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Archive: 30 December 2011

Posts in 30 December 2011

Conclave of ICAI Members in Entrepreneurship and Public Services

December 30, 2011 1057 Views 0 comment Print

We are happy to inform that ICAI has recently constituted a new Committee for Members in Entrepreneurship & Public Services to encourage and enhance the participation of CA members who are into Entrepreneurship or Public Services in the Institute’s activities. The objective of the Committee is to associate members in Entrepreneurship or Public Service, to have a constant interface with ICAI and to request their association for enhancing the efficacy of ICAI work program by factoring their perspective and vision with the Institute.

RBI Releases Draft Guidelines on Basel III Capital Regulations

December 30, 2011 985 Views 0 comment Print

The Reserve Bank today released on its website, draft guidelines outlining proposed implementation of Basel III capital regulation in India. These guidelines are in response to the comprehensive reform package entitled Basel III: A global regulatory framework for more resilient banks and banking systems of the Basel Committee on Banking Supervision (BCBS) issued in December 2010.

Cash seized by IT department on the directions of EC will be returned only after completion of assessment

December 30, 2011 1269 Views 0 comment Print

The Income Tax department today said cash confiscated by surveillance teams on the directions of Election Commission will be returned only after the completion of assessment of I-T returns for 2011-12 fiscal which may take up to two years.

RBI amends Directions on Exchange Traded- IRFs on G-secs To permit Two and Five Years IRFs

December 30, 2011 601 Views 0 comment Print

The Reserve Bank of India today placed on its website the amended directions on Interest Rate Futures (IRFs) on Government Securities permitting 2-year and 5-year IRFs. According to the directions, the 2-year and 5-year IRF contracts would be on 2-year and 5-yr notional coupon bearing Government of India security, respectively. These would be cash-settled at expiry by the stock exchanges offering the contracts.

Section 120 of the Income-tax Act, 1961 – Income-tax authorities – Jurisdiction of – DIT (International Taxation) – Amendment in Notification No. S.O. 881(E), dated 14-9-2001

December 30, 2011 2574 Views 0 comment Print

Notification No.64/2011 -Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of sections 120 of the Income-tax Act, 1961 (43 of 1961) the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, in the Ministry of Finance (Department of Revenue), (Central Board of Direct Taxes), number S.O.881(E), dated the 14th September, 2001, namely :-

Section 118 of the Income-tax Act, 1961 – Income-tax authorities – Control of – DGIT (International Taxation) – Amendment in Notification No. S.O. 279(E), dated 12-3-2003

December 30, 2011 1252 Views 0 comment Print

Notification No.63/2011 -Income Tax In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment to the Notification of the Government of India, Ministry of Finance (Department of Revenue), vide number S.O. 279(E)), dated 12th March, 2003, namely

Revised Capital Adequacy Framework for Off-Balance Sheet Items for NBFCs-Clarification

December 30, 2011 397 Views 0 comment Print

The Reserve Bank of India, having considered it necessary in public interest and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to amend the Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007(hereinafter referred to as the said Directions), contained in Notification No. DNBS. 192/DG(VL)-2007 dated February 22, 2007.

RBI/2011-12/327 RPCD.CO.RCB. AML.BC. No.50/07.40.00/2011-12, dated: 30.12.2011

December 30, 2011 393 Views 0 comment Print

The Government of India had constituted a National Money Laundering / Financing of Terror Risk Assessment Committee to assess money laundering and terror financing risks, a national AML/CFT strategy and institutional framework for AML/CFT in India. Assessment of risk of Money Laundering /Financing of Terrorism helps both the competent authorities and the regulated entities in taking necessary steps for combating ML/FT adopting a risk-based approach. This helps in judicious and efficient allocation of resources and makes the AML/CFT regime more robust. The Committee has made recommendations regarding adoption of a risk-based approach, assessment of risk and putting in place a system which would use that assessment to take steps to effectively counter ML/FT. The recommendations of the Committee have since been accepted by the Government of India and need to be implemented.

Implementation of Section 51-A of UAPA, 1967 – Splitting of UNSC 1267 Committee’s list of individuals and entities linked to Al-Qaida and Taliban

December 30, 2011 495 Views 0 comment Print

As far as freezing of funds, financial assets or economic resources or related services held in the form of bank accounts of the designated individuals/entities are concerned, action should be taken as detailed in paragraph 6 of the circular dated September 17, 2009, mentioned above.

ICWAI invites comments on Exposure Draft of Guidance Note on Classification of Product Group

December 30, 2011 429 Views 0 comment Print

The Technical Cell of National Task Force constituted by the Institute has approved the release of the Exposure Draft of Guidance Note on Classification of Product Group. The proposed Guidance Note may be modified in light of comments/ suggestions received before the being issued as Guidance Note in the final form.Please submit your views/ comments/ suggestions on the proposed Exposure Draft on Guidance Note on Product Group Classification, preferably by email, latest by 31st January 2012.Comments should be addressed to:

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