"25 January 2012" Archive

SEBI – Eligibility criteria for qualified depository participant

Circular No. CIR/IMD/FII&C/4/2012 25/01/2012

Vide SEBI circulars Cir/IMD/DF/14/2011 and Cir/IMD/FII&C/3/2012 dated August 09, 2011 and January 13, 2012 respectively, Qualified Foreign Investors (QFI) were allowed to invest in schemes of Indian mutual funds and Indian equity shares subject to terms and conditions mentioned therein, including opening a demat account with qualified Dep...

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Direct Tax Code, 2010 (DTC) – Income from House Property

As we are expecting the DTC be implemented from 1st April 2012, we have to be familiar with the DTC provisions. In general the DTC looks and be simple but it is complicated unless otherwise if we have studied the entire provisions of the act because, things are spread out here and there and which are disconnected with relevant provisions....

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Posted Under: SEBI | ,

Section 42(1) of the Reserve Bank of India Act, 1934 – Maintenance of CRR – Circular No. RPCD.CO.RCB.BC.No.56/07.02.01/2011-12

RBI/2011-12/371 RPCD.CO.RCB.BC.No.56/07.02.01/2011-12 25/01/2012

The Reserve Bank in its Third Quarter Review of Monetary Policy 2011-12 issued on January 24, 2012, decided to reduce the Cash Reserve Ratio (CRR) of Scheduled State Co-operative Banks / Regional Rural Banks by 50 basis points from 6.00 per cent to 5.50 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnigh...

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Rights of Person from whose income (payment) the tax has been deducted

If tax has been deducted at source in accordance with the provisions of Chapter XVII-B of Income Tax Act, 1961, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted(Sec.205). Moreover u/s.199 such tax deducted at source sh...

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Posted Under: SEBI | ,

Digitization of Manually filed Service Tax Returns

Calling of Tender for Digitization of Manually filed Service - Tax Returns pertaining to Service Tax-I, Mumbai Commissionerate. The Service Tax-I, Mumbai Commissionerate is inviting quotations from experienced Service Providers/Contractors having vast experience in the field of data management for capturing below mentioned fields from th...

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Posted Under: SEBI |

Vodafone ruling effect – Exporters question TDS on foreign payment post

The Supreme Court judgement on Vodafone tax case seems to have opened a Pandora's box with exporters too expressing reservation on tax deducted at source (TDS) for payment with regard to overseas transactions. Exporters' body FIEO today questioned the applicability of Section 195 of the Income Tax Act, under which they are asked to pay T...

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Posted Under: SEBI |

Inflation Forecasting- Issues and Challenges in India

Muneesh Kapur1 This paper focuses on modelling and forecasting inflation in India using an augmented Phillips curve framework. Both demand and supply factors are seen as drivers of inflation. Demand conditions are found to have a stronger impact on non-food manufactured products inflation (NFMP) vis-a-vis headline WPI inflation; moreover,...

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Posted Under: SEBI |

External Commercial Borrowings – Simplification of procedure

RBI/2011-12/366 A.P. (DIR Series) Circular No.69 25/01/2012

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000 and the A.P. (DIR Series) Circular No. 5 dated August 1, 2005 relating to the External Commercial Borrow...

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External Commercial Borrowings (ECB) Policy – Infrastructure Finance Companies (IFCs)

RBI/2011-12/367 A.P. (DIR Series) Circular No.70 25/01/2012

It has now been decided that the designated AD Category – I banks should certify the leverage ratio (i.e. outside liabilities/owned funds) of IFCs desirous of availing ECBs under the approval route while forwarding such proposals to the Reserve Bank of India....

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Deregulation of Savings Bank Deposit Interest Rate – Guidelines – DBOD.Dir.BC. 75/13.03.00/2011-12

RBI/2011-12/368 DBOD.Dir.BC. 75/13.03.00/2011-12 25/01/2012

Based on the references received from banks, we clarify that the revised guidelines issued vide our circular referred to above would be applicable to domestic savings bank deposits held by residents in India. Further, the interest rates applicable on the domestic savings deposit will be determined on the basis of end-of-day balance in the...

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