As per extant guidelines, repayment of existing Rupee loans is not a permissible end-use for ECB. Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector,
Consequential amendments to be carried out in Clause 35 of the Listing Agreement, pursuant to SAST Regulations 2011 are given in Annexure – 1 to this circular. Stock Exchanges are advised to carry out the said amendments in their Listing Agreement and confirm compliance of the same in the next monthly development report.
Circular No. 43/2011-Customs The Board had informed vide said Circular dated 14.09.2011 that export of ONION is prohibited vide Notification No.73(RE-2010)/2009-2014 dated 09-09-2011. Now DGFT vide Notification No.75(RE-2010)/2009-2014 dated 20/09/2011 amended the said notification and lifted the ban on export of Onion with immediate effect. Export of Onions is now allowed subject to Minimum Export Price of $475.00 per MTS or as notified by DGFT from time to time. The field formation may take note of this change and strictly monitor the conditions of the said Notification.
These rules may be called the Companies (Central Government’s) General Rules and Forms (Amendment) Rules 2011. (2) These rules shall come into force with effect from the 25th September, 2011. 2. In the Companies (Central Government’s) General Rules and Forms, 1956, for Form 5, the following Form shall be substituted, namely:-
RBI liberalises Forex Facilities for Individuals- 1. NRIs can be Joint Holders in Resident’s SB/EEFC/RFC Accounts 2. Residents can be Joint Holders in NRE/FCNR Accounts 3. Residents can gift Shares/Debentures upto USD 50,000 Value 4. Resident Indian can open NRE / FCNR (B) account with their Resident close relative 5. Sale Proceeds of FDIs can be credited to NRE/FCNR (B) Account 6. Gifts to NRIs can be credited to NRO Accounts in Rupees 7. Loans to NRI Close Relatives can be given in Rupees 8. Residents can repay the loans given to NRI Close Relatives 9. Residents can bear Medical Expenses of NRIs
E-filing of Central Excise Returns (ER1,ER-2,ER-3,ER-4,ER-5,ER-6, ER-7 & ER-8) made mandatory for All Assessees wef 01.10.2011 vide Notification No. 21/2011 and No. 22/2011 – Central Excise, both dated 14.09.2011
Govt notifies new duty drawback rates for 4000 export items -Directorate of Drawback has notified the revised All Industry Rates of Duty Drawback or tax refunds on 4,000 export items for the current fiscal which have also been extended to all the DEPB items. The rates are slightly lower than what was provided in 2010-11.The CBEC has notified it vide Notifications No 68 & Notifications No 69, Drawback Schedule for 2011-12 and List of DEPB items and Customs Circular 42/2011.
NSDL is pleased to announce that henceforth, NSDL will send SMS for each quarterly TDS/TCS statement processed at TIN. You just need to quote correct latest mobile number in the quarterly TDS/TCS statement. Status as below is provided in the SMS: Accepted: This status is provided if the statement is accepted by TIN. Rejected: This status is provided if the statement is rejected by TIN. Partially accepted: This status is provided if the statement is partially accepted by TIN.
As it was the situation earlier, now export of non-Basmati rice under Food Aid Programme is permitted freely by PSUs or by government organizations also. Export of non-Basmati rice under agreement between India and Maldives will be permitted.
The role of the Ombudsmen adjudicating financial consumer disputes is onerous and the recent upheavals in the market place have only heightened the consumers’ expectations. The existence of a legal framework is a must for consumer protection. The Ombudsmen, by definition, deal with individual grievances about which the common person is agitated. They cannot substitute effective legal and regulatory systems. Expecting them to bring about systemic improvements of a sustainable nature by resorting to class action may be to expect too much from the schemes. The Ombudsman Schemes achieve two important objectives viz., timely disposal of grievances and continuing the relationship between the financial service provider and the consumer. While the courts of law decide cases in finality, many a times bringing contractual relations to an end, the decisions or awards passed by Ombudsmen generally do not have such implications.
