Taking strong note of pay disparity in different tribunals, Union Law minister Veerappa Moily said he has signed a cabinet note today to ensure uniform salary structure in such bodies. “We need to ensure that system works properly. In fact, we have been carrying out exercise…the salary matters have to be uniform in respect to all the tribunals at the national level. Only today I signed a Cabinet Note,” Moily said while delivering his keynote address at a consumer rights function.
Inflation rose marginally to 8.31 per cent for the month ended February, driven by high food and fuel prices, which may prompt the RBI to hike interest rates when it reviews the monetary policy later this week. However, Finance Minister Pranab Mukherjee expressed hope that inflation should come down to 7 per cent by next month-end.
Our commitment to issue all refunds before March 31 2011 – CBDT’s requests / instructions / advice made on Feb 24, March 5 & again on March 8 2011. At the moment we are issuing around 30,000 refunds every day. Around 2,000 refunds cases are being approved every day by Jt / Addl CITs. Though there is a definite progress in the issue of refunds, it is still far short of desired output.
Circular No. 14 / 2011-Customs- Notification No.13/2011-Customs (N.T.) dated 24.02.2011 which provides that no drawback shall be allowed on the goods exported to Nepal if such goods were imported into India from third countries. To comply with the above provision, the exporter shall declare on the body of the shipping bill under claim of drawback that the goods being exported to Nepal have not been imported into India from third countries. The field formations shall conduct random checking to ensure the genuineness of the exporter’s declaration.
Inoperative EPF Accounts The Finance Ministry while recommending adoption of investment pattern notified by them on 14.08.2008 for Employees’ Provident Fund and “Exempt Funds” suggested that liberal advances and withdrawals from Employees’ Provident Fund (EPF) should be shunned to achieve old age income security for employees because by not adhering to “one instrument one policy objective” most employees retire with as little as less than Rs. 35,000/- in their accounts. Ministry of Labour and Employment has replied to the Ministry of Finance mentioning the need for continuation of the provision for partial withdrawal from provident fund account of the subscribers.
State Bank of India (SBI), the bank managing most number of clearing locations, was advised to lead the initiative to develop a new automation package complete with all required and latest features. The package developed through M/s Image InfoSystems Pvt. Ltd. (vendor), tentatively styled ‘Express Cheque Clearing System’ (ECCS) is now ready for deployment. The technical and commercial aspects of ECCS have been vetted by a Committee comprising of senior executives from SBI, other Clearing House managing banks, National Payments Corporation of India (NPCI) and National Clearing Cell-Nariman Point, Mumbai and successfully tested during live processing at a few Clearing Houses as well. Considering the improvements that ECCS would offer, it has been decided to roll-out the software across all non-MICR clearing locations in the country.
I note that in the case of Commissioner of Central Excise, Nagpur Vs Ultra Cement Ltd. = ( 2010-TIOL-745-HC-MUM-ST ) , the Nagpur Bench of Hon’ble Bombay High Court has held that credit of service tax would be allowed except where the cost of food has been recovered from the employee/worker. Although, ld. counsel submits that a token amount of Re.1/- has been collected from the employees/workers of the assessee’s company, since show cause notice does not advert to this factual position nor do the orders of the authorities below consider this aspect, the impugned order is set aside and the case remitted to the adjudicating authority for fresh decision in the light of the Hon’ble High Court judgment cited supra.
If Sebi has its way, wealth managers will have a tough time going forward as the capital markets watchdog is in the process of coming out with stern measures to regulate the relationship managers in particular and wealth management firms in general.
1) What is a forged note? A suspected forged note, counterfeit note or fake note is any note which does not possess the characteristics of genuine Indian currency notes. 2) How can I identify a forged note? You can identify a forged note if you are unable to detect the features which are present in a genuine Indian currency note. These features are easily identifiable by seeing, touching and tilting the note.
The export of cotton is free subject to registration of export contracts with DGFT. The cap on export during the Cotton Season, 2010-11 (01.10.2010 to 30.09.2011) will be 55 lakh bales or as notified by DGFT from time to time. But, export of 5,000 bales of Assam Comillas Cotton (Tariff Code 5201 00 12) is exempted from the cap, but not from registration.
