Section 25 Companies as Business Correspondents (BC) to Banks

It has since been decided that banks can engage companies registered under Section 25 of the Companies Act, 1956, as Business Correspondents (BCs) provided that the Section 25 companies are stand-alone entities or Section 25 companies in which NBFCs, banks, telecom companies and other corporate entities or their holding companies do not have equity holdings in excess of 10%.

Further, while engaging Section 25 companies as BCs, banks will have to strictly adhere to the distance criterion of 15 kms. / 5 kms, as applicable, between the place of business of the BC and the branch.

Click here for details.

[FEMA]import of Platinum, Palladium, Rhodium and Silver, Credit <= 90 days

It has been decided that Suppliers’ and Buyers’ credit, including the usance period of Letters of Credit opened for import of Platinum, Palladium, Rhodium and Silver should not exceed 90 days from the date of shipment. The revised directions will come into force with immediate effect.

AD Category – I banks should ensure that due diligence is undertaken and Know-Your-Customer (KYC) norms and Anti-Money Laundering (AML) guidelines, issued by the Reserve Bank are adhered to while undertaking import of these metals. Further, any large or abnormal increase in the volume of business should be closely examined to ensure that the transactions are bonafide and are not intended for interest / currency arbitrage. All other instructions relating to import of these metals shall continue.

RBI/2008-09/147A. P. (DIR Series) Circular No. 12 dated 28th August 2008

Crop Loan - 80% Short Term Prodution & 20% Clean Credit Limit

A new simplified cyclical credit product for financing crop production while also ensuring year round liquidity for farmers, particularly in rain-fed areas of the country.

Simplified cyclical credit product for farmers

Please refer to paragraphs 138 and 139 of the Annual Policy Statement for the year 2008-09

Accordingly, each commercial bank as also RRB may select one rain fed district for introduction, on a pilot basis, of a new product for financing crop production whereby

(a) 80 per cent of the crop loan requirement of individual borrowers may be released through a short term production loan in conformity with the present norms / practices, and

(b) the remaining 20 per cent representing the ‘core component’ (expenses for land preparation, pre-sowing operations etc. besides self labour/ consumption) may be sanctioned as a ‘clean credit limit’ to ensure year round liquidity.

Please find the Notification here.

Banks should accept Cash Over the Counter

Acceptance of cash over the counter
It has been brought to our notice that some banks have introduced certain products whereby the customers are not allowed to deposit cash over the counters. Further it is also understood that these banks have also incorporated a clause in the terms and conditions that cash deposits, if any, are required to be done through ATMs.
2. In this connection, it may be mentioned that banking by definition means acceptance of deposits of money from the public for the purpose of lending and investment. As such, banks cannot design any product which is not in tune with the basic tenets of banking. Further, incorporating such clauses in terms and conditions which restricts deposit of cash over the counters also amounts to an unfair practice.
3. Banks are therefore advised to ensure that their branches invariably accept cash over the counters from all their customers who desire to deposit cash at the counters. Further, they are also advised to refrain from incorporating clauses in the terms and conditions which restricts deposit of cash over the counters.

Find Notification here.

[SEBI-ASBA] Self Certified Syndicate Banks (SCSB) list

List of Self Certified Syndicate Banks under the ASBA process
ASBA - Applications Supported by Blocked Amount

1. As on date, there are 57 banks registered with SEBI as Bankers to an Issue
under the SEBI (Bankers to an Issue) Regulations, 1994. In terms of the SEBI Circular no. SEBI/CFD/DIL/ DIP/31/2008/ 30/7 dated July 30, 2008 on Applications Supported by Blocked Amount (ASBA), all these banks are eligible to act as Self Certified Syndicate Bank for the purpose of ASBA subject to their submitting a self certification to SEBI ,inter-alia certifying that they have undertaken the mock trial run of their systems with the Stock
Exchange(s) and Registrar(s) and have satisfied themselves that they have adequate systems/ infrastructure in place at their Controlling Branch/ Designated Branches to fulfill their responsibilities/ obligations as envisaged in the ASBA process within the timelines specified therein.

2. Once the banks submit this self certification, their names shall be included in
SEBI’s list of Self Certified Syndicate Banks (SCSBs) whereafter these SCSBs shall be eligible to accept ASBAs in public issues.

Find details here...

CS friends, now email your Queries, wonderful initiative by ICAI

SOLUTIONS
TO STUDENTS’ QUERIES THROUGH TOLL FREE MODE AND DIRECT
E-MAIL
An awesome
initiative by ICAI, by which many can be benefitted in the positive
sense. Use the facility.

The Board of Studies is happy to inform the CA students that the following facilities have been provided by the Board of Studies for facilitating quick solutions of CA students’ queries:

1. Toll Free Number : 1800-200-2501
2. Individual telephone numbers of respective faculty members
3. Individual e-mail i.d. of respective faculty members
4. Facilitating of answering through Gyandarshan Lecture Channel – Toll free number 1800-11-2345 and e-mail i.d.
gyandarshanbos@icai.org
(during studio timings only)
Students may ask queries of general as well as technical nature through toll free number (on Monday to Friday between 2.00 P.M. to 4.00 P.M.). Students are advised to use toll free facility for short answer questions. Queries requiring elaborate answers should preferably be addressed to the respective faculty members through e-mail.

CS friends can trouble, [these are very few], Trouble more following
http://www.icai.org/post.html?post_id=3218&c_id=219

On Tuesdays
giridharan@icai.org.in for Corporate & Allied Laws;

On Thursdays
nnsengupta@icia.org.in & nnsengupta@icia.org.in for Cost Accounting & Management Accounting respectively;
ashish.gupta@icai.org.in & zaidi@icai.org.in for Financial Management Queries;

On Fridays
priya@icai.org.in & ruchika@icai.org.in for Direct Taxes;
smita@icai.org.in & ashish.bhansali@icai.org for Indirect Taxes.

CS Chennai Inter Classes from September 5, 2008 [Company Secretary Executive]

Yes,

Considering the students requests and Introductory Session held on 27th August 2008 @ 0630 AM at Learn Labz, its decided to kick off CS Executive Program Sessions from 5th September 2008 till 15th November 2008 as per the SCHEDULE

Congrats for budding CS on this results. This is just the ICSI's evaluation of you and you can be much more than this !

Learning CS, as exciting ever.Keep Experimenting to Excel !

Submit your Registration Forms Now

NOTICE

Notice is hereby given that the First "CS Executive Students Sessions" of Learn Labz will be held from Wednesday, the 5th day of September 2008 up to 15th day of November 2008 at the Registered Office of Learn Labz - 128 Veeraperumal Koil Street, (Land Mark: Vivekananda College), Mylapore, Chennai-04 from 06:15 AM to transact the following businesses:
1. To Learn, Experiment and Excel with us the SCHEDULE

2. For such interesting learning sessions, our Labz SHALL accommodate 20 Students ONLY.

3. Learning Fee Rs.1,500/- Per Paper and Rs.4,000/- Per Module.

Contact Course Director: A.N.S. VIJAY @ +91 93829 35598 for any detail.

Experience the Theoretical Learning - the Experimental Way....

EPF online employees provident fund claim status

The Employees' Provident Fund Organisation (EPFO) has launched a facility for online verification of status of the claim under the EPF.

The facility can be availed at http://epfindia. nic.in/indiaepf/ loginnew. aspx the user needs to select,

the State, the EPF office, Establishment Code, Extension code, if any and then enter the employee number to ascertain the claim status.

Last date for filing of applications and applicability of late cut, for Schemes under Chapter 3 of FTP, clarification thereof

As per http://164.100.9.245/exim/2000/cir/cir08/cir2708.htm
1. For exports made from 1-4-2006 till 31-3-2008 that have already been realized up to 31-3-2008, the last date for filing the application for obtaining benefits under Chapter 3 of the Foreign Trade Policy will be 30.11.2008, and if the realization is after 31.3.2008, then the last date for filing the application will be as per the provisions of Para 3.23.10 of HBP Vol. 1 (RE-2008) as amended vide Public Notice No. 64 (RE-2008) / 2004-2009 dated 14.8.2008.

2. Further, it is clarified that late cut, in terms of Para 3.23.2 HBP Vol. 1 (RE-2008) read with Para 9.3 of HBP Vol. 1 (RE-2008), shall be applicable for applications filed after the prescribed last date as above, even for exports made from 1.4.2006 till 31.3.2008.

This issues with the approval of the DGFT.

Eligibility of supplies to EOUs for deemed export benefits

Yes,

The supplies of goods from DTA to EOU / EHTP / STP / BTP are regarded as deemed exports and DTA supplier is eligible for deemed export benefits.

Based upon disclaimer from DTA supplier, EOU / EHTP / STP / BTP units can also claim these benefits.

This is as per DGFT Policy Circular No. 23 (RE-2008)/2004-2009 dated 28th July 2008

IEC modification, when 100% EoU becomes DTA

Yes,

You will get a Fresh Import Export Code (IEC) from RA, once your 100% Export Oriented Unit (EoU) gets converted into a Domestic Tariff Area (DTA) unit.

Same is NOT the case when an existing DTA gets converted into 100% EoU. Meaning, it will continue with the same IEC.

This is as per the Clarification issued by Commerce Ministry which can be accessed in http://164.100.9.245/exim/2000/cir/cir08/cir2608.htm

CS exam Results 2008 Out - Pass or Will Pass?

Yes,

Company Secretary Foundation, Inter & Final Results are out by 12 noon today @ www.icsi.edu

Hope you enjoyed with your Pass or Will Pass status ....

Do Scrap your Results here to enthuse others.

Click here to enjoy CS Exams December 2008.

Join the CS Fraternity to celebrate & learn more.