Notification No. 11/2012 – Customs (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.) dated, the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
Minimum Export Price (MEP) of all varieties of onions excluding Bangalore Rose Onions and Krishnapuram Onions will be US$ 125 per Metric Ton F.O.B. It was US$ 150 per Metric Ton for general category onion as notified on 11.01.2012. For Bangalore Rose Onions and Krishnapuram Onions MEP will continue to be US$ 250 per MT.
Notification No. 7/2012-Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the Rural Electrification Corporation (hereinafter referred to as the entity), to issue, through a public issue, during the financial year 2011-12, tax free, secured, redeemable, non-convertible bonds of rupees 1,000 each, aggregating to rupees three thousand crores subject to the conditions specified namely:-
Notification No. 6/2012-Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following amendment to the notification of the Government of India, Ministry of Finance (Department of Revenue), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 2210(E), dated the 23rd September, 2011, namely :-
Submission of Credit Information to Credit Information Companies – Defaulters of Rs. 1 crore and above and Willful Defaulters of Rs. 25 lakhs and above- Dissemination of Credit information of suit-filed accounts
Kind attention is invited to Board’s instructions issued from F.No. 450/82/95-Cus.IV,dated 7th July, 1997, Member (Customs)’s D.O. letter F.No. 450/82/99-Cus.IV, dated 2nd June, 2001 and Circular No.42/2001 dated 31st July, 2001 for time bound Customs clearance and to avoid detention of Cargo from Ports/Land Customs Stations/Air Cargo Complexes, CFSs /ICDs. These instructions, inter-alia, have laid emphasis on measures to avoid unnecessary demurrages and difficulties to importers. These instructions have been issued after taking due note of directions of Hon’ble Supreme Court.
The Reserve Bank of India has decided to change the Bank Rate with immediate effect by realigning it with the Marginal Standing Facility (MSF) rate, which in turn is linked to the policy repo rate under the Liquidity Adjustment Facility (LAF). Accordingly, the Bank Rate shall be 9.5 per cent with effect from the close of business today. This should be viewed and understood as one-time technical adjustment to align the Bank Rate with the MSF rate rather than a change in the monetary policy stance. Henceforth, whenever there is an adjustment of the MSF rate, the Reserve Bank will consider and align the Bank Rate with the revised MSF rate. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised.
I am directed to invite a reference to Ministry’s circular No. 19 and 20 of 2011 issued on 02.05.2011 laying down certain procedure to regulate cases wherein filing of conflicting returns with regard to appointment of Directors or change of Director/Directors was laid down. In the light of some specific cases wherein it appears that either there was lack of consent of the removed/changed director or due process of Law were not followed, it has been decided to supercede the circulars.
With a view to keeping retail investors away from the portfolio management schemes (PMS), Sebi on Friday raised the minimum investment amount of clients for such schemes to Rs 25 lakh from the earlier Rs 5 lakh. PMS offers investors a range of specialised investment strategies to capitalise on opportunities in the market and made suitable to the needs of individual clients.
Only the name of the import item (input) is modified from ‘Antimony Dioxide/Oxide’ to ‘Antimony Trioxide’. There is no change in either the description or quantity of the inputs or in the description of the export product.
