The Honble Deputy Chief Minister and Finance Minister in Budget Speech delivered on 20th March 2013 made announcements to exempt, reduce or enhance the tax in respect of certain goods. To give effect to the Budget proposals, the Schedules A, B, C and D appended to Maharashtra Value Added Tax Act, 2002 are amended with effect from 1st April 2013.
On a review, it has been decided that the banks should also subject the title deeds and other documents in respect of all credit exposures of ` 5 crore and above to periodic legal audit and re-verification of title deeds with relevant authorities as part of regular audit exercise till the loan stands fully repaid.
The Reserve Bank of India has cancelled the certificates of registration granted to the following companies on supervisory grounds, having their registered offices at the address shown against them, for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate the companies cannot transact the business of a non-banking financial institution.
State/Central co-operative banks are currently permitted to grant advances against gold ornaments and jewellery. Under gold loans, some banks may have granted advances against specially minted gold coins sold by banks. As pointed out in the monetary policy statement, while granting advance against the security of specially minted gold coins sold by banks
Notification No. 40/2013 – Income Tax S.O. 1464(E) – In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:-
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance
An enabling provision has been made to allow export of goods imported against payment in freely convertible currency where export proceeds will be realized in rupees. This dispensation will be applicable to such countries as would be notified by DGFT from time to time. They also have to achieve 15% value addition.
n exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance.
.Export of sugar under Advance Authorization would not require Release Order from Directorate of Sugar. There is no change in other conditions relating to export of sugar.
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in
