G.S.R.127(E).- 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 makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 104/2009-Customs, dated the 14th September, 2009, published in the Gazette of India, Extraordinary, Part II, Sec
Notification No. S.O. 406(E)-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below
As you are aware, the Reserve Bank of India has taken several steps in the past to improve the transparency of the OTC derivatives market in India. It may be recalled that in August 2007, the Bank had mandated reporting of inter-bank/PD Rupee Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) trades to the reporting platform developed by Clearing Corporation of India Limited (CCIL) for the purpose. In this context, following an announcement in the Annual Policy for the year 2010-11, a Working Group was constituted in June 2010 to work out the modalities for an efficient, single point reporting mechanism for all OTC interest rate and forex derivative transactions. The report of the Working Group was placed on the Bank’s website on May 25, 2011.
Insurance agents are the most important channel of intermediation in the insurance business in India. Recognizing the importance of the agents in the procurement and servicing of insurance policies, the Insurance Act has two specific provisions, namely Section 40(2A) and Section 44 which protect the long term interests of agents. In brief, under provisions of Section 40(2A), lapsed policies which require medical examination prior to revival can be assigned to another agent after giving due notice to the existing agent to revive such policies
Representations have been received from the Gem & Jewellery sector to allow their exporters to execute revolving Bank Guarantee to be used for import of gold/ silver/ platinum, alloys, findings and mountings of gold/silver/ platinum and plain semi-finished gold/silver/platinum jewellery.
Section 49 of the Reserve Bank of India Act, 1934 requires the Reserve Bank to make public (from time to time) the standard rate at which it is prepared to buy or re-discount bills of exchange or other commercial paper eligible for purchase under that Act.2. Being the discount rate, the Bank Rate should technically be higher than the policy repo rate. The Bank Rate has, however, been kept unchanged at 6 per cent since April 2003. This was mainly for the reason that monetary policy signalling was done through modulations in the reverse repo rate and the repo rate under the Liquidity Adjustment Facility (LAF) (till May 3, 2011) and the policy repo rate under the revised operating procedure of monetary policy (from May 3, 2011 onwards). Moreover, under the revised operating procedure, marginal standing facility (MSF), instituted at 100 basis points above the policy repo rate, has been in operation, which in many ways serves the purpose of the Bank Rate.
Notification No. 13/2012-Income Tax Any individual investor investing upto rupees five lakh shall be treated as retail investor and any individual investor investing more than rupees five lakh shall be treated as High Networth Individual.
The Core Group constituted by the Ministry of Corporate Affairs, Government of India had approved in March 2010, a road map for convergence of Indian Accounting Standards (IAS) with International Financial Reporting Standards (IFRS). In the Annual Policy Statement 2010-2011 of the Reserve Bank issued on April 20, 2010, it was stated that UCBs having net worth in excess of Rs. 300 crore would, in the preparation of their accounts, converge with IFRS in tandem with the time schedule given for scheduled commercial banks and accordingly convert their opening balance sheet as on April 1, 2013 in compliance with IFRS converged IAS.
Notification No.105 (RE-2010)/2009-2014 In respect of exports to Iran, export proceeds realized even in Indian rupees will be eligible to avail export benefits and incentives.
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, 2009-2014, as amended from time to time, the Central Government hereby amends Notification No. 87(Re-2010)/2009-14 dated 05.12.2011 as follows.
