The Reserve Bank of India (RBI) today placed on its website (www.rbi.org.in) the Report of the Committee to Review the Facilities for Individuals under Foreign Exchange Management Act (FEMA), 1999. The Report was submitted to the Reserve Bank of India on August 8, 2011.
The Reserve Bank of India today released on its website, draft guidelines on Internal Rating Based (IRB) Approach for calculating credit risk capital charge. Comments/feedback on the draft guidelines may please be emailed (anirbanbasu@rbi.org.in) before September 9, 2011 or mailed to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Reserve Bank of India, Central Office Building, 12th Floor, S.B. Singh Marg, Mumbai-400001.
‘Integrity is the foundation on which all other avenues are built’ said Hon’ble Justice R C Lahoti, Former Chief Justice of India at Power Breakfast on “Corporate Governance and Integrity” which was the first event of the ‘First ICSI Corporate Governance Week’ jointly held by Institute of Company Secretaries of India (ICSI) and Transparency International India.
General Circular No. 60/2011 In continuation of the Ministry’s General Circular No. 59/2011 dated 5.8.2011 on the subject cited above, it is stated that the said scheme shall be applicable to Form 52 (filing of annual accounts by a foreign company) as foreign companies are included in the scheme.
Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 56,889.62 crores in the case of indirect taxes.
Shri Anand Sharma, Union Minister of Commerce & Industry and Textiles delivered an inaugural address at the launch of “Africa manual 2011- opportunities unlimited”, here today. Speaking on the occasion the Minister said, “India is keen to partner with countries in Africa not only for buying minerals but also providing technology for mining and exploration and value addition with long-term buy-back commitments”. India is also committed to work with our partners in Africa for addressing the infrastructure deficit. India’s infrastructure investments in Africa are in the range of US $ 500 million annually in the last decade, he added.
The Union Government has framed new rules, viz., the Foreign Contribution (Regulation) Rules, 2011 under the Foreign Contribution (Regulation) Act, 2010 for monitoring receipt and utilization of foreign contributions by any person in the Country. Both the Foreign Contribution (Regulation) Act, 2010 and foreign Contribution (Regulation) Rules 2011 have come into effect with effect from 01.05.2011. Both the Act and the rules are available in this Ministry’s website www.mha.nic.in
It has come to the notice of the Board that some unscrupulous importers are illegally importing pesticides under various headings of harmonised tariff by declaring their chemical names instead of both common and chemical names.
M.L. Outsourcing Services Pvt. Ltd. Vs. ITO (ITAT Delhi)- The notification issued by the CBDT at Serial No. 8, mentions “human resource services” as a notified service eligible for deduction u/s 10A. It was also observed that the Assessee is just processing the potentiality of candidates employable by any software development company and the customised data is prepared for the US Company.
The Gross Non-performing Assets (NPA) of Public Sector Banks (PSBs) for the period ending March, 2011 stood at Rs. 71,047 crore.
