"14 August 2013" Archive

Clarification about Applicability of the Companies Bill, 2013 for Company Secretaries December, 2013 Examination

ATTENTION STUDENTS! Clarification about Applicability of the Companies Bill, 2013 for Company Secretaries December, 2013 Examination. Students appearing in the ‘Company Law’ paper of ‘Executive Programme’) and Company Secretarial Practice paper of the ‘Professional Programme’ respectively may take note of the following changes...

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Posted Under: CA, CS, CMA |

RBI announces measures to rationalise Foreign Exchange Outflows by Resident Indians

Keeping in view the current macroeconomic situation, the Reserve Bank of India has today announced the following measures: (i) Reduced the limit for Overseas Direct Investment (ODI) under automatic route for all fresh ODI transactions, from 400% of the net worth of an Indian Party to 100% of its net worth. This reduced limit would [&helli...

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Posted Under: CA, CS, CMA |

RBI issues clarification on Import of Gold by Nominated Banks /Agencies/Entities

A.P. (DIR Series) Circular No. 25 14/08/2013

Government of India and the Reserve Bank of India have been receiving several requests for clarifications on the operational aspects of the scheme of imports put in place in terms of the above circular. There have also been representations to change certain aspects of the scheme. Taking into account all these representations and in cons...

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DGFT – Export of onions will be subject to Minimum Export Price

Notification No. 35 (RE-2013)/2009-2014 14/08/2013

Export of onion for the item description at Serial Number 51 & 52 of Schedule 2 of ITC(HS) Classification of Export & Import Items shall be permitted subject to a Minimum Export Price(MEP) of US$ 650 per Metric Ton F.O.B. or as notified by DGFT from time-to-time....

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Liberalised Remittance Scheme for Resident Individuals- Reduction of limit from USD 200,000 to USD 75,000

RBI/2013-14/181 A. P. (DIR Series) Circular No.24 14/08/2013

On a review of the scheme, it has now been decided to reduce the existing limit of USD 200,000 per financial year to USD 75,000 per financial year (April - March) with immediate effect. Accordingly, AD Category – I banks may now allow remittance up to USD 75,000 per financial year, under the scheme, for any permitted current or capital ...

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DGFT – Norms for Spices under Advance Authorization

Policy Circular No. 05 (RE- 2013)/2009-2014 14/08/2013

As per circulars cited above, the norms for the spices are being fixed on the basis of Sample Analysis Report (SAR) furnished by the Spices Board of the samples drawn by the Customs. Norms in respect of applications under Para 4.7 of HBP are fixed by the Norms Committee solely on the basis of SARs being furnished by the Spices Board, Coc...

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FCNR(B)/NRE Deposits – Exemption from Maintenance of CRR/SLR and exclusion from ANBC for Priority Sector Lending

RBI/2013-14/184 Ref: DBOD.No.Ret.BC. 36/12.01.001/2013-14 14/08/2013

At present, banks are required to include all Foreign Currency Non-Resident Bank [FCNR (B)] and Non-Resident (External) Rupee (NRE) deposit liabilities for computation of Net Demand and Time Liabilities (NDTL) and for maintenance of CRR and SLR....

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Import of Ammonium Nitrate of certain specification would require prior permission from Chief Controller of Explosives

Notification No. 34 (RE–2013)/2009-2014 14/08/2013

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, as amended from time to time, the Central Government hereby notifies the following amendment in Chapter 31 of the ITC(HS), 2012 Schedule 1 (Import Policy)....

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Amendment in Agreement For Avoidance Of Double Taxation And Prevention Of Fiscal Evasion With Sweden

Notification No. 63/2013 - Income Tax 14/08/2013

Notification No. 63/2013 - Income Tax S.O.2459(E) - Whereas a Protocol (hereinafter referred to as the said Protocol) amending the convention between the Government of the Republic of India and the Government of the Kingdom of Sweden for the avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on Income...

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Govt. approves Setting up of Tax Administration Reform Commission

The Union Cabinet today approved the proposal for setting up of the Tax Administration Reform Commission (TARC). The Commission will consist of a Chairman, two full time members and four part-time members, of which at least two part-time members will be from the private sector. The Chairman will be an eminent person having wide experience...

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Posted Under: CA, CS, CMA |

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