"13 October 2011" Archive - Page 2

IIP, inflation to decide RBI move

Two sets of data to be released this week - industrial output growth for August and consolidated monthly inflation for September - would largely determine the Reserve Bank of India's (RBI's) next move on interest rate hikes. Policy makers are facing a harsh dilemma: a slew of fiscal and monetary measures to cure inflation has not tamed pr...

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Posted Under: Fema / RBI |

RBI turns heat on banks to check bad loans

Following the recent downgrade of the country’s largest lender State Bank of India by credit rating agency Moody’s Investor Services, the Reserve Bank of India (RBI) has asked banks to focus on recovery and follow a stringent credit appraisal procedure. The RBI has asked banks to remain cautious in the wake of a higher-than-expected r...

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Posted Under: Fema / RBI |

Industrial growth slows to 4.1% in August

Pressure built up on RBI over interest rates on Wednesday as India’s industrial output grew by 4.1% year-on-year in August. Factory output had grown by 3.8% in July and 4.5% in the year-ago period, with rising input costs and costlier loans forcing firms to defer investments. The manufacturing sector, which accounts for 80% of India’s...

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Posted Under: Fema / RBI |

Satyam fraud case – SC grants bail to Four Emplyees and one Auditor

The five had approached the apex court challenging the 30 August order of Andhra Pradesh high court which had rejected their bail pleas. Four former employees of IT major Satyam Computers Services Ltd and a former auditor of PriceWaterhouseCoopers (PWC), arrested for their alleged roles in multi-crore accounting fraud involving the softwa...

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Posted Under: Fema / RBI |

Public Notice No. 80 (RE2010)/2009-14, Dated: 13.10.2011

Public Notice No. 80 (RE2010)/2009-14 13/10/2011

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures Vol.1 (Appendices and Aayat Niryat Forms) 2009-2014....

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Amendment in the provision of Clubbing (Para 4.20) in HBP Vol I( 2009-14)

Public Notice No. 79 (RE-2010)/ 2009-14 13/10/2011

Only such Advance Authorisations shall be clubbed which have been issued within 36 months from the date of issue of the earliest Authorisation that is sought to be clubbed, whether such Authorisations are valid or not....

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‘On-line’ message exchange of Duty Free Import Authorization (DFIA) between DGFT and Customs

Policy Circular No. 41(RE-2010)2009-14 13/10/2011

As in other schemes, the status of DFIAs issued by DGFT on or after 13.10.2011, and transmitted to Customs, would be available on DGFT website (http://dgft.gov.in). In case of any clarification or error in transmission or for any other technical fault, the Help Desk at DGFT (Hqrs) and 4 Zonal Offices may be contacted. The contact detail...

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Export of goods imported under reward schemes and DEPB – Re-credit of duty

Circular No. 45/2011-Customs 13/10/2011

Circular No. 45/2011-Cus., it is clarified that in respect of reward schemes specified under Chapter 3 of FTP and DEPB scheme, re-export of imported goods, which are found to be defective /unfit and/ or for re-export on account of any other reason, may be permitted by the Commissioner of Customs, subject to fulfillment of the following co...

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Notification No. 79 (RE-2010)/2009-2014, Dated: 13.10.2011

Notification No. 79 (RE-2010)/2009-2014 13/10/2011

Notification No. 79(RE-2010)/2009-2014 he following sub para is added at the end of Para 3.14.2 of FTP 2009-14: Export of products to notified countries (in Table 3 of Appendix 37C of HBPv1) will be entitled for additional duty credit scrip @ 1% of FOB value of exports (in free foreign exchange) made with effect from 01.04.2011 . ...

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Guidelines on IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010

Notification No. IRDA/LIFE/MISC/CIR/235/10/2011 13/10/2011

Many representations have been made by the insurers to allow a higher revival period to enable the policyholder to revive at a later stage and requests were also made to allow the insurer to levy fund management charge for managing the discontinued linked fund. In consultation with the industry, the Authority, in exercise of powers vested...

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