Country’s largest lender SBI today announced a hike in lending rates by 75 basis points (bps), making housing, auto and other loans dearer for both new and existing borrowers. State-owned SBI has increased the base rate, or the minimum lending rate, by 75 bps (0.75%) to 9.25%. The new rate is effective from May 12, the lender said in a statement.
Online Certificate Course in Intellectual Property Rights – The Intellectual Property, one of the important assets of commercial transactions, has become an important measure for corporate viability, competitive edge and sustainable performance. Realizing the importance of IPRs in knowledge era and with a view to equip our members on legal and technical skills in various aspects of Intellectual Property Rights, the Institute has decided to introduce online short term certificate course for its members and students. The course would enable our members and students to gain an appreciation of intellectual property as a tool for corporate advisory and development. The course would combine online study with instructor led training. The course would be launched shortly.
Please refer to our Circular UBD.PCB.Cir.No.11/09.09.01/2007-08 dated August 30, 2007 forwarding therewith the guidelines for UCBs on lending to priority sector. In terms of item (vi) under ‘Categories of Priority Sector’ and also para 7.1 of section I of Annex of the above Circular, loans up to Rs.20 lakh irrespective of location, to individuals for purchase / construction of dwelling unit per family, excluding loans granted by banks to their own employees are eligible for classification under priority sector.
The Central Bureau of Investigation has arrested a Private Secretary to the Minister of Technical Education, Social Security, Women & Child, Govt. of Punjab in the on-going investigation of a bribery case. The arrested accused was produced before the Special Judge for CBI cases, Chandigarh and remanded to one day Police custody.
Over 17,000 plastic pouches of gutka being sold illegally were recovered during a drive carried out by district municipal corporation authorities here, officials said today. The corporation carried out the drive yesterday after receiving repeated complaints regarding selling of gutka in plastic pouches despite the Apex court’s order, Municipal Commissioner R Vikram Singh said.
Hitherto, Authorised Dealers Category – I Banks (AD) were allowed to permit pledge of shares held by the Promoters as security for External Commercial Borrowings (ECB) availed by the Borrowing Resident Investee Company subject to prescribed conditions. As a measure of liberalisation and simplifications, the Reserve Bank of India (RBI) has now permitted ADs to allow pledge of shares of an Indian Company held by Non-Resident Investor/s subject to certain key conditions outlined below.
1) Who is an International Worker? An International worker may be an Indian worker or a foreign national. – Any Indian employee working or having worked abroad in a country with which India has entered into a Social Security Agreement (SSA); OR – Any foreigner working in India in an establishment where the Employees‟ Provident Funds & Miscellaneous Provisions Act, 1952 is applicable.
Food served in hotel rooms from their air conditioned restaurants with liquor licences will not attract service tax, the revenue department today said. When the food is served in the room, service tax cannot be charged under the restaurant service as the service is not provided in the premises of the air-conditioned restaurant with a licence to serve liquor, a Central Board of Excise and Customs (CBEC) circular said.
Circular No. 139/8/2011-TRU, New Delhi, the 10th May 2011 Since the levy of service tax on the two new services relating to services provided by specified restaurants and by way of short-term hotel accommodation came into force with effect from 1st May 2011, a number of queries have been raised by the potential tax payers.
The Department of Information Technology, Ministry of Communications & IT has clarified the position in this regard that these Rules do not provide free access to sensitive personal information. The nature and applicability of these Rules have been clearly specified. The Intent of Rules is to protect sensitive personal information and does not give any undue powers to Government agencies for free access of sensitive personal information. Wide public consultations were held before finalizing the Rules and the Rules have been duly endorsed by the Industry Association.
