ICAI - Financial Assistance from Chartered Accountants Students Benevolent Fund

THE CHARTERED ACCOUNTANTS STUDENTS BENEVOLENT FUND (CASBF)

The Board of Trustees of The Chartered Accountants Students Benevolent Fund have decided to grant financial assistance to 200 students (who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 and are poor, needy but meritorious) requiring financial assistance to pursue the Chartered Accountancy course @ Rs. 1000/- p.m. for one year with effect from 1st April, 2012 to 31st March, 2013 to be paid in lump sum.

Success for Government on Debt Laws Bill

After the first adjournment, government managers were seen sending text messages to their party MPs to get back to Lok Sabha. But the failure to get its flock together forced the House to be adjourned for the day. When the House reconvened, Opposition members continued with the uproar. In the din, Vyas rejected the Oppositions demand, leading to louder protests and adjournment of the House. Speaking to reporters outside Parliament, Chidambaram said it was unprecedented for a bill to be sent back to a standing committee for just one change. 

Recruitment of Meritorious Sports Persons for Income Tax Department, Hyderabad

The Chief Commissioner of Income-tax, Hyderabad invites applications for recruitment of meritorious sports persons in different games / sports.

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RBI - Issue of Rs.100 Bank notes within set letter 'L'

The Reserve Bank of India will shortly issue `100 denomination Bank notes with inset letter 'L', in both the numbering panels, in the Mahatma Gandhi Series-2005, bearing the signature of Dr. D. Subbarao, Governor , Reserve Bank of India, and the year of printing 2012 printed on the reverse of the Bank note.

RBI releases 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: March 2012'

The Reserve Bank of India today released its 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks, March 2012’. The publication contains data on spatial distribution of deposits and credit of scheduled commercial banks including regional rural banks (RRBs) based on Basic Statistical Return (BSR)-7 as on March 31, 2012. The data are classified according to states, centres (top 100 and 200 centres), population groups and bank groups.

Highlights

IRDA allows higher flow of Insurance Funds to Infra Sector

In a move to facilitate greater flow of funds to the infrastructure sector, insurance firms have now been allowed to take their exposure to 20 per cent of their total funds in the infrastructure sector as compared to 10 per cent earlier. The Insurance Regulatory and Development Authority (IRDA) also said both equity and debt instruments were considered for classification under infrastructure for mandatory minimum obligation of 15 per cent as against only debt instruments earlier. Mortgaged Based Securities (MBS) with ‘ AAA’ rating will qualify as ‘ approved investments’ and would qualify for infrastructure investments. In a press statement issued by the PIB, Namo Narian Meena, minister of state for finance told Lok Sabha that exposure of any insurer to an infrastructure company has been increased to 20 per cent as against the present ceiling of 10 per cent as referred in Regulation 5 of the Irda ( Investment) Regulations, 2000. As per a recent exposure draft on investments by Irda, the limit can further be increased by five per cent in case of debt with the prior approval of the Board. Insurers are of the view that this would be a major boost to their portfolio. “ The ceiling being increased to 20 per cent will enable us to allocate more funds from our portfolio towards institutions in the infrastructure sector. Some of them are performing well in the segment, which will help us get good returns and will boost the economy, on an overall basis, since infrastructure is a core sector,” said the chief investment officer of a private life insurance company.

Continuation of anti-dumping duty on imports of ‘Polyvinyl Chloride (PVC) Suspension Grade’

G.S.R. 881 (E).-WHEREAS, the designated authority vide notification No. 21/29/2011-DGAD, dated the 5^th October, 2012, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 5^thOctober, 2012, had initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, in the matter of continuation of anti-dumping duty on  imports of ‘Polyvinyl Chloride (PVC) Suspension Grade’, originating in, or exported from, Taiwan, People’s Republic of China, Indonesia, Japan, Korea RP, Malaysia, Thailand and USA, imposed vide  notification of the Government of India in the Ministry of Finance (Department of Revenue), number G.S.R. 52 (E), dated the 23^rd  January, 2008 (No. 11/2008-Customs, dated the 23^rd  January, 2008), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) and had requested for  extension of anti-dumping duty upto one more year, in terms of sub-section (5) of section 9A of the said Customs Tariff Act;

NOW, THEREFORE, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), number G.S.R. 52 (E), dated the 23^rd  January, 2008 (No. 11/2008-Customs, dated the 23^rd  January, 2008), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide, namely: - 

In the said notification, in paragraph 2, for the words “five years”, the words “six years” shall be substituted.

[F.No.354/70/2007-TRU (Pt-I)]

(Raj Kumar Digvijay)

Under Secretary to the Government of India

Functional control of Special Valuation Branches(SVB)

Attention is invited to Board Circular No. 11/2001-Customs dated 23^rd February 2001 issued from F. No. 467/32/2000-Customs V, prescribing conditions and procedure regarding  cases to be taken up for investigation by Special Valuation Branches (SVB) and their manner of processing and disposal. Presently SVBs are located in the Customs Commissionerates of Mumbai, New Delhi, Chennai, Kolkata and Bangalore and are functioning under the administrative control of the respective Commissioners of Customs.

2.         The functioning of SVBs was reviewed by the Board with a view to strengthen their working.

3.         It has been decided to vest the Directorate General of Valuation (DGOV) with functional control over the SVBs. Consequently, the presently existing SVB sections with their existing staff will henceforth function under the supervisory control of the DGOV.

4.         The Board has also decided that the officers posted in SVBs shall not be given any additional responsibilities and they shall exclusively handle work relating to SVB investigations and related issues. The office of the DGOV shall closely monitor the pendency of the SVBs, approve the initiation of SVB inquiries, and supervise the investigations. Furthermore, the Board has desired that the DGOV continuously endeavor for qualitative improvement of SVB investigations/orders. 

5.         It is envisaged that on completion of investigation in a case, the proper officer in SVB will issue an order for determination of value under Section 14 of the Customs Act, 1962. The order will be sent to the importer concerned, the Custom House which had referred the case and to DGOV.

6.     The work relating to review, appeal and other legal matters arising out of cases investigated and orders passed by the proper officer in SVBs, shall continue to be handled by the jurisdictional Commissioners of Customs. Directorate General of Valuation will provide its views on the orders passed by the proper officer to the jurisdictional Commissioner of Customs, which will be given due consideration, when the orders are examined by Commissioners of Customs for review or acceptance under section 129D of the Customs Act, 1962.

7.      These instructions shall take effect from 1^st January, 2013. 

8.         Publicity to this Circular may be given by way of issuance of public notice and standing order.

9.         Difficulties, if any, faced in the implementation of this circular, may be immediately brought to the notice of the Board.

Circular No. 29 /2012-Customs

FM - Growth Rate below our Expectations

The Ministry of Finance has issued the following statement regarding the estimates released today by the Central Statistics Office (CSO) for the second quarter of GDP for 2012-13 today:

Central Statistics Office (CSO) released the estimates for the second quarter of GDP for 2012-13 today.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is Rs.54.3405 and the Reference Rate for Euro is Rs.70.1320 on December 10, 2012. The corresponding rates for the previous day (December 7, 2012) were Rs.54.2018 and Rs.70.2175 respectively.