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This newsletter contains the following categories:
Indian News Update
International News Update
VAT Update
Company Law Exposure Draft
ICAI Exposure Drafts
Member's alley
CA's Referencer
Article
Legal Updates
Indian News Update:
Govt re-imposes 5 per cent import duty on steel
Revision of customs duties on certain items and procedural simplification in Service Tax refund to exporters
ICAI to oppose Valuation Professionals Bill
Full remission of duties and taxes for exporters, says Nath
Sebi to issue clarification on creeping acquisition norms
Red tape may be cut for FIIs
Promoters may have to buy 50% of public stake for delisting
Govt to take stock of brokers for conflict of interest in deals
Dumping probe into phosphoric acid initiated
Cost accountants oppose changes in companies' law
Hypothetical tax paid abroad not income: ITAT
FCCB issuers may be given buyback option
Treat Repo, Reverse Repo as borrowed & lent: RBI
RBI releases guidelines on repo transactions
SC rejects PIL on tax returns by parties
Steel, cement get duty sop on exports
Banks seek higher deposit insurance
Rolling shutters: ‘ST on basic materials not legal’
RBI relaxes norms for 7 core sector projects
Banks protest service levy on forex deals
NBFC loans under banks' scanner
Govt alert to the possibility of steel dumping from China
Skirting AS 11 may have inflated cos' profits
I-T dept chalks out strategy to keep tabs on direct tax mop-up
Interest rate ceilings on foreign currency loans may be hiked to meet exporters' credit crunch
Lack of SEBI rules clarity leaves BSE listless
Sebi drafting new norms for fixed-maturity plans
RBI changes NPA norms for farm debt waiver scheme
Centre considering 10% duty on steel imports
Govt looks at more steps to promote exports
Foreign cargo airlines' income from warehousing not taxable
International News Update:
SEC Publishes Proposed IFRS Roadmap
AICPA Backs FASB on Mark-to-Market Study
VAT Update:
Govt for uniform VAT in all states between 0-4 pc: Sahai
Company Law Exposure Draft:
The Valuation Professionals Bill
ICAI Exposure Drafts:
Standard on Internal Audit (SIA)
Enterprise Risk Management
(Last date for Comments: January 12, 2009)
Standard on Internal Audit (SIA)
Internal Control Evaluation
(Last date for Comments: January 12, 2009)
Member's alley:
Recession: An Introduction
[Submitted by CA. Vishal Paratwar]
CA's Referencer:
Presentation on AS 11
[Submitted by CS. Ashish Shah,
Company Secretary,
Mumbai, Maharashtra]
Article:
Futures Contract
[Submitted by CA. Vibhuti Gupta,
New Delhi]
Legal Updates:
RBI:
RRBs - Branch Licensing – Further Liberalisation
Special Fixed Rate Repo Under Liquidity Adjustment Facility
UCBs – Agricultural Debt Waiver and Debt Relief Scheme, 2008 – provisioning
RRBs – Agricultural Debt Waiver and Debt Relief Scheme, 2008 – provisioning
Review of Prudential Norms – Provisioning for Standard Assets and Risk Weights for Exposures to Corporates, Commercial Real Estate and NBFC
Asset Classification Norms for Infrastructure Projects under Implementation
FEMA:
Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR (B) deposits
Interest Rate on FCNR(B) Deposits
StCBs/DCCBs – Interest Rate on NRE Deposits
Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR(B) deposits
Rupee Export Credit Interest Rates-Extension of period of credit
Export Credit Refinance Facility: Relaxation
Exim Bank's Line of Credit of USD 25 million to the Government of the Syrian Arab Republic [Circular No.36]
DGFT:
Amendments to earlier notifications [No.59]
Amendments in FTP 2004-2009 (RE 2008) [No.58]
Amendments in Schedule-I (Imports) of the ITC(HS) Classifications of Export and Import Items 2004-09 [No.57]
Customs:
Further amendment in Notification No.36/2001-Cus (N.T.), dated 3rd August 2001 [No.127(N.T.)]
Further amendment in Notification No.12/1997-CUSTOMS(N.T.) dated 2nd April, 1997 [No.117(N.T.)]
Clarification on setting up Duty Free Shops approved by FIPB [Circular No.19]
Central Excise:
Clarification regarding reversal of Cenvat Credit in case of trade discount [Circular No.877]
The entire list of notifications is available at
www.CAalley.com/legal.html
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