NC Notification No.121/2011 – Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.604(E), dated the 20th May, 2004 issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 12, “Safe motherhood and child survival project” by Deepak Charitable Trust, 9-10, Kunj Society, Alkapuri, Baroda – 390 007, as an eligible project or scheme for a period of three years beginning
Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1111(E) dated the 8th August, 2005 issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961) the Central Government had notified at serial number 2
NC Notification No. 120/2011 – Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2370(E), dated 3rd October, 2008, issued under sub-section (i) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 4, “Kannoli -Vision Saver” by Sankara Eye Hospital, No. 1, Third Cross Street, Sri Sankara Naga, Pammal, Kanchipuram district, Chennai 600 075, Tamilnadu, as an eligible project or scheme for
Notification No. 62/2011 – Income Tax S.O. 2903 (E).—Whereas a Protocol amending the Agreement between the Republic of India and the Swiss, Confederation for the avoidance of double taxation with respect to taxes on income with Protocol, signed at New Delhi on the 2nd day of November, 1994, as amended by the supplementary Protocol signed at New Delhi on the 16th day of February, 2000, was signed at New Delhi on the 30th
Please refer to paragraph 5.13.4 of our Master Circular No. DBOD.No.BP.BC.11/ 21.06.001/2010-11 dated July 1, 2011 on Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF), as per which capital market exposure will attract a 125 percent risk weight or risk weight warranted by external rating (or lack of it) of the counterparty, whichever is higher. However, in terms of paragraph 5.13.7 of the said circular, the investment in paid up equity of financial entities, which are specifically exempted from ‘capital market exposure’ (CME), shall be assigned a 100 percent risk weight.
A reference is invited to our circular No.DPSS.CO.CHD.No. 1832 / 04.07.05 / 2009-10 February 22, 2010 prescribing the new cheque standards “CTS-2010” and advising banks to be in readiness for rolling out the new standards at an early date. Further, Indian Banks Association (IBA) and National Payment Corporation of India (NPCI) were vested with the responsibility of coordinating and implementing the uniform cheque standard across the country by all participating banks.
Only those custodian banks, who have a clause in the Agreement with their clients which gives them an inalienable right over the securities to be received as pay out in any settlement, would be permitted to issue IPCs. However, in cases where transactions are pre-funded i.e. there are clear INR funds in the customer’s account and, in case of FX deals, the bank’s nostro account has been credited before the issuance of the IPC by custodian banks, the requirement of the clause of inalienable right over the security to be received as pay out in the agreement with the clients will not be insisted upon.
Notification No. 61/2011 – Income Tax Whereas an Agreement between the Government of the Republic of India and Government of the Cayman Islands for the exchange of information relating to taxes was signed at Cayman Islands on the 21st day of March, 2011 And whereas the date of entry into force of the said Agreement is the 8th day of November, 2011, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with Article 12 of the said Agreement;
Notification No. 62/2011 – Income Tax Whereas a Protocol amending the Agreement between the Republic of India and the Swiss Confederation for the avoidance of double taxation with respect to taxes on income with Protocol, signed at New Delhi on the 2nd day of November, 1994, as amended by the supplementary Protocol signed at New Delhi on the 16th day of February, 2000, was signed at New Delhi on the 30th day of August, 2010;
India has extended ban on import of milk and its products from China for another six months, according to the foreign trade office. The ban was in effect till December 24. “Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/ confectionery/ food preparations with milk or milk solids as an ingredient) from China is further extended till 24.6.2012 or until further orders, whichever is earlier,” Directorate General of Foreign Trade (DGFT) said in a notification.
