"08 July 2011" Archive

Recent Initiatives taken by the Ministry of Corporate Affairs

The Indian economy has expanded at a rapid rate during the current decade and the corporate sector has been the biggest contributor in this growth story.  A significant feature of this growth is the increasing integration of the Indian corporate economy into the global business environment.  While the Ministry of Corporate Affairs is wo...

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Posted Under: Company Law |

CBI arrests an Income Tax Officer and a Chartered Accountant in a bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer and a Chartered Accountant, both of Aurangabad for demanding and accepting a bribe of Rs.15,000/- from the complainant. A complaint was received at CBI, ACB, Pune from the complainant against the ITO Ward (1)(2), Aurangabad and a Chartered Accountant of Aurangabad rega...

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Posted Under: Company Law |

Regarding Collection of Anti-dumping duty beyond the validity period- Circular No. 28/2011-Customs

Circular No. 28/2011-Custom Duty (08/07/2011)

Circular No. 28/2011-Customs, Representations have been received from the trade that, in some cases, field formations are collecting anti-dumping duty even after the expiry of the statutorily prescribed period of levy. It has been reported that the basis for such a practice could be that the notification providing for levy of anti-dumping...

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Regarding definitive anti dumping duty on STPP originating in, or exported from, People’s Republic of China- Notification No.58 /2011-Customs

Notification No. 58/2011-Customs (08/07/2011)

Notification No.58 /2011-Customs Whereas in the matter of imports of Sodium Tripoly Phosphate (STPP) (hereinafter referred to as the subject goods), falling under sub- heading 2835 31 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, People’s Republic of China (hereinafter referred ...

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Income Tax refunds pull down net direct tax collections by 17%

Driven by a hefty increase in tax refunds which more than doubled in the first quarter of the current fiscal, net direct tax collections dropped by almost 17% during the same period to Rs 57,268 crore. The net direct direct tax collections stood at Rs 68,675 crore in the same period last fiscal....

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Posted Under: Company Law |

CBDT order on Mahindra Satyam won't take effect for 2 weeks

The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect for two weeks so that the IT company may challenge it in an appropriate forum....

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Posted Under: Company Law |

Public Notifications / Decisions Issued by DGFT for the Month of June 2011

Notification No. 50 (03/06/2011)

Export of organic edible oil duly certified by APEDA with a ceiling of 10,000 MTs per annum has been exempted from the prohibition imposed on export of edible oils (which is up to 30.9.2011). Notification No. 51 dated 3.6.2011 - Export of organic pulses and lentils duly certified with APEDA with an annual ceiling of 10,000 MTs per annum h...

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Posted Under: Company Law |

Method of recruitment to post of Additional Director (Foresnic Auditing) in Serious Fraud Investigation Office

Notification No. G S.R. 524(E) (08/07/2010)

Method of recruitment, age-Iimit, educational qualifications, etc.—The method of recruitment to the said post, age-limit, educational qualifications and other matters relating thereto shall be as specified in columns (5) to (14) of the said....

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Public Comments and Stakeholders’ Views Invited on the Draft Micro Finance Institutions (Development & Regulation) Bill, 2011

A draft Micro Finance Institutions (Development & Regulation) Bill, 2011 is now available on the website of Department of Financial Services, Ministry of Finance, Government of India. This draft Bill may be seen at http://finmin.nic.in/the_ministry/dept_fin_services/fin_services.asp . The Government, desires to have public comments and ...

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Posted Under: Company Law |

Finance Minister Urges Public Sector Banks (PSBs) and Financial Institutions (FIs) to Achieve their Targets and Meet Social Commitments

The Finance Minister Shri Pranab Mukherjee has urged all Public Sector Banks/Financial Institutions to exert themselves in containing the downward trend of Asset Quality by devising suitable strategies for containing and rolling back NPAs. He was addressing the review meeting of the Chief Executives officers (CEOs) of Public Sector Banks/...

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Posted Under: Company Law |