The National Electronic Funds Transfer (NEFT) system has been successfully handling significant volumes, ever since its launch in November 2005. More than 6 million transactions were processed by the system during the month of January 2010 alone. The coverage has also increased substantially with the participation of over 63,000 bank branches spread across the length and breadth of the country.
As per the present guidelines, in advertisements through audio-visual media like television, a statement “Mutual Fund investments are subject to market risks, read the offer document carefully before investing” is required to be displayed on the screen for at least 5 seconds and be accompanied by a voice over reiteration.
The Reserve Bank of India (RBI) on Wednesday withdrew the special short-term foreign currency borrowings facility for non-banking financial companies (NBFCs) and housing finance companies. The central bank made the decision after reviewing the macroeconomic conditions and improvements in the domestic credit and liquidity conditions, it said in a statement.
ALL anti-cancer and HIV drugs are likely to become cheaper as the forthcoming budget is likely to fully exempt these from customs duty/countervailing duty (CVD), but on the condition that the benefits are passed on to patients. Also, the finance ministry is understood to be considering hiking the weighted deduction on expenditure on research and development by drug companies to 200% from 150% and also extending the benefit by five years to March 2017.
In the aforesaid instructions field formations were directed to decide the cases pertaining to SCNs issued to the Oil companies on the inter company sale during the relevant period on the basis of the decision of CESTAT, Bangalore in the case of CCE Vishakhapatnam vs HPCL [2005 (187) ELT 479 (Tri.Bang.)] as the SLP filed by the department had been dismissed by the Hon’ble Supreme Court as reported in 2006 (196) ELT A 72 (SC).
UCBs – 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) Amendment Rules, 2009 – Obligation of banks / Financial institutions.
In this regard, certain representations were received from the Trade seeking clarification on the said circulars. The matter is examined in this office and it is now clarified that Circular No.35-T of 2005 and Circular No. 1-T of 2006 are withdrawn. It is hereby informed that the following types of papers would now be covered by the scope of this entry.
Notification No. 08/2010-Income Tax In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following particulars of zero coupon bonds for the purposes of the said clause, namely:—
Notification No. 7/2010-Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorizes Indian Railway Finance Corporation (IRFC) to issue, during Financial Year 2009-10, tax free secured, redeemable, non-convertible Railway Bonds of Rs. 1,000 each in case of public issue and Rs. 1,00,000 each in other cases, aggregating to an amount of five thousand crore rupees only, carrying an interest rate in the range of 6.50% to 7.25% per annum, depending upon the size and tenor of a tranche:
2.13.1 However, revalidation of freely transferable Authorisation / Duty credit scrips and stock and sale Authorisation shall not be permitted unless validity has expired while in custody of Customs authority / RA.
