"21 April 2011" Archive

Provisioning Coverage Ratio (PCR) for Advances

RBI/2010-11/485 DBOD.No.BP.BC. 87/21.04.048/2010-11 (21/04/2011)

DBOD.No.BP.BC. 87/21.04.048/2010-11 Majority of the banks have since achieved the PCR of 70 percent and have been representing to RBI whether the prescribed PCR is required to be maintained on an ongoing basis. The matter has been examined by us and till such time RBI introduces a more comprehensive methodology of countercyclical provisio...

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2G scam- Delhi court dismisses Bail pleas of 5 corporate honchos

A Delhi court on Wednesday dismissed the bail pleas of five corporate executives, who were named as accused by the CBI in the 2G spectrum allocation scam but were not arrested. "All the bail applications have been rejected," Special CBI Judge O P Saini said. With the rejection of their bail pleas, they were likely to be remanded in judic...

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Posted Under: Fema / RBI |

New Income tax Returns in Hindi Font for Assessment year 2011-12 / Financial year 2010-11

ITR-1 SAHAJ, ITR 2, ITR 3, SUGAM (ITR-4S), ITR-4, ITR 5, ITR-6, ITR-7 in Hindi font for A.Y 2011-12 / Financial Year 2010-11. ITR- SUGAM (ITR-4S) in Hindi for A.Y 2011-12 Financial Year 2010-11 ITR-7 in Hindi for A.Y 2011-12 Financial Year 2010-11 ITR-6 in Hindi for A.Y 2011-12 Financial Year 2010-11 ITR-5 in Hindi for A.Y 2011-12 Financi...

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Posted Under: Fema / RBI |

May 2011 CA exams – ICAI changes Palakad Examination Centre

Students appearing for May 2011 Professional Competence Course (PCC), Integrated Professional Competence Course (IPCC) and Final examinations may note that due to unavoidable circumstances, the Palakad Examination Centre has been changed from Government Victoria College, Palakkad to Government Moyan Model Girls Higher Secondary School, Pa...

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Posted Under: Fema / RBI |

Common Questions on SAHAJ and SUGAM and How these are different from OLD ITR forms?

1. Why are the forms being Modified – Key Imperatives? Centralized Processing Center’s have been set up all over the country with the primary objective of processing returns on a bulk processing basis instead of case by case Processing. CPC would be the fulcrum of faster processing and world class Taxpayer Services. The automated envi...

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Posted Under: Fema / RBI | ,

Clarification Regarding service of documents by e-mode instead of Under Posting Certificate – MCA permits service of documents through e-mail

Circular No. 17/2011 (21/04/2011)

Circular No. 17/2011 Ministry of Corporate Affairs has taken a “Green Initiative in the Corporate Governance” by allowing paperless compliances by the Companies after considering sections 2, 4, 5, and 81 of the Information Technology Act, 2000 for legal validity of compliances under Companies Act through electronic mode. Section 53 of...

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Green Initiatives in Corporate Sector -clarification regarding service of documents by e-mode instead of Under Posting certificate (UPC)

Circular No. 17/2011 (21/04/2011)

Section 53 of the Companies Act, 1956 provides service of documents under 'Certificate of posting' as one of the accepted mode of service. Whereas the Department of posts has recently discontinued the postal facility under 'Certificate of posting' vide their letter dated 23.02.2011. The Information Technology Act, 2000 also permits servic...

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Guidelines on 1 Percent interest subvention Scheme on housing loans upto Rs. 10 lakh –

RBI/2010-11/481 RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 (21/04/2011)

RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 - In para 43 of the Union Budget Speech of 2011-12, it has been proposed to liberalise the existing scheme of interest subvention of 1 per cent on housing loans by extending it to housing loan upto Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh from the present limit of Rs.10 ...

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Setting up of Central Electronic Registry under the SARFESAI Act, 2002

RBI /2010-11/484 DBOD.Leg. No.BC. 86/09.08.011/2010-11 (21/04/2011)

It may be noted that initially transactions relating to securitization and reconstruction of financial assets and those relating to mortgage by deposit of title deeds to secure any loan or advances granted by banks and financial institutions, as defined under the SARFAESI Act, are to be registered in the Central Registry. The records main...

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Supreme Court bans employment of children in circuses

The Supreme Court today banned the employment of children in circuses and directed the government to rescue children employed in the sector and formulate a rehabilitation programme for them. A bench headed by Justice Dalveer Bhandari said that in order to protect the fundamental rights of children, it is imperative that the government is...

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Posted Under: Fema / RBI |