Notification No.54 /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, 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. 21/2002-Customs, dated the 1st March, 2002 which was published in the Gazette of India, Extraordinary, vide G.S.R.118 (E) 1st March, 2002, namely: –
Notification No. 53/2011-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 exempts goods of the description as specified in column (3) of the Table appended hereto and falling under the Chapter, Heading, Sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as specified in the corresponding entry in column (2) of the said Table, when imported into India from Malaysia, from so much of the duty of customs leviable thereon as is in excess of the amount calculated at the rate specified in the corresponding entry in column (4) of the aforesaid Table:
Notification No. 37/2011 – Income Tax [F. No. 149/68/2011-So (Tpl)], Dated 1-7-2011 Income-Tax (Sixth Amendment) Rules, 2011 – Amendment in Rule 12 – In the Income-tax Rules, 1962 in rule 12, in sub-rule (3), in the proviso, for clauses (a) and (aa) the following clause shall be substituted, namely :—(a) a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);
The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Reserve Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Securitisation Company or Reconstruction Company from being conducted in a manner detrimental to the interest of investors or in any manner prejudicial to the interest of such Securitisation Company or Reconstruction Company
In view of announcement in the Monetary Policy Statement, the Reserve Bank of India hereby notifies these guidelines, framed under section 9(a) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) to provide for the proper management of the business of the borrower to enable the Securitisation Company or Reconstruction Company (SC/RC) to realise their dues from the borrowers, by effecting change in or take over of the management of the business of the borrower and related matters.
NBFCs – Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977 These directions shall be known as the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977. They shall come into force with effect from the 1st July, 1977 and any reference in these directions to the date of commencement thereof shall be deemed to be a reference to that date.
These Directions shall be known as the ‘Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007’.
DBS. CO.FrMC.BC.No. 11/23.04.001/2010-11 In order to contain the frauds, the banks may put in place a system wherein the concurrent audit would look into the following and report on the following aspects: Wherever a Chartered Accountant certificate, property valuation certificate, legal certificate, guarantee/line of credit or any other third party certification is submitted by the borrower, the bank should independently verify the authenticity of such certification by directly communicating with the concerned authority issuing the certificate; indirect confirmation may also be resorted to, ie. indicating to the issuer that in case there is no response by a certain deadline, it would be assumed that the certificate is genuine.
NOTIFICATION G.S.R. 475(E) [NO. 1/2011-AAR], In exercise of the powers conferred by section 28M of the Customs Act, 1962 (52 of 1962), section 23H of the Central Exercise Act, 1944 (1 of 1944) and section 96H of the Finance Act, 1994 (32 of 1994), the Authority for Advance Rulings (Central Excise, Customs and Service Tax) hereby makes the following amendment in the Authority for Advance Rulings (Central Excise, Customs and Service Tax) Procedure Regulations, 2005, namely:—
Notification No. 41/2011 – Consulting engineers to pay service tax on receipt basis – With effect from 1 July 2011, the Point of Taxation in respect of individuals or proprietary firms or partnership firms providing ‘consulting engineer services’, shall be date on which payment is received or made.
