Branch Expansion of Foreign Banks in India -As on 29.8.2011, 38 foreign banks are functioning with 321 branches in India. Reserve Bank of India has given following approvals for opening maiden branch/branch expansion in India during 2010 and 2100.
The Government and the Securities and Exchange Board of India (SEBI) have put in place mechanisms to monitor and assess foreign institutional investments. These mechanisms help to promote safe, transparent and efficient markets and protect market integrity. The systems established include advanced risk management mechanisms comprising of on-line monitoring and surveillance, circuit filters, prescription of limits on positions etc.
The Union Minister for Commerce, Industry and Textiles, Shri Anand Sharma has expressed confidence that India will have its first National Manufacturing Policy in the month of September 2011. Speaking at the National Council Meeting of Confederation of India Industry (CII), Shri Sharma said that among the various policies set for roll out ‘National Manufacturing Policy has reached the final stage and hopefully within this month of September it will become a reality.
India Post has signed a Memorandum of Understanding (MOU) with M/s VFS Global to provide visa related services for different countries through Post Offices. Memorandum of Understanding between India Post and M/s VFS Global was signed here on 30.08.2011 in the presence of Secretary, Department of Posts and senior officers from Department of Posts and VFS Global. The MOU sets out broad understandings and intentions of both the parties to provide visa related services at places where they are not currently available.
It is decided that since now companies are being incorporated with in 24-48 hours, on-line approval of incorporation forms i.e. STP mode of approval of e-forms 1, 18 and 32 on the basis of certification and declarations given by the practicing professional is not going to be implemented yet.
For the world US unemployment stands at 9.1%-a simple number but for the US economy its stands out 14million people sitting at home. In fact the number is more reduced so that the world can sleep peacefully and speculators could carry on the show. Mr. Obama stayed silent after the job numbers came up.
Notification No. 48/2011 – Income Tax Section 90A of The Income-Tax Act, 1961- Double Taxation Agreement – Adoption by Central Government of agreement between specified associations for double taxation relief – Specified territory and specified association – Taipei
General Electric Company Vs Deputy Director Of Income Tax (Delhi High Court)- Section 163 really provides only the machinery for giving effect to Sections 160 and 161, and the mere appointment of an agent under Section 163 would be of no consequence unless there is income in respect of which the agent can be held to be a representative- assessee under Section 160 and can be assessed as such under Section 161 of the Act.
As per Instruction No 3/2011 the revised monetary limit was applicable only for the appeals filed on or after 09/02/11 ie the date of issue of Instruction. As per para 11 of the Instruction, it was clarified that the appeals filed earlier would be governed by the old instructions operative at the time of filing.
Under attack from Team Anna and the Opposition for Income Tax office slapping a notice on activist Arvind Kejriwal to pay dues, government on Friday said it has no intention of being ‘revengeful’ and described the development as a ‘routine affair’. ‘It is unfair that allegations are made against government departments about their routine duties.
