Allaying RBI’s fears, the government on Tuesday proposed to elevate its governor’s post in the proposed joint mechanism to address the differences among financial regulators over hybrid products. The legislation, Securities and Insurance Laws (Amendment) and Validation, Bill 2010, presented in the Lok Sabha to replace the ULIP Ordinance, also seeks to have a joint committee to resolve the differences among the financial regulators – SEBI, IRDA, RBI and PFRDA. The committee will be headed by Finance Minister Pranab Mukherjee.
NBFCs are therefore advised that there shall be no discrimination in extending products and facilities including loan facilities to the physically / visually challenged applicants on grounds of disability. NBFCs may also advise their branches to render all possible assistance to such persons for availing of the various business facilities.
Notification No. S.O. 62/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes number S.O. 732(E) dated 3rd July, 2001, namely:-
If a written complaint, alleging any definite charges of misbehaviour or incapacity to perform the functions of the office in respcet of a Presiding Officer is received by the Central Government, it shall make a preliminary scrutiny of such complaint.
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts the goods described in the Schedule annexed hereto, when imported into India for display or sale in the ‘INDIPEX 2011’
Circular No.22 / 2010-Customs the import of ‘worn clothing’ should be adjudicated and fine in lieu of confiscation and penalty imposed keeping in view the ‘margin of profit’ on such unauthorized import and also the fact that such consignments should not get cleared by paying only nominal fine and penalty in future.
Reference has been received from the Trade that divergent practices are being followed by field formations regarding classification of ‘Aseptic packaging paper’. It has been reported that even when the aseptic packing paper is coated, impregnated or covered with plastics, such products are being classified under the Tariff Item 4811 90 92, as specific description ‘Aseptic packaging paper’ is provided there.
The specification laid down in Chapter 27 of ITC (HS) Classification of Export and Import items may not apply to the export of products in the SIONs at A-2687, A-2688, A-2689, A-2690 and A 3625 so long as the products exported meet the specifications specified by the foreign buyer in purchase order.”
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,
Whereas, in the matter of imports of Viscose Staple Fibre excluding Bamboo fibre (hereinafter referred to as the subject goods), falling under sub heading 5504 10 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), originating in, or exported from, People’s Republic of China and Indonesia
