Please refer to paragraph 7.5 of our Master Circular dated July 1, 2009 on Lending to Priority Sector, in terms of which loans granted to Housing Finance Companies (HFCs), approved by National Housing Bank for the purpose of refinance, for on-lending to individuals for purchase/construction of dwelling units, provided the housing loans granted by HFCs do not exceed Rs.20 lakh per dwelling unit per family, are eligible to be classified under priority sector. However, the eligibility under this measure is restricted to five per cent of the individual bank’s total priority sector lending, on an ongoing basis. The above special dispensation is applicable to loans granted by banks to HFCs up to March 31, 2010.
Please refer to our circular UBD (PCB) CO.BPD. Cir. No. 15 / 14.01.062 / 2009-10 dated October 22, 2009 on the above subject. We have since received from Government of India (Ministry of External Affairs) copies of notes dated September 3, 2009; September 23, 2009 and October 22, 2009 from the Chairman of UN Security Council’s 1267 Committee regarding changes made in the Consolidated List of Individuals and entities linked to Al-Qaida and Taliban as specified below:
As per the extant instructions, provisions made for NPAs as per prudential norms are deducted from the amount of Gross NPAs to arrive at the amount of Net NPAs. In cases where banks make specific provision for NPAs in excess of what is prescribed under the prudential norms, the total specific provision may be deducted from the amount of Gross NPAs while reporting the amount of Net NPAs. The additional specific provision made by the bank will not be reckoned as Tier II capital.
Notification No. 141/2009 – Customs In exercise of the powers conferred by sub-sections (1) and (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 13, 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 74/2009-Customs, dated the 22nd June, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.438(E), dated the 22nd June, 2009, except as respect things done or omitted to be done before such rescission.
For the purposes of this notification, rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act 1962, (52 of 1962), and the relevant date for the determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
State and Central Co-operative Banks are required to update the consolidated list of individuals/entities as circulated by Reserve Bank and before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the list. Further, banks should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list.
In case any foreign commission is paid at the time of exports or subsequently then MEP shall be higher than US $ 900 per ton, to the extent of foreign commission paid / payable and MEP of US $ 900 per ton shall be maintained, exclusive of the foreign commission.
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The Delhi government’s proposal to hike value added tax (VAT) from 4% to 5% is seen running counter to the Centre’s move to introduce the goods and services tax (GST) in a bid to bring about uniformity in the tax structure. The Sheila Dixit-led government’s announcement came after tax collection for last fiscal came in at Rs 11,175 crore, down from Rs 13,000 crore the previous fiscal.
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2009 – Amendment in regulations 2,10,29,42,50, 96,98, Schedules VIII, XI and insertion of regulation 55A.
