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.
While receiving funds from the clients through pre-funded instruments, such as, Pay Order, Demand Draft, Banker’s cheque, etc., it is observed that the stock brokers are unable to maintain an audit trail of the funds so received, as the details of the name of the client and bank account-number are not mentioned on such instruments. This may result in flow of third party funds / unidentified money, which is not in accordance with the provisions of the aforesaid circular and also affects the integrity of the securities market.
A.P. (DIR Series) Circular No. 70 Attention of the AD Category-I banks is invited to paragraph 8 of Schedule 3 to the Notification No. FEMA 5 /2000-RB dated 3rd May 2000, viz. Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time, in terms of which when a person resident in India leaves India for a country (other than Nepal or Bhutan) for taking up employment, or for carrying on business or vocation outside India or for any other purpose indicating her / his stay outside India for an uncertain period, her / his existing account should be designated as a Non-Resident (Ordinary) [NRO] Account.
The IRDA had constituted a Committee on Bancassurance vide Order No. IRDA/AGENTS/ORD/02/APR 2009, dated May 4, 2009 to study the distribution of insurance products through Banks. The Committee had invited for comments/views from key stakeholders, insurers, consumer associations, distributors, etc., and after analysis of these views the Committee had submitted their recommendations to the IRDA on 26th May, 2011. Chairman, IRDA had addressed the Governor, Reserve Bank of India for his remarks on the recommendations made by the Committee.
Some of the subscribers of PPF (HUF) accounts had closed the accounts on maturity or thereafter between 13th May, 2005 to 7.12.2010 (before the issue of the aforesaid amendment). Some of such account holders, were not paid interest at PPF rates on the deposits retained beyond the maturity period (without further subscriptions). Those subscribers had been representing that interest at PPF rate may also be paid to them on the deposits that were retained in PPF accounts beyond maturity period. The matter has been examined in this Ministry and it has been decided that interest at PPF rate would be paid on those PPF (HUF) accounts, which had attained the maturity after 13.5.2005 but closed by the subscribers before 7.12.2010,subject to the conditions that the accounts had not been extended thereafter and the deposits were retained in such accounts without further subscriptions.
In supersession of this Ministry’s Circular No. 9/2011, dated 31-3-2011 and 25/2011 dated 12-5-2011, Ministry of Corporate Affairs hereby mandated certain class of companies to file Balance sheets and Profit and loss Account along with Director’s and Auditor’s Report for the year 2010-11 onwards by using XBRL taxonomy. The Taxonomy Business Rules, Validity tools etc. required for preparation the above documents in XBRL format as the existing Schedule VI and Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 have been prepared and hosted on the website of the Ministry at www.mca.gov.in . The Frequently Asked Questions (FAQs) about XBRL have been framed by the Ministry and they are being annexed as Annexure I with this circular for the information and easy understanding of the stakeholders. To enable filing on XBRL by stakeholders, MCA-21 portal will have XBRL filing module by July, 2011. Actual date will be informed separately.
In order to provide regular route for fast track exit by defunct company, for getting its name struck off from the register of companies, Ministry of Corporate Affairs (MCA) has decided to modify the existing route through e-form 61 and has introduced Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956. This scheme is launched to give an opportunity for fast track exit by a defunct company, for getting its name struck off from the register of companies. Such companies may make an application to the Ministry of Corporate Affairs in the eForm FTE, accompanied by filing fee of Rs. 5,000/-
The Ministry has issued General Circulars No. 27/2011 and 28/2011 dated 20.05.2011 whereby it was clarified that a shareholder or a director of the company may participate in meetings under the provisions of the Companies Act, 1956 through electronic mode. In order to have better understanding of the circular, it is further clarified as under: — (i) It is not mandatory for companies to provide its directors, the facility to attend meetings through video conferencing.
CIRCULAR NO. IRDA/ACT/CIR/MIS/111/05/2011, DATED 25-5-2011 – This technical note describes the framework for estimating Economic Capital (EC hereafter) for general insurance companies including standalone health insurers of India. Typically EC is calculated using “standard formula” approach or through the use of internal models (company specific models). This technical note describes the “standard formula” approach for estimating EC.
CORRIGENDUM NO. 5/2010 [F.NO.142/13/2010-SO(TPL)], DATED 30-9-2010- In partial modification of Circular No. 5 of 2010, dated June 3, 2010, (i) in para 37.5 (page 333) of the said Circular, for the lines- The above amendment has been made applicable with effect from 1st April, 2009 and will accordingly apply in respect of assessment year 2009-10 and subsequent years.
