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In exercise of the powers conferred by sub-section (2) of Section 1 of the Chartered Accountants (Amendment) Act, 2011 (No. 3 of 2012) the Central Government hereby appoints the 1st day of February, 2012 as the date on which the provision of the said Act shall come into force.
Salient features of this multilateral convention are – It is based on international standard of transparency and exchange of information. – This instrument is multilateral and a single legal basis for multi-country co-operation as against the DTAAs/TIEAs which are bilateral. It provides for an extensive network and there will be consistent application of provisions leaving limited scope for deviation.
F. No. 528/109/2011-STO (TU) Attention is invited to CBEC instructions F.No.528/109/2011 – STO (TU) dated 29.11.2011, and 15.12.2011 on the issue of the implementation of the Pneumatic Tyres and Tubes for Automotive Vehicles (Quality Control) Order, 2009. Further reference has been received in the Board from Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce, clarifying that certain Commercial vehicles, Off the Road, Run flat and Collapsible types of tyres are not covered under the said Quality (Control) Order, 2009 (copy enclosed).
It is brought to the notice of the Trade and Industry that the Central Board of Excise and Customs, New Delhi vide Circular No. 953/14/2011 issued vide F. No. 282/5/2008-CX-9(pt.) dated 12.09.2011 has directed that a single Regional Advisory Committee (RAC) for the Organised Sector and Small Scale Industry
Notification No. 9/2012- Customs (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.88/2011-CUSTOMS (N.T.), dated the 28th December, 2011 vide number S.O.2914(E), dated the 28th December, 2011, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st February, 2012
Notification No. 8/2012 – Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), dated the 2nd April, 1997, published in the Gazette of India, vide number G.S.R. 193(E), dated the 2nd April, 1997, namely:-
Based on the references received from banks, we clarify that the revised guidelines issued vide our circulars 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 account. Accordingly, while calculating interest on domestic savings bank deposits, RRBs/StCBs/DCCBs are required to apply the uniform rate set by them on end-of-day balance up to Rs. 1 lakh and for any end-of-day balance exceeding Rs.1 lakh, banks may apply the differential rate(s) as fixed by them.
With a view to give more operational leeway to the AD Category-I banks, it has been decided to dispense with the requirement of prior approval of the Reserve Bank for opening and maintaining each Rupee Vostro account in India of non-resident Exchange Houses in connection with the Rupee Drawing Arrangements (RDAs) that banks enter into with them. Accordingly, AD Category-I banks may take approval of the Reserve Bank the first time they enter into the above arrangement with non-resident Exchange Houses from Gulf countries, Hong Kong, Singapore and Malaysia. Subsequently, they may enter into RDAs, subject to the prescribed guidelines and inform the Reserve Bank immediately.
In view of the recent measures adopted to provide more flexibility to the Authorised Persons in selecting the location for their branches, it has now been decided to remove the criteria relating to increase in outreach and locational advantage while considering the applications for issuance of fresh licenses for Full Fledged Money Changers (FFMC).
Notification No. LAD-NRO/GN/2011-12/34/2499 These Regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2012. They shall come into force on the date of their publication in the Official Gazette.
