of five leading operators, including RCom, Bharti and Idea, the Telecom Ministry is likely to raise demand of over Rs 1,100 crore from them for under reporting revenues. “The Department has completed investigations into the audit report of telecom companies and the demand may be raised by this month-end,” a source in the DoT said.
All the CCITs, including the CCITs (CCA), were advised by the Board on Feb 28 & again on March 05 11 to provide data regarding paper refund cases not yet entered on the system. The CBDT feels anguished that, except CCITs Nagpur, Ranchi, Panaji & Guwahati, no other CCIT has taken care to comply with the Board’s appeal.
Age of Marriage The Law Commission of India in its 205th Report had made recommendation for a uniform age of marriage of 18 years for both boys and girls. However, the Government is of the view that the difference in the age of marriage (21 years for boys and 18 years for girls) was deliberately inserted in the statutes in view of the social realities.
The working days in the High Courts are regulated by the rules framed by the respective Courts. According to available information, all High Courts in the country normally have 210 working days in a year. The number of working days of the District/Subordinate Courts are regulated by the concerned High Court. However, no data about the number of working days in the lower courts is maintained Centrally.
Download ICAI Online Journal for the Month of March 2011.
