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Archive: 10 August 2011

Posts in 10 August 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6717 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Trade Notice No. 15, Dated: 10.08.2011

August 10, 2011 289 Views 0 comment Print

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.

MCA-21 Compliance software for Practitioners & CA Firms

August 10, 2011 18216 Views 0 comment Print

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.

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

August 10, 2011 2987 Views 0 comment Print

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.

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

August 10, 2011 903 Views 0 comment Print

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,

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

August 10, 2011 838 Views 0 comment Print

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:

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

August 10, 2011 2117 Views 0 comment Print

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.

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

August 10, 2011 757 Views 0 comment Print

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.

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

August 10, 2011 1159 Views 0 comment Print

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.

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

August 10, 2011 883 Views 0 comment Print

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 ([email protected]) 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.

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

August 10, 2011 889 Views 0 comment Print

‘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.

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