Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to the fact that the requests received from the exporters through their AD branches for set-off of export receivables against import payables are considered by the Reserve Bank of India. As a measure of further liberalization, it has been decided to delegate power to AD Category – I banks to deal with the cases of “set-off” of export receivables against import payables, subject to following terms and conditions:
Those RRBs which meet the access criteria requirements for centralised payment systems as prescribed in our circular DPSS.CO.OD. 494 / 04.04.009 / 2011-12 dated September 21, 2011 and have the necessary financial, technical and operational resources to obtain and maintain direct NEFT membership may, if they so choose, become direct member of NEFT.
It has come to our notice that some banks insist on the signatures of both the depositors to allow repayment of money in fixed/term deposits, though the deposit account is opened with operating instructions (sometimes called ‘repayment instructions’), ‘Either or Survivor’ or ‘Former or Survivor’. Such insistence on the signatures of both the depositors has the effect of making the mandate given by the depositors redundant. This, in turn, results in unjustified delays and allegations of poor customer service.
It has been observed that overseas foreign exchange trading has been introduced on a number of internet /electronic trading portals luring the residents with offers of guaranteed high returns based on such forex trading. The advertisements by these internet / online portals exhort people to trade in forex by way of paying the initial investment amount in Indian Rupees.
Notification No. 40 /2011-Central Excise, hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 14/2007-Central Excise, dated the 1st March, 2007, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 143 (E), dated the 1st March, 2007, except as respects things done or omitted to be done before such rescission.
A service tax assessee can file return electronically by accessing ACES Web Portal www.aces.gov.in. The said website has hosted LMS (Learning Management System) on the home page. The broad features are given below:-
The existing procedure and documents required to be filed along with application for Centralized Registration has been reviewed. In order to simplify the procedure and to follow the uniform practice in all the Divisions, a new procedure has been devised. The salient features of the new procedure are given below:
It has been brought to our notice that some of the Superintendents are asking for printout of ST-2 Registration Certificate from assessee for signature and affixing stamp. The procedure has been reviewed. All the officers in this Commissionerate have been directed to take printout of ST-2 Registration Certificate from their office and send duly signed and stamped certificate by post only. However, if any assessee is interested in receiving the certificate personally, they should give the option in the printout of ST-1 application, when the same is submitted to jurisdictional Superintendent for issuance of certificate.
Reserve Bank hereby directs that with effect from April 1, 2012, RRBs should not make payment of cheques/drafts/pay orders/banker’s cheques bearing that date or any subsequent date, if they are presented beyond the period of three months from the date of such instrument.
It has now been decided, in consultation with the Government, to treat the issue / transfer of ‘participating interest/ rights’ in oil fields to a non- resident as Foreign Direct Investment (FDI) transaction under the extant FDI policy and the FEMA regulations. Accordingly, these transactions have to be reported as FDI transactions in terms of the provisions of Regulations 9 and 10 of the Foreign Exchange Management (Transfer of Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time read with A.P. (DIR Series) Circular No.63 dated April 22, 2009 — A.P. (DIR Series) Circular No. 45
