Ahead of the Union Budget, the state Finance Ministers will meet here on March 3 and suggest steps for increasing the ambit of the service tax net with a view to garnering more resources. The state Finance Ministers have decided on the negative list and are expected to sort out issues concerning definition of services so that more economic activities could be brought under the tax net.
Capital market regulator Sebi has said that any transfer of shares even within the promoter group of a company would be considered as an equity sale, when it comes to promoters getting a preferential treatment for allotment of fresh shares or warrants. Accordingly, the promoters of a listed company would not be eligible for preferential allotment of shares or warrants, if there has been been any inter-se transfer of shares among the promoter group firms in last six months, Sebi said.
. Deficiencies which were witnessed in liquidity risk management during the recent crisis included inadequate liquidity risk management governance, failure to address funding concentrations, lack of meaningful cash flow projections to assess the liquidity position, insufficient holdings of high quality liquid assets, gaps in stress testing and inappropriate linkage of the contingency plans with stress tests, etc. The crisis, thus, highlighted the need for banks to have adequate levels of liquidity and robust liquidity risk management systems.
We are at the cusp of a defining decade in the banking system. The Indian banking system has come a long way in terms of technology, business systems and processes. It has weathered the global economic crisis, but going forward it needs to focus on the key drivers of growth to be globally competitive. The lodestone of external impulses would be financial inclusion and the other key stones would be competition, consolidation and globalisation. The regulatory drivers would be more stringent regulations, essentially in fair treatment to customers, know your customer norms and risk management. The internal impetus would be provided by the unique human resources opportunities created by impending retirements, leveraging technology to increase reach, lower costs and provide improved customer service and to re-orient the organisation to be customer centric in all its manifestation. It would require the complete involvement of the top management and board of banks. Each one of you has a role to play in this agenda and stretch to achieve the objectives that would make your organisations from good to great and take it to the next orbit.
SEBI vide circular dated May 18, 2010 prescribed the framework for setting up of a stock exchange/trading platform by a recognized stock exchange having nationwide trading terminals for Small and Medium Enterprises (SMEs). . In this regard it has been decided to standardize the lot size for Initial Public Offer proposing to list on SME exchange/platform and for the secondary market trading on such exchange/platform, as given under:
Good governance is a necessary condition for not only economic growth and development but for an easy and comfortable society where we can go about our business – confident and unruffled. Good governance is of utmost importance for the financial sector but needs to be complemented by alert and efficacious regulation and supervision so as to build and maintain confidence of the savers and the investors. We, as a nation, have begun our journey and the tryst with our destiny and we need continued confidence of all our stakeholders to reach our destination. Our responsibility towards good governance cannot be overemphasized. In this endeavour needless to mention that members of this august audience are the principal actors.
Notification No. 97 (RE-2010) /2009-2014 (i) Minimum Export Price of Basmati Rice has been reduced to US$ 700 per MT. Earlier it was US$ 900 or Rs. 41,400/- per MT FOB. MEP is expressed only in terms of US dollar. (ii) Export is now permitted through all EDI ports. Earlier it was allowed only through six ports. (iii) There is no change in any of the other existing conditions for export of basmati rice as have been notified from time to time. These conditions have been consolidated in the column “Nature of Restrictions” in the table of para 2.
With a view to liberalizing the procedure, it has been decided to permit AD Category- I banks to allow exporters to receive advance payment for export of goods which would take more than one year to manufacture and ship and where the ‘export agreement’ provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment subject to the following conditions:-
Attention of all the Authorised Dealers (ADs) in foreign exchange is invited to the A.P.(DIR Series) Circular No. 106 dated June 19, 2003 in terms of which applications by persons, firms and companies for making payments, exceeding USD 500 or its equivalent towards imports into India must be made in Form A-1. Based on suggestions received from the various stake holders, the said limit has been reviewed and it has been decided as a measure of liberalization to raise the above limit for foreign exchange remittance towards imports without any documentation formalities, from USD 500 or its equivalent to USD 5000 or its equivalent, with immediate effect.
DCIT Vs. Pioneer Marbles & Interiors Pvt. Ltd. (ITAT Kolkata)- Under the scheme of Section 271 AAA, there is a complete paradigm shift so far as penalty in respect of unaccounted income unearthed as a result of search operation carried out on or after 1st June 2007 is concerned. Unlike in the case of penalty under section 271(1)(c), Section 271 AAA, without any reference to findings or presumptions of concealment of income or the findings or presumptions of furnishing of inaccurate particulars, provides that in respect of unaccounted income in the cases where search initiated after 1st June 2007, the assessee is to pay a penalty @ 10% of unaccounted income.
