On a review of the Scheme, it has been decided as under :- a) 50% of the balances in the EEFC accounts should be converted forthwith into rupee balances and credited to the rupee accounts as per the directions of the account holder. This process may be completed within a fortnight from the date of the circular and compliance reported to the Chief General Manager, Foreign Exchange Department, Central Office, Trade Division, Amar Building, Sir P.M. Road, Fort, Mumbai 400 001
On a review it has been decided to fix the intra-day open position / daylight limit of the Authorised Dealers at five times the Net Overnight Open Position Limit available to them or the existing Intra-day open position limit as approved by the Reserve Bank, whichever is higher, for positions involving Rupee as one of the currencies.
In exercise of the powers conferred by sub-section (1) and (2) of section 4A of the Central Excise Act, 1944 (1 of 1944), the Central Government, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 49/2008-Central Excise (N.T.), dated the 24th December, 2008, published in the Gazette of India, Extraordinary vide number G.S.R. 882(E), dated the 24th December, 2008, namely
Vide Order No. 83 of 2012 dated 8.5.2012, the CBDT has transferred and posted several Assistant Commissioners of Income-tax with immediate effect.
Funds representing deposit liabilities may be utilised for making loans to resident constituents for meeting – their foreign exchange requirements or for the rupee working capital/capital expenditure needs of exporters /corporates who have a natural hedge or a risk management policy for managing the exchange risk subject to the prudential/interest-rate norms, credit discipline and credit monitoring guidelines in force. Authorised dealers may be guided accordingly.
In light of Para 127 of the Monetary Policy Statement 2012-13 announced by RBI Governor on April 17, 2012 (copy enclosed), banks should now re-align their cash management in such a manner so as to ensure that cash receipts in the denominations of Rs. 100 and above should not be put into re-circulation without the notes being machine processed for authenticity.
Circular No. 158/9/2012 –ST The rate of service tax has been restored to 12% w.e.f. 1st April 2012. Representations have been received requesting clarification on the rate of tax applicable wherein invoices were raised before 1st April 2012 and the payments shall be after 1st April 2012. Clarification has been requested in case of the 8 specified services provided by individuals or proprietary firms or partnership firms, to which Rule 7 of Point of Taxation Rules 2011 was applicable and services on which tax is paid under reverse charge.
Notification No. 32/2012 – Customs The exemption for some of goods is now subject to the condition that the importer declares- (i) the State of destination namely the State where the goods are intended to be taken immediately after importation whether for sale or for distribution on stock transfer basis; and (ii) his VAT (Value Added Tax) registration number or Sales Tax registration number or Central Sales Tax registration number, as the case may be, in the said State.
an officer not below the rank of a Deputy Secretary to the Government of India, in the Ministry of New and Renewable Energy recommends the grant of this exemption, indicating the quantity, description and specification thereof and certifies that the goods are required for initial setting up of a solar power generation project or facility; and
Footwear and hawai chappal (other than of leather), that is to say, chappals known commercially as hawai chappals, of retail sale price not exceeding Rs. 500 per pair
