"02 July 2012" Archive

If assessee exonerated, on merits, criminal prosecution on same issue cannot be allowed to continue

Dinesh Aggarwal Vs DRI (Delhi High Court)

Although there is no automatic closure or quashing of the criminal complaint, in the event, there is a favourable verdict in the departmental or the adjudicatory proceedings in favour of an accused but in case the adjudicatory proceedings culminate into a favourable order in favour of the accused on merits and the criminal complaint is in...

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RBI Master Circular on Loans & Advances – Statutory & Other Restrictions

Master Circular DBOD.No.Dir.BC. 4/13.03.00/2012-13 02/07/2012

This Master Circular provides a framework of the rules/regulations/instructions issued to Scheduled Commercial Banks on statutory and other restrictions on loans and advances. Banks should implement these instructions and adopt adequate safeguards in order to ensure that the banking activities undertaken by them are run on sound, prudent ...

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Master Circular on Disclosure in Financial Statements – Notes To Accounts

MASTER CIRCULAR DBOD.BP.BC NO.14/21.04.018/2012-13 02/07/2012

Please refer to the Master Circular DBOD.BP.BC.No.16/21.04.018/2011-12 dated July 1, 2011 consolidating all operative instructions issued to banks till June 30, 2011 on matters relating to disclosures in the 'Notes to Accounts' to the Financial Statements. The Master Circular has now been suitably updated by incorporating instructions iss...

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RBI Master Circular on Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977

MASTER CIRCULAR DNBS (PD) CC NO. 284/03.02.001/2012-13 02/07/2012

As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated Circulars/notifications. The instructions contained in the Notification No.DNBC.39/DG(H)-77 dated 20th June 1977 updated as on June 30, 2012 is enclosed. The updated notification has also been placed on the RBI...

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Master Circular on Mortgage Guarantee Companies Investment (Reserve Bank) Directions, 2008

MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 13/23.11.001/2012-13 02/07/2012

Quoted investments for each category shall be valued at cost or market value whichever is lower. For this purpose, the investments in each category shall be considered scrip-wise and the cost and market value aggregated for all investments in each category. If the aggregate market value for the category is less than the aggregate cost for...

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Master Circular on Mortgage Guarantee Companies Prudential Norms (Reserve Bank) Directions, 2008

MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 12/23.11.001/2012-13 02/07/2012

The Reserve Bank of India may, if it considers it necessary for avoiding any hardship or for any other just and sufficient reason, grant extension of time to comply with or exempt any mortgage guarantee company or class of mortgage guarantee companies, from all or any of the provisions of these instructions either generally or for any spe...

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Master Circular on KYC Guidelines – AML Standards – ‘PMLA, 2002 – Obligations of NBFCs

Master Circular DNBS (PD) CC No.285/03.10.42/2012-13 02/07/2012

NBFCs were advised to follow certain customer identification procedure for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority. These 'Know Your Customer' guidelines have been revisited in the context of the Recommendations made by the Financial Action Task Force ...

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Master Circular on Mortgage Guarantee Company (Reserve Bank) Guidelines, 2008

MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 11/ 23.11.001/2012-13 02/07/2012

Registration with the Reserve Bank of India - 3. A mortgage guarantee company shall commence the business of providing mortgage guarantee after - (a) obtaining a certificate of registration from the Reserve Bank of India; and (b) having a net owned fund of one hundred crore rupees or such other higher amount, as the Reserve Bank of Indi...

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Service Tax (Second Amendment) Rules, 2012 – Corrigendum

Corrigendum Notification [F. No. 334/01/2012- TRU]-Service Tax 02/07/2012

Notification [F. No. 334/01/2012- TRU], dated 2-7-2012 - In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2012-Service Tax, dated the 20th June, 2012 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 478 (E), dated the 20th Jun...

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Direct Investment by Residents in Joint Venture /Wholly Owned Subsidiary Abroad – Master Cir. No. 11/2012-13

MASTER CIRCULAR NO. 11/2012-13 02/07/2012

Direct investments by residents in Joint Venture (JV) and Wholly Owned Subsidiary (WOS) abroad are being allowed, in terms of clause (a) of sub-section (3) of section 6 of the Foreign Exchange Management Act, 1999, (42 of 1999) read with Notification No. FEMA 120/RB-2004, dated July 7, 2004, (GSR 757(E), dated November 19, 2004), viz., Fo...

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