(a) As per new rule 3 of Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, return is to be filed in form 5 INV. However, it is not clear what is the cut-off date for it? – Ans. The cut-off date refers to the date of AGM upto which the information relating to a particular year is to be updated and then filed. For example, for the financial year ended 31-3-2012, where date of AGM is 30-9-2012, the complete information regarding unpaid and unclaimed amounts has to be updated till the date of AGM i.e. upto 30-9-2012 and then this information is to be filed through e-form 5 INV within 90 days of the date of AGM i.e. by 29-12-2012.
Notification No. 39/2012-Customs following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17th March, 2012 which was published in the Gazette of India, Extraordinary, vide G.S.R. 185(E) dated the 17th March, 2012, namely: –
Circular no. 3/2012-Income Tax The Finance Bill, 2012 was introduced in Parliament on 16-3-2012. Certain official amendments have been carried out during the passage of the Bill in Parliament. A gist of the official amendments to the Finance Bill, 2012 as reflected in the Finance Act, 2012 (Act No. 23 of 2012) enacted on 28-5-2012, are as under. The clauses of the Finance Bill, 2012 have been renumbered during the passage of the Finance Act, 2012 in Parliament. The clauses referred to in this document, unless otherwise stated, are those as they appear in the Finance Act, 2012.
Notification No. 20/2012-Income Tax Section 90 of the Income-tax Act, 1961 – Double Taxation Agreement – Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Nepal. WHEREAS the annexed Agreement between the Government of the Republic of India and the Government of Nepal for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereinafter referred to as the Agreement) was signed in Kathmandu, Nepal on the 27th day of November, 2011.
Availability of a unique customer identification code (UCIC) will help banks to identify a customer, track the facilities availed, monitor financial transactions in various accounts, improve risk profiling, take a holistic view of customer profile and smoothen banking operations for the customer. While some of the Indian banks have already developed UCIC, there is no unique number to identify a single customer across the organisation in many banks.
Reference is invited to paragraphs 98 and 99 (extracts enclosed) of the Monetary Policy Statement 2012-13 announced on April 17, 2012 on Implementation of KYC/AML Guidelines. RRBs/ StCBs/CCBs are aware that risk categorization of customers as also compilation and periodic updation of customer profiles and monitoring and closure of alerts in accounts by banks are extremely important for effective implementation of KYC/AML/CFT measures. It is, however, observed that there are laxities in effective implementation of the Reserve Bank’s guidelines in this area, leaving banks vulnerable to operational risk. Banks should, therefore, ensure compliance with the regulatory guidelines on KYC/AML/CFT both in letter and spirit.
Circular No.14/ 2012 – Customs he correct classification of Road-Rail–Vehicle or Rail Cum Road Vehicle was examined in the Board. The General Rules of Interpretation (GRI), Rule 1 inter alia states that,…for legal purposes, classification shall be determined according to the terms of the headings and any relative Section or Chapter Notes…. Note 4 (a) to Section XVII states that, For the purposes of this Section, vehicles specially constructed to travel on both road and rail are classified under the appropriate heading of Chapter 87…
Andhra Pradesh Shops and Establishments Act, 1988 – Exemption from the provisions of Sections 15,16,21,23,31 and in respects of section 47 (1) (2) (3) and (4) of the Andhra Pradesh Shops and Establishments Act, 1988 to all Information Technology Enabled Services (ITES) and Information Technology Establishment in the State of Andhra Pradesh –Extension of exemption for a further period of one year with effect from 30.05.2012– Orders –Issued.
Attention of all Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS) is invited to paragraph 5 (c) of the the Notification dated June 4, 2003 on MTSS and the specific permission accorded to them under FEMA, 1999 by the Reserve Bank to undertake inward cross-border money transfer activities in India, through tie-up arrangements with Overseas Principals.
Entry Number 38 in the ITC(HS) Classifications of Export & Import Items has been bifurcated and an entry number 38.01(new entry) Skimmed Milk Powder is introduced. Export of new entry namely Skimmed Milk Powder has been made free.
