Circular No. 51/2011-Customs It is reported that, Foreign Exchange Counters located after immigration and before Customs (green / red channel) in the arrival hall and after Customs in the departure hall, are posing problems in enforcement of FEMA regulations / RBI guidelines in regard to import and export of Indian Currency by Indian resident passengers as well as well as non resident passengers / foreign tourists.
It is now clarified, that the dealers who are required to file audit report u/s 61 of MVAT 2002 for the financial year 2010-2011 besides filing audit report, should furnish the following documents namely-
The OECD Committee on Fiscal Affairs has proposed important and far-reaching changes to the Commentary on Article 5 (Permanent Establishment) of the OECD Model Tax Convention. As these changes will have an impact on India, the CBDT has, vide letter dated 8.11.2011, invited comments on the proposals before finalizing its view and sending it as India’s official response to the OECD.
We were confronted with the question “which model of mobile banking should India go for – a bank led model or a non-bank led one?” Protagonists of the non-bank led model referred to the success of such models in a few countries like Kenya and Philippines. While acknowledging that the mobile banking models in these countries were perhaps the appropriate solution in the respective jurisdictions, we, in India, came to the conclusion that absence of a bank presence in large parts of the country cannot be solved by non-bank players alone.
It has been decided that mutual funds can participate in repos in corporate debt securities as per the guidelines issued by RBI from time to time, subject to the following conditions: a. The gross exposure of any mutual fund scheme to repo transactions in corporate debt securities shall not be more than 10 % of the net assets of the concerned scheme. b. The cumulative gross exposure through repo transactions in corporate debt securities along with equity, debt and derivatives shall not exceed 100% of the net assets of the concerned scheme.
The Minister of Railways Shri Dinesh Trivedi at a press conference here today announced the implementation of 26 new trains, extension of 8 trains and increase in frequency of 5 trains. The 26 new trains will be flagged off within a week or so by the local public representatives from different stations. The extension of trains and increase in frequency of trains will, however, is implemented with immediate effect.
With a view to mitigating the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, relaxation was extended vide our circular RPCD.CO.RRB.BC.No.25/03.05.33/2010-11 dated October 19, 2010. In terms of the said circular, RRBs may consider collecting account payee cheques drawn for an amount not exceeding Rs.50,000/- to the account of their customers who are co-operative credit societies, if the payees of such cheques are the constituents of such co-operative credit societies. The above relaxation will continue as hitherto, subject to the conditions outlined in the circular dated October 19, 2010 referred to above.
There is no such proposal under consideration of the Planning Commission for relaxing ban on sex determination tests. Recently a news item appeared in media suggesting that there is a proposal under consideration in the Planning Commission to relax ban on sex determination tests. It may be mentioned that the ‘Child Sex Ratio’ is a […]
Complete PAN details, Telephone Numbers, Email IDs, and Mobile Number (of the Signatory of the ANF2A) have been made mandatory fields; while Alternate Email ID, Website Address are optional. This is required to facilitate updating the IEC records. No payment of application fee is required till 31.3.2012 for such updating of IEC Records. Email ID of the Banker would assist RA to cross-check the issuance of the Bank Certificate from the Banker, if in doubt. Several instances have come to the notice of DGFT wherein several IECs get allocated when the applicant does not indicate the full name of the individuals. Hence it is now being made mandatory that full name (in the order – First Name, Middle Name and Last Name) should be filled up, without using any abbreviations wherever in ANF2A the name of an individual is required to be filled up. An illustrative example is given in Annexure A to this Public Notice.
Pension products offered by life insurance companies have a special role to play in promoting and protecting the social security by provision of stable and adequate retirement income. The regulatory framework for pension business of life insurance industry should take into consideration the long-term risks inherent in the pension products. The need for greater security of the pensioner’s fund and the stability and financial viability of the insurance companies need to be balanced for healthy growth of the sector. Authority issues following instructions under section 14 of IRDA Act to achieve the above stated objectives.
