Notification No. S.O. 406(E)-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
CBEC sends data on exports to DGCIS daily that is generated out of their daily trade reports (DTRs), which is based on LEOs (Let Export Orders) issued that day. Hence any consignment in respect of which LEO has been issued gets reported as having been exported. Accordingly, consignments for which Let Export Orders (LEOs) have been issued till 2400 hours on Sunday, 04 March, 2012 will be outside the purview of Notification No.102 dated 05 March, 2012 cited above.
As you are aware, the Reserve Bank of India has taken several steps in the past to improve the transparency of the OTC derivatives market in India. It may be recalled that in August 2007, the Bank had mandated reporting of inter-bank/PD Rupee Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) trades to the reporting platform developed by Clearing Corporation of India Limited (CCIL) for the purpose. In this context, following an announcement in the Annual Policy for the year 2010-11, a Working Group was constituted in June 2010 to work out the modalities for an efficient, single point reporting mechanism for all OTC interest rate and forex derivative transactions. The report of the Working Group was placed on the Bank’s website on May 25, 2011.
Circular No. 07/2012-Customs Attention is invited to Board’s Circular No. 6/2012-Cus dated 06-03-2012 regarding imposition of ban on export of Cotton (TH 5201 and 5203) vide DGFT Notification No.102 (RE-2010)/2009-14 dated 05.03.2012.
Insurance agents are the most important channel of intermediation in the insurance business in India. Recognizing the importance of the agents in the procurement and servicing of insurance policies, the Insurance Act has two specific provisions, namely Section 40(2A) and Section 44 which protect the long term interests of agents. In brief, under provisions of Section 40(2A), lapsed policies which require medical examination prior to revival can be assigned to another agent after giving due notice to the existing agent to revive such policies
General Circular No. 4/2012 – The Ministry of Corporate Affairs has extended the time for filing form DIN-4 by DIN holders for furnishing PAN and to update PAN details upto 30.04.2012 for the Allotment of Director’s Identification Number (DIN) under Companies Act, 1956.
Representations have been received from the Gem & Jewellery sector to allow their exporters to execute revolving Bank Guarantee to be used for import of gold/ silver/ platinum, alloys, findings and mountings of gold/silver/ platinum and plain semi-finished gold/silver/platinum jewellery.
In course of an investigation conducted by the Officers of Headquarter Anti Evasion Unit, Siliguri Commissionerate, it revealed that M/s D.K.ENTERPRISE, Nutan Bazar, P.O. + Dist. Cooch Behar, West Bengal, PIN – 736 101 was engaged in providing ‘Management, Maintenance or Repair’ services to National Highway and Public Works (Roads) department in the District of Cooch Behar. They had been providing the service without taking any Service Tax registration and without paying any Service Tax.
Section 49 of the Reserve Bank of India Act, 1934 requires the Reserve Bank to make public (from time to time) the standard rate at which it is prepared to buy or re-discount bills of exchange or other commercial paper eligible for purchase under that Act.2. Being the discount rate, the Bank Rate should technically be higher than the policy repo rate. The Bank Rate has, however, been kept unchanged at 6 per cent since April 2003. This was mainly for the reason that monetary policy signalling was done through modulations in the reverse repo rate and the repo rate under the Liquidity Adjustment Facility (LAF) (till May 3, 2011) and the policy repo rate under the revised operating procedure of monetary policy (from May 3, 2011 onwards). Moreover, under the revised operating procedure, marginal standing facility (MSF), instituted at 100 basis points above the policy repo rate, has been in operation, which in many ways serves the purpose of the Bank Rate.
Notification No. 13/2012-Income Tax Any individual investor investing upto rupees five lakh shall be treated as retail investor and any individual investor investing more than rupees five lakh shall be treated as High Networth Individual.
