"16 May 2011" Archive

Soon Stock brokers may not be required to seek 'running account authorisation' from clients every year

Sebi has allowed brokers an uninterrupted access to their clients' accounts by seeking one time authorisation, reversing its earlier direction of such a requirement every year. Sebi has agreed to drop the requirement of stock brokers seeking 'running account authorisation' from their clients at least once a year -- which was made mandato...

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Posted Under: SEBI |

Gain from Portfolio Management Scheme (PMS) not Business Profit – ITAT Mumbai

ITO Vs. Radha Birju Patel (ITAT Mumbai)

ITO vs. Radha Birju Patel (ITAT Mumbai) - Transactions carried out via Portfolio Management Scheme are clearly in the nature of transactions meant for maximization of wealth rather encashing the profits on appreciation in value of shares. The very nature of Portfolio Management Scheme is such that the investments made by the assessee are...

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Provisions of section 2(22)(e) of the Income Tax Act, 1961 related to deemed dividend not applicable to non shareholders – Delhi HC

CIT Vs. Ankitech Pvt Ltd (Delhi High Court)

The assessee who was not the shareholders of M/s. Jackson Generators (P) Ltd. (JGPL) could be treated as covered by the definition of 'dividend' as contained in Section 2(22)(e) of the Income Tax Act (hereinafter referred to as ‗the Act‘). This issue has arisen under the following circumstances....

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Increase in Housing Loan Limit under Priority Sector -Circular No. RPCD.CORRB.No.71/03.05.33/2010-11

RBI/2010-11/533 RPCD.CORRB.No.71 /03.05.33/2010-11 16/05/2011

RPCD.CORRB.No.71 /03.05.33/2010-11 - Pursuant to the announcement made by Union Finance Minister in paragraph 44 of the budget for the year 2011-12, it has been decided to increase the above limit from Rs. 20 lakh to Rs. 25 lakh. 3. The above change will be applicable to housing loans sanctioned on or after April 1, 2011. ...

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Govt signs USD 150 million loan agreement with World Bank to push e-governance

The government has signed a USD 150 million loan agreement with the World Bank to push e-governance initiatives by filling in strategic policy gaps. This loan will support critical policy measures within Government''s overall e-Governance reform agenda leading to more robust implementation of NeGP, with significant social benefits for the...

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Posted Under: SEBI |

FEMA – Revised guidelines on KYC norms/AML standards under Money Transfer Service Scheme – A.P. (DIR SERIES) CIRCULAR NO. 62, DATED 16-05-2011

A.P. (DIR SERIES) Circular No. 62 16/05/2011

A.P. (DIR SERIES) CIRCULAR NO. 62, DATED 16-5-2011 APs (Indian Agents) should introduce a system of maintaining proper record of transactions prescribed under Rule 3, as mentioned below : (a) all cash transactions of the value of more than Rupees ten lakh or its equivalent in foreign currency; (b) all series of cash transactions integra...

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FEMA – Revised instructions on KYC norms/AML standards – A.P. (DIR SERIES) CIRCULAR NO. 61, DATED 16-05-2011

A.P. (DIR SERIES) Circular No. 61 16/05/2011

A.P. (DIR SERIES) CIRCULAR NO. 61, DATED 16-5-2011 The directions contained in this Circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and also under the, Prevention of Money Laundering Act, (PMLA), 2002, as amended by the Prevention of Money Laundering (Amendment) Act, 2009 ...

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Public Notice No. 46 (RE-2010)/2009-14, Dated: 16.05.2011

Public Notice No. 46 (RE-2010)/2009-14 16/05/2011

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendment at S.No.30 under the State of Maharashtra in Appendix 4C (List of Agencies Authorised to Issue Certificates of Origin-Non Preferential) of the Handbook of Procedures(Vol.I), ...

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NBFCs- RBI's advisory regarding updation of consolidated list of individuals/entities linked to terrorist organisations – CIRCULAR NO. DNBS(PD).CC. NO. 219/03.10.42/2010-11, DATED 16-05-2011

Circular No. DNBS(PD).CC. NO. 219/03.10.42/2010-11 16/05/2011

CIRCULAR NO. DNBS(PD).CC. NO. 219/03.10.42/2010-11 The Chairman of UN Security Council's 1267 Committee has issued a note on March 24, 2011 regarding changes made in the consolidated List of Individuals and entities linked to Al-Qaida and Taliban (copy enclosed)....

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Delhi HC decision on Directos Appointment / Removal by IFCI on the board of TFCI Ltd.

Ifci Ltd. Vs Tfci Ltd. (Delhi High Court)

IFCI Ltd. Versus TFCI Ltd.- Delhi High Court - Brief facts of the present case are that the appellant company (hereinafter referred to as ‘IFCI’) owns 37.85% of shares of respondent-company (hereinafter referred to as ‘TFCI’). On 26th November, 2010 IFCI sent a requisition to TFCI for convening an Extra-Ordinary General Meeting (f...

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