It has come to the notice of the Board that in some Income-tax offices. Returns of Income are not being received by the staff on the ground that an individual with less than Rs. 5 lakhs of income is not required to furnish his return of income. Necessary instructions may be issued to the officers and staff concerned to accept Returns of Income from those taxpayers who wish to file their Return of income even if they satisfy the conditions of the above-mentioned notification.
Circular No.31/ 2011-Customs – Attention is invited to Board Circular No. 81/2002-Customs dated 03.12 2002, which clarifies that ‘Crude Palm Stearin’ should be assessed keeping in view the chemical examination of the product whether they are glycerides (ester) of fatty acid or a mixture of fatty acids. Accordingly, the good merits classification or assessment either under CTH 1511(in case of glycerides of fatty acids) or CTH 3823 (in case of a mixture of fatty acids), as the case may be.
Export-Import Bank of India (Exim Bank) has concluded an Agreement dated September 29, 2010 with the Indo-Zambia Bank Limited making available to the latter, a Line of Credit (LOC) of USD 5 million (USD five million) for financing eligible goods and services. The goods and services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.
A.P. (DIR Series) Circular No. 05 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated March 30, 2011 with the Government of the Kingdom of Swaziland making available to the latter, two Lines of Credit (LOCs), each for an amount of USD 10 million aggregating to USD 20 million (USD twenty million) for financing eligible goods and services including consultancy services, from India for the purpose of financing the setting up of an Information Technology Park in Swaziland. The goods and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.
As announced in the First Quarter Review of Monetary Policy 2011-12, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 50 basis points from 7.50 per cent to 8.00 per cent with immediate effect. Consequent to the above increase in the repo rate, the reverse repo rate under the LAF will stand automatically adjusted to 7.00 per cent and the Marginal Standing Facility (MSF) rate to 9.00 per cent with immediate effect.
Notification No.66 /2011-Customs Whereas in the matter of imports of Poly Vinyl Chloride Paste Resin (hereinafter referred to as the subject goods), falling under sub- heading 3904 22 10 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said Customs Tariff Act), originating in, or exported from, People’s Republic of China, Japan, Republic of Korea, Malaysia, Russia, Taiwan and Thailand (hereinafter referred as the subject countries) and imported into India, the designated authority in its preliminary findings vide notification No.14/36/2009-DGAD, dated the 11th June, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 11th June, 2010, had come to the conclusion that-
Please refer to the First Quarter Review of Monetary Policy 2011-12 of July 26, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 50 basis points from 7.5 per cent to 8.0 per cent with immediate effect. Accordingly, the Standing Liquidity Facilities provided to banks (export credit refinance) and Primary Dealers (PDs) (collateralised liquidity support) from the Reserve Bank would be available at the revised repo rate, i.e., at 8.0 per cent with effect from July 26, 2011.
It has been noticed that winding up petitions are being filed by management after having committed major violations under the Companies Act, 1956 as well as misappropriation of funds of the company. Winding up of such companies are also being filed by creditors. In order to curb such malpractices following procedure may be followed in all such cases:-
It has been noticed that winding up petitions are filed by creditors, stake holders and management before Hon’ble High courts without providing full information. This leads to waste of valuable time of Hon’ble Court and also delays completion of winding up process as well. In order to speed up the winding up process and to introduce best international practices the winding up process, following actions will be taken by concerned Official Liquidator
Whether a listed company is merging with an unlisted company ? In such a case he should ensure that share of unlisted company also gets listed.
