"19 May 2011" Archive

Mutual Funds to provide option to investors to receive allotment of Mutual Fund units in their demat account for all schemes

Circular No. CIR/IMD/DF/9/2011 (19/05/2011)

In order to facilitate investors, Mutual Funds should provide an option to the investors to receive allotment of Mutual Fund units in their demat account while subscribing to any scheme (open ended/close ended/Interval). Therefore Mutual Funds/AMCs are advised to invariably provide an option to the investors to mention demat account detai...

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Excise, service tax evasion of Rs 5,000 crore in FY'11

Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money....

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Posted Under: SEBI |

Andhra Pradesh High Court stays Service Tax On Lawyers

Pursuant to a Writ Petition challenging the imposition of service tax on lawyers and the prayer seeking interim relief by way of 'restraining the Respondents from giving effect to directly or indirectly or acting upon the impugned provisions or collecting any service tax on the assistance provided as an officer of the Court by an advocate...

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Posted Under: SEBI |

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

RBI/2010-11/530 RPCD.CO RRB.BC.No. 72/03.05.33/2010-11 (19/05/2011)

The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), a Government Company licensed under section 25 of the Companies Act 1956 has been incorporated for the purpose of operating and maintaining the Central Registry under the provisions of the Securitisation and Reconstruction of Financial Ass...

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Powers of phone tapping continue to remain with us – CBDT

The Central Board of Direct Taxes (CBDT) on Tuesday said the power of phone tapping of suspected tax evaders continued to remain with it and there has been no change in the government policy in this regard. ...

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Posted Under: SEBI | ,

RBI raises NPA provisioning for bad loans

The Reserve Bank of India (RBI) today tightened the prudential norms for banks and raised provisioning requirement for bad loans by up to 10%, a development that would impact bottom lines of banks. ...

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Posted Under: SEBI |

IASB issues four new standards (IFRS)

IFRS 10 Consolidated Financial Statements includes a new definition of control, which is used to determine which entities are consolidated, and describes consolidation procedures. IFRS 11 Joint Arrangements describes the accounting for joint arrangements with joint control; proportionate consolidation is not permitted for joint ventures (...

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Posted Under: SEBI |

Regarding inclusion of ICD Marripalem (Guntur Dist.) in Customs Notifications under specified Export Promotion Schemes

Notification No. 40/2011-Customs (19/05/2011)

Notification No. 40 /2011 - Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India in the Ministry of Finance (...

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Industry condemns Move to end DEPB scheme

Taxmen have seized black money to the tune of a whopping Rs 30,000 crore (Rs 300 billion) in the country in the past two years, said the Central Board of Direct Taxes which is set to get investigative powers to boost its drive against wrong-doers. ...

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Posted Under: SEBI |

2G Scam – CBI shielding Tatas, Balwa tells court

The CBI’s heart beats for the Tatas, 2G scam accused Shahid Usman Balwa alleged in court today, questioning the agency’s portrayal of the group as a victim of A. Raja’s spectrum allocations. Tatas never had any strained relations with Raja. In fact, he (Ratan Tata) had written to Raja praising him that he (Raja) has been rational, f...

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Posted Under: SEBI |