The Central Direct & Indirect Taxes Committees are in the process of identifying issues that need to be taken up in the Pre-Budget Memoranda on Direct & Indirect Taxes – 2012 to be submitted to the Ministry of Finance.
The Second round of consultations on the revised version of National Competition Policy will held tomorrow at FICCI, Federation House, Tansen Marg, New Delhi. The Union Minister for Corporate Affairs Dr. M.Veerappa Moily will chair the consultations.
The Union Minister of Communications and Information Technology, Shri Kapil Sibal has said that adequate balance needs to be maintained between needs of ‘privacy of individual’ and ‘genuine security concerns of state’ while dealing with challenges of cyber security. Delivering keynote address in the opening session of the Summit on Information and Network Security for Emerging Markets on September 20, 2011 at Helsinki, he cautioned that the cyber attacks come not only from individuals but also from rival corporate houses and rouge states.
Reference is also invited to proviso 5.2 read in conjunction with Sl No. 2 Column 4 of Annexure – 1 of the within referred guidelines. With regard to the Registration Fee collected under RSBY in addition to the entities referred therein,
Though the Indian insurance industry has been in existence for over 125 years, the pace of standardization and integration has picked up speed with the liberalization of the sector. The most time and cost-consuming activities are concentrated in back office functions and administrative tasks. These business functions are the highest priority for automation and have the potential to deliver the fastest and greatest return on investment. While e-business greatly reduces these difficulties and removes all error-prone and slow administrative tasks, the challenge is ensuring that the sector is able to conduct business electronically.
With a view to strengthening the risk management framework, as also to facilitate wider access to payment systems, the Reserve Bank of India had constituted a Working Group to review of the existing access criteria guidelines. It may also be recalled that in the Second Quarter Review of Monetary policy 2010-11 (November 2, 2010- para 97 ), it was decided:
In a case of bounced cheque, the Delhi high court has ruled that the magistrate in the place where the cheque was drawn and where the drawee bank is situated has jurisdiction to deal with the complaint. The power under the Negotiable Instruments Act is not with the magistrate where the cheque was presented or from where the notice was issued to the offending party. Shree Raj issued some 45 cheques drawn on State Bank of India in Mumbai to Destination of the World in New Delhi. When the payee company presented them to ICICI Bank in Delhi, they were dishonoured by bank for want of funds.
Finance ministry has made it mandatory for taxpayers to file their central excise (Circular No.955/16/2011-CX, Dated-15th Sept., 2011) and service tax returns (Notification No. 43/2011 – Service Tax, DATED 25-8-2011) electronically from October 1, 2011. E-filing through the Centre’s online tax payment application Automation of Central Excise and Service Tax will be a must not only for returns due after October 1, but also for returns of past periods which have not been filed yet or are to be revised.
Reference is invited to the captioned circular issued by the Authority. The Authority is in receipt of representations from the Industry seeking revisiting of certain provisions of the said circular. Accordingly, keeping in view the objective of ensuring higher levels of persistency of life insurance policies as also conserving the agency force, the Authority issues the following modifications.
In partial modification of Clause (1) of the captioned circular the term ‘relative’ is re defined as “the term ‘relative’ shall include spouse, dependent children or dependent step children, whether residing with the employee or not”. Further it is clarified that this clause is applicable only in respect of agents who are licensed or whose agency is transferred to another insurer on or after 01st July, 2011.
