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Notifications/Circulars

Revised format of Monthly Cumulative Report (MCR) incorporating investments in Infrastructure Debt Fund

December 13, 2011 1203 Views 0 comment Print

Please refer to SEBI circular SEBI/IMD/CIR No. 3/124444/08 dated April 30, 2008 prescribing the format for Monthly Cumulative Report. 2. Since the SEBI(Mutual Funds) Regulations, 1996 have been amended to enable mutual funds to launch Infrastructure Debt Fund scheme/s (IDFs) in terms of Chapter VI-B of the Regulations, the format for MCR is being modified to include IDF schemes as per Annexure A.

Section 19 of the BR Act, 1949- Investments in subsidiaries and other companies – Guidelines

December 12, 2011 2574 Views 0 comment Print

Please refer to the instructions contained in paragraphs 2 and 3 of our Master Circular DBOD. No. FSD.BC.15 / 24.01.001/ 2011-12 dated July 1, 2011 on Para-Banking Activities which deal with the guidelines for setting up of subsidiaries by banks as also banks’ investments in financial services companies which are not subsidiaries. These require Reserve Bank’s prior approval and are permitted within certain prescribed prudential limits.

Export of 10,000 Tons of non-Basmati rice to Horn of Africa (Kenya, Somalia & Djibouti)

December 12, 2011 451 Views 0 comment Print

Notification No. 88 (RE – 2010)/2009-2014, Export of 10,000 tons of non-basmati rice to Horn of Africa (Kenya, Somalia & Djibouti) from Central Pool Stock of FCI at economic cost has been permitted.

Notification No.124/2011 – Income Tax Dated 27/12/2011

December 12, 2011 532 Views 0 comment Print

Notification No.124/2011 – Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1111(E), dated the 8th August, 2005, issued under 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 had notified at serial number 2, “Comprehensive rehabilitation, medical & human resource development services for the blind and disabled” by Blind People’s Association, Jagdish Chowk, Surdas Marg, Vastrapur, Ahmedabad

Transport of Goods by Rail Service – Exemption to transport of Goods by rail – Amendment in Notification No. 7/2010-ST, dated 27-2-2010 – Exemption extended till 1-4-2012

December 12, 2011 1565 Views 0 comment Print

Notification No. 49/2011-ST., dated 30-12-2011 Section 65(105) (zzzp) of the Finance Act, 1994 – Transport of Goods by Rail Service – Exemption to transport of Goods by rail – Amendment in Notification No. 7/2010-ST, dated 27-2-2010 – Exemption extended till 1-4-2012

National Savings Certificates-IX Issued specified as class of Savings Certificates to which Government Savings Certificates Act, 1959 will apply

December 11, 2011 1009 Views 0 comment Print

Notification No. G.S.R. 868(E), dated 07-12-2011- In exercise of the powers conferred by section 1(3) of the Government Savings Certificates Act, 1959, the Central Government through this notification has specified that National Savings Certificates-IX Issue shall be the class of Savings Certificates to which the said Act applies. Accordingly, subscription to such saving certificates would qualify for deduction under section 80C.

Instructions regarding strict compliance of Rule 3(2)(ii) to (iv) of CCS (Conduct) Rules in respect of directions issued by superior officers to their subordinate officers

December 11, 2011 1900 Views 0 comment Print

It has been observed during the processing of vigilance complaints wherein Assessing Officers have claimed that the particular action/decisions were taken after discussion with and as per the directions of their controlling Range Head, though, no such written directions were found on the record. In a few cases, an office note was found to be recorded stating, that issues involved in the order were discussed with the Range Head but the office note was not found to have been ratified by the controlling Range Head.

Foreign investment in Pharmaceuticals sector – Amendment to the FDI Scheme

December 9, 2011 1254 Views 0 comment Print

FDI, up to 100 per cent, under the automatic route, would continue to be permitted for green field investments in the pharmaceuticals sector. (ii) FDI, up to 100 per cent, would be permitted for brownfield investment (i.e. investments in existing companies), in the pharmaceutical sector, under the Government approval route.

FDI in India – Issue of equity shares under the FDI scheme allowed under the Government route

December 9, 2011 1081 Views 0 comment Print

Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the A.P. (DIR Series) Circular No. 74 dated June 30, 2011, allowing thereby issue of equity shares/ preference shares under the Government route by conversion of import of capital goods, / machineries / equipments (including second-hand machineries) and pre-operative / pre-incorporation expenses (including payments of rent, etc.), subject to terms and conditions stated therein.

Norms of Health Insurers implementing portability of health insurance policies

December 9, 2011 1210 Views 0 comment Print

The Health Insurance Policy Holder can at the time of Renewal of his/her policies can shift to another Insurance Company for a similar product, if he is not satisfied with the present Insurance Company for any reason, without losing the Credits gained, if renewed with the existing company. This was not the case earlier; because change in insurance company or plans amounted to loss of these credits and the policies started as new, carrying all time limitations afresh.

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