Wherein Lead banks were requested to ensure the presence of MPs/MLAs in DLRC meetings as far as possible. Reference is also invited to circular RPCD.LBS.BC.85/02.01.01/2000-01 dated May 9, 2001 wherein the Lead banks were advised to adhere to instructions on participation of Members of Parliament and Public Representatives while convening the DLRC meeting.
CIRCULAR NO. 04/2012-Cus Several references have been received in the Board highlighting divergent practices for calculation of iron contents from Iron Ore being followed at different Ports for charging Export duty. In this regard two types of calculation methods are being followed i.e. on the basis of Wet Metric Ton (WMT) and other on the basis of Dry Metric Ton (DMT).
Notification No. 9/2012-Income Tax In exercise of the power conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2012-13
Based on the assessment of the utilization of the limits to FIIs for investments in corporate debt long term infra category (with one year lock in and one year residual maturity clause), it has been decided to allocate the unutilized limits. The bidding of this limit shall be done on the NSE from 15:30 hrs to 17:30 hrs, on February 29, 2012, in terms of SEBI circular IMD/FII&C/37/2009 dated February 06, 2009, subject to the modifications stated below:-
Whereas the Government of Maharashtra is satisfied that ircumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication thereof under the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005).
The description mentioned for item at Sr.No.23, Table-8, Appendix 37D was “G.V.W. exceeding 20 tonnes : Lorries and Trucks”. This description is corrected to read as “g.v.w. exceeding 5 tonnes but not exceeding 20 tonnes:Lorries and trucks”. However, the ITC HS Code 870422 will remain same.
Notification No. 8/2012-Income Tax Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Republic of Tanzania for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income signed in Tanzania on the 27th day of May, 2011 shall come into force on the 12th day of December, 2011, being the date of the later of the notifications after completion of the procedures as required by the respective laws for the entry into force of this Agreement, in accordance with Article 31 of the said Agreement.
With a view to increase investor confidence in the securities market and in order to make it more convenient to the investors to file their grievances and arbitration cases near to their places, SEBI has initiated steps to set-up this facility by stock exchanges at more centres after examining the data on complaints and arbitrations filed by investors from various regions. In consultation with all the major stock exchanges, it has been decided that initially:
when a person resident outside India, who has established in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, a branch, office or other place of business, excluding a liaison office, acquires any immovable property in India in accordance with the provision of said regulation, the said person has to file with the Reserve Bank a declaration in the form IPI annexed to those regulations, not later than ninety days from the date of such acquisition. As the form is required to be submitted by such persons only, the form is suitably amended to reflect the position.
As per the revised procedure, a software exporter, whose annual turnover is at least Rs. 1000 crore or who files at least 600 SOFTEX forms annually, will be eligible to submit a statement in excel format as per Annexure A, giving all particulars alongwith quadruplicate set of SOFTEX form to the nearest STPI. STPI will then verify the details and decide on a percentage sample check of the documents in details. Software companies will submit all the documents on demand to STPI within 30 days of their advice or any reasonable/extended time at the discretion of the Director, STPI, at the request from the exporter.
