It has been noticed that at certain branches of banks, the practice of writing/scribbling on the body of the banknotes continues to remain in vogue. Under the present system of mechanized processing of banknotes, inscription or scribbling on any part of the banknote would render it to be classified as unfit for reissue. Accordingly, such banknotes get treated as soiled banknotes and cannot be recirculated.
Please refer to our circular No.DBOD.Dir.BC.102/13.03.00/2011-12 dated May 4, 2012 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close of business in India as on August 14, 2013, the interest rate ceiling on FCNR(B) Deposits will be as under:
In terms of para 2 ibid, interest rates offered by banks on NRE deposits cannot be higher than those offered by them on comparable domestic rupee deposits. However, in order to pass on the benefit of exemption provided on incremental NRE deposits with maturity of 3 years and above from CRR/ SLR requirements, it has been decided to give banks the freedom to offer interest rates on such deposits without any ceiling. The extant ceiling on NRO Accounts shall continue.
As a part of measures towards containing the current account deficit, the customs duty on gold and platinum has been increased from 8% to 10% and on silver from 6% to 10%. Consequential adjustments in customs duties are being made on gold ore / concentrate, gold dore bar and silver dore bar. Notification No. 41/2013-Customs
Notification No. 62/2013 – Income Tax (i) The sole objective of the approved ‘Scientific Research Association’ shall be to undertake scientific research; (ii) The approved organization shall carry out scientific research activity by itself; (iii) The approved organization shall maintain separate books of account in respect of the sums received by it for scientific research, reflect therein the amounts used for carrying out research, get such books audited by an accountant as defined in the explanation to sub-section (2) of section 288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the Commissioner of Income-tax or the Director
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), 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)
in exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with clause (f) of sub-section (2) of Section 77A of the Companies Act, 1956 (1 of 1956), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Buy back of Securities) Regulations, 1998,
Notification No. 61/2013 – Income Tax Eligibility. 1. The following shall be eligible to subscribe to the bonds:— (a) Retail Individual Investors (RIIs); (b) Qualified Institutional Buyers (QIBs); (c) Corporates.- (including statutory corporations), trusts, partnership firms, limited liability partnerships,
Earlier a person who has, for a continuous period of not less than three years held an office, not below the rank of Joint Commissioner of Sales Tax, in the Sales Tax Department of the State Government was eligible to be a Member of the Tribunal. Now this period of three Year been reduced to two years vide Notification No. No. VAT-1513/CR.96/Taxation-1 Dated 7th August 2013.
The import will be allowed only to the Actual Users. Surplus, if any, cannot be disposed off in the domestic market without satisfying the quality standards as per Steel and Steel Products (Quality Control) Second Order, 2012 applicable for the domestic steel industry.
