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Archive: 10 May 2011

Posts in 10 May 2011

Now websites can track your IP address and location within a radius of about 690 meters

May 10, 2011 1212 Views 0 comment Print

A new online tracking system will allow websites to pinpoint your location to within a few hundred metres, without your permission. Internet sites will be able to work out where users are within an average of 690 metres, using information about their internet connection. At the moment they can only track users’ locations to within a radius of about 200 km, but the new technique will narrow this down to as little as 100 metres, the Daily Mail reports.

Govt may approve FDI in LLP tomorrow

May 10, 2011 552 Views 0 comment Print

The Cabinet is likely to approve a proposal to allow foreign direct investment (FDI) in Limited Liability Partnership firms tomorrow. The proposal to allow FDI in LLPs in on the agenda of the Cabinet. It is likely to be approved,” a source said. Giving go ahead to FDI in LLPs would enable them to choose among domestic and foreign investors and make these more competitive. This move will also encourage more partnership firms to convert into LLPs.

Praful Asks Finance Ministry to give time to auto companies on new CKD duty

May 10, 2011 399 Views 0 comment Print

Heavy Industries and Public Enterprises Minister Praful Patel today said his ministry has asked the Finance Ministry to give two years’ time to the auto industry to comply with the new import duty norms for completely knocked down units . We have sent a formal request to the Ministry of Finance with the request from SIAM. The industry is asking sometime to set up facilities to have more indigenisation, Patel told reporters here.

BSE seeks to revive wholesale debt trading platform

May 10, 2011 261 Views 0 comment Print

The country’s oldest stock exchange, the BSE, is looking to revive its wholesale debt trading platform with the waiver of annual charges and lower net worth requirements for those willing to trade on the bourse. The exchange has decided to waive off the annual subscription fee of Rs 25,000 for its wholesale debt market (WDM) trading members, the BSE said in a circular.

LIC issuing receipts without affixing revenue stamps

May 10, 2011 3106 Views 0 comment Print

Several branches of the country’s largest insurance company Life Insurance Corporation of India are allegedly causing huge loss to exchequer by issuing receipts without affixing revenue stamps. The matter came to light during a hearing before the Central Information Commission which directed the LIC to make public details of all the revenue stamps purchased by the Corporation between 2006-10.

Contempt plea in SC against makers of Rajnigandha, Tulsi

May 10, 2011 997 Views 0 comment Print

An NGO today approached the Supreme Court seeking contempt proceeding against the makers of pan masala Rajnigandha and Tulsi for marketing their popular brands of tobacco products in plastic sachets despite a ban on its use. The petition filed by Centre for Public Interest Litigation (CPIL) has sought contempt action against Rajeev Kumar, Managing Director of Dharampal Satyapal group, for selling tobacco product in plastic cover in violation of the apex court order.

Disobedience to Order of Arbitrator is an Offence

May 10, 2011 1749 Views 0 comment Print

It is a prevalent belief that section 17 of the Arbitration and Conciliation Act, 1996 (‘the Act’) does not confer any power on the Arbitral tribunal to enforce its order for interim measure of protection, nor does it provide for judicial enforcement of any such interim order passed by the Arbitral tribunal. Consequently, it appears that section 17 of the Act is REDUNDANT; however, THIS COULD NOT HAVE BEEN THE LEGISLATIVE INTENT. Therefore, I have made some research and humbly submit my views as follows.

Amends Notification No. 21/2002–Customs, dated 1st March, 2002

May 10, 2011 472 Views 0 comment Print

Notification No. 39/2011-Customs, G.S.R. 377(E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 which was published in the Gazette of India,

Monthly Technical Reports both Customs and (Central Excise and Service Tax) Annexures on litigation matters – revisions – regarding.

May 10, 2011 2556 Views 0 comment Print

It has been noticed that several reports are received by the Judicial & Review Section and the Legal Section of the Board as well as the Directorate of Legal Affairs (DLA) in matters relating to litigation. Many of the reports contain similar or identical information and some of them have outlived their utility and are not required any more. The multiplicity of such reports, duplication of work in preparing similar reports for different wings of the Board leads to waste of priceless resources. This was also discussed in the Annual Conference of the Chief Commissioners and Directors General held in June 2010 in New Delhi. It has, therefore, been decided to call for a comprehensive monthly report as part of the Monthly Technical Report (MTR) being sent by the field formations in matters concerning Legal and Judicial Sections of the Board as well as the Directorate of Legal Affairs (DLA).

CBDT committed to reduce the reporting burden of Ayakar Parivaar

May 10, 2011 516 Views 0 comment Print

New Reporting format CAP II though finalized, development of software to facilitate this process is taking time. While every effort is being made to complete the process quickly, field officers are advised to use the existing reporting format for now.

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May 2011