"21 October 2011" Archive

No Pre-payment penalty on pre-closure of housing loans from Housing Finance Companies

Notification No. NHB (ND)/DRS/Pol. No. 43/2011-12 19/10/2011

The housing finance regulator said Housing Finance Companies will no longer levy any fee on floating rate loans. In case of fixed rate loans, it has made a distinction and only those borrowers who pay from their “own sources”, such as savings or even loans from relatives, will be exempted from payment of penalty. In […]...

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Eligibility of export product 'Technical Textiles' listed at FPS Product Code 33, Table-4, Appendix 37D of HBPv1

Policy Circular No. 42 (RE-2010)/2009-14 21/10/2011

The matter has been examined. It is decided that a technical textile is a textile product manufactured for non-aesthetic purposes, where function is the primary criterion. Technical textiles include textiles for automotive applications, medical textiles, geotextiles, agrotextiles and protective clothing like heat and radiation protecti...

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Role of Foreign Investment Promotion Board (FIPB)

The Foreign Investment Promotion Board (FIPB) is a government body that offers a single window clearance for proposals on Foreign Direct Investment (FDI) in India that are not allowed access through the automatic route. FIPB comprises of Secretaries drawn from different ministries with Secretary, Department of Economic Affairs, MoF in the...

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Posted Under: Finance |

Circular No. 46/2011-Customs, Dated 20th October, 2011

Circular No. 46/2011 - Customs 20/10/2011

Circular No. 46/2011 - Customs While processing Drawback claims, whether under Section 74 or Section 75, wherever any deficiency is noticed in the claim, the same shall be communicated to the exporter in a clear unambiguous manner within a period of 10 days, from the date of filing of the claim. Further, the drawback claims shall be disbu...

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CBDT Makes Discussion Paper on Tax Accounting Standards Public

The Central Board of Direct Taxes (CBDT) has made public the discussion paper on accounting standards, to be known as Tax Accounting Standards (TAS), for feedback from all concerned. The TAS, applicable only to computation of taxable income under the Income Tax Act 1961, will be different from accounting standards issued by the Institute ...

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Posted Under: Finance |

Observance of Vigilance Awareness Week as 'Grievance Redressal Week'

2. The CVC during its consultative meeting with the CBDT on 18.10.2011 has conveyed that the Vigilance Awareness Week 2011 should also be observed as Grievance Redressal week. Hence in addition to the various activities suggested in the earlier communication , the week long celebration should be combined with the whole hearted effort to r...

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Posted Under: Finance |

NHB advised housing Finance companies to charge Uniform interest (foating rate basis) for old and new customers

NA 21/10/2011

The NHB, which is the housing finance regulator, has also asked HFCs to ensure that all borrowers pay the same interest rate, irrespective of when the loan was taken. Download NHB Notification No. NHB (ND)/DRS/Pol. No. 44/2011-12 Dated 19.10.2011 related to Uniformity in charging interest (floating rate basis) for old and new customers...

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