In terms of our Circular DBOD.No.Leg.BC.34/09.07.005/2008-09 datedAugust 22, 2008 detailed instructions have been given to banks on dealing with unclaimed deposits/inoperative accounts. They have been advised to find the whereabouts of the customers and their legal heirs. These instructions, inter alia, include i) annual review of accounts in which there are no operations, ii) operations in such accounts to be allowed after due diligence, and iii) no charge to be levied for activation of inoperative accounts, etc.
Since the Model Scheme has been in operation for quite some time, it was decided to evaluate it in terms of its efficacy and impact on the spread of Financial Literacy in the country. Accordingly, a study on the functioning of the FLCC has been conducted through a nationwide sample survey of 30 FLCCs spread across 16 States. The findings of the study indicate the limitations of the model scheme in scaling up the financial literacy efforts in the desired manner. Some of the findings of the study are given below:
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2009-2014, the Central Government hereby notifies the Foreign Trade Policy, 2009-2014 as updated upto 5th June 2012 and incorporating the Annual Supplement. This shall come into force w.e.f. 5th June, 2012.
Notification No. 23/2012-Service Tax Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 66A of the said Act shall not apply, except as respects things done or omitted to be done before the said section 66A so ceases to apply.
Notification No. 22/2012-Service Tax Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 66 of the said Act shall not apply, except as respects things done or omitted to be done before the said section 66 so ceases to apply.
Notification No. 21/2012-Service Tax In exercise of the powers conferred by the sub-section (3) of section 65A of the Finance Act, 1994(32 of 1994), the Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 65A of the said Act shall not apply, except as respects things done or omitted to be done before the said section 65A so ceases to apply.
Notification No. 20/2012-Service Tax, In exercise of the powers conferred by the proviso to section 65 of the Finance Act, 1994(32 of 1994), the Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 65 of the said Act shall not apply, except as respects things done or omitted to be done before the said section 65 so ceases to apply.
These rules may be called the Companies Director Identification Number (Second Amendment) Rules, 2012. (2) They shall come into force with effect from 11th June, 2012. 2. In the Companies (Director Identification Number) Rules, 2006, in form DIN-1, after serial number 4, the following serial number shall be inserted, namely:-4A. Whether resident in India Yes / No”
Notification No. [F.No. 1/1/2011-CL.V]-Income Tax 1. . ( 1) These rules may be called the Limited Liability Partnership ( Amendment) Rules, 2012. (2) They shall come into force with effect from 11th June. 2012. 2. In the Limited Liability Partnership Rules, 2009 (hereinafter referred to as the said rules). after rule 8 the following proviso shall be inserted namely:
RBI abolishes foreclosure charges/pre-payment penalties on floating interest home loans – Though many banks have in the recent past voluntarily abolished pre-payment penalties on floating rate home loans, there is a need to ensure uniformity across the banking system. It has, therefore, been decided that banks will not be permitted to charge foreclosure charges/pre-payment penalties on home loans on floating interest rate basis, with immediate effect.
