F. No.450/81/2011-Cus.IV Attention is invited to para 5 of the ‘Handling of Cargo in Customs Areas Regulations, 2009’ which requires certain conditions to be fulfilled by Customs Cargo Service provider (CCSP) for custody and handling of imported or export goods in a customs area to the satisfaction of the Commissioner of Customs like infrastructure, equipment and adequate manpower for handling of imported or export cargo in a Customs area.
The Committee reviewed the global and domestic macroeconomic developments. It felt that the global macroeconomic situation had worsened with the uncertainty clouding the increase in the US debt ceiling issue and continuing problem in the euro area. If the US debt crisis was not resolved satisfactorily, it would have serious ramifications for the global economy. They were also concerned that if the euro area sovereign debt problem spilled over to Spain and Italy, the consequences could be serious. While the international commodity prices had softened, the outlook was still uncertain. Members also expressed concerns over rising incipient inflationary pressures in advanced economies, even as the emerging market economies (EMEs) were still battling with high inflation.
The guiding objectives of foreign exchange reserves management in India are similar to those of many central banks in the world. The demands placed on the foreign exchange reserves may vary widely depending upon a variety of factors including the exchange rate regime adopted by the country, the extent of openness of the economy, the size of the external sector in a country’s GDP and the nature of markets operating in the country. While liquidity and safety constitute the twin objectives of reserve management in India, return optimisation becomes an embedded strategy within this framework.
As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the Income Tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches. The Reserve Bank of India has advised income tax assesses to take advantage of these standing arrangements made for their convenience.
The government has been directed by the Central Administrative Tribunal to forthwith release the pension and other post-retirement benefits of a former I-T assistant commissioner, withheld on the alleged ground of a corruption case pending against him. The New Delhi-based principal bench of CAT ordered release of V B Bansal”s pension pointing out to the Centre that the CBI, which had lodged an FIR against him for owning assets exceeding his legal income, had subsequently moved the court seeking permission to cancel it.
The Committee for Capacity Building of CA Firms and Small & Medium Practitioners has launched its exclusive website www.icai.org.in on 1st July, 2011 by Hon’ble Shri R.P.N. Singh, Minister of State, Ministry of Corporate Affairs, Government of India. In the aforesaid website, the Firms may create their websites as per the norms laid down by the Council of the Institute of Chartered Accountants of India. The website provides a platform for the CA Firms to upload their firms’ details and gives them an opportunity to reach out to the members and CA firms practicing worldwide.
Export of Cotton [ITC (HS) Code 5201 & 5203]: obtaining of Registration Certificate. S.O. (E) In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-14, the Central Government hereby makes the following amendment in Notification No.63(RE-2010)/2009-14 dated 4.8.2011:-
The Jan Lokpal Bill (Hindi: जन लोकपाल विधेयक) (also referred to as the citizens’ ombudsman bill) is a proposed anti-corruption law in India. It is designed to effectively deter corruption, redress grievances and protect whistle-blowers. If passed and made into law, the bill seeks to create an ombudsman called the Lokpal (translation: protector of the people) – an independent body similar to the Election Commission of India with the power to investigate politicians and bureaucrats without prior government permission. First introduced in 1969, the bill has failed to become law for nearly over four decades.
The Central Government today released the fifth report, pertaining to the quarter April-June 2011 on Public Debt Management. Since September 2010, Department of Economic Affairs, Ministry of Finance has been bringing out a quarterly report on debt management.
Ministry of Corporate Affairs vide notification number 430 dated 3rd June 2011 has issued The Companies (Cost Audit Report) Rules 2011. Every cost auditor has to submit the Cost Audit Report as per these rules from 1st April 2012 irrespective of the financial year of the company to which it relates. The report is to be submitted in 3 forms: Form I relates to General Information of the company Form II relates to form of Cost Audit Report Form III relates to Performance Appraisal Report
