"10 August 2011" Archive

Trade Notice No. 15, Dated: 10.08.2011

Trade Notice No. 15 (10/08/2011)

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 Trad...

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Launching of ICAI-ROC – A MCA-21 Compliance software for Practitioners & CA Firms

The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, has launched the ICAI-ROC on 1st July, 2011 by Hon’ble CA. K. Rahman Khan, Deputy Chairman of Rajya Sabha, Parliament of India. ‘ICAI-ROC’ software. The software has been uploaded in the Committee website www.icai.org.in so that members can easily down...

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Service Tax – Taxability of expenditure in foreign currency in the case of M/s. ONGC Videsh Ltd

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, join...

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Finance Minister asks Officers of Indian Cost Accounts Service to Perform the Proactive Role to help the Government to Use Its Resources in Most Optimal and Efficient Manner

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 audi...

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Growth rate of Software Industry considerably less than the annual average growth rate of the last five years

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...

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SEBI imposes Penalty for short­collection/non-collection of margins from clients in Equity and Currency Derivatives segments

Circular No. CIR/DNPD/7/2011 (10/08/2011)

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 f...

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Policy Circular No. 38 (RE-2010)/2009-14, Dated: 10.08.2011

Policy Circular No. 38 (RE-2010)/2009-14 (10/08/2011)

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 regist...

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RBI releases Report of the Committee to Review Facilities for Individuals under FEMA, 1999

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....

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RBI Releases Draft Guidelines on Internal Risk Based (IRB) Approach for Calculating Credit Risk Capital Charge

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 Bank...

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Press Release on ICSI Power Breakfast on 'Corporate Governance & Integrity'

‘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...

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