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Archive: August, 2011

Posts in August, 2011

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

August 30, 2011 2307 Views 0 comment Print

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 software is used to create XBRL instance documents that would be uploaded on the MCA portal. MCA21 system shall provide a facility for validation of the instance document and filing of the same. MCA is not recommending any specific XBRL software.

Tax Worth Rs. 249 Crore Recovered from BCCI

August 30, 2011 805 Views 0 comment Print

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. 1,666.84 crore respectively IPL is a part of BCCI and has no separate legal status.

IRDA issues Clarification on Investment in Venture Funds

August 30, 2011 892 Views 0 comment Print

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 under SERI Regulations which include Venture Funds investing in Micro, Small and Medium Enterprises also No investment shall be made in a Venture Fund which is under the Promoter Group of the insurer

RBI – Reflections on Regulatory Challenges and Dilemmas

August 30, 2011 267 Views 0 comment Print

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 per cent composed of equity. Effectively, therefore, the equity component in capital stands raised from 2 per cent to 7 per cent. In addition, two more capital components, fully composed of equity, have also been prescribed – (a) Counter Cyclical capital within a range of 0- 2.5 per cent and (b) capital surcharge on Global Systemically Important Financial Institutions (G-SIFIs) within a range of 1- 2.5 per cent.

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

August 30, 2011 325 Views 0 comment Print

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 imposes on N1, 3-dimethyl butyl-N’phenylenediamine (PX-13 also known as 6 PPD), falling under tariff items 3812, 3810, 2921, 2925, 2934 and 2942 of the First Schedule to the said Act, when imported into India, a safeguard duty at the rate of – (a) Thirty percent ad valorem minus anti-dumping duty payable, if any, upto one year from the date of publication of this notification in the Official Gazette; and

Changes in address, contact numbers and e-mail address of Export Promotion Council for EOUs and SEZ Units/its Regional Offices

August 30, 2011 693 Views 0 comment Print

Changes in the address, contact numbers and e-mail address of Export Promotion Council for EOUs & SEZ Units/its Regional Offices in serial number 11 and that of Best Mulyankan Consultants Ltd in serial number 23 have been incorporated.

Modification of Sion C-1579 under Engineering Product Group- Billets of Iron/ Low Carbon Steel for Remelting has been added at Sl No. 2

August 30, 2011 313 Views 0 comment Print

Public Notice No. 74 /(RE-2010)2009-2014 Earlier only one item at Sl No. 1 was allowed for import. Now one more input i.e. Billets of Iron/ Low Carbon Steel for Remelting has been added at Sl No. 2 .There is no change either in description or in the quantity of export item .

SEBI (Mutual Funds) (Amendment) Regulations, 2011 – Amendment in Regulations 24, 25, 36, 43, 44, 56 and Insertion of Chapter VI-B

August 30, 2011 504 Views 0 comment Print

NOTIFICATION NO. LAD-NRO/GN/2011-12/27668, DATED 30-8-2011 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, namely :— 1. These regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2011.

Notification No.63/2011-Customs (N.T.) dated August 30, 2011- Tariff Values of Edible Oils, Brass Scrap (All Grades) and Poppy Seeds Notified

August 30, 2011 271 Views 0 comment Print

Tariff Values of Edible Oils, Brass Scrap (All Grades) and Poppy Seeds Notified- Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.63/2011-Customs (N.T.) dated August 30, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.

RBI launches the 25th Round of Inflation Expectations Survey of Households

August 30, 2011 366 Views 0 comment Print

The Reserve Bank of India has been conducting Inflation Expectations Survey of Households (IESH) on a quarterly basis since September 2005. The 25th round of the Survey with July-September 2011 as the current reference period has been launched today. The Survey seeks qualitative responses from households on price changes (general prices as well as prices of specific product groups) in the next three months as well as in the next one year and quantitative responses on current, three-month ahead and one-year ahead inflation rates. The results of this Survey are being used by Reserve Bank as one of the important inputs to the monetary policy formulation.

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