Notification No. 29/2011 – Income Tax The President of India is pleased to approve the creation of the Directorate of Income-tax (Criminal Investigation), to be known in short as DCI, in the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, with immediate effect.
RBI has clarified that in case more than one company (irrespective of doing financial activity or not) in the same group of the NBFC wishes to take a stake in the insurance company, the contribution by all companies in the same group shall be counted for the limit of 50 % prescribed for the NBFC in an insurance JV. DNBS.PD.CC.No. 221/03.02.002/2010-11
The Reserve Bank of India on Friday directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder’s complaint or else pay a Rs 100 per day compensation. “The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working days to seven working days from the date of receipt of customer complaint,” the RBI said in a notification.
The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Federal Democratic Republic of Ethiopia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 25th May, 2011 at Addis Ababa. The Agreement was signed by Shri S.M. Krishna, External Affairs Minister on behalf of the Government of India and by Mr. Sufian Ahmed, Minister of Finance and Economic Development on behalf of the Federal Democratic Republic of Ethiopia in the presence of the Prime Minister, Dr. Manmohan Singh and the Ethiopian Prime Minister. Mr. Meles Zenawi.
Notification No. 28 /2011- Income Tax [F. NO. 200/21-2011-ITA-I], DATED 27-5-2011 In exercise of the powers conferred by clause (39) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as the international sporting event, persons and specified income for the purposes of the said clause, namely :—(a) the International Cricket Council Cricket World Cup, 2011 as the International Sporting event; (b) the following entities as the persons, namely :— (1) International Cricket Council Development (International) Ltd.; (2) International Cricket Council Development (International) Hungary KFT;
S.O. In the notification of the Government of India in the Ministry of Corporate Affairs vide GSR No.482 jEj, dated the 4th March, 2011, published at page 2 of the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), dated the 4th March, 2011, namely:- in line 5, for has assets read has either assets. in line 6, for Rs. 250 crore or read Rs.250 crore in India or” . in line 7, for Rs.750 crore from” read Rs.750 crore in India from
Notification No. 44/2011-Customs Whereas in the matter of import of Acetone (hereinafter referred to as the subject goods), falling under sub-heading 29141100 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, the Chinese Taipei (hereinafter referred to as the subject country) and imported into India, the designated authority vide its final findings, in notification No. 14/04/2006-DGAD, dated 4th January 2008 published in the Gazette of India, Extraordinary, Part I, Section I, dated the 4th January, 2008 had come to the conclusion that
Notification No.43/2011-Customs Central Government, hereby makes the following further amendment in the notification of Government of India in the Ministry of Finance( Department of Revenue) No. 121/2006-Customs dated the 26th December, 2006, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R.769 (E), dated the 26th December, 2006, namely:- In the said notification, in the Table, in column (2), for the figure ‘50079000’ wherever it occurs, the figure and words “50079010 or 50079090’’ shall be substituted.
DGFT Notification No 49 (RE – 2010)/2009-2014 – Notification No. 47 of 18.05.2011 stipulating export of Guar gum to EU to be allowed only if it does not contain Penta Chlorophenol (PCP) in any proportion, has been rescinded. Thus, the earlier stipulation of Notification No. 50 of 06.07.2010 of allowing presence of upto 0.01 mg/Kg. of Penta Chlorophenol (PCP) in the consignments of Guar gum when exported to EU will continue to be valid.
DBS.CO.FrMC.BC.No. 9/23.04.001/2010-11 – RBI has also issued various circulars for the prevention of frauds and malpractices in banks. In this connection reference is specifically drawn to circulars DBOD. No.BC.20.17.04.001 dated August 25, 1992 on the recommendation of the Committee to enquire into various aspects relating to frauds and malpractices in bank; DOS.No.PP.BC.20/16.03.026/96-97 dated November 01, 1996 conveying the recommendations of the Working group on Internal Controls and Inspection/ Audit Systems in banks; DBS.FrMc.No.7/23.04.001/2004-05 dated September 20, 2004 on strengthening of Internal Vigilance machinery in banks & Financial Institutions.
