Updates from F4F

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• Govt. Betting on Direct Taxes to Setoff Excise Loss
• Dual GST Target Roll-Out Date Remains April 2010: Asim Dasgupta
• SEBI restricts AMCs Commission payments on Incomplete MF Documentation
• AMCs not to Compel Investors for NoCs for Shifting Investments
• Centre Rejects proposal to keep Alcohol out of GST
• Rise in Industry Growth backed by Stimulus Measures
• Long Delay in Disposing of Cases would lead People to Revolt
• Government Refuses to Tax Foreign Funds
• ICAI to Consider KYC Norms for Members
• Tribunal has Inherent Power to Dismiss an Appeal for Non-Appearance of Appellant
• RBI is keeping a Vigil on Capital Inflows
• Government OK with additional 8.38 % Disinvestment in NMDC
• Inclusion of After Sale Service and Pre-Delivery Insp Charges in the Assessable Value
• FAQ's on Surrender Value for Policyholder
• Kaushik Basu is now the Chief Economic Advisor
• Commodity Market Regulator not to be Included in HLCC
• RBI to Tighten ECB Norms by Reintroducing Ceiling
• Barclays Bank Plc Banned from Issuing PNs: SEBI

Govt. Betting on Direct Taxes to Setoff Excise Loss Posted: The Government is betting on higher direct taxes collections to offset the expected shortfall in certain indirect tax components this fiscal. There are indications at this stage that the Revenue Department might even in the current fiscal fall short of the Budget Estimates on the excise duty front. The Centre's indirect tax ... (This is a just a summary, read the full article at www.forum4finance.com)

Dual GST Target Roll-Out Date Remains April 2010: Asim Dasgupta Posted: West Bengal finance minister and chairman of the Empowered Committee of State Finance Ministers, Asim Dasgupta, today reiterated that the target date to roll out dual goods and services tax (GST) remained April 1, 2010. At an interactive session with the members of Federation of Indian Chambers of Commerce and Industry ... (This is a just a summary, read the full article at www.forum4finance.com)

SEBI restricts AMCs Commission payments on Incomplete MF Documentation Posted: In a move to make the Mutual Fund (MF) industry more transparent, the Securities and Exchange Board of India (SEBI) today asked asset management companies (AMCs) to stop paying commissions to intermediaries, including banks and other distributors, who did not keep proper documents of their clients. The documents relate to know-your-client ... (This is a just a summary, read the full article at www.forum4finance.com)

AMCs not to Compel Investors for NoCs for Shifting Investments Posted: The Securities and Exchange Board of India (SEBI) has asked asset management companies (AMCs) not to compel investors to get no-objection certificates (NoCs) from their existing distributors for shifting their investments. This is a reiteration of the Association of Mutual Funds of India (AMFI) advice to AMCs to allow investors to ... (This is a just a summary, read the full article at www.forum4finance.com)

Centre Rejects proposal to keep Alcohol out of GST Posted: The Centre has turned down the proposal of the empowered group of state finance ministers to keep alcohol out of goods and services tax (GST). The government has in fact suggested that both alcohol and tobacco, which are demerit goods and considered harmful for health, should be kept under GST, with ... (This is a just a summary, read the full article at www.forum4finance.com)

Rise in Industry Growth backed by Stimulus Measures Posted: The country's industrial production rose over 10 per cent in October, backed by stimulus measures and a robust domestic demand. Output at factories, utilities and mines rose 10.3 per cent in October from a year earlier after growing at a revised rate of 9.6 per cent in September. However, the ... (This is a just a summary, read the full article at www.forum4finance.com)

Long Delay in Disposing of Cases would lead People to Revolt Posted: Chief Justice of India K G Balakrishnan today warned that long periods of delay in disposing of cases would lead people to "revolt" and the legal system to crumble, as he made a strong pitch for doubling the number of subordinate courts to 35,000. "We cannot have a backlog for long ... (This is a just a summary, read the full article at www.forum4finance.com)

Government Refuses to Tax Foreign Funds Posted: India will not tax foreign funds at their point of entry as the government believes the economy is resilient enough to absorb the dollar deluge. Such a tax on foreign inflows — called the Tobin tax, after its proponent, 1981 Economics Nobel winner James Tobin of the US — is being ... (This is a just a summary, read the full article at www.forum4finance.com)

ICAI to Consider KYC Norms for Members Posted: All practising chartered accountants in the country may now have to keep a close tab on their clients, as the accounting rule-maker, the Institute of Chartered Accountants of India (ICAI), is considering a proposal to devise a set of know your customer (KYC) norms to be followed by its members ... (This is a just a summary, read the full article at www.forum4finance.com)

Tribunal has Inherent Power to Dismiss an Appeal for Non-Appearance of Appellant Posted: M/s Chemipol vs. UOI (Bombay High Court) The Tribunal dismissed the excise appeal of the assessee for non-appearance. The application filed by the assessee for restoration of the appeal was also dismissed. The dismissal was challenged before the High Court on the ground that under s. 35C of the Excise ... (This is a just a summary, read the full article at www.forum4finance.com)

RBI is keeping a Vigil on Capital Inflows Posted: The Reserve Bank of India (RBI) allayed concerns about capital inflows building an asset bubble and said it is keeping a vigil on these. "If there is too much liquidity, it has the potential for asset price build-up," RBI Governor D Subbarao said. However, "every asset price build-up need not necessarily result ... (This is a just a summary, read the full article at www.forum4finance.com)

Government OK with additional 8.38 % Disinvestment in NMDC Posted: Stake sale of NMDC is approved, going to fetch over Rs 13,500 crore Steel Minister Virbhadra Singh, said the government has given the nod for divesting an additional 8.38 per cent stake in iron ore producer NMDC, a move which may fetch the exchequer over Rs 13,500 crore. "The Cabinet Committee on ... (This is a just a summary, read the full article at www.forum4finance.com)

Inclusion of After Sale Service and Pre-Delivery Inspection Charges in the Assessable Value Posted: Circular No. 909/29/09-CX F.No. 6/4/2009-DS (CX.1 4) Government of India Ministry of Finance Department of Revenue Central Board of Excise and Custom New Delhi, the 12 December 2009 To, Director General (All) Chief Commissioners of Central Excise including LTU (All) Commissioners of Central Excise (All) Sir/Madam Subject: Inclusion of After Sale Service and Pre-delivery Inspection Charges in the assessable ... (This is a just a summary, read the full article at www.forum4finance.com)

FAQ's on Surrender Value for Policyholder Posted: Surrender value, the amount, the policyholder will get from the life insurance company if he decides to exit the policy before maturity. What is Surrender Value? It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. A mid-term surrender would result ... (This is a just a summary, read the full article at www.forum4finance.com)

Kaushik Basu is now the Chief Economic Advisor Posted: Kaushik Basu, who took charge as the chief economic advisor in the finance ministry today, has pitched for more financial sector reforms even after the global crisis. "Financial sector reforms have to be a perpetual process. It is the government's role to evolve new policies which regulate financial sector behaviour ... (This is a just a summary, read the full article at www.forum4finance.com)

Commodity Market Regulator not to be Included in HLCC Posted: In a move that has irked the commodity market regulator Forward Markets Commission (FMC), the finance ministry has dumped its plea to be included in the High-Level Coordination Committee on Financial Markets (HLCC). The ministry has thrown back at the FMC the same logic the latter presented while arguing against a ... (This is a just a summary, read the full article at www.forum4finance.com)

RBI to Tighten ECB Norms by Reintroducing Ceiling Posted: With improvement in the global credit markets and narrowing of spreads, the Reserve Bank of India (RBI) decided today to reintroduce the ceiling on interest rates that Indian companies pay for external commercial borrowing. The norms that take effect from January 2010, would permit Indian companies to raise debt for three ... (This is a just a summary, read the full article at www.forum4finance.com)

Barclays Bank Plc Banned from Issuing PNs: SEBI Posted: The Securities and Exchange Board of India (SEBI) banned Barclays Bank Plc from issuing or otherwise transacting in new Offshore Derivative Instruments (ODIs), also known as participative notes, or PNs, for having previously violated disclosure norms. SEBI said the ban will be in effect "till such time as Barclays satisfies ... (This is a just a summary, read the full article at www.forum4finance.com)

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