"September, 2011" Archive

FDI Circular 2 of 2011 – Consolidated FDI Policy

Circular No. 2 of 211 (30/09/2011)

DI into construction development activities in the education sector and in respect of old-age homes has been exempted from the conditionalities imposed on FDI in the construction development sector in general i.e. minimum area and built-up area requirement; minimum capitalization requirement; and lock-in period. These conditionalities per...

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SEBI – Revisions in FII investments in corporate debt long term infra category

Circular No. IMD/FIIC/18/2011 (30/09/2011)

CIRCULAR NO. IMD/FIIC/18/2011, DATED 30-9-2011 USD 5 billion is earmarked for FII investments in those bonds that have an initial maturity of 5 years or more at the time of issue and a residual maturity of 1 year at the time of first purchase by an FII. These investments are subject to a lock-in period of 1 year wherein FIIs can trade amo...

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SEBI – 100% promoter holding in demat form – Extension of date for complying with provisions of dematerializing promoters holding

Circular No. ISD/05/2001 (30/09/2011)

On review of the promoters hooding in demat form it has been observed that there has been improved compliance to the above circular and the companies/promoters have started the process of converting their physical holdings in dematerialized form. At the same time representations have been received from large number of companies as well as...

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Advances to State Co-operative Banks under Section I7 (4) (a) of the RBI Act, 1934 for general banking business

RBI/2011-12/209 RPCD.CO RCB. BC No.20/03.03.02/2011-12 (30/09/2011)

As you are aware, the interest on loans and advances granted by the Reserve Bank to State Co-operative Banks under Section 17 (4) (a) of the RBI Act, 1934 for the purpose of general banking business such as clearing adjustments, liquidity etc. is provided at Bank Rate in terms of our circular RPCD No. NB. BC.93/03.03.02/98-99 dated April ...

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Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 – Notification No. 71/2011-CUSTOMS (N. T.)

Notification No. 71/2011-Customs (N.T.) (30/09/2011)

Notification No. 71/2011-CUSTOMS (N. T.) the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: -...

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Police arrests CA for his alleged role in Speak Asia Scam

A chartered accountant was arrested here on Thursday in connection with his alleged role in the Singapore-based online survey company SpeakAsia's multi-level marketing scam taking the total number of arrests in the case to six, police said. ...

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Posted Under: Corporate Law |

Notification No. 53/2011 – Income Tax Dated 30/9/2011

Notification No. 53/2011 - Income Tax (30/09/2011)

Notification No. 53/2011 - Income Tax It is hereby notified for general information that the organization Council of Scientific & Industrial Research (CSIR), New Delhi has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5...

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Non Taxable Services – Proposed Negative List

With Government thinking on the lines of having a negative list of taxable services on which there may be no levy of service tax in future, we have now a list of services which may become a base for the next budget or the new proposed tax . Presently, in India, there is a selective approach to tax services through a selective approach in ...

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Posted Under: Corporate Law |

ICAI accuses multinational CA Companies of violation of rules

Apex chartered accountants body ICAI has accused multinational accounting companies of violating the CA Act and asked for joint action by agencies, including the RBI and the Corporate Affairs Ministry, to enforce compliance....

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Posted Under: Corporate Law |

Indo-Nepal Remittance System – Measures to enhance usage

RBI/2011-12/208 DPSS (CO) EPPD No. 590 / 04.09.003 / 2011-12 (29/09/2011)

Create awareness among the branch officials about the Scheme so as to enable them to guide the target customers, many of who may be illiterate. The branch officials should be able to explain the features of the Scheme and guide them in filling up the remittance form....

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Govt considering seven-eight new categories for AIRs

Secondary market transactions of Rs 10 lakh or more in a year, insurance premium of above Rs 1 lakh, debit card payments above Rs 2 lakh, fixed deposits and recurring deposits of over Rs 10 lakh each, and cash deposits of Rs 20 lakh in current accounts are likely to be added to the AIR list, which currently comprises eight items. High-val...

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Posted Under: Corporate Law |

Whether the clients liable to tax in India on the capital gains and if yes, whether the bank is required to deduct tax at source on the remittance?

ADIT (International Taxation)-3(1) Vs. ICICI Bank Ltd. (ITAT Mumbai)

ADIT (International Taxation)-3(1) Vs. ICICI Bank Ltd. (ITAT Mumbai)- The issue in this appeals is with reference to the capital gains arising to various persons of Indian origin or non-resident Indians residing in UAE, who are clients of the Bank. These clients have invested in Government of India T-Bills, which has a tenure of 364 days....

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No penalty u/s 271B, If the audit report is obtained within the due date, but return is filed after the due date

Penalty u/s 271B is imposed on two grounds i.e for not getting the books of accounts audited within due date and for not furnishing the audit report within due date of filling of return of income. Now as per above circular furnishing of audit report has been done away with after the introduction of annexure less forms. The only thing that...

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Payment made under Franchise & Management Agreement for availing technical know-how, coupled with technical consultancy services, for setting-up new and distinct business could be considered as capital expenditure

Ansal Housing & Construction Ltd. Vs DCIT (ITAT Delhi)

Ansal Housing & Construction Ltd. Vs DCIT The Assessing Officer disallowed the expenses on the ground that the payment was made prior to commencement of the hospitality business and had resulted into acquisition of technical know-how and franchise from the professional consultants and hence was capital in nature....

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Inter-corporate deposits written off in the books allowable as business expenditure where the incomes from such deposits were taxed as business income in earlier years

The Commissioner of Income Tax Vs ABC Bearing Limited (Bombay High Court)

CIT Vs ABC Bearing Limited (Bombay High Court)- The taxpayer was engaged in the business of advancing loans. Interest received from inter-corporate deposits was offered to tax as business income and accepted by the Assessing Officer in earlier years....

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Procedure for electronic filing of Central Excise and Service Tax returns and for electronic payment of excise duty and service tax

Circular No. 956/17/2011-Central Excise (28/09/2011)

Attention is invited to Circular No. 919/09/2010-CX dated 23rd March 2010 prescribing the procedure for electronic filing of Central Excise and Service Tax returns and payment of Central Excise duty and Service Tax by all the assessees who had paid Central Excise duty and Service Tax of Rs. 10 Lakh or more (including payment by utilisatio...

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SEBI Guidelines for Issue and Listing of Structured Products/ Market Linked Debentures

Circular No. Cir. /IMD/DF/17/2011 (28/09/2011)

SEBI had prescribed initial and continuous disclosure norms applicable to issue and listing of debt securities through the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 and the Simplified Listing Agreement for Debt Securities....

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KYC Norms – Letter issued by UIDAI containing details of name, address and Aadhaar number

RBI/2011-12/207 DBOD.AML.BC.No. 36/ 14.01.001/2011-12 (28/09/2011)

Please refer to the Government of India Notification No. 14/2010/F.No. 6/2/2007-ES dated December 16, 2010 which recognises the letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number, as an officially valid document as contained in Rule 2(1)(d) of the PML Rules, 2005....

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PAN card Verification procedure and who can avail the facility of verification

To enable eligible Entities verify Permanent Account Numbers (PANs), Income Tax Department (ITD) has authorized National Securities Depository Limited (NSDL) to launch an online PAN verification service for verification of PANs by authorized entities. ...

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Posted Under: Corporate Law |

Notification No. 77 (RE-2010)/2009-2014, Dated: 28.09.2011

Notification No. 77 (RE-2010)/2009-2014 (28/09/2011)

In relaxation of above prohibition, certain exemptions have been granted through various notifications issued from time to time namely (a) export of Castor Oil (b) export of coconut oil from Cochin Port (c) Deemed export of edible oils(as input raw material) from DTA to 100% EOUs for production of non-edible goods to be exported (d) expor...

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Indian Economy – Progress and Prospects

(Speech by Deepak Mohanty, Executive Director, Reserve Bank of India, delivered at the Harvard Business School, Boston on 27th September 2011) It is an honour and privilege for me to be speaking at Harvard to such a distinguished audience. I thank Professor Benjamin Friedman and Professor Tarun Khanna for this opportunity. I will be speak...

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Posted Under: Corporate Law |

SEBI – Filing Offer Documents with SEBI under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009

Circular No. CIR/CFD/DIL/6/2011 (28/09/2011)

As a green initiative, it has been decided to reduce the number of copies of offer documents being submitted to SEBI. Also, considering the availability of the soft copies of the offer documents in the websites of SEBI and the concerned merchant bankers, it is hereby prescribed as under....

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Rate of exchange of conversion of each of the foreign currency with effect from 1st October, 2011

Notification No. 70/2011-Customs (N.T.) (28/09/2011)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.62/2011-CUSTOMS (N.T.), dated the 26th August, 2011....

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Monetary Policy Dilemmas – Some RBI Perspectives

India recovered from the crisis sooner than even other emerging economies, but inflation too caught up with us sooner than elsewhere. Inflation, as measured by the wholesale price index (WPI), which actually went into negative territory for a brief period in mid-2009, started rising in late 2009, and it has remained around 9-10 per cent s...

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Posted Under: Corporate Law |

Applicability of service tax on taxable services provided by a non-resident or a person located outside India to a recipient in India

INSTRUCTION [F. NO. 276/8/2009-CX-8A] (26/09/2011)

Kind attention is invited to instruction F No. 275/7/2010-CX-8A, dated 30-6-2010, wherein the Board had communicated its view that services tax on a taxable service received in India, when provided by a non-resident/person located outside India, would be applicable on reverse charge basis with effect from 1-1-2005, and that the ratio of j...

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IRCS to Get benefits under Income Tax Act

The Union Health Minister and Chairman of Indian Red Cross Society and St John Ambulance (India), Shri Ghulam Nabi Azad today presided over the General Body meeting of the two organizations on behalf of the President of India Smt. Pratibha Devisingh Patil. Over 350 members of the General Body including Governors of the States of Uttar Pra...

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Posted Under: Corporate Law |

Deloitte sued for $7.6 billion, accused of missing fraud

(Reuters) Deloitte Touche Tohmatsu Ltd , the world’s largest accounting and consulting firm, was accused on Monday of failing to detect fraud during its audits of one of the biggest private mortgage firms to collapse during the U.S. housing crash. A trust overseeing the bankruptcy of Taylor, Bean & Whitaker Mortgage Corp, or TBW...

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Posted Under: Corporate Law |

Procedure for refund of TDS U/s. 195 to person deducting tax – Amendment in Circular No. 7/2007 dated 23/10/2007

Circular No. 07/2011-Income Tax (27/09/2011)

CIRCULAR NO-07/2011, The Board had issued Circular No.7/2007 and 23.10.2007 laying down the procedure for refund of tax deducted at source under section 195 of the Income Tax Act, 1961 to the person deducting tax at source from the payment to a non-resident....

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Automated Data Flow (ADF) from banks to Reserve Bank of India- FAQs

WHAT IS THE BACKGROUND FOR Automated Data Flow (ADF)? Ans: In several of its functions, Reserve Bank of India relies on data submitted by banks and quality of data is of great importance. In order to meet the need for correct and consistent data, the Reserve Bank of India has initiated the project on Automated Data Flow (ADF)....

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Posted Under: Corporate Law |

SEBI – Disclosure of Price Information of past issues handled by Merchant Bankers

Circular No. CIR/CFD/DIL/5/2011 (27/09/2011)

Schedule VI, Form A, para (16) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 provides that ‘Price Information of Past Issues handled by Merchant Bankers (who are responsible for pricing this issue)’ should be enclosed along-with Due Diligence certificate submitted to the Board. The format for disclosure of P...

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SEBI – Contents of Application-Cum-Bidding Form and Manner of disclosure

Circular No. CIR/CFD/DIL/4/2011, (27/09/2011)

SEBI has reviewed the structure, design, format, contents and order of information of Application-Cum-Bidding-Form to make it investor friendly and also to ensure uniformity in bidding and accuracy. The form has been standardized and it has been decided that henceforth there would only be a single form for ASBA and Non-ASBA applicants. It...

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RBI issues Draft Revised Guidelines on Securitisation Transactions

RBI/2011-12 DBOD.No.BP./21.04.177/2011-12 (27/09/2011)

In the light of developments in the domestic and international financial markets, Reserve Bank had reviewed the extant guidelines on securitisation of standard assets and placed the draft guidelines on minimum lock-in period/Minimum Holding Period (MHP) and Minimum Retention Requirements (MRR) for Indian banks on its website on April 19, ...

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Attempt to defraud using fake bank guarantee-modus operandi

RBI/2011-12/206 DNBS(PD).CC. No.245/03.10.42/2011-12 (27/09/2011)

Instances of fraud have been brought to the notice of the RBI wherein Bank Guarantees (BGs) purportedly issued by a couple of bank branches in favour of different entities were presented for confirmation by other commercial banks/individuals representing some beneficiary firms. The BGs were submitted along with Confirmation Advice /Advice...

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How to Apply and 'Get Certified Copies' of Documents from ROC

Login on MCA website. Click on the link ‘GET CERTIFIED COPIES’ which is on the left hand side of screen under the head ‘QUICK LINKS’ Enter Company name or CIN no. and search for the company on MCA web portal. It will display the company name and its CIN no. Click on the CIN no....

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External Commercial Borrowings (ECB) in Renminbi (RMB)

A.P. (DIR Series) Circular No. 30 (27/09/2011)

Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector, where “infrastructure” is as defined under the extant guidelines on External Commercial Borrowings...

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CBEC assigns Adjudicating Authority for another DRI SCN

F.No.437/20/2011-Cus. IV (26/09/2011)

F.No.437/20/2011-Cus. IV, Dated the 26th September, 2011 - In terms of Notification No. 15/2002-Customs (N.T.) dated 07.03.2002 (as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice DRI F.No.856(28)LDH/2009/Pt-XI/3100-3121 dated 09.06.2010 issued by Add...

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SEBI releases Concept Paper on Regulation of Investment Advisors

As decided by SEBI Board in its meeting dated March 22, 2007, SEBI had posted a consultative paper on the 'Regulation of Investment Advisors' on its website inviting public comments. Based on public comments received on the consultative paper as also the USAID (Fire Project), a memorandum was placed before the SEBI Board proposing a regul...

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Posted Under: Corporate Law |

External Commercial Borrowings (ECB) from the foreign equity holders

RBI/2011-12/204 A.P. (DIR Series) Circular No. 29 (26/09/2011)

To benefit eligible borrowers, it has been decided, in consultation with the Government of India, to consider the ECB proposals from foreign equity holders (direct/indirect) and group companies under the approval route as under:- (i) Service sector units, in addition to those in hotels, hospitals and software, could also be considered as ...

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External Commercial Borrowings (ECB) Policy – Structured Obligations for infrastructure sector

RBI/2011-12/203 A.P. (DIR Series) Circular No. 28 (26/09/2011)

On a review, it has been decided by RBI , to further liberalise the ECB policy in respect of the infrastructure sector.Direct foreign equity holder (holding minimum 25 per cent of the paid-up capital) and indirect foreign equity holder holding atleast 51% of the paid-up capital, will be permitted to provide credit enhancement for the dome...

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Indian Railways introduced new mode of ticket verification

Electronic Reservation Slip (ERS) – The printout in standard specified Performa containing reservation particulars, and instructions for use which cn be used by the passenger along with the relevant authorized Identification, as travel authority for performing the journey. Virtual Reservation Message (VRM) – A screen-shot of t...

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Posted Under: Corporate Law |

Internet Banking for Customers of Urban Co-operative Banks

RBI/2011-12/202 UBD.BPD.(SCB)Cir No. 1/09.18.300/2011-12 (26/09/2011)

UBD.BPD.(SCB)Cir No. 1/09.18.300/2011-12 - As announced in the Monetary Policy Statement 2011-12, [para 102 - appended], it has been decided to permit scheduled UCBs satisfying certain criteria to provide internet banking facility to their customers. Accordingly, scheduled UCBs having minimum networth of Rs. 100 crore, CRAR of at least 10...

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Fraudulent payments in EPFO Accounts via fake cheques‑ precautions

Notification No. Bkg/1(5)/2006/Bank Agreement/Part/27794 (26/09/2011)

Fraudulent payments in the Accounts of EPFO through fake cheques‑ precautionary measure to avoid fraudulent payment- reg. ...

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Interest on income tax refund can be set-off against interest on delayed payment

DCIT Vs Bank of America NT & SA (ITAT Mumbai)

DCIT v. Bank of America NT & SA (ITAT Mumbai) - Tribunal held that interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax and only net amount is to be taxed. The issue before the tribunal was that Whether interest income received by the taxpayer on income tax refund can be set-off ...

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Limitation period does not apply to withholding tax proceedings – Calcutta HC

Bhura Exports Ltd. Vs ITO (Calcutta High Court)

Bhura Exports Ltd Vs ITO (Calcutta High Court, Decided on August 30, 2011)- When the limitation provided earlier in Section 231 of the Act for taking action u/s 201 has been omitted with effect from April 1, 1989 and was re-introduced by way of addition of sub-Section (3) of Section 201 with effect from April 1, 2010, there is no bar of t...

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Dividend Distribution Tax not dependent on eventual taxability of dividend income

The Tata Power Company Limited Vs ACIT (ITAT Mumbai)

The Tata Power Company Limited Vs ACIT- The Tribunal reiterated that the incidence of liability to pay DDT arises the moment such dividend is distributed (declared) and any subsequent events can have no bearing on such liability, even if such event renders dividend non-­taxable in the hands of the recipient. It was not possible to extend...

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AAR Application not maintainable if same issue pending before tax/appellate authorities in payers case

In Re- Advance Ruling Authority (AAR Delhi)

Foster Pty. Ltd., In Re- Advance Ruling Authority The applicant is a company incorporated in Australia and is a tax resident of that country. The applicant entered into a contract with Ravva Oil Singapore (Singapore) Pte. Ltd., a company incorporated under the laws of Singapore for provision of services in connection with the business of ...

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MCA notifies 'Srei Infrastructure Finance Limited' as Public financial institution u/s. 4A of Companies Act, 1956

Notification No. S.O. 2223(E) (26/09/2011)

In exercise of the powers conferred by sub-section (2) of section 4A of the Companies Act, 1956 (1 of l956), the Central Government hereby further to make amendment in the Notification of the Government of India, published in the Gazette of India, Part II, section 3, Sub-section (ii), dated the 13-5-1978 in the erstwhile Ministry of Law, ...

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SC on recovery of tax on money deposited by Indians in Foreign Bank

Ram Jethmalani & Ors. Vs. Union of India & Ors. (Supreme Court of India)

SC refers Appeal by Ram Jethmalani against purported inaction of Government to arrange for recovery of large sums of money deposited by Indian citizens in foreign banks to Honourable the Chief Justice of India....

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AAR Application not maintainable if assessment proceedings are pending

In Re- SEPCO III Electric Power Construction Corporation (AAR Delhi)

On the date of filing of the present application before us relating to the rights and obligations arising out of the contract dated 10.5.2006 entered into by the applicant, in so far as it relates to the question posed in this application, was pending before the concerned assessing officer. We re-emphasize that merely because a questionna...

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Summary of recent Rationalisation and Liberalization in External Commercial Borrowing (ECB) Policy

On a review of the current ECB policy, it has been decided, in consultation with the Government of India, to further rationalise and liberalize the ECB Policy as under : (i) The limit for eligible borrowers to avail of ECB under the automatic route per financial year has been enhanced as follows: corporates in real […]...

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Posted Under: Corporate Law |

Download book covering direct and indirect tax, accounting standards, LLP, Companies Act, Partnership Act in brief

ICAI has released Book titled 'Quick Insight on CA profession' to be circulated to all CA firms/ practitioners for ready reference and it includes matters relating to direct and indirect tax, accounting standards, list of mandatory statements and standards on auditing, peer review, information regarding forms relevant to students, webs...

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Posted Under: Corporate Law | ,

Service Tax on Goods Transport Agency – Pay peanuts worry extra

Since inception year 1997, Goods Transport Agency (GTA) Service is caught by bundles of controversies like a celebrity always stay for the publicity stunt. Service Tax Legislation was just 3 years old and one can forget the childish introduction of GTA Service. However, even after sequential amendments the levy has ended up being a migrai...

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Understanding Deemed Dividend with Latest Case Laws

It is very important to have the knowledge of provisions of deemed dividend under section 2(22)(e) of the Income tax act, 1961 before making any transaction with the closely held companies....

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Service Tax – Renting of Immovable Property Service- HOME SOLUTIONS RETAILS (INDIA) LTD Vs UNION OF INDIA & ORS – Delhi HC

Home Solutions Retails (India) Ltd. Vs Union of India (Delhi High Court)

In the dictionary clause in Section 65(90A), while defining renting of immovable property, it has been stated that it includes renting, letting, leasing, licencing or other similar arrangements for immovable property for use in the course or furtherance of business or commerce....

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How to e-file Service tax Return in ACES?

How to e-file return in ACES? Log onto www.aces.gov.in and Click 'Service Tax' Link on top menu bar. If you are registered with ACES, use your username and password to log-in. Select your return from RET menu and submit self-assessed return online. If not registered with ACES, furnish e-mail ID of the authorized person to your ...

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Posted Under: Corporate Law |

How to Pay MCA 21 Fees / ROC fees Via NEFT (Updated)

Currently MCA21 payments are allowed via Credit Card, Internet Banking & Physical Challan. The Ministry has authorized 5 banks (Indian Bank, HDFC, ICICI, PNB and SBI) for collection of MCA21 fees, which means that only the account holders of these banks can avail Internet banking facility. Further, payment via challan can only be made in ...

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Posted Under: Corporate Law |

Transfer Pricing – Benchmark cannot be applied on a global basis but has to be on a transaction basis ; Tribual explains Important Principles of Cost Plus, CUP and TNMM

Assistant Commissioner of Income Tax Vs Tara Ultimo Private Limited (ITAT Mumbai)

By way of this appeal, the Assessing Officer has challenged correctness of CIT(A)’s order dated 29th March 2010, in the matter of assessment under section 143(3) of the Income Tax Act, 1961 for the assessment year 2 004-05, mainly on the following ground:...

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Company can follow cash accounting system for tax purposes even though section 209(3) of Companies Act mandates accrual system

DCIT Vs Stup Consultants Pvt. Ltd. (ITAT Mumbai)

Assessee has been following cash system of accounting and this method has been regularly employed by the assessee in recording its day today business transaction. It is not a case where the assessee has been maintaining its accounts of day to day business under the mercantile system of accounting and thereafter prepares accounts in accord...

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Transfer Pricing – Important Law On ‘Comparable Uncontrolled Transaction’ Explained

DCIT Vs BP India Services Pvt. Ltd. (ITAT Mumbai)

DCIT Vs BP India Services Pvt Ltd (ITAT Mumbai)- Decisive factors for determining inclusion or exclusion of any case in/from the list of comparables are the specific characteristics of services provided , assets employed, risks assumed, the contractual terms and conditions prevailing including the geographical location and size of the mar...

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Intervention by Dr. D. Subbarao, Governor, Reserve Bank of India at IMF Meeting on September 23, 2011

There is a great deal of anxiety around the world about the outcome of this weekend’s Fund-Bank annual meetings and the G-20 meetings. There are strong expectations that we will converge on a plan of action that will reverse the crisis of confidence. We once again have to show the resolve that we did in 2008 to meet those expectations. ...

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Posted Under: Corporate Law |

IRDA guidelines on Health Insurance Portability – Portability to commence from 1-10-2011

Circular No. IRDA/HLT/MISC/CIR/209/09/2011 (09/09/2011)

The IRDA, vide Circular, dated 10-2-2011, had issued guidelines on portability of health insurance policies which was to be introduced from 1-7-2011. Subsequently, on 24-6-2011, it was felt necessary to put in place a system to enable collection of data on the history of health insurance and monitoring the transfer of records of the porti...

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Broad parameters for banks and NBFCs to set up Infrastructure Debt Funds (IDFs)

The Reserve Bank has announced today that banks and Non Banking Financial Companies (NBFCs) would be eligible to sponsor Infrastructure Debt Funds (IDFs), to be set up as Mutual Funds (MFs) and NBFCs. The Securities and Exchange Board of India (SEBI) has amended the (Mutual Funds) Regulations to provide regulatory framework for IDF-MFs by...

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Posted Under: Corporate Law |

S. 2(15) charitable purpose where ICAI was alleged for indulging in "Commerce" for its coaching classes – HC rejected that same do not amounts to "business"

Director of Income Tax (Exemptions) Vs The Institute of Chartered Accountants of India (Delhi High Court)

ICAI & ANR. Vs DGIT (EXEMPTIONS) (Delhi High Court)- Even if the profits earned are used for charitable purposes, but fee, cess or consideration is charged by a person for carrying on any activity in the nature of trade, commerce or business or any activity of rendering of any service in addition to any trade, commerce or business, an ins...

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SC Decision on Fate of Arbitration Clause in unregistered Agreement with improper stamp duty

SMS Tea Estates Pvt. Ltd. Vs. M/s. Chandmari Tea Co. Pvt. Ltd. (Supreme Court of India)

SMS Tea Estates Pvt. Ltd. Vs. M/s. Chandmari Tea Co. Pvt. Ltd. (Supreme Court of India)- SC held that under the provisions of Registration Act, 1908 (‘Registration Act’) an arbitration clause can remain enforceable in certain situations even if it forms part of an unregistered (but compulsorily registrable) document. But the agreement...

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Need of correcting our ‘Indian Legal System’?

We may very often say great things about Indian Judiciary or legal system. It is true that we have had great legal luminaries, who played a very important role in our democracy defending the Fundamental Rights of the people, expanding the scope of Part-III of Indian Constitution and who played a very important role in preserving and uphol...

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Posted Under: Corporate Law |

Delhi HC – Service Tax on Renting of Property Valid ; Endorses views of HCs of P&H, Orissa,Gauhati, Bombay, Gujarat

Home Solutions Retails (India) Ltd. Vs Union Of India & Ors. (Delhi High Court)

Delhi High Court has upheld the constitutional validity of Service Tax on renting of immovable property with retrospective effect While upholding the levy of Service Tax on Renting, their Lordship has left open the question of imposition of penalty for period prior to 2010 to be examined by the Govt. in view of the fact […]...

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13-member South African Indian family in tax fraud scandal

Thirteen South African Indians, all members of an extended family, have been arrested from a largely Indian residential locality near here, for allegedly defrauding the revenue service of millions of rands, in a scam that has left the township residents shocked. The accused, including a mother, her four children and other close and not s...

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Posted Under: Corporate Law |

G24 Intervention of Finance Minister after taking over the Chair

It is a great honour to take over the chair of G24 and I thank you for enabling it. I bring greetings from all the people of India. South Africa and its dynamic Finance Minister Mr Pravin J Gordhan has successfully steered this group over the last one year. Let me thank him and his team, on behalf of all of us present her...

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Posted Under: Corporate Law |

Anand Sharma Pushes for Free Movement of Professionals between India-US

Shri Anand Sharma Commerce, Industry and Textiles Minister of India along with Shri Pranab Mukherjee, Finance Minister and Deputy Chairman, Planning Commission led the Government of India delegation to the India-U.S. CEO Forum meeting in Washington D.C. on September 22, 2011. The Forum comprises top CEOs from both sides and is co-chaired ...

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Posted Under: Corporate Law |

Intervention of FM at the G20 Finance Ministers’ and Central Bank Governors’ Dinner Meeting

First, it is worth considering whether we are giving excessive weightage to the balance and sustainable elements of the Framework, and too little to strong growth. The question of growth is particularly relevant at this juncture, when the recent developments in the global economy are cause for serious concern. The Framework exercise was i...

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Posted Under: Corporate Law |

BRICS Finance Ministers’ Joint Communiqué Issued at the end of Meeting in Washington

While BRICS countries recovered quickly from the 2008-09 global financial crisis, some of us have been subject to inflationary pressures and growth prospects of all our countries have been dampened by global market instability. In advanced countries, the build up of sovereign debt and concerns regarding medium to long-term plans of fiscal...

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Posted Under: Corporate Law |

Text of the Address of Union Finance Minister's Address to BRICS

We are meeting here at the time when global economic growth seems to be losing its momentum after about a year and half of fragile and uneven recovery. There are signs of economic and financial weaknesses in Europe and the US that threaten the global economic outlook. The robust and quick recovery in EMEs also seems to be running out of...

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Posted Under: Corporate Law |

SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Notification No. LAD-NRO/GN/2011-12/24/30181 (23/09/2011)

requently traded shares‖ means shares of a target company, in which the traded turnover on any stock exchange during the twelve calendar months preceding the calendar month in which the public announcement is made, is at least ten per cent of the total number of shares of such class of the target company....

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Notified bonds or debentures of public sector companies – Income Tax notification no. 52/2011

Notification No. 52/2011 - Income Tax (23/09/2011)

Notification No. 52/2011 - Income Tax [F.NO. 178/56/2011- (ITA-I)], DATED 23-9-2011 In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the entities mentioned in column (2) of the table below, to issue, during the...

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Regarding Adjudication of appraising related Show Cause Notices -Circular No. 44/2011- Customs,

Circular No. 44/2011-Custom Duty (23/09/2011)

Circular No. 44 /2011- Customs Consequent to the judgement of Hon’ble Supreme Court dated 18.02.2011, in Civil Appeals Nos. 4294-4295 of 2002 and Nos. 4603-4604 of 2005 (commonly referred to as Sayed Ali case), Board issued an Instruction F.No.437/143/2009-Cus.IV(pt) dated 15.04.2011 directing the field formations to examine pending Sh...

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SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2011

Notification No. LAD-NRO/GN/2011-12/25/30309 (23/09/2011)

NOTIFICATION NO. LAD-NRO/GN/2011-12/25/30309 These Regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2011....

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SEBI (Substantial Acquisition of shares and Takeovers) Regulations, 2011

Notification No. LAD-NRO/GN/2011-12/24/30181 (23/09/2011)

Substantial acquisition of shares or voting rights- (1) No acquirer shall acquire shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, entitle them to exercise twenty-five per cent or more of the voting rights in...

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External Commercial Borrowings (ECB) Guidelines – Rationalisation and Liberalisation

RBI/2011-12/201 A.P. (DIR Series) Circular No.27 (23/09/2011)

On a review of the extant ECB policy, it has been decided, in consultation with the Government of India, to further rationalise and liberalize the ECB guidelines as under:- (i) Enhancement of ECB limit under the automatic route (a) Eligible borrowers in real sector-industrial sector-infrastructure sector can avail of ECB up to USD 750 mil...

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External Commercial Borrowings (ECB) – Bridge Finance for Infrastructure Sector

RBI/2011-12/200 A.P. (DIR Series) Circular No. 26 (23/09/2011)

Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector, where “infrastructure” is as defined under the extant guidelines on External Commercial Borrowings...

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FEMA – External Commercial Borrowings (ECB) for the Infrastructure Sector– Liberalisation

RBI/2011-12/199 A.P. (DIR Series) Circular No. 25 (23/09/2011)

As per extant guidelines, repayment of existing Rupee loans is not a permissible end-use for ECB. Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector, ...

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SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Circular No. SEBI/CFD/DCR/SAST/1/2011/09/23 (23/09/2011)

Consequential amendments to be carried out in Clause 35 of the Listing Agreement, pursuant to SAST Regulations 2011 are given in Annexure – 1 to this circular. Stock Exchanges are advised to carry out the said amendments in their Listing Agreement and confirm compliance of the same in the next monthly development report....

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Removal of Ban on export of Onion – Circular No. 43 /2011-Customs,

Circular No. 43/2011-Custom Duty (23/09/2011)

Circular No. 43/2011-Customs The Board had informed vide said Circular dated 14.09.2011 that export of ONION is prohibited vide Notification No.73(RE-2010)/2009-2014 dated 09-09-2011. Now DGFT vide Notification No.75(RE-2010)/2009-2014 dated 20/09/2011 amended the said notification and lifted the ban on export of Onion with immediate effe...

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MCA – Revision in Form No. 5 with effect from 25th September, 2011

Notification No. G.S.R. 716(E) (23/09/2011)

These rules may be called the Companies (Central Government's) General Rules and Forms (Amendment) Rules 2011. (2) These rules shall come into force with effect from the 25th September, 2011. 2. In the Companies (Central Government's) General Rules and Forms, 1956, for Form 5, the following Form shall be substituted, namely:-...

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FEMA – Summary of Recent Amendments in Forex Facilities for Individuals

RBI liberalises Forex Facilities for Individuals- 1. NRIs can be Joint Holders in Resident's SB/EEFC/RFC Accounts 2. Residents can be Joint Holders in NRE/FCNR Accounts 3. Residents can gift Shares/Debentures upto USD 50,000 Value 4. Resident Indian can open NRE / FCNR (B) account with their Resident close relative 5. Sale Proceeds of FDI...

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Posted Under: Corporate Law |

E-filing of Central Excise Returns (ER-1,2,3,4,5,6,7 & 8) made mandatory for All Assessees wef 01.10.2011

E-filing of Central Excise Returns (ER1,ER-2,ER-3,ER-4,ER-5,ER-6, ER-7 & ER-8) made mandatory for All Assessees wef 01.10.2011 vide Notification No. 21/2011 and No. 22/2011 - Central Excise, both dated 14.09.2011 ...

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Posted Under: Corporate Law |

CBEC notifies All Industry Rates of Duty Drawback for all items, including DEPB items

Govt notifies new duty drawback rates for 4000 export items -Directorate of Drawback has notified the revised All Industry Rates of Duty Drawback or tax refunds on 4,000 export items for the current fiscal which have also been extended to all the DEPB items. The rates are slightly lower than what was provided in 2010-11.The CBEC has not...

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Know Status of Quarterly TDS/TCS Statement by SMS

NSDL is pleased to announce that henceforth, NSDL will send SMS for each quarterly TDS/TCS statement processed at TIN. You just need to quote correct latest mobile number in the quarterly TDS/TCS statement. Status as below is provided in the SMS: Accepted: This status is provided if the statement is accepted by TIN. Rejected: Thi...

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Posted Under: Corporate Law |

Notification No. 76 (RE-2010)/2009-2014, Dated: 23.09.2011

Notification No. 76 (RE-2010)/2009-2014 (23/10/2011)

As it was the situation earlier, now export of non-Basmati rice under Food Aid Programme is permitted freely by PSUs or by government organizations also. Export of non-Basmati rice under agreement between India and Maldives will be permitted....

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Global and Indian Perspective on Need for Consumer Protection – Role of Ombudsmen

The role of the Ombudsmen adjudicating financial consumer disputes is onerous and the recent upheavals in the market place have only heightened the consumers’ expectations. The existence of a legal framework is a must for consumer protection. The Ombudsmen, by definition, deal with individual grievances about which the common person is ...

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Posted Under: Corporate Law |

Serious Fraud Investigation Officers authorized for purposes of filing & conducting prosecution under Act

Notification No. G.S.R. 715(E) (23/09/2011)

In pursuance of sub-section (1) of section 621 of the Companies Act, 1956 (1 of 1956), the Central Government hereby authorise the following officers in the Serious Fraud Investigation Office, Ministry of Corporate Affairs, for the purposes of filing and conducting prosecution under the Companies Act, 1956, namely:- 1. Shri H.K. Pandey...

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Anand Sharma Pushes for Making India HUB for Manufacturing Advanced Electronics Components

The Commerce, Industry and Textile Minister of India, Sri Anand Sharma interacted with CEOs of top business firms and heads of Universities in Dallas, Texas on 21st September 2011. The business roundtable, hosted by the CEO of Texas Instruments, Mr Rich Templeton, included CEOs of companies engaged in Banking, Automation and Information T...

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Posted Under: Corporate Law |

FM’s Address 'India’s Continuing Growth Story' at the India Investment Forum

The Indian economy has traversed a long way during the course of which it has stepped up its growth trajectory over successive decades, especially since the 1980s. It grew at a rate of around 3.5 per cent between 1950 and 1980, about 5.5 in the 1980s, going up to over 6 per cent in the 1990s and in the early years of this century. Since a...

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Posted Under: Corporate Law |

FMs Speech at USIBC-FICCI Round Table Meeting in New York

There is a consensus among analysts that India has a remarkable stretch of growth over the next thirty years. Several reasons support growth to be sustained at a high rate of 8 to 9 per cent per annum. First, the savings and investment ratios have gone up in the last few years and are reminiscent of the high growth East Asian economies. S...

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Posted Under: Corporate Law |

Corporate Affairs Minister Invites Suggestions for Effective and Beneficial Competion Policy

Union Corporate Affairs Minister Dr. M. Veerappa Moily has asked the Corporate Sector in the country to send their relevant and issue specific suggestions during the current exercise of initiatives underway in drafting the new national competition policy. The Minister was chairing the second Consultative Meeting on draft National Competit...

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Posted Under: Corporate Law |

All Industry Rates of Duty Drawback, 2011-12

Circular No. 42/2011-Custom Duty (22/09/2011)

Circular No. - 42 / 2011-Cus - As in previous years, the drawback rates have been determined on the basis of certain broad parameters including, inter alia, the prevailing prices of inputs, Standard Input Output Norms (SION), share of imports in the total consumption of inputs, FOB value of export goods and the applied rates of duty. The...

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Amends Customs, Central Excise Duties and Service Tax Drawback Rules, 1995

Notification No. 69/2011-Customs (N.T.) (22/09/2011)

In exercise of the powers conferred by section 75 of the Customs Act, 1962 (52 of 1962), section 37 of the Central Excise Act, 1944 (1 of 1944) and section 93A read with section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Customs, Central Excise Duties and Service ...

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Determines the rates of drawback in supersession of the notification No. 84/2010-Customs (N.T.), dated the 17th September, 2010

Notification No. 68/2011-Customs (N.T.) (22/09/2011)

Notification No. 68 / 2011 - Customs (N.T.), (E). In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962), sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), and section 93A and sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) read with rules ...

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Minimum Wages and Dearness Allowance w.e.f. 01.10.2011

Order No.1/13/(4)/2011-LS-II (22/09/2011)

Download Full Notification Specifying Minimum Wages and Dearness Allowance w.e.f. 01.10.2011 for workers engaged in Construction Or Maintenance Of Roads Or Runways Or In Building Operations Including Laying Down Underground Electric, Wireless, Radio, Television, Telephone, Telegraph And Overseas Communication 'Cables And Similar Other Und...

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RBI – Returns to be submitted by NBFCs – Revised Formats

RBI/2011-12/195 DNBS(PD).CC. No.243/03.02.02/2011-12 (22/09/2011)

NBFCs are required to file various returns related to deposit acceptance, Prudential Norms, Capital Market exposure, etc. A few of these returns are as under: Returns to be submitted by deposit taking NBFCs NBS-1 Annual Returns on deposits in First Schedule,NBS-2 Half-yearly returns on Prudential Norms, NBS-3 Quarterly returns on L...

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