As you are aware, the MICR code is necessary for all Electronic Clearing Service (ECS – Credit and Debit) transactions. Similarly, the IFSC code is a pre-requisite for NEFT and RTGS transactions. Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that this information should also be made available in the passbook / statement of account of the account holders.
The Rules for the interpretation of the provisions of the Central Excise Tariff Act 1985 road with the Explanatory Notes as updated from time to time published by the Customs Co- operation Council Brussels shall apply for the interpretation of this notification.
In pursuance of the powers conferred by clause (b) of rule 45A of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharashtra, hereby specify that, with effect from the 1st May 2012, the refund, if any, due under the Maharashtra Value Added Tax Act, 2002, to the registered dealer or Diplomatic Authority or International Body or Organisation, having hank account in Electronic Clearing Services enabled bank and who submits his mandate in Annexure A of this Notification to the Commissioner of Sales Tax, shall be credited to his bank account by way of the Electronic Clearing Services of the Reserve Bank of India.
As announced in the Monetary Policy Statement 2012-13, the Bank Rate stands adjusted by 50 basis points from 9.50 per cent to 9.00 per cent with effect from April 17, 2012. 2. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in Annex.
Insurance Regulatory and Development Authority (Salary and Allowance payable to and other Terms and Conditions of Services of Chairperson and other members) Amendment Rules, 2012- Amendment in rule 3 Notification No. G.S.R. No.307(E), dated 19-4-2012
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Paragraph 2.1 of the Foreign Trade Policy, the Central Government hereby notifies ‘Indian Trade Classification (Harmonised System) of Export and Import Items, 2012’ [ITC (HS), 2012] as enclosed in the Annexure to this Notification.
Electronic Clearing Service (ECS), introduced by Reserve Bank of India in 1994 is now being widely used across many centres in the country for making and receiving bulk payments. The ECS (Debit) system was introduced with the objective of providing an alternative method for effecting payment transactions electronically in respect of the utility bill payments, insurance premia, card payments, loan repayments, etc., which would obviate the need for issuing and handling paper instruments such as cheques. This would also facilitate improved customer service by banks / companies / corporations / government departments, etc. that are collecting / receiving the payments. The ECS (Debit) Procedural Guidelines prescribes the procedure to be followed by the different stake holders in the process.
Notification No. 27 /2012-Customs Government of India in the Ministry of Finance (Department of Revenue), No. 9/2012-Customs, dated the 9th March, 2012 which was published in the Gazette of India, Extraordinary, vide G.S.R. 129 (E) dated the 9th March, 2012, namely:-
Notification No. 26/2012 – Customs Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, vide G.S.R. 185(E) dated the 17th March, 2012, namely:-
On a review, it has been decided to include the following documents in the indicative list of required documents for opening accounts of proprietary concern: The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated/ acknowledged by the Income Tax Authorities. Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.
