Company Law : Companies (Name Availability) Rules, 2011- As per provisions contained in section 20 of the Companies Act, 1956, no company is to be registered with undesirable name. A proposed name is considered to be undesirable if it is identical with or too nearly resembling with: (i) Name of a company in existence; or (ii) A registered trade-mark or a trade mark which is subject of an application for registration, of any other person under the Trade Marks Act, 1999.
These rules may be called the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Third Amendment Rules, 2010.
The Revenue Department, Government of Uttar Pradesh vide their Gazette Notification No. 1858/1-5-2010-181-2002T.C.-Rev.-5 Lucknow dated July 01, 2010 has advised about the constitution of a new district viz. Chhatrapati Shahuji Maharaj Nagar with effect from July 01, 2010. The new district, with its headquarter at Gauriganj, has been carved out from the existing Raebareli & Sultanpur districts and comprises Tiloi, Salon, Amethi, Gauriganj and Jagdishpur talukas.
In order to capture the statistics relating to Foreign Direct Investment (FDI), both inward and outward in a more comprehensive manner as also to align it with international best practices, it has been decided to replace Part B of the Form FC-GPR by a separate ‘Annual Return on Foreign Liabilities and Assets’ given as Annex-I. The return should be submitted by July 15 of every year to the Director, Balance of Payment Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, C-9, 8th floor, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051. Further, the return should be submitted by all the Indian companies which have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year. The Annex –II gives the concepts and definitions useful in filling the Annual Return on Foreign Liabilities and Assets.
Coins of 25 Paise and Below – Withdrawal from Circulation vide UBD.BPD. (PCB). Cir.No. 39 /09.73.000/2010-11. The Reserve Bank of India has instructed the banks maintaining small coin depots (list annexed) to arrange for exchange of coins of denomination of 25 paise and below for their face value at their branches. Members of public can exchange small denomination coins at any branch of these banks. Exchange facility will also be available at all Issue Offices of the Reserve Bank. The coins will be exchanged at the branches of these banks/offices of the Reserve Bank till the close of business on June 30, 2011.
Notification No. 23/2011-CUSTOMS (N. T.)- In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –
All other provisions of the Notification No. 33/2009-14 dated 03.03.2010, shall remain unchanged, and shall continue to apply. The above amendments are not applicable for export of 20,000 MT of rice(Ponni Samba) to Sri Lanka through PEC.
Circular No. 14 / 2011-Customs- Notification No.13/2011-Customs (N.T.) dated 24.02.2011 which provides that no drawback shall be allowed on the goods exported to Nepal if such goods were imported into India from third countries. To comply with the above provision, the exporter shall declare on the body of the shipping bill under claim of drawback that the goods being exported to Nepal have not been imported into India from third countries. The field formations shall conduct random checking to ensure the genuineness of the exporter’s declaration.
State Bank of India (SBI), the bank managing most number of clearing locations, was advised to lead the initiative to develop a new automation package complete with all required and latest features. The package developed through M/s Image InfoSystems Pvt. Ltd. (vendor), tentatively styled ‘Express Cheque Clearing System’ (ECCS) is now ready for deployment. The technical and commercial aspects of ECCS have been vetted by a Committee comprising of senior executives from SBI, other Clearing House managing banks, National Payments Corporation of India (NPCI) and National Clearing Cell-Nariman Point, Mumbai and successfully tested during live processing at a few Clearing Houses as well. Considering the improvements that ECCS would offer, it has been decided to roll-out the software across all non-MICR clearing locations in the country.
The export of cotton is free subject to registration of export contracts with DGFT. The cap on export during the Cotton Season, 2010-11 (01.10.2010 to 30.09.2011) will be 55 lakh bales or as notified by DGFT from time to time. But, export of 5,000 bales of Assam Comillas Cotton (Tariff Code 5201 00 12) is exempted from the cap, but not from registration.
