Export-Import Bank of India (Exim Bank) has concluded an Agreement dated March 28, 2011 with the Government of the United Republic of Tanzania making available to the latter, a Line of Credit (LoC) of USD 36.56 million (USD thirty six million and five hundred sixty thousand) for financing eligible goods and services including consultancy services from India for the purpose of financing the purchase of 723 vehicles under the India Africa Fund into Tanzania.
DPSS.CO.OSD. No. 2764/06.11.001/2010-2011 It is clarified that the contents of the above circular are applicable to only those entities which operate a payment system under the Payment and Settlement Systems Act, 2007. Accordingly, the requirement of system audits is not applicable where a bank/entity is a participant in various payment systems such as RTGS, NEFT, CFMS, ECS, NECS, Card payment systems (Visa, MasterCard, etc.), ATM networks (illustratively like NFS, BANCS) etc.
Please refer to Regulation No. 7 of the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2004, dated July 07, 2004, in terms of which an Indian party requires prior approval of the concerned regulatory authorities both in India and abroad, to make an investment in an entity outside India engaged in financial services activities. Further in terms of para B.5.3 of the Master Circular on Direct Investment in Joint Venture (JV) / Wholly owned subsidiary (WOS) abroad dated July 01, 2009 issued by Foreign Exchange Department, RBI, regulated entities in the financial sector making investments in any activity overseas are required to comply with the above regulation.
Notification No. 47 /2011 – Customs (a) the subject goods are entering the Indian market at dumped prices and dumping margins of the subject goods imported from China PR are substantial and above de-minimis; (b) the subject goods are likely to enter the Indian market at dumped prices and the likely dumping margins in respect of imports from China PR is going to be substantial and above de-minimis; (c) the subject goods are likely to enter Indian market at dumped prices, should the present measures be withdrawn from China PR; (d) the situation of domestic industry continues to be fragile and dumped imports from China PR continue to cause a substantial injury to the domestic industry. Further, should the present anti dumping duties be revoked from China PR, injury to the domestic industry is likely to continue and intensify;
Please refer to Office Order No.107/2011 dated 03.06.2011 vide which officers in the grade of Addl./Joint Commissioner of Customs & Central Excise were transferred in AGT-201 1. In terms of the said order, all the officers so transferred were to be relieved by their respective controlling officers by 08.06.2011 from their present charge to enable them to join their new place of postings. The Chief Commissioners/Directors General were also requested to send a compliance report by 10.06.2011.
The Indian Chartered Accountants of India (ICAI) has relaxed the norms for students aspiring to become chartered accountants. Until now an aspirant had to clear common proficiency test for chartered accountancy (CPT) after Std XII or graduation. Now there is an option of becoming a CA without clearing CPT. The existing option will continue to be available.
ICWAI – Management Accountant Journal for the Month of June 2011 – Download CWA – Management Accountant Journal – June 2011 in PDF format
Union Finance Minister Shri Pranab Mukherjee will inaugurate two day high level International Seminar on “Adopting Tax System and International Tax Rules to the New Global Environment: A Shared Challenge for India and the OECD” tomorrow at Vigyan Bhawan. In the two day International Seminar , discussions would be held in separate sessions on the issues pertaining to transfer pricing, global trends in tax reform, implications for international tax arrangements, international dispute resolution and elimination of double taxation among others. This is for the first time that such high level international seminar is being held in India in association with Organisation for Economic Cooperation and Development (OECD). About 150 representatives from about 30 member countries of OECD along with those of International Monetary Fund(IMF), World Bank and tax officials from India are expected to participate in this two day international seminar.
Union Finance Minister Calls for Strong Measures to Reverse the Ongoing Trend of Illicit Outflows from Developing Countries and Exploitation of their Natural Resources Through Abusive Transfer Pricing Schemes; Inaugurates two Day High Level International Seminar on ‘Adopting Tax System and International Tax Rules to the New Global Environment: a Shared Challenge for India and the Oecd’; India Oecd to Strengthen Ongoing Cooperation on Tax Related Issues Through three Year Partnership Programme.
Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. We have developed a toolbox… We have enabled ourselves to declare (tax havens) as non-cooperating jurisdiction and countries as and when the situation arises. We will take appropriate steps, Finance Minister Pranab Mukherjee told reporters here today.
