As announced in the Reserve Bank of India’s Annual Monetary Policy Statement 2011-12 on May 03, 2011 Scheduled Commercial Banks (SCBs) may borrow overnight up to one per cent of their respective Net Demand and Time Liabilities (NDTL) under the Marginal Standing Facility (MSF)Scheme effective from the fortnight beginning on May 07, 2011. Operating instructions in this regard are contained in circular FMD No.59/01.18.001/2010-11 dated May 9, 2011. RBI/2010-11/516 Ref. DBOD No. Ret. BC. 92 /12.02.001/2010-11
As announced in the Monetary Policy for the year 2011-12, a new Marginal Standing Facility (MSF) is being introduced with effect from May 9, 2011. The Scheme will be operationalized on the lines of the existing Liquidity Adjustment Facility – Repo Scheme (LAF – Repo). Under the facility, the eligible entities can avail overnight, up to one per cent of their respective Net Demand and Time Liabilities (NDTL) outstanding at the end of the second preceding fortnight. But for the intervening holidays, the MSF facility will be for one day except on Fridays when the facility will be for three days or more, maturing on the following working day. In the event, the banks’ SLR holdings fall below the statutory requirement up to one per cent of their NDTL, banks will not have the obligation to seek a specific waiver for default in SLR compliance arising out of use of this facility in terms of notification issued under sub section (2A) of Section 24 of the Banking Regulation Act, 1949. RBI/2010-11/515 FMD. No.59/01.18.001/2010-11
RPCD.CO.Plan.BC.69/04.09.01/2010-11 Pursuant to the announcement made by Union Finance Minister in paragraph 44 of the budget for the year 2011-12, it has been decided to increase the above limit from Rs.20 lakh to Rs.25 lakh. The above change will be applicable to housing loans sanctioned on or after April 1, 2011. RBI/2010-11/517 RPCD.CO.Plan.BC.69/04.09.01/2010-11
In exercise of the powers conferred by sub-sections (1),(2),(5) and (8) of section 25 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following regulations further to amend the Companies Regulations, 1956, namely:- 1. (1) These regulations may be called the Companies (Amendment) Regulations, 2011.(2) They shall come into force on the date of their publication in the Official Gazette.2. In the Companies Regulations, 1956 (herein after referred to as the said regulations), in Part B, in regulation 3, 5, 7, 9 and 14, for the word “Regional Director”, the word “Registrar of Companies” shall be substituted.
Mr.Vinoskumar Ramachandran vs The State Of Maharashtra – The Bombay high court has ruled that when a bank account is sought to be seized during criminal investigation, the account-holder need not be given prior notice. In this case, Essar Logistics vs Vinoskumar, the account holder argued that natural justice demanded that he should be given notice before freezing his account. The division bench of the high court rejected his contention and remarked: It would indeed be absurd to suggest that a person must be told that his bank account, which is suspected of having been used in the commission of an offence by himself or even by another, is being frozen to allow him to have it closed or to have its proceeds withdrawn or transferred upon such notice.
State of U.P. & Ors. Vs. M/s. Mahindra & Mahindra Ltd. – The Supreme Court has set aside the judgment of the Allahabad high court, stating that the high court had inserted words in a Uttar Pradesh notification which it had no power to do. The court should only interpret provisions of tax laws; it should not take over the role of the supervisor or legislator, the court stated in the judgment, State of UP vs Mahindra & Mahindra. The case arose when the tractor manufacturer moved the high court seeking exemption in the sale/excise duty for tractor engines specifying cubic capacity not exceeding 1800 cc. The high court allowed the writ petition. The government appealed to the Supreme Court. It remitted the matter to the excise tribunal for reconsideration, asking it not to alter the scope of the state notification.
Booz Allen and Hamilton Inc. Vs. SBI Home Finance Ltd. & Ors.- All disputes are not capable of settlement through arbitration; some by nature have to be adjudicated by courts, according to the Supreme Court. A suit for sale, foreclosure or redemption of mortgaged property should be tried by a court and not by arbitral tribunal, the court stated in the judgment, Booz Allen & Hamilton Inc. Vs SBI Home Finance Ltd. In this case, two firms took loan from SBI to buy flats in Mumbai and they entered into leave and licence agreements with Booz. The borrowers did not repay the loan and so SBI filed a mortgage suit before the Bombay high court. Booz moved the high court for arbitration which was dismissed. Its appeal was also dismissed by the Supreme Court. It stated that a court where the mortgage suit is pending should not refer the parties to arbitration as it is not an “arbitrable” issue. This is so because only a court can protect the interests of third parties. Arbitration deals with only disputes between parties to the arbitration agreement. The court gave similar instances where arbitration should not be attempted, like insolvency and winding up matters, tenancy, wills, criminal offences, matrimonial disputes and guardianship issues.
Download Appeal Forms under Customs Act, Central Excise Act, Finance Act (Service Tax) and under Customs Tariff Act 1975 (Anti Dumping Duty). Form No. S.T.-5, Form No. S.T.-6, Form No. S.T.-7, Form No. E.A.-3, Form No. E.A.-4, Form No. E.A.-5, Form No. C.A.-3, Form No. C.A.-4, Form No. C.A.-5
Carriages which run under public transport system fall under category of stage carriages where passengers have a right to board or alight according to their choice and convenience and pay fares for the journey individually, do not fall under definition of ‘tourist vehicle’ under Section 2(43) of the Motor Vehicles Act.
As many as 85 lakh tax payers will benefit from the government’s decision to exempt persons earning less than Rs 5 lakh a year from filing I-T returns, a finance ministry official said. The decision, which will come into effect from June 1, 2011, will reduce the compliance burden about 85 lakh small taxpayers, he said.
