Attention is invited to the Board’s Circular No. 897/17/2009-CX dated 03.09.09, wherein it was clarified that in light of clear and unambiguous provisions of Rule 14 of the CENVAT Credit Rules, 2004, the interest shall be recoverable when credit has been wrongly “taken”, even if it has not been utilized. The Apex Court has ruled that “If the aforesaid provision is read as a whole we find no reason to read the word “OR” in between the expressions ‘taken or utilized wrongly or has been erroneously refunded’ as the word “AND”. On the happening of any of the three circumstances such credit becomes recoverable along with interest.” In effect, therefore, the view taken by the Board in circular dated 03.09.09 has now been endorsed by the Apex Court.
The Authority had investigated Actuarial valuation of the Indian Motor Third Party Insurance Pool (IMTPIP) under the Insurance Act, 1938 in order to assess the adequacy of the reserves which are to be calculated as per the IRDA Regulations and in particular as per reference 4 cited. The Report established that the ultimate loss ratios are 172.3%, 181.81,% and 194.15% for the years 2007-08, 2008-09 and 2009-10 respectively. Against this estimate, the pool has maintained reserves at 126% for all the years the pool has underwritten third party motor liability. The report under Ref No. 1 was communicated vide letter cited under Ref No. 2 to the CMD, GIC, the pool Administrator and a meeting of the General Insurance Council was convened for consideration of the Report cited at 1 above. The General Insurance Council, responded vide letter cited under Ref No. 3 on behalf of the members of the pool.
The IRDA had conducted an audit of the Third Party Motor Insurance Pool and has established that the pool reserves have to be significantly augmented in order to meet the higher compensation to be paid to the unfortunate victims of road accidents. Such augmenting of reserves will strengthen the insurance companies and will enable them to meet all claim obligations at all times expeditiously and without fail, The IRDA has required all general insurance companies to increase these reserves in a phased manner over a period of three years and till the reserves are augmented to a satisfactory level, companies have also been required to restrict theft expenditure in terms of bonuses. incentives etc., besides bringing in additional capital as might be necessitated.
the Central Government hereby delegates to the Registrars of Companies, the powers and functions of that Central Government under the following provisions of the said Act, namely:- Section 21, Section 25, Proviso to Sub-section (1) of section 31, Sub-section (1D) of section 108, Section 572 : Provided that the powers and functions under sub-section (1 D) of section 108 shall be exercised and performed either by the Registrar of Companies of the State in which the registered office of the company is situated, or by the Registrar of Companies of the State in which the transferee ordinarily resides.
In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 2/2011-Service Tax, dated the 1st March, 2011 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 159(E), dated the 1st March, 2011, at Example I,
Existing fee for issuance of Certificate of Origin (Preferential) is Rs. 150/- (Rupees One Hundred and Fifty only). This fee is enhanced to Rs. 350/- (Rupees Three Hundred and Fifty only) from 1st April, 2011.
The export of cotton yarn (Tariff Codes 5205, 5206 & 5207) was allowed under licence. Now, issue of export licences for cotton yarn will be subject to a limit of 720 million Kgs during the fiscal year 2010-11 (i.e. upto 31.03.2011).
All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the calendar given in Annexure 2 thereof since the allocation is being made today (10th March 2011 and not on 10th February 2011). Special attention be paid to para 3(iv) & (v).
MAHRASHTRA ORDINANCE No.VII OF 2011,- Amendment of section 89 of Mah. IX of 2005. 3. In section 89 of the principal Act,— (i) for the words Certificate of Entitlement, wherever they occur, the words Certificate of Entitlement or, as the case may be, Identification Certificate shall be substituted ; (ii) after sub-section (2), the following sub-sections shall be added, namely:—(3) (a) An invoice issued by a Mega Unit holding a valid Identification Certificate granted to him by the Commissioner, shall, in respect of the goods other than declared goods covered by the Eligibility Certificate shall contain a declaration as prescribed under the rules made in this behalf.
With a view to streamline the provisions relating to assessment of dealers, it is proposed to amend the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), as follows :— (a) to delete section 21 relating to issuance of notice for assessment; and (b) to amend section 23 with a view to extend the period of limitation for assessments for the period 2008-09 onwards by one year, with effect from the 1st April 2005.
