In terms of our circular DBOD.No.BP.BC.57/ 21.4.157/2008-09 dated October 13, 2008, the overdue receivables representing positive mark to market value of a derivative contract would be treated as a non-performing asset (NPA), if these remain unpaid for 90 days or more. In that case, all other funded facilities granted to the client should also be classified as NPA following the principle of borrower-wise classification as per the existing asset classification norms. As the overdue receivables would represent unrealised income already booked by the bank on accrual basis in the ‘Profit and Loss Account’, such amount should be reversed after 90 days of overdue period, and held in a ‘Suspense Account-Crystalised Receivables’ in the same manner as done in the case of overdue advances. DBOD.No.BP.BC. 28 / 21.04.157 / 2011-12
The Delhi High Court on Wednesday extended the stay on export of non-basmati rice after several firms appealed in the court to be made party to the suit, challenging the licences to 82 exporters by the government,alleging lack of transparency in quota allocation process. A Bench of Justice S K Kaul and Justice Rajiv Shakdhar while extending the stay on the export today, allowed the plea of other rice firms, including All India Grain Exporters Association, to raise their objections by making them party to the Kannu Aditya Ltd suit and listed the matter for further hearing on September 7.
ORDER NO. 141 OF 2011 The following postings and transfers of officers in the grade of Chief Commissioners/Director Generals of Income Tax are hereby ordered with immediate effect and until further orders:
The Minister for Petroleum & Natural Gas Shri S. Jaipal Reddy informed the Rajya Sabha in a written reply today that the cost of production by Oil and Natural Gas Corporation Limited (ONGC) and Oil India Limited (OIL) in the year 2010-11 is US$ 37.29 per barrel and US$ 27.76 per barrel respectively.
Revised Form 23AC and Form 23ACA will be available on the MCA Portal, effective 12th August, 2011. All Stakeholders are requested to use new version w.e.f. 12th August, 2011 (6.00 AM) as the current version of these forms will be discontinued on MCA Portal.
Notification No. 81/2011 – Income Tax [F.NO.V.27015/3/2011-SO(NAT.COM)/S.O. 1860(E), DATED 11-8-2011 -In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee,
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.
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.
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.
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,
