Representations have been received seeking a clarification on the applicability of condition of shelf life of 60% stipulated under Para 13 of Chapter 1A (General notes regarding Import Policy) of ITC(HS) in case of re-import of edible/food products like frozen meat, frozen mango slices and pulp etc. under the para 2.38 of Foreign Trade Policy. It has been stated in the representations that sometimes edible/food products exported abroad are re-imported for relabeling/repack/rework and re-exported subsequently. Since the condition of shelf life of 60% pertains to goods imported into the country, it has been requested to clarify whether the said condition is applicable for such goods.
The Central Bureau of Investigation has today arrested General Manager, BCCL, Dhandbad, Jharkand while abetting and offering bribe of Rs. 5 lakh (five lakh) to an officer of the CBI for getting favours in the matter of on-going joint surprise check conducted jointly by CBI and Vigilance Department of BCCL, Dhanbad in Regional Open Cast Project (ROCP) of Kustore area, BCCL, Dhanbad on the allegation of mixing of soil and stone in the coal stock of ROCP, Kustore Area, BCCL, Dhanbad to cover up the shortage.
Prepaid payment instruments can be issued only to corporate entities listed in any of the stock exchanges in India; Verification of the identity of the employee shall be the responsibility of the concerned corporate. The bank should put in place proper systems to capture and maintain details of the employees to whom the cards are issued by the corporate along with copies of photograph and identity proof of such employees. The corporate is also required to make available details of bank accounts (if any) of the employees to the bank;
Based on the feedback from the stakeholders and keeping in view the interest of card holders the following directions are issued: It is mandatory to put in place additional factor of authentication for all CNP transactions indicated in para 4 of our directions dated December 31, 2010 with effect from May 01, 2012. In case of customer complaint regarding issues, if any,arising out of transactions effected without the additional factor of authentication after the stipulated date, the issuer bank shall reimburse the loss to the customer further without demur.
The Central Bureau of Investigation has registered two cases relating to alleged irregularities in the funds allotted to the National Rural Health Mission on the directions of Honorable High Court of Judicature at Allahabad, Lucknow Bench passed in a Writ Petition. Accordingly CBI has registered two regular cases U/s 120-B r/w 409, 419, 420, 467, 468 and 471 IPC and 13 (2) r/w 13 (c), 13 (1) (d) of PC Act 1988.
PT Circular 12T of 2011 on Relief in Profession Tax to Mathadi Mandal, Mathadi kamgar etc.
CEOs of all Non-life Insurers and Reinsurers ALM being the critical area of managing the finances of the insurers, Authority vide its Circular No: IRDA/ACT/CIR/MISC/081/05/2010, May 13, 2010, has mandated all the non-life insurers to provide the details of ALM activities undertaken by them Section-11 on ‘Investments and ALM’ of Financial Condition Report (FCR).
As per SEBI (Portfolio Managers) Regulations, 1993, maintenance of a common bank account across all clients and aggregation and execution of orders in the common client code of the portfolio manager is allowed. In such cases the trades are to be allocated at the weighted average price to the clients. However, in case of investment in units of Mutual Funds, the transactions are required to be carried out in separate code of each client as a separate folio of each client is to be maintained by the Fund. As a result the Portfolio Manager cannot place orders in one common client code but has to place it in different codes for each client.
As Asset Liability Management and Stress testing plays a vital role in the sound management of the insurance business, the Authority prescribes the following additional guideline to the existing framework which is already prescribed in the Appointed Actuary’s Annual Report (AAAR) and Actuarial Report and Abstract. The guidelines shall be applicable to all life insurers and shall come into effect from September 30, 2011.
Prism Jewellery Vs ITO (ITAT Mumbai)- The question of unexplained investment outside the books of account does not arise when the books itself has accounts purchases and payment through cheques. Assessee record itself indicates the purchases at that quantity and the same values were carried to the P & L Account as per the grouping shown above.
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| 8 | 9 | 10 | 11 | 12 | 13 | 14 |
| 15 | 16 | 17 | 18 | 19 | 20 | 21 |
| 22 | 23 | 24 | 25 | 26 | 27 | 28 |
| 29 | 30 | 31 | ||||
