Indian economy is likely to register an average growth of above 8% in the Eleventh Five Year Plan and that the 12th Plan will see a growth of 9 to 10%. It is my view that it is possible for India to aim at a 10% growth for the next 20 years. Only then growth will be truly sustainable and inclusive. Private enterprise and investment coupled with the demographic advantage can be the underlying drivers of the country’s immense growth potential, going forward. We cannot forget the fact that India’s new growth trajectory of the last decade coincided with a significant pick up in private investment and a transition to a younger demography. Both factors make us believe now that a 10 per cent growth can be achieved and sustained, going forward.
Data on sectoral deployment of credit collected on a monthly basis from select 47 scheduled commercial banks accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks for the month of May 2011 are set out in Statements I and II . These data are also available in the Real-Time Handbook of Statistics on the Indian Economy (http://dbie.rbi.org.in).
CIT v Kewalchand Pratapchand (High Court of Madhya Pradesh) – From the perusal of aforesaid, it is apparent that the Board Circular dt.27.3.2000 was applicable even to the old references which are still pending and are undecided. By circular dated 27.3.2000 financial limit to the extent of tax liability of Rs.2 lakh was fixed, which is applicable in this case.
TRO v Industrial Finance Corpn. of India and Ors. (Gujrat HC)- The charges created against the property, by the mortgaging of the property by the assessee-borrower in favour of the financial institution during the pendency of any proceedings under the Income-tax Act, 1961, cannot be declared as void against any claim in respect of income tax if the same was made for adequate consideration and without notice of the pendency of such proceedings, or without notice of tax or other sum payable by the assessee.
Attention is invited to Notification No.74/2005-Customs (N.T.) & 75/2005-Customs (N.T.) both dated 30.8.2005 under Import Manifest (Aircraft) Regulations, 1976 and Export Manifest (Aircraft) Regulations, 1976, as amended, respectively. The former notification mandates that passenger manifest shall be delivered electronically within 15 minutes of the closure and departure of flights from the originating station while the latter notification requires that the passenger manifest shall be delivered electronically to Customs three hours before the departure of the flight.
The Ind As have been prepared by NACAS and with its recommendation submitted to MCA.NACAS adopted due consultative proposed of hosting the draft Ind As insisting comments/suggestions and therefore after deliberated with industries representative in NACAS. The finally recommended Ind AS have the following carve outs. These carve outs have been made to fill up the gap/differences in application of Accounting Principles Practices and economic conditions prevailing in India.
The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions/directives to banks on lending to Priority Sector. In order to enable the banks to have current instructions at one place, a Master Circular incorporating the existing guidelines/instructions/directives on the subject has been prepared and enclosed. This Master Circular consolidates all the circulars/mail box clarifications issued by Reserve Bank on the subject up to June 30, 2011 as indicated in the Appendix.
As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars/notifications. A gist of circulars issued by the Bank to Securitisation Companies/Reconstruction Companies updated as on June 30, 2011 is reproduced below (Annexure). The detailed circulars have also been placed on the RBI web-site (http://www.rbi.org.in).
Purpose To provide a framework of rules/regulations/standards/practices to the credit card issuing banks/NBFCs for their credit card business and ensure that the same are in alignment with the best customer practices. Banks should adopt adequate safeguards and implement the following guidelines in order to ensure that their credit card operations are run on sound, prudent and customer friendly manner.
No NBFC shall open subsidiaries/joint ventures/representative office abroad or shall make investment in any foreign entities without obtaining prior approval in writing from the Reserve Bank of India. The application from the NBFC seeking No Objection would be considered subject to these directions.
