Circular No. 946/07/2011-CX In the context of revision of the delegated powers to write off irrecoverable tax arrears, most of the Chief Commissioners did not recommend any enhancement of the existing monetary limits prescribed vide Board’s Circular dated 21.9.1990. On the other hand, the Chief Commissioners suggested adoption of a Committee system for deciding cases of write off of arrears as followed by the CBDT. It is seen that CBDT, while revising the delegated powers to write off arrears, has prescribed constitution of Committees at different levels for taking a decision to write off arrears in deserving cases.
Shri Sachin Pilot, the Union Minister of State for Communications and Information Technology has said that while telecom is a huge success story in India, any possible health related effects of radiation emitted by mobile phones and towers are to be reflected and ensured in the guidelines. The final guidelines would take into account the best global benchmarks and scientific evidence on the subject.
This is to bring to the attention of students that a decision has been taken to defer the applicability of the Revised Schedule VI for CA examination, consequent to which the same will not be applicable for the PCC, IPCC and Final examinations to be held in November, 2011.
CBI is likely to investigate the role of a Mauritius-based company for alleged irregularities in executing over Rs 70 crore contracts for providing consultancy for Commonwealth Games-related works after receiving a reference from Sports Ministry in this regard. Acting on PMO recommendation, the Sports Ministry has sent a letter to CBI to probe the antecedents, flow of funds and works carried out by Event Knowledge Services (EKS), an international private consultant, for alleged wrongdoings.
Ref: DBOD. No.Ret. BC. 98/12.06.129/2010-11 We advise that the name of ‘Sberbank’ has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD IBD. No. 13982 / 23.03.022/2010-11 dated March 08, 2011, published in the Gazette of India (Part III – Section 4) dated April 02, 2011.
The Reserve Bank of India today launched 24th round of the Inflation Expectations Survey with April-June 2011 as the current reference period. The Survey seeks qualitative responses from households on price changes (general prices as well as prices of specific product groups) in the next three months as well as in the next one year and quantitative responses on current, three-month ahead and one-year ahead inflation rates. The Reserve Bank will use results of this Survey as one of the important inputs to the monetary policy formulation.
Ref: DBOD. No.Ret. BC. 97/12.06.128/2010-11 We advise that the name of “Credit Suisse A.G” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD IBD. No. 13983 / 23.03.025/2010-11 dated March 08, 2011, published in the Gazette of India (Part III – Section 4) dated April 02, 2011.
Notification No. 46/2011-Customs Provided that the importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, that the goods in respect of which the benefit of this exemption is claimed are of the origin of the countries as mentioned in Appendix I, in accordance with provisions of the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India] Rules, 2009, published in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 189/2009-Customs (N.T.), dated the 31st December 2009.
Notification No. 45/2011-CustomsIndia has extended duty-free market access to Afghanistan as part of its economic package for least developed countries (LDCs). Under the scheme, the import of most products from the neighbouring country will be allowed at zero duty. The Finance Ministry has issued a notification in this regard. India’s Duty-Free Tariff Preference (DFTP) scheme, launched by Prime Minister Manmohan Singh in 2008, provides preferential duty access on products comprising 92.5 per cent of global LDC exports.
Shri Sunil Mitra, an IAS officer of the 1975 batch (West Bengal Cadre) has been appointed as the Finance Secretary and Secretary, Department of Revenue upon retirement of Smt. Sushama Nath, Finance Secretary and Secretary, Department of Expenditure on 31st May, 2011. Presently, Shri Mitra is the Secretary, Department of Revenue in the Ministry of Finance.
