On a review, it has been decided that Clearing Houses / Processing Centres will now calculate and settle the charges payable as prescribed in the circular. Under the revised arrangement, the charges payable by the originating banks to destination banks (including the service tax applicable thereon), will be calculated and settled by the Clearing Houses using the multilateral netting method. However, the service tax will be calculated on gross obligations of the banks.Necessary MIS reports will be provided to the banks to enable them to remit the service tax to the Government.
To simplify the procedure for converting debentures or loans into shares, MCA is considering to revise the Public Companies (Terms of Issue of debenture and of raising of loans with option to convert such debentures or loans into shares) Rules, 1977 and has issued draft of the revised rules. The draft rules are open for comment till 29 July 2011. We are reproducing the notification regarding the same.
Notification No. 38/2011 – Income Tax [F.NO. 189/2/2011-ITA.I], DATED 12-7-2011 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) Central Board of Direct Taxes, number S.O. 732(E), dated the 31st July, 2001, namely :–
Minimum Export Price (MEP) of onions other than Bangalore Rose Onions and Krishnapuram onions will be US$ 230 per Metric Ton F.O.B. It was US$ 200 per Metric Ton as notified on 08.06.2011. There shall be no change in the MEP of Bangalore Rose Onion and Krishnapuram onion, which continues to be USD 350 per Metric Ton F.O.B.
No. LAD-NRO/GN/2011-12/12/2122 – In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, namely:— 1. These Regulations may be called the Securities and Exchange Board of India (Bankers to an Issue) (Amendment) Regulations, 2011.
Notification No.58 /2011-Customs Whereas in the matter of imports of Sodium Tripoly Phosphate (STPP) (hereinafter referred to as the subject goods), falling under sub- heading 2835 31 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, People’s Republic of China (hereinafter referred as the subject country) and imported into India, the designated authority vide its preliminary findings notification No. 14/25/2009–DGAD, dated the 21st May, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 21st May, 2010 , had come to the conclusion that-
Method of recruitment, age-Iimit, educational qualifications, etc.—The method of recruitment to the said post, age-limit, educational qualifications and other matters relating thereto shall be as specified in columns (5) to (14) of the said.
The Central Government vide its powers confirmed under section 642 of the Companies Act , 1956 has raised the total monthly remuneration for the purpose of Clause (b) of sub section (1) of section 314, Rs.10,000 limit u/s 314(1)(b) of Companies Act raised to Rs.50,000 & Rs.20,000 limit u/s 314(1B)) raised to Rs.2,50,000. Section 314 of The Companies Act, 1956 states that a Director etc., is not to hold office or place of profit except with the consent of the company accorded by a special resolution and at remuneration as may be prescribed by the Central Government.
Notification No. 56 /2011 – Customs, 07th July, 2011 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 further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.148/1994-Customs, dated the 13th July, 1994 [G.S.R.577 (E) dated the 13th July, 1994], namely: –
Notification No. 57 /2011-Customs, In the matter of continuation of anti-dumping duty on imports of Hydrofluoric Acid (hereinafter referred to as the subject product), falling under Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, China PR (hereinafter referred to as the subject country), imposed vide notification of the Government of India, in the Ministry of Finance (Department of Revenue),No. 54/2008-Customs, dated the 28th April, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.308(E), dated 28th April, 2008, had come to the conclusion that if the anti-dumping duties on the subject good from the subject country are removed, the injury to the domestic industry is not likely to recur;
