Trade Notice 15 dated 10th August, 2011 In this Trade Notice (para 4) it was provided that the concerned exporters may approach the RC issuing Authorities within 3 days alongwith all necessary documents for rectification of error if any. The concerned RAs would verify the documents and do rectification if required. After issue of Trade Notice No. 11 of 29.06.2011, many exporters have submitted the documents with RC issuing authorities. These have been verified. After verification, 61 firms have not been found to have defaulted. Accordingly their names have been removed from the list. The list of remaining defaulters is annexed with this Trade Notice.
The application of the software will help the members in efficient documentation in complying with MCA-21 requirements. The details of use and benefits are given on committee’s website on www.icai.org.in. Members may avail the benefits of this arrangement.
Taxability of expenditure in foreign currency in case of M/s ONGC Videsh Ltd – CBEC Clarifies The matter has been examined and it is observed that the said letter does not raise any question of law. The matter that has been referred in the said letter is a question of fact which has to be examined in the light of overseas contracts, joint venture agreements, mandate of OVL and its overseas formations etc.
The Union Finance Minister Shri Pranab Mukherjee said that officers of Indian Cost Accounts Service (ICAS) have a major role to play in facilitating the government in its decision making process through their inputs in solving complex pricing and costing issues. Shri Mukherjee asked the ICAS officers to help in undertaking concurrent audit of escalations claims, examination of subsidy claims, designing cost accounting systems for the public organizations,
During the FY 2009-10 and 2010-11, the annual growth rate of Information Technology (IT) Software and Service sector has been considerably less than the annual average growth rate of the last five years. During this period, the annual growth rate is less than the average annual growth rate of the last five years due to global economic slowdown as over 75% of the total software and service revenue of the country is from exports. The details of annual growth rate of IT Software and Service sector and the average annual growth rate for the last five years is as under:
Circular No. CIR/DNPD/7/2011 In consultation with BSE, MCX-SX, NSE and USE, it has been decided that Stock Exchanges shall levy penalty specified hereunder on trading members for shortcollection/non-collection of margins from clients in Equity and Currency Derivatives segments: If short/non-collection of margins for a client continues for more than 3 consecutive days, then penalty of 5% of the shortfall amount shall be levied for each day of continued shortfall beyond the 3rd day of shortfall.
It has been decided that a variation of – 5% in weight against Registration Certificates issued for export of cotton yarn shall be allowed. Thus a variation of – 5% in weight in exports of cotton yarn against registered contracts shall not be treated as default for the purpose of imposition of penalty or debarment from future registrations.
The Reserve Bank of India (RBI) today placed on its website (www.rbi.org.in) the Report of the Committee to Review the Facilities for Individuals under Foreign Exchange Management Act (FEMA), 1999. The Report was submitted to the Reserve Bank of India on August 8, 2011.
The Reserve Bank of India today released on its website, draft guidelines on Internal Rating Based (IRB) Approach for calculating credit risk capital charge. Comments/feedback on the draft guidelines may please be emailed (anirbanbasu@rbi.org.in) before September 9, 2011 or mailed to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Reserve Bank of India, Central Office Building, 12th Floor, S.B. Singh Marg, Mumbai-400001.
‘Integrity is the foundation on which all other avenues are built’ said Hon’ble Justice R C Lahoti, Former Chief Justice of India at Power Breakfast on “Corporate Governance and Integrity” which was the first event of the ‘First ICSI Corporate Governance Week’ jointly held by Institute of Company Secretaries of India (ICSI) and Transparency International India.
