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 rate hike that could have an adverse impact on the asset quality of banks.
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 industrial production, grew by 4.5% during the month. A slower manufacturing sector growth will hurt corporate profitability and employment prospects in factories.
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 software firm, were on Wednesday granted bail by the Supreme Court.
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.
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.
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 details of the concerned officials of Hqrs. and the Zonal Offices are already available on DGFT.
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 conditions: (i) re-export of goods shall take place from the same port from where the goods were imported; (ii) the goods are re-exported within 6 months from the date of import; (iii) the Asstt. /Dy. Commissioner of Customs is satisfied about the identity of the goods;
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 .
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 under Regulation 11 of IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010, the following guidelines/clarifications are issued. These guidelines/clarifications shall be effective from 1st November, 2011. For the purpose of the said Regulation:
Notification No. 97 /2011 – Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 118(E) dated the 1st March, 2002, namely :-
