Please refer to our circular RPCD.CO.RRB.AML.BC.NO. 49/03.05.33(E)/2009-10 dated January 28, 2010.Government of India vide its Notification No. 7/2010-E.S.F.No.6/8/2009-E.S dated February 12, 2010 has amended the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005. A copy of the Notification is enclosed for ready reference.
The finance ministry has held a meeting with the officials of the two warring regulators, Sebi and Irda, over the issue of control of Ulips and is understood to have impressed upon them the need to sort out the differences amicably.
“The Directorate of Revenue Intelligence (DRI) has slapped a demand of Rs 1,450 crore on HP India Sales Pvt Ltd…The company undervalued components and spare parts imported from countries like Singapore and the US and thus evaded Customs duty,” an official said.
The Government has clarified vide Department of Personnel and Training OM No. 1/20/2009-IR dated 23rd June, 2009 that file notings, except file notings containing information exempt from disclosure under section 8 of the Act, can be disclosed. No decision has been taken to amend the Act to exclude file notings from disclosure.
In a case which came up before the Hon’ble High Court of Judicature at Bombay, the Hon’ble Court observed that the bank granting finance in housing, should insist on projects, disclosure of the charge or any other liability on the plot in question or development project being duly made in the Brochure or pamphlet etc. which may be published by developer/owner inviting public at large to purchase flats and properties.
1. After Sl. No. 5 of the Appendix 30A related to Export Obligation Period for specified inputs, a new Sl. No. 6 stands added as follows from immediate effect.
In this connection, you may please refer to RBI circular No.MPD.BC.330/07.01.279/2009-10 dated April 23, 2010. The rates of interest applicable have been incorporated in the Annexure to the Directive DBOD.Dir(Exp).BC.No. 101/04.02.01/2009-10 dated May 6, 2010 enclosed to this circular. The Base Rate System will be applicable with effect from July 1, 2010. Accordingly, interest rates applicable for all tenors of rupee export credit advances will be at or above Base Rate.
In the Foreign Exchange Management (Current Account Transactions) Rules, 2000, in schedule II, item number 8 and the entry relating thereto shall be omitted.
I am directed to say that references have been received from various stake holders seeking clarification regarding whether employees of units in IT SEZ can work on need base basis from home or from a place outside the SEZ.
National Housing Bank, the housing finance regulator, is looking at issues concerning teaser rate saying such practices could pose systemic risk for the home loan sector. “We have to be on top of the issue (teaser rate) …
