Banks are free to determine their savings bank deposit interest rate for resident Indians only with immediate effect subject to two conditions. First, each bank will have to offer a uniform interest rate on savings bank deposits up to Rs.1 lakh, irrespective of the amount in the account within this limit. Second, for savings bank deposits over Rs.1 lakh, a bank may provide differential rates of interest, if it so chooses, subject to the condition that banks will not discriminate in the matter of interest paid on such deposits, between one deposit and another of similar amount, accepted on the same date, at any of its offices.
The disputes having arisen between the parties, the respondent, instead of challenging the existence of a valid arbitration clause, took the stand that the arbitration would not be cost effective and will be pre-mature. In view of the facts, this Court held that there was an arbitration agreement between the parties and the petitioner was entitled to a reference under Section 11 of the Act and observed: No party can be allowed to take advantage of inartistic drafting of arbitration clause in any agreement as long as clear intention of parties to go for arbitration in case of any future disputes is evident from the agreement and the material on record, including surrounding circumstances.
Citi corp. Maruti Finance Ltd. Vs. S. Vijayalaxmi (Supreme Court)- Even in case of mortgaged goods subject to Hire-Purchase Agreements, the recovery process has to be in accordance with law and the recovery process referred to in the Agreements also contemplates such recovery to be effected in due process of law and not by use […]
M/s. Essel Propack Ltd. Vs. Commissioner of Central Excise, Mumbai-III – (Supreme Court) – The Commissioner has not recorded any clear finding as to whether for the tubes that were cleared by the appellant during the relevant periods in respect of which show cause notices were issued, the caps were supplied free of cost by the customers of the appellant and such caps were fitted to the tubes manufactured in the factory of the appellant. As we have already held, in respect of the tubes for which caps have been supplied by the customers free of cost, the assessable value of the tubes will not include the value of the caps.The Commissioner, therefore, will have to record a clear finding as to whether for the tubes cleared during the three relevant periods, the caps were supplied by the customers of the appellant free of cost and accordingly pass a fresh order. In the result, the appeals are allowed to the extent indicated above; the impugned order of the Tribunal as well as the original order passed by the Commissioner are set aside.
Interpreting the Act, SC ruled: It is thus clear from the scheme of the BOCW Act that its sole aim is the welfare of building and construction workers, directly relatable to their constitutionally recognised right to live with basic human dignity, enshrined in Article 21 of the Constitution of India. The bench further held that levy of cess on the cost of construction incurred by the employers on the building and other construction works was for ensuring sufficient funds for the welfare boards to undertake social security schemes and welfare measures for the workers.
Due to unavoidable reasons, the computer based Mock CPT scheduled for 26th November 2011 has been called off. The examination fee paid by the students will be refunded shortly. Inconvenience caused is regretted. However, it is clarified that Paper Pencil mode CPT exam of 18th December 2011 will be held, as scheduled.
It has been brought to the notice of Reserve Bank by Government of India that some persons are taking undue advantage of the said practice of banks of making payment of cheques/drafts/pay orders/banker’s cheques presented within a period of six months from the date of the instrument as these instruments are being circulated in the market like cash for six months
Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA 20 / 2000 -RB dated May 3, 2000, as amended from time to time. In terms of this notification, a SEBI registered Foreign Institutional Investor (FII) and a Non-Resident Indian (NRI) may invest in securities other than shares or convertible debentures, subject to such terms and conditions mentioned therein and limits as prescribed for the same by the Reserve Bank and the Securities and Exchange Board of India (SEBI) from time to time.
Finance Minister Pranab Mukherjee has said that the Reserve Bank of India is keeping a close eye on the value of rupee against dollar. Talking to reporters outside Parliament, Mr Mukherjee however said that RBI can not make much intervention as the rupee volatility is because of uncertainty in the international market. He added that the situation will improve if Foreign Direct Investments in the country increases.
Attention is invited to Trade Notice No. 15 dated 10.08.2011 through which 117 firms were declared defaulters in export of cotton in terms of Policy Circular No. 09 dated 29.12.2010 read with Trade Notice No. 11 of 29.06.2011. In Trade Notice No. 15 dated 10.08.2011 (para 3) it was provided that the exporters whose name appear in the Annexure-1 of this Trade Notice may approach the concerned RC issuing authority within 15 days along with all necessary documents for re-verification of documents. Para 4 of this Trade Notice provided that exporters can get their names removed from the list by paying penalty with the concerned RAs.
