Opening of Escrow Accounts for FDI transactions – Recent Amendment

Opening of Escrow Accounts for FDI transactions – Recent Amendment Posted: 13 May 2011 10:57 AM PDT Presently Authorized Dealers Category- I bank (AD) is permitted to open Escrow account and Special account on behalf of non-resident corporates for acquisition / transfer of shares / convertible debentures of an Indian company through open offers /... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Key clarifications and Open issues in FAQ on Provident fund for international workers Posted: 13 May 2011 10:54 AM PDT The Government of India has issued updates to the FAQ on Provident Fund [PF] for international workers [IWs] on 6 May 2011 with a view to provide greater clarity on the applicability of PF regulations. This FAQ addresses few of the open issues that... [[ This is a content summary only. Visit www.taxguru.in for full article ]] FDI in Limited Liability Partnerships – Policy announcements Posted: 13 May 2011 10:48 AM PDT - Cabinet Committee on Economic Affairs of the Government of India have decided to permit Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) which are formed under the Limited Liability Partnership Act, 2008 [LLP Act]. Presently,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ICSI – Six Month Training at Registrar of Companies/ Official Liquidator/Regional Directors Posted: 13 May 2011 10:30 AM PDT 06 Months Training at Registrar of Companies/ Official Liquidator/Regional Directors - Ministry of Corporate Affairs has agreed to provide part of training( 6 Months ) of 15 Months training in its various offices RD/ROC/OL at the stipend of Rs.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Government Plans to conduct the Sixth Economic Census as a Central Sector Plan Scheme during 2012 Posted: 13 May 2011 10:30 AM PDT The Central Government plans to conduct the Sixth Economic Census as a Central Sector Plan Scheme during 2012. The Ministry of Statistics and Programme Implementation plans to carry out the fieldwork of this Census during January to June 2012, in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CCI notice to NSE for abusing dominance in currency derivative market Posted: 13 May 2011 10:30 AM PDT Competition watchdog CCI has issued a show cause notice to the National Stock Exchange (NSE) asking why a penalty should not be imposed for its unfair trade practices in connection with currency derivatives trading . The commission has found NSE... [[ This is a content summary only. Visit www.taxguru.in for full article ]] MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode Posted: 13 May 2011 10:28 AM PDT The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] India Signs DTAA with Republic of Colombia for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on income Posted: 13 May 2011 10:26 AM PDT India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Quarterly Report on Debt Management for the Quarter Jan-March 2011 Released Posted: 13 May 2011 10:22 AM PDT Government has released the Quarterly Report on debt management pertaining to the quarter Jan-March 2011, here today. The Middle Office (MO), Department of Economic Affairs in the Ministry of Finance has been bringing out the Quarterly Report on... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Foreign Contribution (Regulation) Rules, 2011 Posted: 13 May 2011 10:10 AM PDT Foreign Contribution (Regulation) Rules, 2011 - NOTIFICATION NO. G.S.R. 349(E), DATED 29-4-2011 - In exercise of the powers conferred by section 48 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby makes... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Notification – Foreign Contribution (Regulation) Act, 2010 to Come Into Force w.e.f. 1-5-2011 Posted: 13 May 2011 09:52 AM PDT NOTIFICATION NO. S.O. 909(E), DATED 29-4-2011 - In exercise of the powers conferred by sub-section (3) of section 1 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby appoints the 1st day of May, 2011 as... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Haryana asks I-T sleuths to curb pilferage of tax Posted: 13 May 2011 09:38 AM PDT Haryana Governor Jagnnath Pahadia today urged the officers of Indian Revenue Service (IRS) to curb the menace of hoarding and pilferage of taxes, according to an official release. The Governor was speaking at a function to give away completion... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SC bans production, sale and use of Endsosulfan for 8 weeks Posted: 13 May 2011 09:35 AM PDT The Supreme Court today banned the production, sale and use of controversial pesticide Endosulfan in the country for the next eight weeks, holding that human life is more important than anything else. Keeping in mind various judgements of this court... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Companies (Accounting Standards) Amendment Rules ,2011 Posted: 13 May 2011 09:28 AM PDT These rules may be called the Companies (Accounting Standards) Amendment Rules, 2011. They shall come into force on the date of their publication in the Official Gazette. In the said rules, in the annexure under the heading B. ACCOUNTING STANDARDS,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SEBI – Clarification on circular dated December 3, 2009 on 'Dealings between a Client and a Stock broker Posted: 12 May 2011 10:19 PM PDT Subsequent to the issuance of the aforesaid circular, SEBI has received representations from market participants expressing difficulties in implementation of the requirements pertaining to renewal of Running Account Authorisation once in a year as... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Notification No. 34/2011 – Customs (N. T.), amends Notification No. 36/2001 – Customs (N.T.), dated-3rd August, 2001 Posted: 12 May 2011 10:16 PM PDT Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified- Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.34/2011-Customs (N.T.) dated May 13, 2011 and thereby notifying tariff values of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBI raid at premises of trader in bank loan case Posted: 12 May 2011 09:40 PM PDT A Central Bureau of Investigation (CBI) team has raided the premises of a local trader who has allegedly committed Rs 1.75 crore bank loan fraud. No arrest has been made so far in the raid conducted yesterday, CBI sources said, adding investigation... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBI raids ex-minister's house, arrests retired IAS Posted: 12 May 2011 09:38 PM PDT The CBI today raided the residence of former Jharkhand health minister Bhanu Pratap Sahi in Garhwa and arrested a retired IAS officer in Ranchi in connection with a medicine scam, which surfaced in 2009. Siyaram Prasad Sinha, who was the health... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ICAI – Invitation for Empanelment of Resource Persons for Investor Awareness Programmes Posted: 12 May 2011 09:30 PM PDT The Committee on Financial Markets and Investor's Protection (CFM&IP) is one of the Non-Standing Committees of the Institute. The functions of the Committee include preparing suggestions on various Regulations / Circulars relating to Financial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]