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The Department of Industrial Policy and Promotion (DIPP) in the Ministry of Commerce & Industry, Government of India has vide Circular no. 1 of 2011 dated 31 March 2011 issued a consolidated Foreign Direct Investment (‘FDI’) Policy. This policy becomes effective from 1 April 2011 and shall subsume all the press notes, press releases, circulars and clarifications issued by the DIPP which were in force till 31 March 2011.
With a view to provide significant relief to diamond merchants, the Municipal Corporation of Greater Mumbai (‘MCGM’) which is the municipal authority governing the jurisdiction of Mumbai, has come out with a circular (Circular No. AC/8/OSSC dated 31 March 2011) to reduce the rate of octroi on Gems and Jewellery items from 2% to 0.01% advalorem. The Standing Committee / Corporation of the MCGM vide their resolution under SCR No. 1461 dated 11 March 2011 & CR No. 1122 dated 29 March 2011 have accorded their approval to reduce the rate of octroi from 2% advalorem to 0.01% advalorem for the gems and jewellery items effective at the point of import at the Custom Station/s of Mumbai with effect from 1 April 2011.
Bank customers may soon expect better services and fast-track redressal of their grievances as Reserve Bank of India (RBI) is likely to consider a fresh set of rules to improve the banks’ customer service practices. Almost a year after RBI put in motion a process to improve banks’ customer service practices, a high-profile panel set up by the central bank in this regard is likely to submit its recommendations later this month.
Owning a vehicle would now pinch your pockets even more, with third-party motor insurance premiums set to rise by up to 65 per cent for two-wheelers, private cars and heavy load carriers from April 25. The premiums are being revised after a gap of four years, the sector watchdog Insurance Regulatory and Development Authority (IRDA) said, adding, from now onwards the third-party motor insurance premium rates would be revised annually.
Cautioning judges against taking over the functions of the legislature, Chief Justice Mr SH Kapadia today said that judiciary should maintain self restraint and respect separation of power. “We must refuse to sit as a super-legislature to weigh the wisdom of legislation. We must remember that our Constitution recognises separation of powers and that the legislatures and the government can be made accountable for their legislation and actions by the electorate if they err,” Mr Justice Kapadia said.
Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities on which comments, if any, are invited by MCA by 30th April, 2011. Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account. Comments, if any, are invited on the same by 30th April, 2011.
All stakeholders are hereby informed that the provisions regarding stamp duty payment on Form No. 1, Memorandum of Association, Articles of Association, Form No. 5 and Form No. 44 electronically, at the time of their e-filing through MCA portal (www.mca.gov.in) ,in addition to the already existing list of States and Union Territories published on the MCA portal,will also be mandatory for the State of Jammu and Kashmir ,with effect from 1st May,2011.
Cheque transactions worth over Rs 7.97 lakh crore were carried out in the country during February, 2011, a growth of over 2.5 per cent from the same month last year.Banks had cleared cheques worth over Rs 7.77 lakh crore in February 2010, as per the latest data from the Reserve Bank.
The central tax collection — direct and indirect — reached about Rs 7.92 lakh crore in 2010-11, exceeding even the revised estimate, on the back of strong economic growth.The total Budget estimate for direct and indirect tax collections was Rs 7.45 lakh crore for the last fiscal, which was revised upwards to Rs 7.80 lakh crore.
Even as third generation (3G) mobile telephony is still at a pilot stage, technology players are hopeful that the more advanced 4G will be here sooner than later due to its sheer economic advantage over the former besides its easy upgradability on the existing infrastructure. “The 4G is likely to be in India sooner than later, as early as next year, because it is economically more advantageous than 3G, apart as it can be easily upgraded on the existing infrastructure,” said Nikhil Sadarangani of JDSU India, a provider of optical products and solutions.
