"24 September 2011" Archive

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: Fema / RBI |

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: Fema / RBI |

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: Fema / RBI |

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: Fema / RBI |

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: Fema / RBI |

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: Fema / RBI |
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