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Archive: 29 June 2011

Posts in 29 June 2011

FEMA – Discussion Paper on FDI Policy-Rationale and Relevance of CAPS

June 29, 2011 1340 Views 0 comment Print

As part of its inclusive approach to the formulation of various policies, this Department has been engaging in prior public consultations on important issues on which policy reform is contemplated. These structured discussions are triggered by the publication of Discussion Papers (DPs) outlining such issues. The Department has, so far, published eight discussion papers, of which five have a direct nexus with FDI policy. Of these five, policy action has been completed in respect of three DPs and is ongoing in respect of two DPs.

Insurance – Portability of Health Insurance – Policyholders have to wait

June 29, 2011 595 Views 0 comment Print

IRDA had earlier required that portability of health insurance policies across non-life insurance companies including stand alone health insurance companies would be introduced with effect from 1st July, 2011. The modalities of such portability to be effective and consumer friendly have been discussed with the non-life insurers in the country.

DRP is required to pass proper and speaking order under s 144C after giving proper consideration to the submissions made on behalf of the assessee

June 29, 2011 1646 Views 0 comment Print

DHL Lemur Logistics (P) Ltd. v DCIT (ITAT Mumbai) – A well reasoned and well discussed order also facilitates appreciation when the same is called in question before the superior forum. Keeping in view the decision of the Hon’ble Delhi High Court in the case of Vodafone Essar Ltd. (supra) as well as that of the coordinate bench of this Tribunal in the case of Gap International Sourcing India (P.) Ltd. (supra) and having regard to the fact that the DRP has passed the order giving directions to the AO under section 144C without giving proper consideration to the elaborate submissions made on behalf of the assessee on the main preliminary issue, we set aside the said order and remit the matter to the file of the DRP with a direction to consider the objections of the assessee on this issue as well as the other issues once again and pass a proper and speaking order giving direction under section 144C.

CIC Asks SBBJ to direct its branches to the Reasons for Turning Down Applications Made Under Pradhan Mantri Rozgar Yojana (PMRY)

June 29, 2011 642 Views 0 comment Print

Central Information Commission (CIC) has drawn the attention of the CMD of the State Bank of Bikaner & Jaipur to the issue of sanctioning of applications under Pradhan Mantri Rozgar Yojana (PMRY) and to revisit the matter and direct branch managers of all branches of the bank in the state of Rajasthan and outside the State to review the reasons for turning down applications made under PMRY. Information Commissioner Smt. Deepak Sandhu gave this instruction to the Bank in its decision dated 27 June, 2011on an appeal filed against the State Bank of Bikaner & Jaipur regarding the refusal by the Kishangarh Rainwal branch to give reasons for the rejection of 38 applications (out of 80) made under PMRY. These applications were made during the period of 5 years prior to 10 October 2007. During the hearing respondent bank stated that each branch was given a target under this PMRY and it was possible that once the target had been achieved, the other applications were not considered.

Overseas Direct Investment- Liberalisation/ Rationalisation – A.P. (DIR Series) Circular No. 73

June 29, 2011 1120 Views 0 comment Print

Transfer by way of sale of shares of a JV / WOS – An Indian Party, without prior approval of the Reserve Bank, may transfer by way of sale to another Indian Party which complies with the provisions of Regulation 6 of FEMA Notification 120/RB-2004 dated July 7, 2004 or to a person resident outside India, any share or security held by it in a JV or WOS outside India subject to the following conditions:

Defaulters for failure to export of cotton in terms of Policy Circular No.09 dated 29.12.2010 and Trade Notice No.01dated 10.1.2011

June 29, 2011 582 Views 0 comment Print

Was issued allocating a quantity of 19 lakh bales of cotton for export among 928 applicants for registration of contracts. In terms of Note (i) of Registration Certificate, the exporters who have got Registration Certificates from the four Zonal offices of DGFT at CLA Delhi, Mumbai, Kolkata & Chennai and DGFT(HQ) were required to submit the proof of shipments within 10 days of last shipment.

Authority for Advance Rulings (Central Excise, Customs and Service Tax) Procedure Amendment Regulations, 2011 – Amendment in regulation 2

June 29, 2011 1718 Views 0 comment Print

NOTIFICATION G.S.R. 475(E) [NO. 1/2011-AAR], In exercise of the powers conferred by section 28M of the Customs Act, 1962 (52 of 1962), section 23H of the Central Exercise Act, 1944 (1 of 1944) and section 96H of the Finance Act, 1994 (32 of 1994), the Authority for Advance Rulings (Central Excise, Customs and Service Tax) hereby makes the following amendment in the Authority for Advance Rulings (Central Excise, Customs and Service Tax) Procedure Regulations, 2005, namely:—

Preliminary transcript of the Q & A session between the PM and Newspaper Editors and PM's opening remarks at the interaction with newspaper editors

June 29, 2011 435 Views 0 comment Print

– I did not expect the effect of shock injection of liquidity into the system by the United States. I could not anticipate that the Middle East would once again go into turmoil. Commodity prices, food prices, energy prices are variables over which we have no control. And if you exclude these I think the rest of the inflation is still marginally above what would be considered as inflationary. Now we have the no magic wand to bring down international commodity prices – particularly of food grains – we cannot force our farmers to part with their food grains for procurement at unreasonable prices. That will be suicidal to our farmers. One thing what this Government has done is, it has increased the procurement prices in a manner like no one has increased in the history of the country. (Interjection : That is the root of the problem.) No it may be the root of the problem but that is also our safety net. That agriculture is in good shape. That we have all time high stocks of foodgrains. We have at long last been able to reach out to large numbers of our people.

Constitution Of New DRP At Delhi

June 29, 2011 1138 Views 0 comment Print

ORDER NO. 5/FT&TR/2011 [F.NO. 500/15/2011-FTD-1], DATED 27-6-2011 -In partial modification of Order No. 4/FT&TR/2011, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of Income-tax as Members of DRP-II at Delhi, who shall perform such duties in addition to their regular duties with immediate effect and until further order:

Proposed guidelines for conversion of section 25 company to an ordinary company

June 29, 2011 8526 Views 0 comment Print

Proposed guidelines for conversion of section 25 company (non profit company) to an ordinary company under Companies Act, 1956. – The Ministry has been receiving representation from various stakeholders to develop a procedure under Companies Act, 1956 for conversion of section 25 company (non-profit company) to an ordinary company because there are a number of section 25 companies which have not done any activity after obtaining license under section 25 or have stopped such activities, and now want to convert themselves as an ordinary company.

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