"23 August 2011" Archive

Custom Duty – Authorized Economic Operator (AEO) programme for implementation

Circular No. 37/2011-Custom Duty 23/08/2011

Circular No.37/2011-Customs, In view of growing concern amongst Customs administrations about the threat posed through misuse of channels of import and export, there is a need to ensure security in global supply chain in international movement of goods. Keeping this in view, CBEC has finalized the ‘Authorized Economic Operators’ (AEO...

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Financial Inclusion Necessary for Inclusive Growth

Financial inclusion is necessary for inclusive growth. To extend the reach of banking to those outside the formal banking system, the Union Finance Minister Shri Pranab Mukherjee in his Budget Speech 2010-11 had stated that the Government has decided to provide appropriate banking facilities to habitations having population in excess of 2...

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Posted Under: Custom Duty |

Issuance of Non-Convertible Debentures (NCDs)-Minimum Rating of NCDs

RBI/2011-12/157 IDMD.PCD. 08/14.03.03/2011-12 23/08/2011

In view of the standardisation of rating symbols and definitions for credit rating agencies by Securities Exchange Board of India (SEBI), the Reserve Bank of India has issued an amendment Direction, i.e., Issuance of Non-Convertible Debentures (Reserve Bank) (Amendment) Directions, 2011, inter alia, revising the symbol of minimum rating r...

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Clarification regarding non-inclusion of audits conducted under sections 44AD, 44AE and 44AF in the 'specified number of tax audit assignments'

In order to clarify the doubt raised by majority of members in respect of inclusion of audits conducted under sections 44AD, 44AE and 44AF of the Income-tax Act, 1961 in the specified number of tax audit assignments, the extracts of Para 6 of Chapter VI 'Tax Audit assignments under section 44AB of the Income-tax Act, 1961' of the Council ...

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Posted Under: Custom Duty |

Corporate Governance of Banks in India In Pursuit of Productivity Excellence

Why is Corporate Governance Important? 4. Before going into corporate governance of banks in particular, let us recall, just for the sake of context, why corporate governance is important in general. At its most basic level, corporate governance sets up the “rules of the game” to deal with issues arising from separation of ownership ...

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Posted Under: Custom Duty |

Completion of online uploading of RCMC data on DGFT’s Server By EPCs/ Commodity Boards/Authorities

Trade Notice No. 17 23/08/2011

Trade Notice No. 17 dated 23rd August, 2011 All Export Promotion Councils / Commodity Boards / Authorities are aware that an ‘on-line ‘ uploading facility of RCMC has been initiated in DGFT since August, 2010.2. The purpose of uploading the RCMC data on DGFT’s server is to reduce Transaction Cost for exporters as...

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Extending the Reach of Banking Facilities to Villages

As reported by Reserve Bank of India (RBI), there are 28,921 rural centers, where Scheduled Commercial Banks are functioning as on 31st March, 2011. RBI defines a rural population group as those centres which have population of less than 10,000....

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Posted Under: Custom Duty |

Govt. impose definitive anti-dumping duty on imports of Caustic Soda, originating in, or exported from, Thailand, Chinese Taipei and Norway

Notification No. 79/2011-Customs 23/08/2011

Notification No. 79 /2011-Customs G.S.R. (E). - Whereas in the matter of imports of Caustic Soda (hereinafter referred to as the subject goods), falling under Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Thailand, Chinese Taipei and Norway (hereinafter referred as the ...

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Public Notice No. 73/(RE-2010)/2009-2014, Dated: 23/08/2011

Public Notice No. 73/(RE-2010)/2009-2014 23/08/2011

There has been advancement in the technology in the field of manufacture of ‘Briefcases/Suitcases/Beautycases’. Due to advancement in the technology, the Poly Carbonate (PC) is being used in place of ABS/other polymers, to provide higher impact strength. These amendments enable import of required raw materials for exports of ‘Bri...

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Provident Fund (EPF) contribution on certain allowances – Applicability?

Reynolds Pens India Pvt. Ltd. Vs Regional Provident Fund Commissioner (Madras High Court)

Madras High Court ruling on the applicability of Provident Fund (PF) contribution on certain allowances. Reynolds Pens India Pvt. Ltd. Vs Regional Provident Fund Commissioner (Madras High Court)- The Madras High Court in aforesaid case has held that certain allowances such as conveyance, educational allowances, food concession, medical al...

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