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SECURITIES AND EXCHANGE BOARD OF INDIA

Circular No. IMD/DOF-1/FVCI/CIR. No. 1/2009 Dated 03.07.2009 - Firm commitment requirement for registration as Foreign Venture Capital Investors

Applicants desirous of registering with SEBI as the Foreign Venture Capital Investors, henceforth, shall obtain firm commitment from their investors for contribution of an amount of at least USD 1 million at the time of submission of applications seeking registration as FVCIs to bring in parity between domestic Venture Capital Funds and Foreign Venture Capital Investors. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Press Release No. 214/2009 Dated 01.07.2009 - Shri K.N. Vaidyanathan takes charge as Executive Director, SEBI

Shri Kavasseri Narayanan Vaidyanathan has taken over as Executive Director, Securities and Exchange Board of India in Mumbai. Prior to this assignment, he was Chief Executive Officer (CEO) in Alchemy Capital Management Pvt. Ltd. Shri Vaidyanathan has also been a member of various committees including SEBI Committee on Guidelines for Investing Abroad, SEBI Committee on Depository Implementation, among others. He is also a Member of Finance Board at IIM, Ahmedabad.

 

RESERVE BANK OF INDIA

Press Release No. 2009-2010/30 Dated 06.07.2009 - Draft Circular on Liquidity Risk Management to be placed on RBI website by Oct 31,2009

The draft circular on liquidity risk management, as also, the guidance note on 'Liquidity Risk Management' will be uploaded on the website of the Reserve Bank of India latest by October 31, 2009.The decision has been taken in view of the evolving nature of liquidity risk management globally and further work being carried out by the Basel Committee on Banking Supervision (BCBS) on this issue.

Circular No. DBOD. BP.BC.No. 23 /21.06.001/2009-10 Dated 07.07.2009 - RBI seeks to lay down a time schedule for introduction of advanced approaches of Basel II framework in India

The Reserve Bank of India seeks to lay down a timeframe for implementation of the advanced approaches of Basel II Framework in India. This would enable the banks to plan and prepare for their migration to the advanced approaches for credit risk and operational risk, as also for the Internal Models Approach (IMA) for market risk. banks, at their discretion, would have the option of adopting the advanced approaches for one or more of the risk categories, as per their preparedness, while continuing with the simpler approaches for other risk categories, and it would not be necessary to adopt the advanced approaches for all the risk categories simultaneously. However, the banks should invariably obtain prior approval of the RBI for adopting any of the advanced approaches.

 

INDIRECT TAX

Service Tax

Notification No. 22/2009-ST Dated 07.07.2009 - Central Government makes amendments to Taxation of Services (Provided from outside India and Received in India) Rules, 2006

The Central Government has made certain rules to amend the Taxation of Services (Provided from outside India and Received in India) Rules, 2006 vide Taxation of Services (Provided from outside India and Received in India) Amendment Rules, 2009, which shall come into force on the date of their publication in the Official Gazette.

In the Taxation of Services (Provided from outside India and Received in India) Rules, 2006, in rule 2, for clause (e), the following clause shall be substituted, namely:-

'(e) "India" includes the installations, structures and vessels in the continental shelf of India and the exclusive economic zone of India;'.

  

DIRECT TAXATION

CBDT Circular No. 05/2009 Dated 02.07.2009 DGIT (Admn) be the Nodal agency for co-ordination between the BIFR and the CBDT and between the AAIFR and the CBDT

The DGIT (Admn) will consider each case of Income Tax reliefs/concessions under the Direct Tax Laws on merits of each individual case for the purpose of consent as contemplated in Section 19 (2) of the SICA, 1985. It is the responsibility of DGIT (Admn) to obtain the approval of CBDT in every case in which Income tax relief/concessions is sought and to communicate the approval of CBDT to BIFR and the concerned assessing officer. The decision thus communicated by the DGIT (Admn.) on behalf of the CBDT is binding on all assessing officers. The assessing officer should give the Income Tax reliefs to sick companies only after obtaining the approval as mentioned above. In cases where BIFR/AAIFR is taking a different view from that of the CBDT, it will be the responsibility of DGIT (Admn) to file appeal before the appellate authority (AAIFR) or before the Delhi High Court as the case may be.

   

DIRECTORATE GENERAL OF FOREIGN TRADE

Policy Circular No. 97(RE-08 )2004-2009 Dated 08.07.2009 - Validity of Policy Circular No.78 dated 1.4.2009 allowing import of waste paper extended

In view of representations received from trade and industry and the fact that Technical Review Committee in Ministry of Environment & Forests is re-examining the import policy of waste paper, it has been decided to extend the validity of Policy Circular No.78 dated 1.4.2009 for a period of three months from 1.7.2009.

 

Ministry of Personnel, Public Grievances and Pensions

Notification No. GSR445 (E) Dated 24.06.2009 - Central Administrative Tribunal (Staff) (Conditions of Service) Amendment Rules, 2009

The Central Government has decided to extend the revised scales of pay as recommended by the Sixth Central Pay Commission and as accepted by the Government to the officers and staff of the Central Government Administrative Tribunal retrospectively that is with effect from the 1st day of January, 2006 under section 36, read with section 36 A, of the Administrative Tribunals Act, 1985 (13 of 1985). In case of Group 'D' employees, the pay in the revised pay structure will be fixed initially in the 1S pay band (4440-7440) with appropriate grade pay and arrears paid accordingly. Thereafter, pay of such of those Group 'D' employees who already possess the revised minimum qualifications recommended by the Commission prescribed for entry into PB-1 (5200-20200) would be fixed with effect from 1-1-2006 in PB-1 with grade pay of Rs. 1800. Inter-se seniorty of all the employees in erstwhile Group 'D' shall be fully maintained with Group 'D' employee in a higher pre-revised pay scale being placed higher vis-a-vis an employee in a lower pay scale within the same pre-revised pay scale seniority which existed prior to revision should continue. Arrears shall be payable with effect from 1-1-2006 in both the cases namely to those Group 'D' employees who possess the qualifications and are placed in PB-1 straight away and those Group 'D' employees who do not possess the qualifications and are placed after re-training.

     
 
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