"25 May 2011" Archive

CBDT's instruction No. 7/2011 on filing of appeals to High Court

INSTRUCTION NO. 7 /2011 (24/05/2011)

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 de...

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RBI panel suggests tighter reporting norms for interest rate and forex derivatives

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 ...

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Posted Under: Income Tax |

Income below Rs 5 lakh? You need not file returns

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 201...

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Posted Under: Income Tax |

Setting up of Central Electronic Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002

RBI/2010-2011/545 DNBS (PD) CC. No. 24/SCRC/26.03.001/2010-2011 (25/05/2011)

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 Regis...

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RBI – Bank can not Loan for subscription of Indian Depository Receipts (IDRs) or against security/collateral of IDRs

RBI/2010-11/ 543 DBOD. Dir.BC. 96 /13.03.00/2010-11 (25/05/2011)

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....

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Allocation of 10,000 MT of raw/white sugar for the fiscal year 2010-11 (October- September) for export to EU under CXL Quota

Public Notice No. 49 (RE-2011)/2009-2014 (25/06/2011)

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...

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RBI rate hike not just to fight inflation, but also to prevent formation of asset bubbles

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 in...

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Posted Under: Income Tax |

States Important Stakeholders in Inflation Management – RBI Governor

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 an...

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Posted Under: Income Tax |

Notification No. 42/2011-Customs Dated: 25/05/2011

Notification No. 42/2011-Customs (25/05/2011)

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...

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Public Notice No. 48/2009-2014 (RE-2010), Dated: 25.05.2011

Public Notice No. 48/2009-2014 (RE-2010) (25/05/2011)

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. ...

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