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INSTRUCTION NO. 7 /2011 Section 260A of the Income-tax Act, 1961 – High Court – Appeal to – Instructions regarding Standard Operating Procedure on filing of appeals to High Court under section 260A and related matters. The Government has formulated the National Litigation Policy 2010, for conduct of litigation on its behalf. The policy declares: Government must cease to be a compulsive litigant. The philosophy that matters should be left to the courts for ultimate decision has to be discarded. The easy approach, ‘let the court decide’, must be eschewed and condemned.
In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank of India (RBI) panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives. The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of India (CCIL) should be made the repository of all interest rate and forex derivative transactions.
The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns. A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee [ Images ] when he presented the Budget in February. On Tuesday, Pranab Mukherjee said this will be applicable in the 2011-12 assessment year for the income earned in 2010-11. He said that a notice to this effect will be brought out soon.
DNBS (PD) CC. No. 24/SCRC/26.03.001/2010-2011 – Pursuant to the announcement made by the Finance Minister in the budget speech for 2011-12, Government of India, Ministry of Finance notified the establishment of the Central Registry vide notification F. No. 56/05/2007-BO-II dated March 31, 2011. The objective of setting up of Central Registry is to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. 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 Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
DBOD. Dir.BC. 96 /13.03.00/2010-11 The matter regarding extending of finance for subscription to the IDRs and loans thereagainst has been examined. It has been decided that no bank should grant any loan/advance for subscription to IDRs. Further, no bank should grant any loan/advance against security/collateral of IDRs issued in India.
As per HS Code 1701 00 00 in the Schedule-2 of ITC(HS) Classification of Export and Import Items, as amended, M/s Indian Sugar Exim Corporation Limited, New Delhi is the designated agency for export of Sugar to EU under Preferential Quota. As per Article 10 of European Union Regulation (EC) No. 891/2009 of 25.9.2009 release for free circulation for the quotas of CXL concession sugar with order no.09.4321 shall be subject to the presentation of a certificate of origin issued by the competent authority of the third country concerned in accordance with articles 55 to 65 of Regulation (EEC) No. 2454/93.
The Reserve Bank should keep its key rates high not just to fight inflation, but also to prevent the formation of asset bubbles, a top economist from Standard Chartered said today. I think the RBI needs to make sure that the monetary policy is tight not just to address the immediate inflation challenge but (also) to prevent bubbles and inflation problems being seen in the future, the bank’s Chief Economist and Group Head of Global Research , Gerard Lyons, told reporters here.
States are important stakeholders in inflation management as their contribution is important in addressing the supply side constraints. They could, for instance, help better management of public distribution system, improve productivity in agriculture and allied activities, reform the Agriculture Produce Marketing Committee (APMC) Acts and improve the infrastructure, such as, storage facilities, Dr. D. Subbarao, Governor, Reserve Bank of India, told the State Finance Secretaries today while inaugurating a conference held in Mumbai.
Notification No. 42 /2011-Customs , New Delhi dated the 25th May, 2011 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 amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 51/2008-Customs, dated the 21st April, 2008 which was published in the Gazette of India, Extraordinary, vide number G.S.R. 297 (E), dated the 21st April, 2008, namely:–
Earlier, JMDC was issuing RCMC for exporters of jute and jute products. Henceforth, JPDEPC will issue RCMC for exporters of jute and jute products in place of JMDC. Listing of JPDEPC in Appendix 2 of the Handbook of Procedures Vol. I has been done.
