Custodian banks have expressed operational difficulties in complying with the requirement of incorporating a clause in the agreement with their clients which gives them an inalienable right over the securities to be received as payout in any settlement before November 1, 2010. Accordingly, it has been decided to grant an additional period of two months i.e. upto December 31, 2010, to the custodian banks to fulfil this requirement.
Please refer to RBI/2010-11/147 A.P. (DIR Series) Circular No. 05 dated July 30, 2010 containing guidelines on Trading of Currency Options on Recognised Stock / New Exchanges issued by Foreign Exchange Department (copy enclosed). In this connection, we advise as under.
Please find enclosed circular DBOD No. BP .BC .44 / 21.04.141 / 2010-11 dated September 29, 2010 on the above subject. In this connection, it is advised that the above guidelines issued to banks, shall mutatis mutandis apply to the select All-India Financial Institutions.
G.S.R. (E). -Whereas, the designated authority vide notification No. 15/5/2010-DGAD, dated the 1st July, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1 dated the 1st July, 2010, had initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act) and in pursuance of rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules), in the matter of continuation of anti-dumping duty on imports of 1-Phenyl-3-Methyl-5-Pyrazolone, falling u
Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Customs Tariff Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notificatio
Notification No. 81/2010-Income Tax in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act read with Rule 18C of the Income-tax Rules, 1962, and subject to the provisions of Industrial Park Scheme, 2008, the Central Government hereby notifies M/s. Nodia Cyber Park Private Limited, New Delhi, as an undertaking and the project at C-28 and C-29, Sector-62, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301, being developed and being maintained and operated by the said undertaking, as an industrial park for the purposes of the said clause.
These guidelines are issued under Section 35A of the Banking Regulation Act, 1949 and Rule 7 of 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) Rules, 2005. Any contravention thereof or non-compliance shall attract penalties under Banking Regulation Act.
Complaints about incomplete details about the remitter (or beneficiary) and / or the source of credit (or debit) in the pass books / pass sheets / account statements, as also lack of uniformity across banks in providing even such minimal information are rising. A very generic mention as ‘NEFT’ or ‘NECS’ does not help customers in identifying the source of credits, particularly where multiple credits are afforded to their accounts through these products. The Procedural Guidelines on NEFT / NECS / ECS and various circulars issued from time to time clearly highlight the minimum information that should be provided to customers.
In this regard, it is clarified that the mandate shall apply to all transactions using cards issued in India, for payments on merchant site where no outflow of foreign exchange is contemplated. The linkage to an overseas website/payment gateway cannot be the basis for permitting relaxations from implementing the mandate.
It is accordingly advised that amount raised by issue of infrastructure bonds by Infrastructure Finance Companies, as specified in the notification issued from time to time by the Central Government under Section 80CCF of the Income Tax Act, 1961, shall not be treated as ‘public deposit’ within the meaning of paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.
