Notification No. 32/2012-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35AC for the period of approval, namely:-
Notification No.115 (RE-2010)/2009-2014This amendment in paragraph amplifies that EOUs cannot supply marble in Domestic Tariff Area under Paragraph 6.9 of FTP, except under Paragraph 6.9(c) of FTP.
. Government constituted a Group of Ministers (GoM), on 6th January, 2011 with the approval of the Prime Minister, to consider measures that can be taken by the Government to tackle corruption. One of the terms of reference (ToR) of the GoM was to consider and advise on – Fast tracking of all cases of public servants accused of corruption”. The Group of Ministers, while considering this ToR, observed that it is imperative that cases of sanction for prosecution should be decided expeditiously and within the timeframe of 3 months. The GoM, therefore, recommended that:-
With a view to increasing the availability of funds to exporters, it has been decided to allow banks to determine their interest rates on export credit in foreign currency with effect from May 5, 2012.
Please refer to paragraph 2 of our circular No.DBOD.Dir.BC.59/13.03.00/2011-12 dated November 23, 2011 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close of business in India as on May 4, 2012, the interest rates on FCNR(B) Deposits will be as under:
Employees’ Provident Funds (Second Amendment) Scheme, 2012 – Amendment in paragraphs 27, 27A, 27AA, 36, 36A, 38, 42, 43, 72, 82 and 83- This Scheme may be called the Employees’ Provident Funds (Second Amendment) Scheme, 2012.
Export-Import Bank of India (Exim Bank) has concluded an Agreement dated January 17, 2012 with the Government of the Democratic Socialist Republic of Sri Lanka, making available to the latter, a Line of Credit (LOC) of USD 382.37 million (USD three hundred eighty two million three hundred seventy thousand) for financing export of eligible goods and services including consultancy services for the purpose of (i) Track-laying on the Pallai-Kankesanthurai Railway Line (USD 149.34 million), (ii) Setting up of signaling and telecommunications system for the Northern Railway Line (USD 86.52 million) and (iii) any other contracts that may
Export-Import Bank of India (Exim Bank) has concluded an Agreement dated December 14, 2011 with the Government of the Republic of Congo, making available to the latter, a Line of Credit (LOC) of USD 70 million (USD seventy million) for financing eligible goods, services, machinery and equipments including consultancy services for the purpose of the Rural Electrification Project in the Republic of Congo.
Notification No. 114 (RE-2010)/2009-14 Certain conditions regarding export of cotton have been relaxed for The Cotton Corporation of India Ltd., a Public Sector Undertaking under Ministry of Textiles, during the current cotton season 2011-12.
Notification No. 23/2012-Customs (ADD) In exercise of the powers conferred by sub-section (1) read with sub-section (5) of section 9A of the said Customs Tariff Act, 1975 read with rules 18 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government, on the basis of the aforesaid findings of the designated authority, hereby imposes anti- dumping duty on the goods, the description of which is specified in column (3) of the Table below, falling under heading 5403 of the First Schedule to the said Customs Tariff Act as specified in the corresponding entry in column (2),originating in the country specified in the corresponding entry in column (4), and exported from the country specified in the corresponding entry in column (5) and produced by the producer specified in the corresponding entry in column (6) and exported by the exporter specified in the corresponding entry in column (7), and imported into India, an anti-dumping duty at the rate indicated in the corresponding entry in column (8) of the said Table.
