Indian companies in the power sector will be allowed to utilise 40 per cent of the fresh ECB raised towards refinancing of the Rupee loan/s availed by them from the domestic banking system, under the approval route, subject to the condition that at least 60 per cent of the fresh ECB proposed to be raised should be utilised for fresh capital expenditure for infrastructure project(s). All other terms and conditions relating to refinancing of Rupee loans mentioned in A.P. (DIR Series) Circular No. 25 dated September 23, 2011 remain unchanged.
As you are aware, the MICR code is necessary for all Electronic Clearing Service (ECS – Credit and Debit) transactions. Similarly, the IFSC code is a pre-requisite for NEFT and RTGS transactions. Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that this information should also be made available in the passbook / statement of account of the account holders.
Borrowers desirous of refinancing/rescheduling an existing ECB can raise fresh ECB at a higher all-in-cost under the approval route subject to the condition that the enhanced all-in-cost does not exceed the all-in-cost ceiling prescribed as per the extant guidelines.
The Rules for the interpretation of the provisions of the Central Excise Tariff Act 1985 road with the Explanatory Notes as updated from time to time published by the Customs Co- operation Council Brussels shall apply for the interpretation of this notification.
In pursuance of the powers conferred by clause (b) of rule 45A of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharashtra, hereby specify that, with effect from the 1st May 2012, the refund, if any, due under the Maharashtra Value Added Tax Act, 2002, to the registered dealer or Diplomatic Authority or International Body or Organisation, having hank account in Electronic Clearing Services enabled bank and who submits his mandate in Annexure A of this Notification to the Commissioner of Sales Tax, shall be credited to his bank account by way of the Electronic Clearing Services of the Reserve Bank of India.
Provided that the CENVAT credit, if any, taken by the buyer of the said final product, of the excise duty paid by the said assessee on the said final product made and cleared up to the 15th March, 2012 shall not be required to be reversed.
In term of notification No- 458L dt. 31/03/2012, am amendment has been brought in in the Schedule amended to the West Bengal State Tax on Professions, Trade, Callings and Employments Act,1979 allowing further exemption from payment of profession tax to the category of salary & wages earners whose monthly salaries or wages fall between Rs.3000/- to Rs.5000/-
As announced in the Monetary Policy Statement 2012-13, the Bank Rate stands adjusted by 50 basis points from 9.50 per cent to 9.00 per cent with effect from April 17, 2012. 2. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in Annex.
Insurance Regulatory and Development Authority (Salary and Allowance payable to and other Terms and Conditions of Services of Chairperson and other members) Amendment Rules, 2012- Amendment in rule 3 Notification No. G.S.R. No.307(E), dated 19-4-2012
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Paragraph 2.1 of the Foreign Trade Policy, the Central Government hereby notifies ‘Indian Trade Classification (Harmonised System) of Export and Import Items, 2012’ [ITC (HS), 2012] as enclosed in the Annexure to this Notification.
