Attention is invited to Notification No.74/2005-Customs (N.T.) & 75/2005-Customs (N.T.) both dated 30.8.2005 under Import Manifest (Aircraft) Regulations, 1976 and Export Manifest (Aircraft) Regulations, 1976, as amended, respectively. The former notification mandates that passenger manifest shall be delivered electronically within 15 minutes of the closure and departure of flights from the originating station while the latter notification requires that the passenger manifest shall be delivered electronically to Customs three hours before the departure of the flight.
The Ind As have been prepared by NACAS and with its recommendation submitted to MCA.NACAS adopted due consultative proposed of hosting the draft Ind As insisting comments/suggestions and therefore after deliberated with industries representative in NACAS. The finally recommended Ind AS have the following carve outs. These carve outs have been made to fill up the gap/differences in application of Accounting Principles Practices and economic conditions prevailing in India.
The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions/directives to banks on lending to Priority Sector. In order to enable the banks to have current instructions at one place, a Master Circular incorporating the existing guidelines/instructions/directives on the subject has been prepared and enclosed. This Master Circular consolidates all the circulars/mail box clarifications issued by Reserve Bank on the subject up to June 30, 2011 as indicated in the Appendix.
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars/notifications. A gist of circulars issued by the Bank to Securitisation Companies/Reconstruction Companies updated as on June 30, 2011 is reproduced below (Annexure). The detailed circulars have also been placed on the RBI web-site (http://www.rbi.org.in).
Purpose To provide a framework of rules/regulations/standards/practices to the credit card issuing banks/NBFCs for their credit card business and ensure that the same are in alignment with the best customer practices. Banks should adopt adequate safeguards and implement the following guidelines in order to ensure that their credit card operations are run on sound, prudent and customer friendly manner.
No NBFC shall open subsidiaries/joint ventures/representative office abroad or shall make investment in any foreign entities without obtaining prior approval in writing from the Reserve Bank of India. The application from the NBFC seeking No Objection would be considered subject to these directions.
The provisions of these directions shall apply to every Mortgage Guarantee Company which has been granted Certificate of Registration by the Reserve Bank of India.
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India had issued a Master Circular No. 148 on the captioned subject, which is now updated up to 30th June, 2011. It may be noted that the Master Circular consolidates and updates all the instructions contained in the notifications listed in the Appendix in so far they relate to the subject. The Master Circular has also been placed on the RBI web-site (http://www.rbi.org.in). A copy of the revised Master Circular is enclosed.
The Reserve Bank of India having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to give the directions set out below, hereby, in exercise of the powers conferred by sections 45J, 45K, 45L and 45MA of the Reserve Bank of India Act, 1934 (2 of 1934) and of all the powers enabling it in this behalf, and in supersession of the earlier directions contained in Notification No.DFC.114/DG(SPT)-98, dated January 2, 1998 gives to every non-banking financial company the directions hereinafter specified.
Foreign investment in India is governed by sub-section (3) of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. The regulatory framework and instructions issued by the Reserve Bank have been compiled in this Master Circular. The list of underlying circulars/notifications is furnished in Appendix. In addition to the above, this Master Circular also covers the area of ‘Investment in capital of partnership firms or proprietary concern’ which is regulated in terms of section 2(h) and section 47 of Foreign Exchange Management Act, 1999, read with Notification No. FEMA 24/2000-RB dated May 3, 2000.
