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Archive: 01 July 2011

Posts in 01 July 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7173 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Instructions Regarding issues relating to Customs clearance at International Airports in India

July 1, 2011 1246 Views 0 comment Print

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.

Carve Outs provided in Ind AS

July 1, 2011 44211 Views 0 comment Print

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.

Master Circular – Lending To Priority Sector

July 1, 2011 1138 Views 0 comment Print

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.

SARFAESI – RBI's Master Circular dated 1-7-2011 on Directions/instructions issued to the Securitisation Companies/Reconstruction Companies

July 1, 2011 712 Views 0 comment Print

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).

RBI's Master Circular, dated 1-7-2011 on Credit Card Operations of banks

July 1, 2011 418 Views 0 comment Print

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.

CIRCULAR NO. DNBS (PD) CC NO. 238/03.02.001/2011-12, Dated: 1.7.2011

July 1, 2011 571 Views 0 comment Print

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.

RBI's Master Circular dated 1-7-2011 on Mortgage Guarantee Companies Investment (Reserve Bank) Directions, 2008

July 1, 2011 832 Views 0 comment Print

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.

NBFCs – RBI's Master Circular dated 1-7-2011 on Exemptions from the provisions of RBI Act, 1934

July 1, 2011 1054 Views 0 comment Print

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.

NBFCs – RBI's Master Circular dated 1-7-2011 on Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998

July 1, 2011 634 Views 0 comment Print

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.

FEMA – RBI's Master Circular dated 1-7-2011 on Foreign Investment in India

July 1, 2011 6527 Views 0 comment Print

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.

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