"30 August 2011" Archive

Regarding Export of Pan Masala-Gutkha packed in plastic sachet by 100% EOU -Application of provisions of Plastic Waste Management and Handling Rules, 2011

F.No. 528/69/2011-STO (TU) 30/08/2011

Some Chief Commissioners are of the view that whereas the manufactures of pan masala /gutkha shall be required to give an undertaking to comply with the provisions of the Plastic Waste (Management and Handling) Rules, 2011 under no circumstance should export of the goods in question be stopped or disallowed. Other Chief Commissioners had ...

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RBI – Authorisation Guidelines for Primary Dealers (PDs)

NOTIFICATION NO S.O. 1976(E) 30/08/2011

RBI is of the view that the PD has attempted to manipulate the market, involved in market abuse, made an incorrect representation or certification, failed to provide information required under the extant guidelines, or provided information that was incorrect, inaccurate, or incomplete....

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Penalty for failure to export cotton yarn in terms of Policy Circular No. 27 dated 01.04.2011 and Policy Circular No. 38 dated 10.08.2011

Trade Notice No. 19/2011 30/08/2011

Attention is invited to Policy Circular No. 27 dated 01.04.2011 which stipulates conditions and modalities for registration of contracts of cotton yarn with DGFT. Para 4 of this Policy Circular deals with the consequences of failure to export the allowed quantity within stipulated time....

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CBI arrests ADIT Andasu Ravindra & 2 others in a bribery case

CBI traps additional commissioner of Income Tax Andasu Ravindra for receipt of Rs 50 lakh bribe and also arrested P Kishore, managing director of Chennai-based tech-based education provider Everonn Education, on charges of bribing an Income Tax official with Rs 50 lakh. A third person, said to have abetted the crime, is also under the CBI...

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Posted Under: Excise Duty |

IASB proposes to exempt investment entities from consolidation requirements

The International Accounting Standards Board (IASB) published today proposals to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10 Consolidated Financial Statements. ...

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Posted Under: Excise Duty |

FAQ on XBRL regarding software Purchase, Training, Filing of form 23AC and 23ACA , How to upload and Taxonomy

I would like to know, whether the XBRL software has to be purchased from separate vendors and then install in our computers or MCA itself will provide us with the software. Which agency should I approach to get the XBRL software? XBRL instance document creation software has to be purchased from the software vendors in the market. This sof...

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Posted Under: Excise Duty |

Tax Worth Rs. 249 Crore Recovered from BCCI

As the income of BCCI was entirely exempt from tax under section 12A of the Income Tax Act 1961, the question of disclosing low earnings to avoid paying taxes did not arise. Gross receipt disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11, are Rs. 651.82 crore, Rs. 1,000.40 crore, Rs.1.387.02 crore and Rs. 1,...

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Posted Under: Excise Duty |

IRDA issues Clarification on Investment in Venture Funds

Notification No. Ref: IRDA/F&I/CIR/INVP-03/2011 30/08/2011

IRDA, after inviting comments and concerns of Insurers and after a careful consideration of all the submissions made, hereby darify that: Investment In Venture Funds would continue to be categorized under "Other Investments' as per IRDA (Investment) (4th Amendment) Regulations, 2008 Insurers may Invest in any Venture Fund registered...

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RBI – Reflections on Regulatory Challenges and Dilemmas

Implementation of Basel III a) Capital: In terms of Basel III guidelines, the capital required, and, particularly, the equity component has become much larger. While the minimum CRAR remains at 8 per cent, the equity component has been raised from 2 per cent to 4.5 per cent. In addition, there is a capital conservation buffer of 2.5 p...

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Posted Under: Excise Duty |

Regarding imposing safeguard duty on N1, 3-dimethyl butyl-N’phenylenediamine

Notification No. 83/2011-Customs 30/08/2011

Notification No.83/ 2011-Customs, in exercise of the powers conferred by sub-section (1) of section 8B of the said Act, read with rules 12 and 14 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government after considering the said findings of the Director General (Safeguards), hereby impos...

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