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Nov 2, 2011

No Sales Tax on SIM cards – pre-paid and post-paid; recharge coupons; value added services – Andhra Pradesh High Court

Petrol may cost you more soon – Oil Companies Considering hike in petrol prices

Posted: 01 Nov 2011 07:33 PM PDT

State-owned oil companies are considering a Rs 1.82 per litre hike in petrol prices, as a fall in rupee has increased the cost of imports of the raw material (crude oil). Indian Oil, Hindustan Petroleum and Bharat Petroleum last hiked petrol prices...

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No Sales Tax on SIM cards – pre-paid and post-paid; recharge coupons; value added services – Andhra Pradesh High Court

Posted: 01 Nov 2011 07:30 PM PDT

BHARATI AIRTEL LTD V/S ASST.COMMISSIONER (CT)-II,BEGUMPET DIVISON & 5 OTHERS  (A.P. HIGH COURT) 1.       SIM cards, recharge coupon vouchers, mobile telephone rentals on post paid connections, value added services such as ring tones, music down...

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FEMA – Memorandum of Instructions governing money changing activities

Posted: 01 Nov 2011 06:57 PM PDT

In order to provide more flexibility, to authorised persons to decide the location of their branches, it has been decided to dispense with the criteria of 1:1 ratio between metro and non-metro branches. However, we expect branches to be diversified...

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Relaxation in period to realise export proceeds from Export of Goods and Software

Posted: 01 Nov 2011 06:54 PM PDT

It has been decided, in consultation with the Government of India, to further extend by one year, i.e. from October 01, 2011 till September 30, 2012, the relaxation with respect to the period of realization and repatriation to India, of the amount...

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Deferred Payment Protocols between Government of India and erstwhile USSR – A.P. (DIR Series) Circular No. 39

Posted: 01 Nov 2011 06:42 PM PDT

A.P. (DIR Series) Circular No. 39 ttention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.10 dated September 07, 2011, wherein the Rupee value of the special currency basket was indicated as...

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TRAI extends limit to 200 sms per day

Posted: 01 Nov 2011 06:38 PM PDT

Telecom Regulatory Authority of India, TRAI, has extended the 100 sms per day limit to 200 sms per day, per sim. Earlier, TRAI had restricted the number of commercial non-commercial sms that can be send from a sim, to 100. TRAI received...

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Income Tax Officer and His Wife Sentenced In a Disproportionate Assets Case

Posted: 01 Nov 2011 06:35 PM PDT

The Special Judge for CBI cases, Delhi has sentenced Sh. Pramod Kumar Jain, the then Income Tax Inspector working in the Directorate of Income Tax(Exemption), Laxmi Nagar, District Centre, Delhi to undergo four years rigorous imprisonment with a...

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Grant of DEPB against free Shipping Bills converted by the Customs Authorities

Posted: 01 Nov 2011 06:21 PM PDT

Policy Circular No. 44 (RE-2010)/2009-14 Conversion of free shipping bills to DEPB Shipping Bills were allowed by the Department of Revenue vide Customs Circular No.6/2003-Cus. dated 28.1.2003 whereby Commissioner of Customs were given powers to...

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Official amendments to the Prasar Bharati (Broadcasting Corporation of India) Amendment Bill, 2010

Posted: 01 Nov 2011 06:17 PM PDT

The Union Cabinet today approved the proposal of the Ministry of Information and Broadcasting for pursuing the Prasar Bharati (Broadcasting Corporation of India) Amendment Bill, 2010 pending in Rajya Sabha in Parliament for its enactment and also to...

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CBDT Issues Clarification Regarding Investigations Relating to Banking Information from Overseas

Posted: 01 Nov 2011 06:16 PM PDT

Following is the text of the clarification issued by Central Board of Direct Taxes, Department of Revenue, Ministry of Finance: "A section of the press has reported today that some investigations relating to banking information received from...

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China the Question of Necessity and Not Choices

Posted: 01 Nov 2011 06:29 AM PDT

All set to go with the EFSF proposal of surviving the Euro banks and economy. But the biggest question within the proposal is who will buy the bonds and how the process will be executed. Europe need bond buyers and its domestic natives don't have...

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European Banks Still Need Rescue

Posted: 31 Oct 2011 02:12 PM PDT

World market is happy with the recent funding mechanisms declared and agreed for the troubled European economies. Banks have been asked to absorb 50% of the pains of trouble assets. Another part of the funding will be provided by EFSF which will...

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