A reference is invited to Para 3 of the guidelines on ‘Know Your Customer’ norms and anti-money laundering measures enclosed to our circular RPCD.RRB.BC.No.81/03.05.33(E)/2004-05 dated February 18,2005. It has been advised to RRBs that internal guidelines for customer identification procedure of legal entities may be framed by them based on their experience of dealing with such entities, normal bankers’ prudence and the legal requirements as per established practices.
The BPLR system, introduced in 2003, fell short of its original objective of bringing transparency to lending rates. This was mainly because under the BPLR system, banks could lend below BPLR. For the same reason, it was also difficult to assess the transmission of policy rates of the Reserve Bank to lending rates of banks. The Base Rate system is aimed at enhancing transparency in lending rates of banks and enabling better assessment of transmission of monetary policy. Accordingly, the following guidelines are issued for implementation by banks.
Please refer to our Master Circular dated July 1, 2009 on Lending to Priority Sector, in terms of which finance granted by banks to micro and small enterprises as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, is eligible for classification under priority sector.
DGFT notification 37/2009-2014 (a) Export to EU permitted subject to Compulsory registration of contracts with APEDA, alongwith controlled Aflatoxin level certificate given by agencies/laboratories nominated by APEDA; (b Exports to Russian Federation permitted subject to pre-shipment quality certification issued by (1) Insecticide Residue Testing Laboratory.(2) Geo-Chem Laboratories Pvt. Ltd. (3) Reliable Analytical Laboratory (4) Arbro Pharmaceuticals Ltd. (5) Shri Ram Institute for Industrial Research, Delhi
The Madhya Pradesh Government has enacted the Madhya Pradesh Value Added Tax (Amendment) Act, 2010. Some of the significant changes under the said Act are as follows: Effective from 1 April, 2010, the rate of tax on goods falling under Part IV of Schedule II has been enhanced from 12.5% to 13%.
Effective from 1 April, 2010, the Haryana Government has introduced „Additional Tax? in the nature of surcharge. The Additional Tax is required to be calculated at 5% of the amount of VAT.
Whereas in the matter of imports of Acetone (hereinafter referred to as the subject goods), falling under sub heading 2914 11 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said Customs Tariff Act), originating in, or exported from, Thailand and Japan
Notification No.44/2010-Customs – Central Government hereby exempts Cotton waste, all sorts, falling under Heading No. 17 of the Second Schedule to the Customs Tariff Act, 1975 (51 of 1975), when exported out of India, from so much of the duty of customs leviable thereon which is specified in the said Second Schedule as is in excess of the amount calculated at the rate of 3% ad valorem.
The principal notification No.100/89-Customs, dated the 1st March, 1989 was published in the Gazette of India, Extraordinary, vide number G.S.R. 315(E), dated the 1st March, 1989 and was last amended vide notification No.25/2007-Customs, dated the 1st March, 2007 which was published in the Gazette of India, Extraordinary, vide number G.S.R.122 (E), dated the 1st March, 2007.
Notification No. 24/2010-Income Tax S.O. (E).-In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), read with clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income Tax Rules, 1962, the Central Government hereby specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause (48) of section 2 of the said Act, namely :—
