"03 May 2011" Archive

Amendment in Paragraph 2.31 of FTP, 2009-14 to allow export of samples as part of passenger baggage

Notification No. 45 (RE-2010)/2009-2014 03/05/2011

In exercise of powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) as amended in 2010, and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, (as amended from time to time), the Central Government hereby makes the following amendment in ...

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RBI Monetary Policy Statement for 2011-12 Press Statement by Dr. D. Subbarao, Governor

The Annual Policy for 2011-12 is set in conditions significantly different from those a year ago. Last year’s policy was made in an environment of incipient domestic recovery and uncertainty about the state of the global economy. While signs of inflation were visible, they were driven primarily by food items. Nonetheless, there was a cl...

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Posted Under: DGFT |

Exports post highest growth of 37.5 Percent at 245.90 bn Dollar in FY'2011

The country's exports went up by 37.55 per cent to USD 245.86 billion during FY2010-11, demonstrating robust demand for Indian merchandise not just in Western economies, but in new markets like Latin America and Africa as well. ...

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Posted Under: DGFT |

PwC in $25.5 mn settlement over Satyam audit

PricewaterhouseCoopers affiliates agreed to pay $25.5 million to former Satyam Computer Services Ltd investors to settle US litigation over the audit of the Indian outsourcing company. The settlement came four weeks after PwC agreed to pay a record $7.5 million US penalty over its auditing work for Satyam. ...

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Posted Under: DGFT |

Bad upkeep of I-T offices shocks CBDT chief in surprise visit

The Income Tax chief recently made surprise visits to some offices in the department and found to his dismay their poor maintenance and the indifferent attitude of senior officers towards their juniors. During his visit to have a first hand feel of the condition in the I-T offices, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chan...

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Posted Under: DGFT | ,

RBI Monetary Policy Statement 2011-12

The Annual Policy for 2011-12 is set in conditions significantly different than they were a year ago. Last year’s policy was made in an environment of incipient domestic recovery amidst uncertainty about the state of the global economy, a perception that was reinforced with the precipitation of the Greek sovereign debt crisis a few week...

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Posted Under: DGFT |

Clarification regarding effective date of Companies (Particulars of employees)Amendment Rules,2011

General Circular No. 23/2011 03/05/2011

MCA has clarified that the revised limits for disclosure of details of employees drawing remuneration in excess of Rs. 5 lacs per month or Rs. 60 lacs per annum under Section 217(2A) of the Act is applicable to all annual reports approved, published and circulated on or after. ...

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Changes in Repo and Reverse Repo Rates

RBI/2010-2011/501 FMD.MOAG. No.58/01.01.01/2010-11 03/05/2011

As announced today in the Annual Monetary Policy 2011-12, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 50 basis points from 6.75 per cent to 7.25 per cent with immediate effect. Further, as announced in the Policy, the reverse repo rate under the LAF, determined with a spread of 100 basis ...

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RBI increases Interest Rate on Savings Deposits to 4 Percent

RBI/2010-11/507 DBOD.Dir.BC. 90 /13.03.00/2010-11 03/05/2011

In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and in partial modification of its directive DBOD.No.Dir.BC.75/13.03.00/2002-03 dated February 28, 2003 as amended from time to time, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby d...

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Standing Liquidity Facilities for Banks and Primary Dealers – REF.No.MPD.BC.343 /07.01.279/2010-11 dated May 3, 2011

RBI/2010-11/506 REF.No.MPD.BC.343 /07.01.279/2010-11 03/05/2011

Please refer to the Monetary Policy Statement 2011-12 dated May 3, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 50 basis points from 6.75 per cent to 7.25 per cent with immediate effect. Accordingly, the Standing Liquidity Facilities provided to banks (export credit refinance) a...

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