The board of directors of Tata Sons at its meeting today appointed Cyrus P Mistry as Deputy Chairman. He will work with Ratan N Tata over the next year and take over from him when Mr Tata retires in December 2012. This is as per the unanimous recommendation of the selection committee.
Expressions of interest are invited from prospective Chartered Accountant Firms for preparing a panel for conducting internal audit and other accounts works of Corporate Office and various warehouses, Regional Offices/Construction Cells spread all over India as per requirements of the Corporation.
I am sure that by now you have read the OM F. No. 22/1/2011/AP/DOMS dated 21-11-2011 put up on irsofficersonline.gov.in on Results Framework Document. The RFD process is aimed at making quantum improvement in the Departmental performance, leading to a win-win situation for all the stakeholders, namely, the Nation, ‘the Taxpayers’ and the ‘Employees of the Department’. RFD is to be viewed as a tool for making our Vision 2020 a reality much before 2020.
Notification No. 103/2011-Customs Whereas in the matter of imports of Opal Glassware (hereinafter referred to as the subject goods), falling under heading 7013 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said Customs Tariff Act), originating in, or exported from, People’s Republic of China and UAE (hereinafter referred to as the subject countries) and imported into India, the designated authority in its preliminary findings vide notification No.14/24/2010-DGAD, dated the 27th June, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 27th June, 2011, had come to the conclusion that-
Court has held that amendment made in section 40(a)(ia) by Finance Act, 2010 is retrospective in nature and would apply from 01.04.2005. The said amendment provides that no disallowance under section 40(a)(ia) could be made where the TDS has been paid before the due date of filing of return of income. This is first ruling of any High Court on this issue.
In terms of the sub-para (iv) (c) on Foreign Currency-INR swaps in para 1 of the Part B.I. of the Section B in the Annex to the A.P. (DIR Series) Circular No. 32 dated December 28, 2010 the extant instructions state that Swap transactions may be undertaken by AD Category I banks as intermediaries by matching the requirements of corporate counterparties. While no limits are placed on the AD Category I banks for undertaking swaps to facilitate customers to hedge their foreign exchange exposures, a limit of USD 100 million is placed for net supply of foreign exchange in the market….
The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
On a review of the developments in the global financial markets and current macro-economic conditions, it has been decided, in consultation with the Government of India, to modify certain aspects of the External Commercial Borrowings (ECB) policy as under:
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, and in modification of the directive DBOD.No.Dir.BC.81/13.03.00/2008-09 dated November 15, 2008 on Interest Rates on Deposits held in Non-Resident (External) (NRE) Accounts and FCNR(B) Accounts, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR(B) deposits shall be as under.
This is in continuation of this office Trade Notice No. 17 dated 23.8.2011. All Export Promotion Councils / Commodity Boards / Authorities were requested that the registration process and uploading of RCMC data thereafter may be completed by 31.10.2011. If EPC’s /Commodity Boards /Authorities fail to register and upload data on DGFT’s website within the prescribed time limit as stated above, the ’on-line’ registration of RCMC issued by EPC’s /Commodity Boards /Authorities on DGFT’s website would be made mandatory w.e.f. 1.11.2011, after which no manual copy of RCMC / Registration Certificate will be entertained by DGFT offices.
