Fwd: TaxGuru : “CBI arrests two Superintendents of Central Excise in a bribery case” plus 31 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Wed, Jul 27, 2011 at 9:39 AM
Subject: TaxGuru : "CBI arrests two Superintendents of Central Excise in a bribery case" plus 31 more
To: palashbiswaskl@gmail.com

TaxGuru : "CBI arrests two Superintendents of Central Excise in a bribery case" plus 31 more

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• CBI arrests two Superintendents of Central Excise in a bribery case
• India Signs an Agreement and Protocol for Avoidance of Double Taxation and Prevention of Fiscal Evasion (DTAA) with Lithunia
• Procedure for Obtaining Online Approval of Central Government Under Section 297 of the Companies Act, 1956 Simpified
• Anand Sharma Restores DEPB Benefits for Cotton and Cotton Yarn
• RBI Gives Strong Signal to further Moderate Inflation and Check Inflationary Expectations by making 50 basis Points Increase in Policy repo rate
• Scrutiny inspection and investigation in all winding up cases
• Pro-active action in case of winding up petitions – GENERAL CIRCULAR NO. 54/2011,
• Guidelines for RDs/ROCs in the matter of scheme of arrangement / amalgamation under section 391-394
• Ministries gear up for Parliament Session beginning on 1st August
• Name Availability Guidelines, 2011 and revised e-form 1A shall be implemented with effect from 24th July, 2011
• Club or association service- Exemption to services provided by an association of dyeing units in relation to specified project
• Loans to go costlier as RBI hikes key rates again, 11th time since Jan 2010
• First Quarter Review of Monetary Policy 2011-12 – Press Statement by Dr. D. Subbarao, Governor
• Exemption from requirement of furnishing return of income for A.Y. 2011-12 where income does not exceed Rs. 5 lakhs – Assessee has option to avail said exemption
• CBDTs Tax Collection Strategy for FY 2011-12
• MCA Simplifies procedure for obtaining online approval of Central Government u/s 297 of the Companies Act, 1956.
• ROC simplifies Simplified procedure for rectification of register of charges under section 141 of the Companies Act, 1956
• MCA simplifies procedure for obtaining confirmation of shifting of registered office from one state to another state u/s. 17 of the Companies Act, 1956
• Online incorporation of companies within 24 hours
• India to be 2nd Largest Steel Producer by 2013 – Shri Beni Prasad Verma
• India- UK Reaffirms their Commitment to Strengthen their Economic and Financial Relations
• Amends Notification No. 3/2006-Central Excise dated the 1st March,2006 thereby exempting food preparations including food preparations containing meat, falling under chapters 16 or 19 (except chapter heading 1905) which are prepared or served in a hotel from Central excise duty
• Amends Notification No. 23/2011-Central Excise dated the 24th March, 2011 thereby exempting food preparations including food preparations containing meat, falling under chapters 16 or 19 (except chapter heading 1905) which are prepared or served in a hotel from Central excise duty
• Exim Bank's Line of Credit to the Indo – Zambia Bank Limited – A.P.(DIR Series) Circular No.06
• Exim Bank's Line of Credit of USD 20 million to the Government of the Kingdom of Swaziland -A.P. (DIR Series) Circular No. 05
• Liquidity Adjustment Facility – Repo and Reverse Repo and Marginal Standing Facility Rates – Circular No. FMD.MOAG. No.61/01.01.01/2011-12
• Standing Liquidity Facilities for Banks and Primary Dealers – Circular No. REF.No.MPD.BC. 347/05.02.001/2011-12
• Utilising Certified Facilitation Centers (CFCs) Service for XBRL Filing Of Financial Statements From 2010-11 Onwards
• First Quarter Review of Monetary Policy 2011-12
• RBI's Master Circular dated 1-7-2011 on Prudential Norms on Capital Adequacy – Basel I Framework
• RBI instructed banks to issues only signed Cheque Return Memos
• Exim Bank's Line of Credit of USD 20 million to the Government of the Republic of Mozambique – A.P. (DIR SERIES) CIRCULAR NO. 4, DATED 25-07-2011

CBI arrests two Superintendents of Central Excise in a bribery case Posted: 26 Jul 2011 07:47 PM PDT The Central Bureau of Investigation has arrested two Superintendents of Central Excise at Nagpur for demanding and accepting a bribe of Rs.15000/- from the complainant. The complainant of Nagpur had alleged that both the accused demanded a bribe of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India Signs an Agreement and Protocol for Avoidance of Double Taxation and Prevention of Fiscal Evasion (DTAA) with Lithunia Posted: 26 Jul 2011 07:23 PM PDT The Government of India today signed an Agreement and Protocol for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Lithuania. The Agreement and the Protocol... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Procedure for Obtaining Online Approval of Central Government Under Section 297 of the Companies Act, 1956 Simpified Posted: 26 Jul 2011 07:19 PM PDT In order to cut timelines in giving approval, the Ministry of Corporate affairs has decided to simplify the procedures and to give approval online, if the proposed contract has been approved by the shareholders by way of special resolutions in a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Anand Sharma Restores DEPB Benefits for Cotton and Cotton Yarn Posted: 26 Jul 2011 07:14 PM PDT The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma has restored the DEPB benefits for cotton yarn from 1st April, 2011 and on Cotton from 1st October, 2010. The Minister said here today, I have taken a composite review... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Gives Strong Signal to further Moderate Inflation and Check Inflationary Expectations by making 50 basis Points Increase in Policy repo rate Posted: 26 Jul 2011 07:10 PM PDT The Union Finance Minister Shri Pranab Mukherjee said that by announcing a 50 basis point increase in the policy repo rate, raising it from 7.50 per cent to 8.0 per cent, Reserve Bank of India (RBI) has sought to give a strong signal to further... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Scrutiny inspection and investigation in all winding up cases Posted: 26 Jul 2011 07:00 PM PDT GENERAL CIRCULAR No. 55/2011 It has been noticed that winding up petitions are being filed by management after having committed major violations under the Companies Act, 1956 as well as misappropriation of funds of the company. Winding up of such... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pro-active action in case of winding up petitions – GENERAL CIRCULAR NO. 54/2011, Posted: 26 Jul 2011 06:53 PM PDT GENERAL CIRCULAR NO. 54/2011, It has been noticed that winding up petitions are filed by creditors, stake holders and management before Hon'ble High courts without providing full information. This leads to waste of valuable time of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Guidelines for RDs/ROCs in the matter of scheme of arrangement / amalgamation under section 391-394 Posted: 26 Jul 2011 06:44 PM PDT GENERAL CIRCULAR NO. 53/2011 ,  Dated 26 th July, 2011 Subject: Guidelines for RDs/ROCs in the matter of scheme of arrangement / amalgamation under section 391-394. It  has  been  observed  that  various  field  formations are following different... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Ministries gear up for Parliament Session beginning on 1st August Posted: 26 Jul 2011 06:40 PM PDT The Ministries and Departments of Union Government are gearing up for legislative business in view of the forthcoming Session of Parliament. The Monsoon session will begin on 1st August 2011 and will continue up to 8th September 2011.Original and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Name Availability Guidelines, 2011 and revised e-form 1A shall be implemented with effect from 24th July, 2011 Posted: 26 Jul 2011 06:37 PM PDT General Circular No. 48/2011 The Name Availability Guidelines, 2011 and revised e-form 1A shall be implemented with effect from 24th July, 2011. A fee of Rs. 1,000/- shall be charged w.e.f. 24th July, 2011 for making an application for availability... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Club or association service- Exemption to services provided by an association of dyeing units in relation to specified project Posted: 26 Jul 2011 05:52 AM PDT NOTIFICATION NO. 42/2011-ST, DATED 25-7- 2011 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Loans to go costlier as RBI hikes key rates again, 11th time since Jan 2010 Posted: 26 Jul 2011 01:17 AM PDT Today RBI raised interest rates by a higher-than-expected 50 basis points. The Reserve Bank of India (RBI) increased the repo rate , at which it lends to banks, to 8 per cent, exceeding market expectations that it would raise rates by 25 basis... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

First Quarter Review of Monetary Policy 2011-12 – Press Statement by Dr. D. Subbarao, Governor Posted: 26 Jul 2011 12:12 AM PDT A short while ago, we put out the monetary policy measures accompanying this review. To recap, based on an assessment of the current macroeconomic situation, we have decided to - increase the policy repo rate under the liquidity adjustment facility... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption from requirement of furnishing return of income for A.Y. 2011-12 where income does not exceed Rs. 5 lakhs – Assessee has option to avail said exemption Posted: 25 Jul 2011 11:14 PM PDT It has come to the notice of the Board that in some Income-tax offices. Returns of Income are not being received by the staff on the ground that an individual with less than Rs. 5 lakhs of income is not required to furnish his return of income.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDTs Tax Collection Strategy for FY 2011-12 Posted: 25 Jul 2011 11:08 PM PDT S.N. 51/July 25,2011 More than Rs. 20000 crore of tax demand is stayed by the courts/ITAT. Our counsels should be advised to get the stays vacated or ensure early hearings by brining the direction of the Supreme Court in the Vodafone case to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA Simplifies procedure for obtaining online approval of Central Government u/s 297 of the Companies Act, 1956. Posted: 25 Jul 2011 11:02 PM PDT General Circular No. 52/2011 According to new procedure, application will be made in a new e-form with the prescribed fee. The relevant information like terms of contract and details of Board resolutions and special resolutions shall be captured in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ROC simplifies Simplified procedure for rectification of register of charges under section 141 of the Companies Act, 1956 Posted: 25 Jul 2011 10:59 PM PDT General Circular No. 51 /2011 In order to simplify the procedures and cut timelines, the Ministry has decided to notify section 20 of the Companies (Second Amendment) Act, 2002 (1) of 2003 thereby the work relating to rectification of register of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA simplifies procedure for obtaining confirmation of shifting of registered office from one state to another state u/s. 17 of the Companies Act, 1956 Posted: 25 Jul 2011 10:57 PM PDT General Circular No. 50/2011 In order to simplify the procedures and cut timelines, the Ministry has decided to notify section 8 of the Companies (Second Amendment) Act, 2002 (1) of 2003 thereby the work relating to confirmation of shifting of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Online incorporation of companies within 24 hours Posted: 25 Jul 2011 10:55 PM PDT General Circular No. 49 /2011, In order to give ease to the corporate world to carry business in India, the Ministry of Corporate Affairs has been simplifying the procedures under the Companies Act, 1956. As another step in this direction, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India to be 2nd Largest Steel Producer by 2013 – Shri Beni Prasad Verma Posted: 25 Jul 2011 10:26 PM PDT The Union Minister for Steel, Shri Beni Prasad Verma said that India will become the world's second largest producer of steel by 2013. With an installed annual production capacity of 120 million tonnes up from the present the present 80 million... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India- UK Reaffirms their Commitment to Strengthen their Economic and Financial Relations Posted: 25 Jul 2011 10:23 PM PDT UK Chancellor of the Exchequer Mr.George Osborne and the Union Finance Minister Shri Pranab Mukherjee, attended the fourth round of Ministerial level India - UK Economic and Financial Dialogue, which was held yesterday in London. Both the Leaders... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 3/2006-Central Excise dated the 1st March,2006 thereby exempting food preparations including food preparations containing meat, falling under chapters 16 or 19 (except chapter heading 1905) which are prepared or served in a hotel from Central excise duty Posted: 25 Jul 2011 10:01 PM PDT Notification No.37/2011 -Central Excise 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 23/2011-Central Excise dated the 24th March, 2011 thereby exempting food preparations including food preparations containing meat, falling under chapters 16 or 19 (except chapter heading 1905) which are prepared or served in a hotel from Central excise duty Posted: 25 Jul 2011 10:00 PM PDT Notification No.36 /2011-Central Excise - Nothing contained in this notification shall apply to food preparations including food preparations containing meat, falling under chapters 16 or 19 (except chapter heading 1905) which are prepared or served... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exim Bank's Line of Credit to the Indo – Zambia Bank Limited – A.P.(DIR Series) Circular No.06 Posted: 25 Jul 2011 09:39 PM PDT A.P.(DIR Series) Circular No.06 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated September 29, 2010 with the Indo-Zambia Bank Limited making available to the latter, a Line of Credit (LOC) of USD 5 million (USD five million)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exim Bank's Line of Credit of USD 20 million to the Government of the Kingdom of Swaziland -A.P. (DIR Series) Circular No. 05 Posted: 25 Jul 2011 09:31 PM PDT A.P. (DIR Series) Circular No. 05 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated March 30, 2011 with the Government of the Kingdom of Swaziland making available to the latter, two Lines of Credit (LOCs), each for an amount... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Liquidity Adjustment Facility – Repo and Reverse Repo and Marginal Standing Facility Rates – Circular No. FMD.MOAG. No.61/01.01.01/2011-12 Posted: 25 Jul 2011 09:30 PM PDT FMD.MOAG. No.61/01.01.01/2011-12 - As announced in the First Quarter Review of Monetary Policy 2011-12, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 50 basis points from 7.50 per cent to 8.00 per... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Standing Liquidity Facilities for Banks and Primary Dealers – Circular No. REF.No.MPD.BC. 347/05.02.001/2011-12 Posted: 25 Jul 2011 09:29 PM PDT Circular No. REF.No.MPD.BC. 347/05.02.001/2011-12 Please refer to the First Quarter Review of Monetary Policy 2011-12 of July 26, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 50 basis... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Utilising Certified Facilitation Centers (CFCs) Service for XBRL Filing Of Financial Statements From 2010-11 Onwards Posted: 25 Jul 2011 09:28 PM PDT The Institute is pleased to inform you that Ministry of Corporate Affairs decided to utilize the services of Certified Filing Centers (CFC) for enabling companies to file their financial statement in XBRL from FY 2010-11 onwards. CFC would also be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

First Quarter Review of Monetary Policy 2011-12 Posted: 25 Jul 2011 09:27 PM PDT The Reserve Bank's Annual Policy Statement of May 3, 2011 highlighted several risk factors to the growth-inflation outlook. Many of these risks have materialised. On the global front, the sovereign debt problems that have beset the euro area over... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on Prudential Norms on Capital Adequacy – Basel I Framework Posted: 25 Jul 2011 09:26 PM PDT MASTER CIRCULAR - PRUDENTIAL NORMS ON CAPITAL ADEQUACY - BASEL I FRAMEWORK - CIRCULAR NO. DBOD.NO.BP.BC. 17 /21.01.002/2011-12, DATED 1-7-2011 Please refer to the Master Circular No. DBOD.BP.BC.4/21.01.002/2010-2011 dated July 1, 2010 consolidating... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI instructed banks to issues only signed Cheque Return Memos Posted: 25 Jul 2011 09:26 PM PDT DPSS.CO.CHD.No. 120 / 03.06.01 / 2011-12 Dishonour / Return of Cheques - Need to Sign / Initial the Cheque Return Memo - Please refer to our circular DPSS. CO. CHD. No. 485 / 03.06.01 / 2010-11 dated September 1, 2010 on Dishonour / Return of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exim Bank's Line of Credit of USD 20 million to the Government of the Republic of Mozambique – A.P. (DIR SERIES) CIRCULAR NO. 4, DATED 25-07-2011 Posted: 25 Jul 2011 09:25 PM PDT A.P. (DIR SERIES) CIRCULAR NO. 4, Export-Import Bank of India (Exim Bank) has concluded an Agreement, dated March 28, 2011 with the Government of the Republic of Mozambique, making available to the latter, a Line of Credit (LoC) of USD 20 million... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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