As far as freezing of funds, financial assets or economic resources or related services held in the form of bank accounts of the designated individuals/entities are concerned, action should be taken as detailed in paragraph 6 of the circular dated September 17, 2009, mentioned above.
It has come to the notice of the Reserve Bank that some NBFCs have raised funds under private placement by issuing NCDs of maturity less than 90 days. This is in clear violation of Issuance of Non-Convertible Debentures (Reserve Bank) Directions, 2010 dated June 23, 2010 issued by Internal Debt Management Department, Reserve Bank of India.
Notification No.119/2011 – Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), read with section 91 and 94 of the Finance (No. 2) Act, 2004 (23 of 2004), 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, in the Ministry of Finance (Department of Revenue), No. 69/2004-Customs, dated the 9th July, 2004 published in the Gazette of India, Extraordinary, vide G.S.R. 411 (E), dated the 9th July, 2004, namely:-
Notification No.118/2011 – Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 0f 1962), 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 in the Ministry of Finance (Department of Revenue), No.20/2006-Customs, dated the 1st March,2006, published in the Gazette of India, Extraordinary, vide number G.S.R.92 (E),dated the 1st March, 2006,namely:-
Notification No. 117/2011-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue) specified in column (2) of the Table hereto annexed shall be amended in the manner specified in the corresponding entry in column (3) of the said Table, namely:-
Notification No. 116/2011-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 101/2007-Customs, dated the 11th September, 2007, published in the Gazette of India, Extraordinary, vide number G.S.R. 583 (E), dated the 11th September, 2007, namely:-
The Ministry of Corporate Affairs (MCA) has notified two amendments to AS 11 The Effects of Changes in Foreign Exchange Rates. In accordance with the first amendment, the sunset date for transitional provisions to AS 11, which allow deferment/ capitalization of exchange differences arising on long-term monetary items has been extended till 31 March 2020.
. In the Companies (Accounting Standards) Rules, 2006, (hereinafter referred to as the said rules), in the Annexure, Under the heading ‘B. ACCOUNTING STANDARDS’, in the sub-heading ‘Accounting Standard (AS) 11’ relating to The Effects of Changes in Foreign Exchange Rates’, after paragraph 46, the following paragraph shall be inserted, namely,- ‘ 46A. (1) In respect of accounting periods commencing on or after the 1st April, 2011, for an enterprise which had earlier exercised the option under paragraph 46 and at the option of any other enterprise (such option to be irrevocable and to be applied to all such foreign currency monetary items), the exchange differences arising on reporting of long-term foreign currency monetary items at rates different from those at which they were initially recorded during the period, or reported in previous financial statements , in so far as they relate to the acquisition of a depreciable capital asset, can be added to or deducted from the cost of the asset and shall be depreciated over the balance life of the asset, and in other cases, can be accumulated in a ‘Foreign Currency Monetary Item Translation Difference Account’ in the enterprise’s financial statements and amortized over the balance period of such long term asset or liability, by recognition as income or expense in each of such periods, with the exception of exchange differences dealt with in accordance with the provisions of paragraph 15 of the said rules.
UBD.BPD.(PCB)CIR No. 16/13.01.000/2011-12 . With a view to providing greater flexibility to banks in mobilising non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Deposit Accounts (the interest rates on term deposits under Ordinary Non-Resident (NRO) Accounts are already deregulated).
As you are aware, the period of maintenance of short position in G-Sec was extended beyond intraday to five trading days vide circular RBI/2006-07/243 dated January 31, 2007. In continuation, as announced in the Monetary Policy Statement 2011-12, it has been decided to extend the period of Short Sale from the existing five days to a maximum period of three months (including the day of trade), effective from February 1, 2012.
