A.P. (DIR SERIES) CIRCULAR NO. 65, DATED 20-5-2011 Please refer to our A.P. (DIR Series) Circular No. 51, [A.P. (FL/RL Series) Circular No. 13], dated April 6, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies. FATF has further issued a Statement on February 25, 2011 (copy enclosed) calling upon jurisdictions listed in the Statement to complete the implementation of their action plan within the timeframe. The FATF, in the Statement has called upon its members to consider the information given in the statement.
A.P. (DIR SERIES) CIRCULAR NO. 64, DATED 20-5-2011 Please refer to our A.P. (DIR Series) Circular No.50 {A.P. (FL/RL Series) Circular No.12} dated April 6, 2011 on risks arising from the deficiencies in AML/CFT regime of Iran and Democratic People’s Republic of Korea (DPRK). Financial Action Task Force (FATF) has issued a further Statement on February 25, 2011 on the subject (copy enclosed) calling its members and other jurisdictions to apply counter-measures to protect the international financial system from the ongoing and substantial money laundering and terrorist financing (ML/FT) risks emanating from Iran and Democratic People’s Republic of Korea (DPRK).
A.P. (DIR SERIES) CIRCULAR NO. 63, DATED 20-5-2011 Financial Action Task Force (FATF) has issued a further Statement on February 25, 2011 on the subject (copy enclosed) calling its members and other jurisdictions to apply counter-measures to protect the international financial system from the ongoing and substantial money laundering and terrorist financing (ML/FT) risks emanating from Iran and Democratic People’s Republic of Korea (DPRK).
It is proposed to revive the company through induction of a strategic partner by offloading the entire Government equity of around 95%. The balance 5% equity will remain with banks, financial institutions, corporate bodies and others. This will help arrest further drain of public money and also ensure economic growth of the company and its employees.
A lawyer today approached a Delhi court seeking a direction to CBI to implead various other persons, including Reliance ADAG chairman Anil Ambani, Tata group chief Ratan Tata and corporate lobbyist Niira Radia, as accused in the 2G scam case.
Labour minister Mallikarjun Kharge today said here that Employee Provident Fund trustees would meet soon to discuss the interest rate for 2011-12 and appointment of fund managers. The PF trustees are meeting shortly; this month or next.
A special Central Bureau of Investigation (CBI) court on Friday ordered “forthwith” arrest of DMK MP Kanimozhi and Kalaignar TV MD Sharad Kumar after rejecting their bail pleas in the 2G spectrum case.
The Reserve Bank of India today released its ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks, December 2010’. The publication contains data relating to deposits and credit of scheduled commercial banks including regional rural banks (RRBs) as on last Friday of December 2010 (December 31, 2010). The data are based on Basic Statistical Return (BSR)-7 giving branch wise data, received from all scheduled commercial banks (including RRBs).
A United Nations human rights expert today welcomed the United Kingdom’s decision to limit lawsuits from so-called vulture funds that prey on the debts of the world’s poorest nations, and asked that the initiative be extended to cover the country’s overseas territories and dependencies.
Siva Industries & Holdings Ltd vs. ACIT (ITAT Chennai) -Once there is no claim of income which does not form part of the total income under the Act, there cannot be any disallowance in relation to an investment which may or may not give rise to any Oincome which does not form part of the total income. In the present case it is noticed thatnone of the investments made by the assessee has generated any dividend income which has been claimed by the assessee ato be not to form part of the total income. In the circumstances, as it is noticed that the assessee does not have any income which does not form part of the total income nor has the assessee made such a claim, we are of the view that no disallowance under sec. 14A can be made on the assessee for the relevant assessment year.
