A new entry in Schedule C has been inserted to cover the declared goods, as specified under the Central Sales Tax Act, 1956 which will continue to attract tax at 4%. Notification No. 4/5/2005-Fin(R&C)(78) dated 4 May, 2010 read with Notification No. 4/5/2005-Fin (R&C) (77) dated 4 May, 2010
Notification No. 25/2010-Central Excise, New Delhi, the 07th May, 2010- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India,
We advise that the names of 9 amalgamated Regional Rural Banks have been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification RPCD.CO.RRB.No.7812A/03.05.100/2009-10 January 21, 2010 published in the Extraordinary Gazette of India (Part III- Sec.4) dated March 12, 2010.
As you are aware, in terms of provisions contained in Rule 10(g) of the Uniform Regulations and Rules for Bankers’ Clearing Houses (URRBCH), for unauthorised overdrafts on account of adverse clearing position, defaulting banks are required to pay penal interest at the rate applicable to clean overdrafts plus 2% from the following working day till the position is regularised.
As you are aware, a Working Group was constituted by the Reserve Bank of India to review the Credit Guarantee Scheme (CGS) of the Credit Guarantee Fund Trust for Micro and Small Enterprises (Chairman: Shri V.K. Sharma, Executive Director, RBI) and suggest measures to enhance its usage. The Report of the Working Group was released on March 6, 2010, which is available on our website (www.rbi.org.in). The Working Group has, inter alia, recommended that
Please refer to our circular RPCD.CO.RRB.AML.BC.NO. 49/03.05.33(E)/2009-10 dated January 28, 2010.Government of India vide its Notification No. 7/2010-E.S.F.No.6/8/2009-E.S dated February 12, 2010 has amended 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) Rules, 2005. A copy of the Notification is enclosed for ready reference.
In a case which came up before the Hon’ble High Court of Judicature at Bombay, the Hon’ble Court observed that the bank granting finance in housing, should insist on projects, disclosure of the charge or any other liability on the plot in question or development project being duly made in the Brochure or pamphlet etc. which may be published by developer/owner inviting public at large to purchase flats and properties.
In this connection, you may please refer to RBI circular No.MPD.BC.330/07.01.279/2009-10 dated April 23, 2010. The rates of interest applicable have been incorporated in the Annexure to the Directive DBOD.Dir(Exp).BC.No. 101/04.02.01/2009-10 dated May 6, 2010 enclosed to this circular. The Base Rate System will be applicable with effect from July 1, 2010. Accordingly, interest rates applicable for all tenors of rupee export credit advances will be at or above Base Rate.
In the Foreign Exchange Management (Current Account Transactions) Rules, 2000, in schedule II, item number 8 and the entry relating thereto shall be omitted.
The Securities and Exchange Board of India, having considered the application for renewal of recognition made under Section 3 of the Securities Contracts (Regulation) Act, 1956 by Bhubaneswar Stock Exchange Limited having its registered office at Stock Exchange Bhavan, P-2, Jayadev Vihar, P.O. Chandrasekharpur, Bhubaneswar – 751 023
