"30 June 2011" Archive - Page 4

$2.6 bn tax on deal with Hutchison unfair – Vodafone CFO

Terming the $2.6 billion tax liability on the company as 'inequitable', UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake. Vodafone exuded confidence that there was no tax payable on its deal for buying majority stake of Hutchison in Indi...

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Posted Under: Income Tax |

India negotiating changes in DTAA with Mauritius – Pranab Mukherjee

Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. So far as Mauritius is concerned, we are having discussions with them for amendment of the avoidance of double taxation agreement. Talks are going on, Mu...

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Posted Under: Income Tax |

Efficacy of Concurrent Audit – CAs to verify the authenticity of property valuation certificate, legal certificate, guarantee/line of credit or any other third party certification

RBI/2010-11/589 DBS. CO.FrMC.BC.No. 11/23.04.001/2010-11 30/06/2011

DBS. CO.FrMC.BC.No. 11/23.04.001/2010-11 In order to contain the frauds, the banks may put in place a system wherein the concurrent audit would look into the following and report on the following aspects: Wherever a Chartered Accountant certificate, property valuation certificate, legal certificate, guarantee/line of credit or any other t...

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RBI extends time limit for buyback of Foreign Currency Convertible Bonds (FCCBs)

RBI/2010-11/587 A. P. (DIR Series) Circular No.75 30/06/2011

A. P. (DIR Series) Circular No.75 After reviewing the current policy on buyback/prepayment of Foreign Currency Convertible Bonds (FCCBs), the Reserve Bank in consultation with the Government of India, has decided to extend the time limit for buyback of FCCBs issued by Indian companies up to March 31, 2012 at reduced discount rates. Accord...

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RBI allows issue of shares under FDI scheme under the Government route

RBI/2010-11/586 A. P. (DIR Series) Circular No.74 30/06/2011

The Reserve Bank of India (RBI) said it has decided to permit the issuance of equity, preference shares under the government route of the foreign direct investment scheme for some categories vide its A. P. (DIR Series) Circular No.74 Dated- June 30, 2011. Circular specifies that Payments should be made directly by the foreign investor to...

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