"27 July 2011" Archive

Rate of exchange of conversion of each of the foreign currency with effect from 1st August, 2011

Notification No. 51/2011-Customs (N.T.) 27/07/2011

Notification No.51/2011-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st August, 2011 be the rate mentione...

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CBI arrests two Superintendents of Central Excise in a bribery case

The Central Bureau of Investigation has arrested two Superintendents of Central Excise at Nagpur for demanding and accepting a bribe of Rs.15000/- from the complainant. The complainant of Nagpur had alleged that both the accused demanded a bribe of Rs.15000/- from him for returning the photocopies of documents seized by the Central Excise...

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Posted Under: Custom Duty |

India Signs an Agreement and Protocol for Avoidance of Double Taxation and Prevention of Fiscal Evasion (DTAA) with Lithunia

Press Release No.402/92/2006-MC (17 of 2011) 26/07/2011

The Government of India today signed an Agreement and Protocol for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Lithuania. The Agreement and the Protocol were signed by Shri Prakash Chandra, Chairman, Central Board of Direct Taxes, on behalf of t...

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Procedure for Obtaining Online Approval of Central Government Under Section 297 of the Companies Act, 1956 Simpified

In order to cut timelines in giving approval, the Ministry of Corporate affairs has decided to simplify the procedures and to give approval online, if the proposed contract has been approved by the shareholders by way of special resolutions in a general meeting. Accordingly, the process of online approval of Central Government under sect...

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Posted Under: Custom Duty |

Anand Sharma Restores DEPB Benefits for Cotton and Cotton Yarn

The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma has restored the DEPB benefits for cotton yarn from 1st April, 2011 and on Cotton from 1st October, 2010. The Minister said here today, I have taken a composite review of the cotton and cotton yarn industry over the last few days. Both of these segments have f...

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Posted Under: Custom Duty |

RBI Gives Strong Signal to further Moderate Inflation and Check Inflationary Expectations by making 50 basis Points Increase in Policy repo rate

The Union Finance Minister Shri Pranab Mukherjee said that by announcing a 50 basis point increase in the policy repo rate, raising it from 7.50 per cent to 8.0 per cent, Reserve Bank of India (RBI) has sought to give a strong signal to further moderate inflation and check inflationary expectations. The Finance Minister Shri Mukherjee was...

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Posted Under: Custom Duty |

Ministries gear up for Parliament Session beginning on 1st August

The Ministries and Departments of Union Government are gearing up for legislative business in view of the forthcoming Session of Parliament. The Monsoon session will begin on 1st August 2011 and will continue up to 8th September 2011.Original and amendment bills are either being drafted or the readied bills are being sent for cabinet nod ...

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Posted Under: Custom Duty |

Allocation of quantities of non-Basmati rice for export in terms of Notification No. 60 dated 19.07.2011

Notification No. 27/2012-Central Excise (N.T.) 27/07/2011

Refund of CENVAT Credit under rule 5 of the said rules, shall be subjected to the following safeguards, conditions and limitations, namely:- (a) the manufacturer or provider of output service shall submit not more than one claim of refund under this rule for every quarter: provided that a person exporting goods and service simultaneousl...

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