Attention is drawn to clause 3.2 of the Master Circular 2010 on AML/CFT guidelines wherein Reporting obligations under the Prevention of Money Laundering Act, and the Rules framed thereunder are stipulated to the insurance companies.
in continuation to the Circular no. 37/2011 dated 07.06.2011, the further information is given as under: — (i) Besides signing by signatories as specified u/s 215 of the Companies Act, 1956, the Statutory Auditor has to certify the financial statements prepared in XBRL mode for filing on MCA-21 portal. (ii) Phase-1 class of companies as per Circular 9/2011 dated 31.03.2011 and later exempted from XBRL filing (under Power sector, Insurance sector, NBFC and Banking sector) who are unable to file their financial statements would be exempted from additional fee due to delay in filing up to 30.09.2011.
It has been noticed that certain Courts have not allowed fees to be paid to the Chartered Accountants from Common Pool Fund in cases where petitions are filed in respect of companies under liquidation having no assets. The matter has been considered and it has been decided that in all such cases following steps be taken :
CIRCULAR NO. IRDA/F&I/CIR/AML/151/07/2011, DATED 5-7-2011 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) THIRD AMENDMENT RULES, 2010
The Official Liquidators have reported that they are facing problems in e-filing of Income Tax Returns in compliance as they are required to mention PAN No. of the person who files the return, representing the company in liquidation. In the Regional Directors Conference held on 16-6-2011 also, the Official Liquidators brought to the notice of the Ministry that they are not able to file Income Tax Returns since the verification part of the report require them to mention their personal PAN Card No. even when they file the Return as a representative assesee of the company (in liquidation). It was suggested that a PAN Card should be issued in the name of the office i.e. OL
Circular No. 948/09/2011-CX It has been brought to the notice of the Board that doubts have arisen on whether the benefit of proportionate Cenvat credit as clarified by Circular 845/03/2006-CX dated 1.02.2007 would be available to textile items of heading 5508, 5509, 5510, 5511, 5512, 5513 and 5514 of the First Schedule to the Central Excise tariff Act since a reference to these headings was omitted in Notification No.29/2004-CE dated 9th July, 2004 vide notification No.11/2009-CE dated 7th July,2009.
No. LAD-NRO/GN/2011-12/11/21228 – In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, namely:- These Regulations may be called the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) (Amendment) Regulations, 2011.
In consultation with BSE, MCX-SX, NSE and USE, it has been decided that the Stock Exchanges may allow modifications of client codes of non-institutional trades only to rectify a genuine error in entry of client code at the time of placing / modifying the related order.
Circular No.27/2011-Customs It is reported to the Board that e-wastes such as used computers, CRT, RAM and electrical and electronic assemblies are being dumped in a big way into the country thereby posing serious threat to environment. References have also been received seeking clarification whether used computers imported for re-use need permission of Ministry of Environment and Forest before clearance.
A.P. (DIR Series) Circular No.01 Keeping in view the need to provide a window to facilitate refinancing of FCCBs by the Indian companies who may be facing difficulty in meeting the redemption obligations, it has been decided to consider applications for refinancing of FCCBs by Indian companies under the automatic route. Accordingly, designated AD Category – I banks may allow Indian companies to refinance the outstanding FCCBs subject to compliance with the terms and conditions set out hereunder: –
