The matter was examined by this Ministry in consultation of Law Ministry and it has been decided to withdrawal of draft of Dematerialization of Certificates Rules, 2011.
Implementation of Green Initiative of the Government -As part of the ‘Green Initiative’ of the Government, the Government of India has suggested that steps be taken by entities in financial sector, including NBFCs to help better utilisation of their resources and also better delivery of services.
Know Your Customer’ (KYC) Guidelines – Anti Money Laundering Standards (AML) Prevention of Money Laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder’-Reporting Format under Project FINnet. Please refer to Master Circular No 231 dated July 1, 2011 on ‘Know Your Customer’ (KYC) Guidelines – Anti Money Laundering (AML) Standards. In terms of the extant instructions, NBFCs are required to report information/data relating to Cash and Suspicious Transactions to the Director, Financial Intelligence Unit-India (FIU-IND) in the prescribed format.
In exercise of the powers conferred by section 43 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby specifies that the officers not below the rank of Sub-Inspector of Police of the following organisations shall be the authorities for investigation of offences punishable under the said Act,
In exercise of the powers conferred by section 40 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby authorises the following officers for according previous sanction as required under the said section, namely.
In its Monetary Policy declared on 25.10.2011 RBI has deregulated interest rates on Savings bank accounts. Currently, banks pay interest rate of 4% on the savings bank accounts. Post this deregulation, the interest rates on Savings bank accounts bound to move up. This can have quite serious implications on the profitability of the banking system. After this deregulation the interest rates on the savings rate will move up ranging from 0.25% to 2%. There is a good chance that going forward, banks will focus on garnering Current bank accounts. Already banks are under pressure with slow growth in the loan books and high interest rate cycle. In that backdrop, this deregulation on savings bank accounts will be a new bullet to bite for the banking system. While this deregulation of savings bank accounts is surely a Diwali gift for general public and bank customers, this surely is one more body blow for the banking system to handle.
Please refer to the Second Quarter Review of Monetary Policy 2011-12 on October 25, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 25 basis points from 8.25 per cent to 8.50 per cent with immediate effect.
in exercise of the powers conferred by sub-sections (1), (2) and (3) read with the proviso to sub-section (4) of section 83 of the said Act and of all other powers enabling it in this behalf, the Government of Maharashtra hereby, amends the Maharashtra Value Added Tax Rules, 2005, namely.
In exercise of the powers conferred by sub-section (5) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends the Government Notification, Finance Department, No. VAT 1511/ C.R.57/ Taxation-1, dated the 30th April 2011, namely
The only change from the earlier notification no 64 of 4th August 2011 is that documents are to be submitted at HQ office of DGFT. Therefore hard copy of the application alongwith documents as prescribed in Notification number 64 of 4th August 2011 will need to be submitted to DGFT office at Udyog Bhavan, New Delhi by 1700 hours on 28th October 2011, before the allocation is made to eligible applicants. Hard copies of complete application not received by 1700 hours in DGFT office on 28th October 2011 will not be considered for allocation.
