Today, Fitch Ratings have issued a press release on India’s sovereign credit rating. Fitch has reaffirmed India’s long-term Foreign and Local Currency Issuer Default Rating (IDR) at BBB(-). It has, however, revised India’s outlook to Negative from Stable.
Uploading of BRC data by banks can be done at any time and it should be electronically transmitted on a daily basis. Electronic issuance of BRC has started with effect from 05.06.2012. Physical submission of BRC would continue concurrently for one month from 05.06.2012. BRCs which have been issued manually after 01.04.2012 shall be converted in the digital (XML) format by the banks and uploaded on DGFT server.
Safeguards, conditions and limitations.- Refund of CENVAT Credit under rule 5 of the said rules, shall be subjected to the following safeguards, conditions and limitations, namely:-
