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Archive: 05 January 2012

Posts in 05 January 2012

SEBI launches India’s first KYC Registration Agency

January 5, 2012 1667 Views 0 comment Print

Capital markets regulator Securities and Exchange Board of India, SEBI, has launched India’s first Know Your Customer Registration Agency – KRA. SEBI’s Chairman, Mr. U.K. Sinha launched the service at Bombay Stock Exchange on Wednesday.

No need to respond to Income Tax tax notices for below Rs 100

January 5, 2012 13716 Views 0 comment Print

It has been reported in some sections of the press that the Central Processing Centre , Bangalore is sending notices for payment of taxes which are as small as Rs. 1/- , 4/- , 6/-, causing unnecessary hardship to assesses . It has been stated that when the refunds for amounts less than Rs. 100/- are not issued by the Income Tax Department, then the demand for less than Rs. 100/- should also not be collected .

ICAI announces Amnesty For Retrospective Restoration of Names From Register of Members and Certificate of Practice

January 5, 2012 1057 Views 0 comment Print

With a view to mitigating the hardships being faced by such members whose names stand removed as on date due to non-payment of membership fee, the Council has decided to give them an opportunity by way of General Amnesty for restoration of their names retrospectively.

Regarding refund of 4% Additional Duty of Customs (4% CVD) in terms of Notification No. 102/2007-Customs dated 14.09.2001

January 5, 2012 2336 Views 0 comment Print

Circular No 01/2012-Customs – On Representation of ICWAI to CBEC, the Cost Accountants have been authorised to issue Certificate, for the purpose of claiming Refund of 4% Additional Duty of Customs (4% CVD), certifying that burden of 4% CVD has not been passed on by the importer to the buyer.

Enforcement Directorate asks IT Dept to provide it with I-T returns and other financial statement of secret LGT Bank Account holders

January 5, 2012 678 Views 0 comment Print

Stepping up its offensive against Indians whose names figured in secret LGT Bank accounts abroad, the Enforcement Directorate (ED) has approached the Income Tax department to provide it with I-T returns and other financial statements of these entities. The Directorate, across various cities including Delhi, Mumbai and Ahmedabad, has also recorded the statements of about 15 entities under the provisions of the Foreign Exchange Management Act (FEMA).

External Commercial Borrowings (ECB) – RBI raises Foreign Currency Convertible Bonds limit to $750 mn

January 5, 2012 1063 Views 0 comment Print

RBI today raised the annual limit of Foreign Currency Convertible Bonds (FCCBs) for companies to USD 750 million under the automatic route, which does not require prior permission from it. Corporates in specified service sectors like hotels, hospitals and software, can raise FCCBs up to USD 200 million subject to the condition that the proceeds would not be used for acquisition of land.

Implementation of Section 51-A of UPA, 1967 – Updates of the UNSCR 1267 (1999) and 1989 (2011) – RPCD.CO RRB.AML.No. 6723 /03.05.28(A)/2011-12

January 5, 2012 520 Views 0 comment Print

RRBs are required to update the list of individuals/entities as circulated by the Reserve Bank and before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the list. Further, RRBs should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list.

Insurance – Clarification on the Guidelines for Pension Products

January 5, 2012 739 Views 0 comment Print

The IRDA had issued guidelines for pension products vide its circular dated November 8, 2011 and insurance companies were required to withdraw all insurance products which do not conform to the guidelines with effect from January 1, 2012. In accordance with this circular, insurance companies had filed 22 revised products as on date out of which 21 products were filed only in the month of December 2011 and of which the largest number were filed in the last week of December 2011. During examination of the products, certain insurers have sought clarifications and in that context, the IRDA issues clarification on clause (17) of the Circular dated November 8, 2011 as follows:

NSDL releases new e-tds Return Preparation Utility (RPU) version 2.7

January 5, 2012 8300 Views 0 comment Print

Key features of NSDL Return Preparation Utility (RPU) version 2.7 Correction Statements: Mandatory to import consolidated file for validating the Correction statements. Incorporated FVU: FVU version 3.3 and FVU version 2.131 are incorporated. Higher deduction deductee record: For deductee records with valid deductee PAN where tax has been deducted, update is allowed on all fields of the deductee record, except for the column “Remarks (Reason for lower deduction/ no deduction/ higher deduction/ threshold)

Popularly used Abbreviation in India with full Form

January 5, 2012 4052 Views 0 comment Print

Some of the Popularly used Abbreviation in India with full Form. which are generally used by people. A AAFI AAPSO AASU ABM AC ACC AD ADB AERE AGOC AICC AICTE AIDS AIFE AIIMS AIL AIMPLB AIR AITUE AM ANC APEC APSC ASEAN ASLV ASI ASSOCHAM ASWAC ATS Amateur Athletics Federation of India Afro-Asian People’s Solidarity […]

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January 2012