In exercise of the powers conferred by sub-section (6) of section 10 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005) and in supersession of the order No. DC (A & R)/ VAT/PWR(INV)/2006/3/Adm-6 dated 9th August 2011, the Commissioner of Sales Tax, Maharashtra State, Mumbai, is hereby pleased to delegate the powers and duties under sub-sections (3) and (4) of section 64 of the Maharashtra Value Added Tax Act, 2002 and rule 69 of the Maharashtra Value Added Tax Rules, 2005, to the following authorities specified in column (2), holding the posts specified in column (3) of the Schedule appended to this order for the period during which such authority continue to hold such post :—
We have come across an instance, where loans and advances have been sanctioned to the relative of a Director of a bank, at a concessional rate of interest, thereby circumventing the spirit of the restrictions contained under Section 20 of the Banking Regulation Act, 1949. The matter has, therefore, been examined by us and it has been decided that the restrictions as contained in Section 20 of the Act would apply to grant of loans and advances to spouse and minor/dependent children of the Directors of banks.
Please refer to our circular DBOD.No.BP.BC.69/08.12.001/2010-11 dated December 23, 2010 on “Housing loans by commercial banks – LTV ratio, risk weight and provisioning” wherein it was advised that in order to prevent excessive leveraging, the LTV ratio in respect of housing loans should not exceed 80 per cent. However, for small value housing loans i.e. for loans below Rs. 20 lakh (which are classified as priority sector advances) the LTV ratio should not exceed 90 per cent.
We advise that the name of Industrial and Commercial Bank of China Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD.IBD.No./8136/ 23.03.026/2011-12 dated December 01, 2011 published in the Gazette of India (Part III- Section 4) dated December 31, 2011.
To prevent adverse impact of volatile forex market movement on corporates and their lenders, the Reserve Bank has directed banks to evaluate risks from unhedged foreign currency exposure of companies while extending them credit facilities.
n pursuance of clause (b) of paragraph 2 of the Public Provident Fund Scheme, 1968 and of sub-clause (ii) of clause (e) of rule 2 of Senior Citizens Savings Scheme Rules, 2004, the Central Government hereby further auhorises the following 111 branches of Central Bank of India to receive, with immediate effect, subscriptions under the Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004:—
FACTORING REGULATION ACT, 2011 -(No. 12 of 2012)* An Act to provide for and regulate assignment of receivables by making provision for registration therefor and rights and obligations of parties to contract for assignment of receivables and for matters connected therewith or incidental thereto.
This Master Circular consolidates the existing instructions on the subject of “Memorandum of Instructions governing money changing activities” at one place. The list of underlying circulars/ notifications is set out in Appendix. This Master Circular is being issued with a sunset clause. It will stand withdrawn on July 1, 2012 and would be replaced by an updated Master Circular on the subject.
As you are aware, currently all public sector banks are eligible to conduct Government business as agents of RBI. However, only three private sector banks viz. ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd. were appointed by RBI as its agents to carry out limited general banking business of the Central Government and of those State Governments which had entered into an agreement with RBI for the purpose. Of late, we have been receiving formal/informal requests from various Central Government Ministries/Departments, State Governments and from the banks themselves for granting authorization for additional/fresh business to these/other private sector banks for conducting Government business.
In exercise of the powers conferred by sub-section (2) of Section 1 of the Chartered Accountants (Amendment) Act, 2011 (No. 3 of 2012) the Central Government hereby appoints the 1st day of February, 2012 as the date on which the provision of the said Act shall come into force.
