The Government of India has decided to raise the limit for external commercial borrowings to $30 billion from $20 billion before, a senior finance ministry official said on Friday. The government has decided not to raise the foreign institutional investor limit in government bonds, said the official, who did not wish to be named. FIIs can invest up to $10 billion in government bonds currently.
The finance ministry has cleared the Reserve Bank of India’s draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained. The central bank, which had proposed capping FDI in new banks at 49% in the first 10 years, is likely to make the guidelines public and may seek comments from all stakeholders again. “We have given our final approval to the RBI and requested them to share the final guidelines after they incorporate comments from other stakeholders,” said a senior finance ministry official.
The Government has constituted a Committee under the Chairmanship of Chairman, Central Board of Direct Taxes (CBDT) to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery. The Committee will examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, inter alia,
Who can use this Return Form This Return Form is to be used by an individual whose total income for the assessment year 2011-12 includes:‑ (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
The National Consumer Helpline (NCH) received 10,170 calls during April 2011 for redressal of consumer complaints. In addition of these calls, 639 complaints were also received through online complaint system on NCH website. The maximum calls were received from Delhi followed by Uttar Pradesh,Maharashtra, Rajasthan and Haryana.
The Ministry of Corporate Affairs has instructed that from Monday next, i.e. May 29th, 2011 the payment of less than Rs. 50,000/- through electronic mode will be permissible in the “Investor Education and Protection Fund” through Pay Misc. Fee functionality. This facility will also be admissible for user having category as“Official Liquidator office, and the user having category as MCA employee.
India signed a Double Taxation Avoidance Agreement (DTAA) with the Federal Democratic Republic of Ethiopia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 25th May, 2011 at Addis Ababa. The Agreement was signed by Shri S.M. Krishna, External Affairs Minister on behalf of the Government of India and by Mr. Sufian Ahmed, Minister of Ethiopia in the presence of the Prime Minister, Dr. Manmohan Singh and the Ethiopian Prime Minister. Mr. Meles Zenawi.
The Reserve Bank will soon release guidelines for implementing its proposal to locate at least a quarter of the new bank branches in the unbanked areas, which generally fall in the rural areas. RBI will issue guidelines for 25% rural branches soon, said a banker present at the central bank’s post-policy meeting today.
The OECD on Wednesday pegged India’s growth at 8.5 per cent for the current fiscal, indicating that economic expansion would be slower. The Organisation for Economic Cooperation and Development has projected the Indian economy to expand 8.5 per cent in 2011-12, much lower than the growth of 9.6 per cent witnessed in 2010-11 financial year.
The Ministry of Corporate Affairs has stipulated a Class-II or above category certificate for e-filings under MCA21. A person who already has the specified DSC for any other application can use the same for filings under MCA21 and is not required to obtain a fresh DSC. The DSCs are typically issued with one year validity and two year validity. These are renewable on expiry of the period of initial issue.
