CIRCULAR No. IRDA/F&I/CIR/INV/69/03/2012, dated 26-3-2012 Under Clause 4 of the reference first cited, Life Insurance Companies are required to compute and declare NAV on a daily basis as per the provisions of Circulars 1, 2 and 3 referred to above. In 2009, a one time relaxation was provided vide communication at SI. No. 4 above.
A review of the guidelines is made in view of the creation of a new category of NBFCs viz; NBFC-MFIs and also rapid growth in NBFCs’ lending against gold jewellery. The revised guidelines issued under Section 45 L of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and of all the powers enabling it in this behalf, in supercession of the CC dated September 28, 2006, is enclosed in the annex. The Guidelines have also incorporated the instructions issued vide CC No. 95 dated May 24, 2007 on ‘Complaints about excessive interest charged by NBFCs’ and CC No. 139 dated April 24, 2009 on ‘Clarification regarding re-possession of vehicles financed by NBFCs’ for reference.
Certain queries were received from banks and we further clarify that for the various Forms (DA1, DA2 and DA3 for Bank Deposits, Forms SC1, SC2 and SC3 for Articles left in Safe Custody, Forms SL1, SL1A, SL2, SL3 and SL3A for Safety Lockers) prescribed under Banking Companies Nomination Rules, 1985 only Thumb-impressions(s) shall be attested by two witnesses. Signatures of the account holders need not be attested by witnesses.
In order to reduce tax litigation and bring tax certainty in the area of international taxation and transfer pricing, an ‘Advisory Group for International Taxation and Transfer Pricing’ has been set up comprising of following members: i. Revenue Secretary to the Government of India-Head of the Advisory Group ii. Chairman, Central Board of Direct Taxes, Department of Revenue-Member iii. Director General of Income-tax (International Taxation), New Delhi, Member
It is announced for general information that during the year 2011-2012, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8% (Eight per cent) for the period from 1.4.2011 to 30.11.2011 and 8.6% (eight point six percent) with effect from 1.12.2011. The funds concerned are:—
Order No.2/FT&TR/2012 [F. No. 500/15/2011 -FTD-I], dated 21-3-2012 In partial modification of Order No. 1/FT&TR/2012 and in exercise of powers conferred under section 144C of the Income Tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRPs at Mumbai-I, Chennai and Bangalore, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
CORRIGENDUM New Delhi, the 23rd March, 2012 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 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 185 (E), dated the 17th March, 2012, in the Annexure,-
2nd CORRIGENDUM New Delhi, the 23rd March, 2012 G.S.R. (E).- In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Central Excise, dated the 17th March, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163 (E), dated the 17th […]
SEBI issued Circular No. Cir/ISD/1/2011 dated March 23, 2011 & an addendum to it on March 24, 2011 (available on www.sebi.gov.in) addressing the way unauthenticated market related news or rumours circulated by SEBI Registered Market Intermediaries through various modes of communication has to be dealt with.
Circular No.09/2012 – Customs Doubts have been raised whether on imports of Ore Concentrate classifiable under Chapter 26 of the First Schedule to the Customs Tariff Act, 1975, the benefit that is admissible to “Ore” under Serial Number 4 of the Notification No. 4/2006 – CE dated 1.3.2006 can be granted to the Concentrate of that Ore. The issue was taken up for discussion during the Conference of Chief Commissioners of Customs on Tariff and allied matters held in May 2011.
