As you are aware, the Reserve Bank of India has been waiving processing charges for retail electronic payment products (NEFT, NECS, RECS and ECS) since the year 2006 in order to promote the usage of these systems. The last waiver was valid up to March 31, 2011. In recent years, the usage of these products has increased considerably. While the originating banks are levying charges on their customers, there has been no compensation paid to the processing centers and destination banks. There has been demand for compensation from the paying banks / processing centres. DPSS (CO) EPPD No. /2649/ 04.03.01/2010-11, Dated- June 02, 2011
Notification No. 31/2011 – Income Tax [F.NO.203/48/2010/ITA-II], DATED 1-6-2011 – It is hereby notified for general information that the organization American Institute of Indian Studies, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2011-12 onwards in the category of ‘Other Institution’, partly engaged in research activities subject to the following conditions, namely:-
Ref: DBOD. No.Ret. BC. 97/12.06.128/2010-11 We advise that the name of “Credit Suisse A.G” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD IBD. No. 13983 / 23.03.025/2010-11 dated March 08, 2011, published in the Gazette of India (Part III – Section 4) dated April 02, 2011.
Notification No. 46/2011-Customs Provided that the importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, that the goods in respect of which the benefit of this exemption is claimed are of the origin of the countries as mentioned in Appendix I, in accordance with provisions of the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India] Rules, 2009, published in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 189/2009-Customs (N.T.), dated the 31st December 2009.
Notification No. 45/2011-CustomsIndia has extended duty-free market access to Afghanistan as part of its economic package for least developed countries (LDCs). Under the scheme, the import of most products from the neighbouring country will be allowed at zero duty. The Finance Ministry has issued a notification in this regard. India’s Duty-Free Tariff Preference (DFTP) scheme, launched by Prime Minister Manmohan Singh in 2008, provides preferential duty access on products comprising 92.5 per cent of global LDC exports.
In the notification of the Government of India in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), number S.O. 479(E), dated the 4th March, 2011, for section 31 of the said Act read section 31 of the said Act as amended by sections 4, 5, 14, 22, 23 and section 24 of the Competition (Amendment) Act, 2007 (39 of 2007).
n exercise of the powers conferred by sub-section (3) of section 1 of the Competition Act, 2002 (12 of 2003), the Central Government hereby appoints the 1st day of June, 2011 as the date on which section 44 of the said Act (inserted by section 37 of the Competition (Amendment) Act, 2007 (39 of 2007) shall come into force.
In exercise of the powers conferred by sub-section (3) of section 1 of the Competiotion Act, 2002 (12 of 2003), the Central Government hereby appoints the 1st day of June, 2011 as the date on which section 43A of the said Act (inserted by section 37 of the Competition (Amendment) Act, 2007 (39 of 2007) shall come into force.
In exercise of the powers conferred by Sub-Section (2) of Section 22D of the Chartered Accountants Act, 1949 [as amended by the Chartered Accountants (Amendment) Act, 2006] read with Section 22A of the Company Secretaries Act, 1980 [as amended by the Company Secretaries (Amendment) Act, 2006] and Section 22A of the Cost and Works Accountants Act, 1959 [as amended by the Cost and Works Accountants (Amendment) Act, 2006], the Appellate Authority hereby makes the following rules, namely- These rules shall be called ‘Appellant Authority (Procedure) Rules, 2011’.
Notification No. 30/2011 – Income Tax FT&TR-II [F.NO.501/152/2000-FT&TR-II], dated 31-5-2011 – Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Republic of Mozambique for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 30th day of September, 2010 shall come into force on the 28th day of February, 2011, being the date of the later of the notifications after completion of the procedures as required by the respective laws for the entry into force of this Agreement, in accordance with Article 30 of the said Agreement.
