Notification No. 25/2011 – Income Tax Whereas, an Agreement between the Government of the Republic of India and the Government of the Commonwealth of The Bahamas for the Exchange of Information with respect to taxes was signed at Nassau, Bahamas on the 11th day of February, 2011 (hereinafter referred to as the said Agreement);
Subsequent to the issuance of the aforesaid circular, SEBI has received representations from market participants expressing difficulties in implementation of the requirements pertaining to renewal of Running Account Authorisation once in a year as prescribed in clause 12(a) read with clause 12(c) of the Annexure to the aforesaid circular.
Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified- Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.34/2011-Customs (N.T.) dated May 13, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.
A Central Bureau of Investigation (CBI) team has raided the premises of a local trader who has allegedly committed Rs 1.75 crore bank loan fraud. No arrest has been made so far in the raid conducted yesterday, CBI sources said, adding investigation was still on.The accused, Balwinder Singh, had taken loan from Punjab National Bank for setting up a cement factory at Mehmewala village here but failed to return the amount, a bank official said.
The CBI today raided the residence of former Jharkhand health minister Bhanu Pratap Sahi in Garhwa and arrested a retired IAS officer in Ranchi in connection with a medicine scam, which surfaced in 2009. Siyaram Prasad Sinha, who was the health secretary when Sahi was the department minister, was produced before a special CBI court of N N Singh, which sent him to 14 days judicial custody.
The Employees’ Provident Fund Organisation (‘EPFO’) has issued updated Frequently Asked Questions (FAQs) on 6 May 2011 in context of applicability of the Employees’ Provident Fund Scheme, 1952 (EPFS) and Employees’ Pension Scheme, 1995 (EPS), which are primary social security scheme in India, to International Workers .
Categories of transactions not likely to have appreciable adverse effect on competition in India. In view of the duty cast upon the Commission under section 18 and powers conferred under section 36 of the Act, and having regard to the mandate given to the Commission to, inter alia, regulate combinations which have caused or are likely to cause appreciable adverse effect on competition in terms of sub-section (1) of section 6 of the Act, it is clarified that since the categories of combinations mentioned in Schedule I are ordinarily not likely to cause an appreciable adverse effect on competition in India, notice under sub-section (2) of section 6 of the Act need not normally be filed.
Union Minister for Corporate Affairs Shri Murli Deora has desired that concerted action to be taken to expedite the process of liquidation of companies which is currently taking inordinately long. In the conference of Official Liquidators organised by the Ministry recently to discuss ways for expediting liquidation process the it was opined that one of the major factors responsible for India’s low rank in the global “doing business survey” conducted by the World Bank is the time taken for liquidation of companies.
The Supreme Court, by an order dated 6th May 2011, upheld the notifications by the Custodian regarding involvement of Smt. Rasila S. Mehta and Smt. Rina S. Mehta in the securities scam of 1992. They are, respectively, the mother and sister-in-law of late Harshad Mehta. The Apex court dismissed their appeals against the order of the Special Court, which had confirmed their January 2007 notifications by the Custodian.
Government has taken note of the judgment of the Supreme Court dated 11.5.2011 rejecting the curative petition filed by the CBI to reconsider the judgment of the Supreme Court dated 13.9.1996. The principal grounds on which the curative petition has been rejected appear to be that the curative petition does not satisfy the principles laid down in Rupa Ashok Hurra Vs. Ashok Hurra 2002 (4) SCC 388 and delay in filing the curative petition
