Why so much ado about an ‘efficient payment system’? Are Indian payment systems efficient? The importance of payment and settlement systems could be gauged from the IMF publication ‘Central Banking Lessons from the Crisis’ (May 27, 2010) which states that: ‘The crisis would have been much more severe had central banks not taken efforts to introduce robust payment and settlement systems, including for foreign exchange, over the two decades ahead of the crisis. The systemic impact of failure of a financial institution depends critically on the robustness of the infrastructure underpinning those markets in which it is active. Central banks, which in many cases are engaged in oversight of these systems, should play an important role in this regard, in cooperation with securities regulators and supervisors of individual institutions’
Had stipulated incorporation of barcodes (1 D) encoding unique product identification code (GTIN), Batch Number, Expiry Date and Unique Serial Number on export consignments of pharmaceuticals and drugs with effect from 01.10.2011. It is clarified that the above barcoding requirement is applicable only in respect of finished pharmaceutical products i.e. medical formulations and not Bulk drugs/APIs/Intermediates.
-Minimum Export Price (MEP) of all varieties of onions except Bangalore Rose Onions and Krishnapuram Onions will be US$ 250 per Metric Ton F.O.B. It was US$ 350 per Metric Ton as notified on 18.11.2011. For Bangalore Rose Onions and Krishnapuram Onions it will be US$ 300 per MT F.O.B instead of US$ 400 per MT as notified on 18.11.2011.
DRI, Bangalore Seizes 24 Nos. Of Foreign Marked Gold Biscuits (Weighing 2.4 Kgs), Valued At Rs. 69 Lakh, From Two Passengers Arriving At Bengaluru International Airport From Colombo On 25/26.11.2011. The Biscuits Were Concealed In Their Rectum.
Notification No.82/2011 – Customs (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.74/2011-CUSTOMS (N.T.), dated the 27th October, 2011 vide number S.O.2444 (E), dated the 27th October, 2011, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st December, 2011 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
The Central Government today released the sixth report pertaining to the quarter July-September 2011on Public Debt Management. Since September 2010, Department of Economic Affairs, Ministry of Finance is bringing out a quarterly report on debt management.
In pursuance of section 5 of the Public Provident Fund Act, 1968 (23 of 1968) the Central Government hereby notifies that the subscriptions made to the fund on or after the 1st day of December, 2011 and balances at the credit of the subscriber shall bear interest at the rate of 8.6 per cent. per annum.
The constitutional validity has been challenged of Chapters 1B and 1C of the Companies Act, 1956 inserted by Companies (Second Amendment) Act 2002, providing for the constitution of National Company Law Tribunal (`NCLT’ or `Tribunal’) and National Company Law Appellate Tribunal (`NCLAT’ or `Appellate Tribunal’) by raising, inter alia, the following contentions:
