"27 May 2011" Archive

Overseas Direct Investment – Liberalisation / Rationalisation – A.P. (DIR Series) Circular No. 69 Dated 27.05.2011

RBI/2010-11/548 A.P. (DIR Series) Circular No. 69 27/05/2011

A.P. (DIR Series) Circular No. 69 - Performance Guarantees issued by the Indian Party -At present, ‘financial commitment’ of the Indian Party includes contribution to the capital of the overseas Joint Venture (JV) / Wholly Owned Subsidiary (WOS), loan granted to the JV / WOS and 100 per cent of guarantees issued to or on behalf of the...

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Competition Law- Brief study of Combination provisions effective 1 June, 2011

The Competition Act, 2002 was enacted to regulate (a) anti-competitive agreements, (b) abuse of dominance, and (c) Combinations. The provisions relating to regulation of combinations (for instance mergers, acquisitions, amalgamations, takeovers etc.) had been in abeyance for some time. These have now been notified Vide Notification No. S....

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Posted Under: Fema / RBI |

Review of Guidelines on entry of NBFCs into Insurance Business

RBI/2010-11/540 DNBS.PD.CC.No. 221/03.02.002/2010-11 27/05/2011

RBI has clarified that in case more than one company (irrespective of doing financial activity or not) in the same group of the NBFC wishes to take a stake in the insurance company, the contribution by all companies in the same group shall be counted for the limit of 50 % prescribed for the NBFC in an insurance JV. DNBS.PD.CC.No. 221/03.0...

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Bonus benefit to silk carpets under ITC HS code 57019090 and drawback code 570102

Public Notice No. 50 (RE-2010)/2009-14 27/05/2011

Bonus benefit under Focus Product Scheme available to silk carpets would also include such silk carpets exported under ITC HS code 57019090 with drawback code 570102 duly endorsed on the respective shipping bills. This will be with effect from 1.4.2010....

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Reconciliation of failed transactions at ATMs – Notification No. DPSS.PD.No.2632 / 02.10.002 / 2010-2011

RBI/2010/11/547 DPSS.PD.No.2632/02.10.002/2010-2011 27/05/2011

The Reserve Bank of India on Friday directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder's complaint or else pay a Rs 100 per day compensation. "The time limit for resolution of customer complaints by the issuing banks shall stand reduce...

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IRDA – Public Disclosures to be made by Insurers on Website and in Newspapers

Notification No. Ref:IRDA/F&I/CIR/PBDIS/105/05/2011 27/05/2011

Effective from the year ending March 2011, all insurers are required to file a Certificate confirming compliance with the stipulations on public disclosures as under: (1) Compliance with disclosure requirements on the Insurer’s website (Annexure 1) ; and (2) Compliance with the requirements on publication in the Newspapers (Annexur...

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Exim Bank's Line of Credit of USD 20 million to the Government of the Republic of Mozambique – A.P. (DIR SERIES) CIRCULAR NO. 4, DATED 25-07-2011

A.P. (DIR SERIES) CIRCULAR NO. 4 27/05/2011

Export-Import Bank of India (Exim Bank) has concluded an Agreement, dated March 28, 2011 with the Government of the Republic of Mozambique, making available to the latter, a Line of Credit (LoC) of USD 20 million (USD twenty million) for financing eligible goods, services, machinery and equipment including consultancy services to be expor...

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DELHI HC upheld deduction claimed in respect of remuneration/royalty paid to subsidiaries and holding companies

CIT Vs. Nestle India Ltd. (Delhi High Court)

CIT Vs. Nestle India Ltd. -The Delhi high court last week dismissed the appeal of the Commissioner of Income Tax in a dispute over the deduction claimed by IT return in respect of remuneration/royalty paid by it to other subsidiaries and holding companies. The assessing officer disallowed the claim and the tax appellate tribunal held that...

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Double Taxation Avoidance Agreement (DTAA) with Ethiopia

Press release No.402/92/2006-MC (09 of 2011) 27/05/2011

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Federal Democratic Republic of Ethiopia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 25th May, 2011 at Addis Ababa. The Agreement was signed by Shri S.M. Krishna, Externa...

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Notification No. 28/2011 – Income Tax Dated 27-5-2011

Notification No. 28/2011 - Income Tax 27/05/2011

Notification No. 28 /2011- Income Tax [F. NO. 200/21-2011-ITA-I], DATED 27-5-2011 In exercise of the powers conferred by clause (39) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as the international sporting event, persons and specified income for the purposes of the said cl...

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