An Indian party will now be allowed to open, hold and maintain Foreign Currency Account (FCA) abroad for the purpose of overseas direct investments subject to the following terms and conditions: The Indian party is eligible for overseas direct investments in terms of Regulation 6 (Regulation 7, if applicable) of Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time. The host country Regulations stipulate that the investments into the country is required to be routed through a designated account.
Attention of all Authorised Persons, who are authorised to issue foreign currency pre-paid cards to resident Indians visiting outside India, is invited to Para B(5) of the A. P. (DIR Series) Circular No. 46 dated June 14, 2005, in terms of which the use of such cards is limited to permissible current account transactions and subject to the prescribed limits under the Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time.
Circular No. 964/07/2012-CX Reference has been received from Trade seeking clarification regarding classification of structural parts/components of Boiler and admissibility of CENVAT credit on these parts/components to the buyers of the Boilers.
Networth and Ownership Norms for MIIs: The Stock Exchanges will have minimum net worth of Rs.100 crores and the Existing Stock Exchanges will be given 3 years to achieve this networth of Rs.100 crores. The minimum networth for the Clearing Corporation(CC) and the Depository will be Rs. 300 crores and Rs.100 crores respectively. All existing clearing corporations shall be mandated to build up to the prescribed networth of Rs. 300 crores over a period of three years from the date of notification/ circular.
60. Sale of edible oil and oil cake manufactured and sold by the Tel Ghani Units registered under the Khadi and Village Industries Commission Act, 1956 or as the case may be with the Khadi and Village Industries Board constituted under the Bombay Khadi and Village Industries Act, 1960 for a turnover not exceeding rupees twenty lakh in a financial year.
These rules may be called the Maharashtra Value Added Tax (Second Amendment) Rules, 2012. 2. In rule 53 of the Maharashtra Value Added Tax Rules,2005, in sub-rule (3), (1) in clause (a), for the words, brackets and figures the amount calculated at the rate notified from time to time, by the Central Government for the purposes of sub-section (1) of section 8 of the Central Sales Tax Act, 1956 the words four per cent shall be substituted with effect from the 1st April 2012;
The Financial Year 2011-12 closes on 31-3-2012 falling on Saturday. Ail the Income Tax Offices through out India shall remain open on this day and the receipts counters shall also work during normal office hours. This direction is issued for administrative convenience by the Central Board of Direct Taxes in exercise of powers conferred under section 119 of the Income Tax Act, 1961.
Revised Procedure: As a step towards e-governance, the above procedure of manually submitting applications for registration and enrolment is being changed. From 1st April 2012 onwards, the application for registration (PTRC) and enrolment (PTEC) under Profession Tax Act should be electronically uploaded in ‘Form I’ or ‘Form II’ respectively, as provided on the web-site of the Sales Tax Department, Government of Maharashtra i.e. www.mahavat.gov.in. Notification to that effect has been issued, as referred above. The remaining processes of obtaining registration/enrolment such as verification of documents etc. will remain the same.
CIRCULAR No: IRDA/F&A/CIR/ACTS/083/03/2012, dated 30-3-2012 -Please refer to Circular Nos: F&A/CIR/011/MAR-04, dated 23rd March, 2004 and IRDA/F&A/002/Apr-07, dated 16th April 2007 and IRDA/F&A/CIR/014/May-09, dated 29th May, 2009 issued by the Authority on declaration of bonus by life insurance companies which have set up operations post opening up of the sector.
It is hereby informed that the 31st Mar, 2012 of financial year 2011-12 falls on a Saturday. Hence, all Life Insurers, in connection with processing of applications of Unit Linked Business shall apply the following rule:
