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Archive: 21 June 2011

Posts in 21 June 2011

Clarification on issues pertaining to the levy of excise duty on branded readymade garments and made-up articles of textiles

June 21, 2011 1970 Views 0 comment Print

Circular No. 947/08/2011-CX – On the issue of applicability of excise duty on uniforms or made-up articles like quilt, blankets, towels, linen etc bearing the name or logo of a school, security agency, company, hotel or airline etc., it is clarified that such products would not merit treatment as ‘branded’ products merely because the name of the school, institution or company or their logo is either printed, embroidered or etched on them. This is equally true of made ups such as towels, linen etc bearing the name of a hotel, restaurant or airlines. In all these cases, there is no nexus between such a name or logo & the product at the time of its sale which is essential ingredient in the definition of the term ‘brand name’. Unless such garments/made- ups also bear a brand name in addition to the name or logo of the school, security agency, hotels, airlines and company, such goods would not attract the excise duty.

Green Initiative in the Corporate Governance-Issue of Certificates by Digital Signature

June 21, 2011 361 Views 0 comment Print

The Registrar of Companies are hereby advised that after the date of implementation of Digital Certificates, no certificates shall be issued manually. All such pending certificates which are required to be issued manually, should be issued by 30th June, 2011.

Issue of Certificates by Digital Signature – General Circular No. 39/2011

June 21, 2011 1277 Views 0 comment Print

GENERAL CIRCULAR NO. 39/2011, DATED 21-6-2011- The Ministry has issued a General Circular No. 29/2011, dated 20-5-2011 wherein it was informed that in order to cut timelines and an another step towards ‘Green Initiative’ it has been decided that all certificates and standard letters issued by the Registrar of Companies will now be issued electronically under the Digital Signature of the Registrar of Companies.

MVAT – Budget 2011-12 – Filing of Returns by dealers dealing in liquor

June 21, 2011 5668 Views 2 comments Print

Trade Circular No. 10T of 2011 The amendments carried out in respect of taxation of liquor have been explained in details in the Trade Circular No. 8T of 2011 referred here in above at Sr. No.(3). The procedure to fill up the information about turnover of liquor sales while uploading the Returns is explained in this circular. No new form of Return has been introduced for liquor dealers. The dealers dealing in liquor shall continue to file returns in the same form (form 231 to 235) in which they were filing returns before the amendments.

RBI – Smt. Shyamala Gopinath lays down office as Deputy Governor

June 21, 2011 375 Views 0 comment Print

mt. Shyamala Gopinath, Deputy Governor relinquished the office of Deputy Governor of the Reserve Bank of India in the forenoon today. Smt. Gopinath was appointed Deputy Governor of the Reserve Bank of India on September 21, 2004 for a period of five years. On completion of her term, she was re-appointed for a further period up to June 20, 2011.

Notification No. 49/2011-Customs, Dated: 21/06/2011

June 21, 2011 744 Views 0 comment Print

Notification No. 49 /2011-Customs Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.107/2008-Customs, dated the 6th October, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 718 (E), dated the 6th October, 2008, namely:-In the said notification, in the Table, in column (4), for the entry ‘75%’, wherever it occurs, the entry ‘100%’ shall be substituted.

Custom Duty – Regarding timely intimation to Board and correspondence with other Ministries / Departments on policy matters

June 21, 2011 445 Views 0 comment Print

It has been observed that the Commissionerates often correspond on sensitive and policy related issues directly with the Ministry of Commerce / DGFT without keeping Board posted. In one case where sensitive war material was found in a consignment of heavy melting scrap (HMS) despite a certificate to the contrary from an authorized inspection agency listed in Appendix-5, DGFT Hand Book of Procedures (HBP) (Volume –I), the Commissionerate directly referred the matter to DGFT for appropriate action against the said agency without informing the Board.

Appointment of Common Adjudicating Authority – Notification No. 39/2011-Customs (N.T.)

June 21, 2011 354 Views 0 comment Print

Notification No. 39/2011-Customs (N.T.) for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Suresh Apparels (P) Ltd., Street No.1, Sunder Nagar, Ludhiana and others, issued vide, F.No. 856(4)LDH/2009/Pt-I/982-991 dated the 04 May, 2010, by the Additional Director, Directorate of Revenue Intelligence, Ludhiana Regional Unit, 51-D, Sarabha Nagar, Ludhiana.

Insurance – Right to Information Act, 2005

June 21, 2011 1597 Views 0 comment Print

The Government of India has enacted the Right to Information Act, 2005 (http://www.persmin.nic.in) which has come into effect from October 13, 2005. The Right to Information under this Act is meant to give to the citizens of India access to information under control of public authorities to promote transparency and accountability in these organisations. The Act, under sections 8 and 9, provides for certain categories of information to be exempt from disclosure. The Act also provides for appointment of a Chief Public Information Officer to deal with requests for information.

ICAI- 2nd Batch of Master in Business Finance Certificate Course (MBFCC)

June 21, 2011 1835 Views 0 comment Print

The Committee on Management Accounting (CMA) of ICAI will conduct 2nd Batch of Master in Business Finance Certificate Course (MBFCC). This is approximately One year course.Course coverage is extensively wide across various topics of advanced financial management like Capital Market, Investment Banking, Fund Raising & fund Management, Corporate Valuation, Merger Acquisition, Banking , Forex Market, Treasury Management, Risk Management etc. with an aim to provide knowledge and skill required for tomorrow’s CFO and high end consultancy in finance.Details available in ICAI website.

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