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Archive: 02 June 2011

Posts in 02 June 2011

Sensitivity of Capital Flows to Interest Rate Differentials – An Empirical Assessment for India

June 2, 2011 4989 Views 0 comment Print

This study provides empirical evidence of sensitivity of capital inflows to interest rate differential in the India specific context. Using both causality and cointegration analyses, this study suggests that FDI and FII equity flows, which together on a net basis accounted for around three fourth of the total net capital inflows during the 10-year period from 2000-01 to 2009-10, are not sensitive to interest rate differentials.

Talent Acquisition and Management – Key Note Address by Dr K C Chakrabarty, DG, RBI

June 2, 2011 970 Views 0 comment Print

What is talent? We must define talent. We say that Lata Mangeshkar is a very talented singer or Sachin Tendulkar is a very talented player. No, I withdraw, they are like gods. Let me choose another example. It is common to say that Shreya Ghoshal is a talented singer or Gautam Gambhir is a very talented player. Do we also say that I have got a talented driver, or the carpenter who did the interiors at my home is very talented. While we are certainly talking about talent in respect of Gautam Gambhir and Shreya Ghoshal, it is the skill of the driver and the carpenter that we usually refer to and not their talent.

Companies Director Identification Number (Second Amendment) Rules, 2011

June 2, 2011 1162 Views 0 comment Print

These rules may be called the Companies Director Identification Number (Second Amendment) Rules, 2011. (2) They shall come into force with effect from 12th June, 2011. 2. In rule 3,‑ (i) In sub-rule (3), para (b), the word ‘can’ after the words ‘the form’, shall be substituted by the word ‘shall’: (ii) In sub-rule (3), para (b), the words ‘or by the Managing Director or Director of the company in which the applicant intends to be a Director’ after the words ‘full time employment of the company’ to be deleted;

MODIFICATION OF SION C-593 under Engineering Product Group – Public Notice No. 51 /(RE-2010)2009-2014

June 2, 2011 601 Views 0 comment Print

Under SION C-593, till now only HR coil/plates made of non-alloy steel were permitted input at Sl No. 1 of the SION. Now the definition of this input is modified to permit HR coil/plates made out of Alloy steel also. Description of export product has accordingly been amended to reflect the usage of Non alloy/alloy steel in the export product. There is no other change.

Principal Bench of the Central Administrative Tribunal (CAT) to Remain Closed from 6 to 30 June 2011

June 2, 2011 597 Views 0 comment Print

The Principal Bench of the Central Administrative Tribunal at New Delhi will remain closed from 6 June 2011 to 30 June 2011, on account of Summer Vacation. During this period, a Vacation Bench will sit on Tuesdays and Fridays to hear and dispose urgent matters and matters that the Bench may direct.

Transfer Pricing – Transactional Net Margin Method (TNMM) At Enterprise Level Invalid

June 2, 2011 3943 Views 0 comment Print

Symantec software Solutions Pvt Ltd vs. ACIT (ITAT Mumbai)- The Mumbai bench of the Income Tax Appellate Tribunal (Tribunal) recently pronounced its ruling in the case of Symantec Software Solutions Private Limited, Mumbai (Taxpayer), on transfer pricing issues arising from provision of marketing support and consulting services by the Taxpayer to its Associated enterprise (AE). The Tribunal ruled in the favour of the Revenue for all issues except one issue which was decided in the favour of the Taxpayer.

RBI circular on Financing of Self Help Groups (SHGs) and Joint Liability Groups (JLGs) by Primary (Urban) Co-operative Banks (UCBs)

June 2, 2011 4804 Views 0 comment Print

UBD.BPD.(PCB)CIR No. 50/13.05.000(B)/2010-11 As announced in the Monetary Policy 2011-12 [para 100 – appended], with a view to further expanding the outreach of UCBs and opening an additional channel for promoting financial inclusion, it has been decided to allow UCBs to lend to Self Help Groups (SHGs) and Joint Liability Groups (JLGs). UCBs may with the approval of their Board frame a policy in this regard based on the guidelines given in the Annex, before undertaking such activity.

Challenges to Central Banking in the Context of Financial Crisis RBI releases Volume for the First International Research Conference

June 2, 2011 585 Views 0 comment Print

National policies alone cannot prevent a crisis even if these are the most appropriate unless some of the global challenges are addressed collectively at the global level. The international monetary system has been found inadequate to tackle global imbalances, which had to manifest in the form of crisis or the other at some stage. The significance of the unprecedented and co-ordinated action led by G20 in avoiding another Great Depression needs to be recognised. In view of the difficult years expected, we must sustain the global approach despite domestic differences in policies.

First Installment of Advance tax for corporate Assesses due on 15th June 2012

June 2, 2011 13057 Views 0 comment Print

The first installment of advance tax for the financial year 2012-13 is due this month. The deadline for payment of this installment of the advance tax is Tuesday 15th. According to the Income Tax Act, assessees are required to pay tax in advance in a previous year if their tax liability for the year is likely to be Rs 10,000 or more.

Proceedings u/s. 158BD are void if referral AO fails to record his satisfaction

June 2, 2011 738 Views 0 comment Print

CIT v Radhey Shyam Bansal and Others (Delhi HC) In the instant case, the referring AO has not recorded satisfaction that any undisclosed income belongs to the assessee. In the letter/communication dated 15 July 2003 by the referring AO to the AO of the assessee, there is no allegation that the assessee was provided with accommodation book entries or the amounts belong to the respondent-assessee. Book entries were provided to third parties. Though the referring AO wrote a letter to the assessee’s AO informing him that the assessee was providing bogus accommodation book entries and the quantum of transactions was given as per the Annexures, the Annexures were missing from the file. Thus, the appellant-revenue has not discharged the onus that there was valid satisfaction as required under s 158 BD. Therefore, the irresistible conclusion is the prerequisite of “satisfaction” as engrafted under s 158B for the purpose of the initiation of the block assessment proceeding is non-existent or absent.

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June 2011