"09 June 2011" Archive

Banking – Report of the Committee on Comprehensive Review of National Small Savings Fund

The Committee, while conscious of the multiplicity of schemes, recognised that most of the schemes serve the thrift needs of various sections of the population, especially small savers. It has, therefore, recommended closure of only one existing scheme - the Kisan Vikas Patra (KVP) while recommending continuation of all other schemes with...

Posted Under: Finance |

Insurance – Levy of Penalty under section 105B of the Insurance Act, 1938

Order No. IRDA/F&I/ORD/RSS/114/06/2011 07/06/2011

ORDER NO. IRDA/F&I/ORD/RSS/114/06/2011, DATED 7-6-2011 - The insurer was obliged under sections 32B and 32C of the Insurance Act, 1938 read with the IRDA (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002, as amended from time to time, to cover prescribed percentage of Gross Direct Premium in the Rural Sector and presc...

Cabinet approves plan to extend medical facilities to beedi workers under RSB Yojana

The Cabinet today approved extension of medical facilities to beedi workers under the Rashtriya Swasthya Bima Yojana (RSBY). The beedi worker and his family (unit of five) will be covered and the total sum insured would Rs.30,000/-. The other benefits and procedures under the scheme will be the same as under RSBY. Any claims beyond Rs.30,...

Posted Under: Finance |

Cabinet gives nod for lowering of age for pension under Old Age Scheme

The Cabinet today approved lowering the age limit for the Indira Gandhi National Old Age Pension Scheme (IGNOAPS) from 65 years to 60 years and increasing the rate of pension from Rs. 200 to Rs. 500 to persons of 80 years and above. The revised norms would be applicable with effect from 1st April, 2011. ...

Posted Under: Finance |

Quantity restriction of 65 lakh bales on export of cotton during Cotton Season, 2010-11

Notification No. 57 (RE-2010)/2009-14 09/06/2011

Notification No. 57 (RE-2010)/2009-14 Cap on export of cotton during the current Cotton Season is increased to 65 lakh bales from 55 lakh bales as was notified earlier. Other conditions remain unchanged....

Empanelment of CAs with Official Liquidator Delhi

Pursuant to Hon’ble Court's orders dated the 19.04.2011, Official Liquidator attached to the High Court of Delhi, invite bio data/Applications from qualified and desirous Chartered Accountants, who arc enrolled as Members of the Institute of Chartered Accountants of India and in active practice for at least 03 years and are interested t...

Posted Under: Finance |

SEBI circular on Pre-funded instruments / Electronic fund transfers

Circular No. CIR/MIRSD/03/2011 09/06/2011

While receiving funds from the clients through pre-funded instruments, such as, Pay Order, Demand Draft, Banker’s cheque, etc., it is observed that the stock brokers are unable to maintain an audit trail of the funds so received, as the details of the name of the client and bank account-number are not mentioned on such instruments. This...

HC cannot decide on leviability of excise duty on a particular product if issue is already pending before Apex Court

Commissioner of Central Excise, Customs & Service Tax Vs Jindal South West Steel Ltd. (Karnataka High Court)

The question of bar of limitation as well as setting aside the penalty is dependant on the leviability of excise duty on the impugned product. That is an issue which is to be decided by the Apex Court and the Apex Court is already seized of the matter. As the findings on that issue would have direct bearing in deciding the issues arisen i...

Difficult to recover Income Tax from Hasan Ali

The Income Tax department on Thursday expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets. 'Hasan Ali does not have enough assets to meet the tax liability,' an I-T department official said. ...

Posted Under: Finance |

Bank FD still attractive than proposed rates of small savings

Bank fixed deposits would continue to remain more attractive for savers than long-term deposits under small savings schemes of post office despite the hike in interest rates proposed by the government panel. At the current market condition, the term deposit rates are as much as 50 basis points higher than the returns offered by small savi...

Posted Under: Finance |

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