It was proposed to increase the provisioning requirement for advances to the Commercial Real Estate (CRE) sector classified as ‘standard assets’ to 1.00 per cent with a view to building cushion against likely non-performing assets (NPAs). Accordingly, it has been decided to increase the provisioning requirement for advances to the CRE Sector classified as ‘standard asset’ to 1%.
RPCD.CO.RF.AML.BC. No.59/07.40.00/2009-10 Some of the salient features of the amendment, relevant to state and central co-operative banks are as under- Clause (ca) inserted in sub-rule (1) of Rule 2 defines non-profit organization. Clause (BA) inserted in sub-rule (1) of Rule 3 requires banks/ financial institutions to maintain proper record of all transactions involving receipts by non-profit organizations of value more than rupees ten lakh or its equivalent in foreign currency. The amended Rule 6 provides that the records referred to in rule 3 should be maintained for a period of ten years from the date of transactions between the client and the banking company/financial institution.
Section 49 of the Special Economic Zones Act, 2005 – Power to modify provision of this Act or other enactments in relation to Special Economic Zones – Exemption to ATMs in SEZ from being treated as Offshore Banking Units. Notification No. S.O. 527(E), dated 3-3-2010
In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes, with immediate effect, the following amendment to Notification No.38 (RE-2007)/2004-2009, dated 15.10.2007 read with Notification No. 93 (RE-2007)/2004-2009 dated 1.4.2008, as amended from time to time.
As you are aware, for convenient, cost-effective and quick processing and settlement of clearing instruments arising out of normal business activities of banks, an elaborate Clearing House infrastructure is in place in the country. Currently operational at most locations across the length and breadth of the country, Clearing Houses facilitate multilateral net clearing and settlement of over four million cheques everyday on a T + 1 basis. In fact, the processing cycle in India for local cheques encompasses both the presentation and return clearing legs, and compares favourably with similar systems around the world.
The Committee recommended that the Lead Bank Scheme is useful and needs to continue. The overarching objective of the Scheme is to enable banks and State Governments to work together for inclusive growth. All the action points emanating from the recommendations of the Committee requiring action to be taken by the Lead Banks/commercial banks are appended at Annex. You are advised to initiate actions for speedy implementation of the recommendations and also closely monitor the progress made by commercial banks in this regard.
Exempts the taxable service providing packaged or canned software, intended for single use and packed accordingly, for the purpose specified in item (v) of clause (zzzze) of sub-section 105 of section 65 of the said Finance Act, from the whole of service tax, subject to the following conditions
– In exercise of the powers conferred by subsection (1) of section 5Aof 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 exempts excisable goods of the description specified in column
For the purposes of this notification, packaged software or canned software means software developed to meet the needs of variety of users, and which is intended for sale or capable of being sold off the shelf.
For the purposes of this notification, ‘brand name’ means a brand name, whether registered or not, that is to say, a name or a mark, such as a symbol, monogram, label, signature or invented words or any writing which is used in relation to a product, for the purpose of indicating, or so as to indicate, a connection in the course of trade between the product and a person using such name or mark with or without any indication of the identity of that person.
