Ref. DBOD.No.Ret.BC. 84 /12.02.001/2010-11 – As set out in the Press Release issued by the Reserve Bank of India on April 08, 2011, the additional liquidity support to SCBs under LAF to the extent of up to one per cent of their NDTL, which was set to expire on April 08, 2011, has now been extended up to May 06, 2011. For any shortfall in maintenance of the SLR arising out of availment of this facility, banks may seek waiver of penal interest purely as an ad hoc, temporary measure. The liquidity support availed under this facility would, however, need to be reported on a daily basis.
Ministry has received certain proposals for simplification in the procedures of Easy Exit Scheme (EES), 2011. The proposals have been examined in the Ministry and the revised simplified procedures for dealing with applications under Easy Exit Scheme (EES), 2011 are enclosed herewith.
PAN Mandatory for obtaining DIN, Those Already having too need to Submit PAN by 31st May, 2011. The Ministry of Corporate Affairs has already simplified the process for obtaining DIN online, if the DIN-1 eform has been digitally signed by the practicing Chartered Accountant, Company Secretary or Cost Accountant, verifying the particulars of the applicants given in the application. However, in other cases, where the DIN form is digitally singed by the applicant only, the applications are being disposed off with in one or two days after examination by the Central Government.
CIR/MRD/DP/4/2011, Dated:April 07, 2011SEBI has earlier issued directions to stock exchanges with regard to the limitation period for filing an arbitration reference. In view of streamlining the provisions in the depositories on the captioned subject, it is decided that the limitation period for filing an arbitration reference shall be governed by the law of limitation, i.e., The Limitation Act, 1963. The modified limitation period shall also be applicable to cover inter alia the following cases:
A.P. (DIR Series) Circular No. 53- It has been observed that overseas foreign exchange trading has been introduced on a number of internet /electronic trading portals luring the residents with offers of guaranteed high returns based on such forex trading. The advertisements by these internet / online portals exhort people to trade in forex by way of paying the initial investment amount in Indian Rupees. Some companies have reportedly engaged agents who personally contact people to undertake forex trading/ investment schemes and entice them with promises of disproportionate / exorbitant returns. Most of the forex trading through these portals are done on a margining basis with huge leverage or on an investment basis, where the returns are based on forex trading. The public is being asked to make the margin payments for such online forex trading transactions through credit cards / deposits in various accounts maintained with banks in India. It is also observed that accounts are being opened in the name of individuals or proprietary concerns at different bank branches for collecting the margin money, investment money, etc.
This Notification is containing summary of Income Tax Amendment made by Budget 2010 which are applicable for Assessment Year 2011-12 and Financial Year 2010-11. Topis which are covered are as follows:- 1. Rates of income-tax in respect of incomes liable to tax for the assessment year 2010-11. 2. Income deemed to accrue or arise in India to a non-resident. 3. Computation of exempted profits in the case of units in Special Economic Zones .4. Cancellation of registration obtained under section 12A. 5. Weighted deduction for scientific research and development. 6. Investment-linked deduction for specified businesses. 7. Disallowance of expenditure on account of non-compliance with TDS provisions. 8. Limit of turnover or gross receipts for the purpose of audit of accounts and for presumptive taxation 9. Conversion of a private company or an unlisted public company into a limited liability partnership (LLP).
RBI/2010-11/460 – A.P. (DIR Series) Circular No. 48 – April 05, 2011 – It has come to our notice that in certain cases where the payment for the tickets are made by the residents using credit /debit card, Card Companies have been providing arrangements to the foreign airlines operating in India to select the country and currency of their choice, in respect of transactions arising from the sale of the air tickets in India in Indian Rupees (INR). In such transactions, the overseas bank as the acquiring bank receives the funds from Card Issuing Company in its Vostro account maintained with an Authorised Dealer bank in India or in its foreign currency account maintained abroad and makes the payment in foreign currency overseas to the foreign airline.
With a view to preventing NBFCs from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities, Reserve Bank of India has issued guidelines on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/ Prevention of Money Laundering Act, 2002 that are consolidated in the Master Circular DNBS (PD) CC No 184/03.10.42 / 2010-11 dated July 01, 2010.
The Acts governing the three professional Institutes define in Section 2 members who are deemed to be in practice. In all the three Acts, there is a provision for a member to be in practice when he is in partnership with certain others. In the case of Chartered Accountants and Cost & Works Accountants, such persons must be member of the same Institute, while in the case of Company Secretaries, it is provided that the partnership could also be with members of such other recognised professions as may be prescribed.
Policy Circular No. 27 (RE-2010)/2009-14 – All applications for grant of registration certificate shall be submitted to the concerned RAs alongwith the following documents: (i) Copy of Export Contract alongwith, (a) A copy of irrevocable Letter of Credit(LC) duly authenticated by an Indian Bank, or (b) FIRC from Bank showing receipt of remittance from the concerned foreign buyer as proof of having received 100% Advance Payment or a minimum of 25% Advance Payment and balance Cash Against Delivery(CAD),
