The maturity period for Monthly Income Scheme (MIS) and National Savings Certificate (NSC) will be reduced from 6 years to 5 years.A new NSC instrument, with maturity period of 10 years, would be introduced. Kisan Vikas Patras (KVPs) will be discontinued.The annual ceiling on investment under Public Provident Fund (PPF) Scheme will be increased from Rs. 70,000 to Rs. 1 lakh.Interest on loans obtained from PPF will be increased to 2% p.a. from existing 1% p.a.Liquidity of Post Office Time Deposit (POTD) – 1, 2, 3 & 5 years – will be improved by allowing pre-mature withdrawal at a rate of interest 1% less than the time deposits of comparable maturity. For pre-mature withdrawals between 6-12 months of investment, Post Office Savings Account (POSA) rate of interest will be paid.
As per provisions of the Cost Audit Report Rules that are in force from time-to‑time, a cost auditor is required to comment on the scope and performance of internal audit of cost records. Hence it would tend to mitigate against the proper and dispassionate discharge of his duties if he was also the internal auditor of the company for the same period for which he is conducting the cost audit. In view of this, the cost auditor cannot also be the internal auditor of a company for the period for which he is conducting the cost audit, irrespective of the fact whether he is conducting cost audit for one or all of the company’s products/activities.
Circular No. 51/2011-Customs It is reported that, Foreign Exchange Counters located after immigration and before Customs (green / red channel) in the arrival hall and after Customs in the departure hall, are posing problems in enforcement of FEMA regulations / RBI guidelines in regard to import and export of Indian Currency by Indian resident passengers as well as well as non resident passengers / foreign tourists.
It is now clarified, that the dealers who are required to file audit report u/s 61 of MVAT 2002 for the financial year 2010-2011 besides filing audit report, should furnish the following documents namely-
It has been decided that mutual funds can participate in repos in corporate debt securities as per the guidelines issued by RBI from time to time, subject to the following conditions: a. The gross exposure of any mutual fund scheme to repo transactions in corporate debt securities shall not be more than 10 % of the net assets of the concerned scheme. b. The cumulative gross exposure through repo transactions in corporate debt securities along with equity, debt and derivatives shall not exceed 100% of the net assets of the concerned scheme.
With a view to mitigating the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, relaxation was extended vide our circular RPCD.CO.RRB.BC.No.25/03.05.33/2010-11 dated October 19, 2010. In terms of the said circular, RRBs may consider collecting account payee cheques drawn for an amount not exceeding Rs.50,000/- to the account of their customers who are co-operative credit societies, if the payees of such cheques are the constituents of such co-operative credit societies. The above relaxation will continue as hitherto, subject to the conditions outlined in the circular dated October 19, 2010 referred to above.
Complete PAN details, Telephone Numbers, Email IDs, and Mobile Number (of the Signatory of the ANF2A) have been made mandatory fields; while Alternate Email ID, Website Address are optional. This is required to facilitate updating the IEC records. No payment of application fee is required till 31.3.2012 for such updating of IEC Records. Email ID of the Banker would assist RA to cross-check the issuance of the Bank Certificate from the Banker, if in doubt. Several instances have come to the notice of DGFT wherein several IECs get allocated when the applicant does not indicate the full name of the individuals. Hence it is now being made mandatory that full name (in the order – First Name, Middle Name and Last Name) should be filled up, without using any abbreviations wherever in ANF2A the name of an individual is required to be filled up. An illustrative example is given in Annexure A to this Public Notice.
Pension products offered by life insurance companies have a special role to play in promoting and protecting the social security by provision of stable and adequate retirement income. The regulatory framework for pension business of life insurance industry should take into consideration the long-term risks inherent in the pension products. The need for greater security of the pensioner’s fund and the stability and financial viability of the insurance companies need to be balanced for healthy growth of the sector. Authority issues following instructions under section 14 of IRDA Act to achieve the above stated objectives.
Circular No. 52/2011-Customs, Dated-11th November, 2011.- References have been received on divergent practices being followed by field formations regarding classification of TV tuners. It was reported that external TV tuners are being classified in heading 8528 or 8529, and internal PCI TV tuners / cards are being classified in subheading 8528 or 8529 or subheading 8473.
Provided that if a limited liability partnership has closed the financial year on the 31st March, 2011, it shall file the Statement of Account and Solvency in Form 8 with the Registrar, within a period of sixty days from the end of six months of the financial year to which the Statement of Account and Solvency relates.
