Notification No. 36/2011 – Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st June, 2011 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
Circular No. 143/12/ 2011 – ST Representations have been received that client processing of tobacco involving threshing and drying of tobacco leaves and client processing of raw cashew involving roasting/drying, shelling and peeling of raw cashew to recover kernel, are considered by the field formations as not falling within the meaning of the expression “in relation to agriculture” appearing in notification 14/2004-ST (as amended) dated 10th September, 2004, resulting in avoidable disputes and litigation.
DGFT Notification No 49 (RE – 2010)/2009-2014 – Notification No. 47 of 18.05.2011 stipulating export of Guar gum to EU to be allowed only if it does not contain Penta Chlorophenol (PCP) in any proportion, has been rescinded. Thus, the earlier stipulation of Notification No. 50 of 06.07.2010 of allowing presence of upto 0.01 mg/Kg. of Penta Chlorophenol (PCP) in the consignments of Guar gum when exported to EU will continue to be valid.
DBS.CO.FrMC.BC.No. 9/23.04.001/2010-11 – RBI has also issued various circulars for the prevention of frauds and malpractices in banks. In this connection reference is specifically drawn to circulars DBOD. No.BC.20.17.04.001 dated August 25, 1992 on the recommendation of the Committee to enquire into various aspects relating to frauds and malpractices in bank; DOS.No.PP.BC.20/16.03.026/96-97 dated November 01, 1996 conveying the recommendations of the Working group on Internal Controls and Inspection/ Audit Systems in banks; DBS.FrMc.No.7/23.04.001/2004-05 dated September 20, 2004 on strengthening of Internal Vigilance machinery in banks & Financial Institutions.
RPCD.CO RCB.BC.No. 73/07.38.03/2010-11 It may be noted that initially transactions relating to securitization and reconstruction of financial assets and those relating to mortgage by deposit of title deeds to secure any loan or advances granted by banks and financial institutions, as defined under the SARFAESI Act, are to be registered in the Central Registry. The records maintained by the Central Registry will be available for search by any lender or any other person desirous of dealing with the property. Availability of such records would prevent frauds involving multiple lending against the security of same property as well as fraudulent sale of property without disclosing the security interest over such property. It may be noted that under the provisions of Section 23 of the SARFAESI Act, particulars of any charge creating security interest over property is required to be filed with the Registry within 30 days from the date of creation.
1, (1) These rules may be called the Companies (Central Government’s) General Rules and Forms ( Amendment ) Rules 2011. (2) They shall come into force with effect from 29th May, 2011. 2. In the Companies (Central Government’s) General Rules and Forms, 1956, in Annexure ‘A’ for Form 23D the following Form shall be substituted , namely
In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely : – 1. (1) These rules may be called the Companies (Central Government’s) General Rules and Forms ( Amendment ) Rules 2011.(2) They shall come into force with effect from 29th May, 2011.
Notification No. 27/2011 – Income Tax [F. NO. 149/122/2010-SO(TPL)], DATED 26-5-2011 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely :— 1. (1) These rules may be called the Income-tax (Fifth Amendment) Rules, 2011.
Notification No. 35/2011- Customs ( N.T.) AND WHEREAS such goods have been rendered liable to higher rate of duty of customs by virtue of the judgment of the Supreme Court in Civil appeal Nos.3224-3225 of 1998 with C.A.No.5716 of 1998 decided on the 12th February 2004, in the case of Meltex (India) Pvt. Ltd. Vs. Commissioner of Central Excise, New Delhi, holding the process of metallisation of plastic film as not amounting to manufacture;
INSTRUCTION NO. 7 /2011 Section 260A of the Income-tax Act, 1961 – High Court – Appeal to – Instructions regarding Standard Operating Procedure on filing of appeals to High Court under section 260A and related matters. The Government has formulated the National Litigation Policy 2010, for conduct of litigation on its behalf. The policy declares: Government must cease to be a compulsive litigant. The philosophy that matters should be left to the courts for ultimate decision has to be discarded. The easy approach, ‘let the court decide’, must be eschewed and condemned.
