TIOL-DDT 189 · the untouched capture
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<p align="justify"><b><font color="#0000FF" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT
189</font></b></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>29
08 2005</b></font></p>
<p align="justify" style='text-align:justify'><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Monday</b></font></p>
<p align="center" class=c-t1><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Exchange
rates announced for imported goods and export goods</strong></font></p>
<p align="justify" class=c-t1 style='text-align:justify'><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification<u>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_072.htm">Nos
72</a> and <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_073.htm">73/2005-NT-CUSTOMS</a>,
dated, August 26, 2005 fix </u> the exchange rates for imports and exports
respectively with effect from 1<sup>st</sup> September, 2005. Notifications
67 and 68/2005-Cus. (N.T.), dated 26-07-2005 are superseded.</font></p>
<p align="center" class=c-t1><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Additions
to SION</strong></font></p>
<p align="justify" style='text-align:justify'><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In
the statement of Standard Input Output Norms, DGFT has made additions in respect
of the following products.</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1.
CHEMICALS AND ALLIED PRODUCTS</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.
FOOD PRODUCTS</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3.
TEXTILE PRODUCTS</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4.
MISCELLANEOUS PRODUCTS </font>
<p align=justify ><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2005/dgft05pn044.htm">PUBLIC
NOTICE NO. 44 (RE:2005)/2004-2009, Dated: August 26, 2005</a></u></b></font></p>
<p align="justify" class=c-t1><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Transfer
of shares by gift to NRIs – RBI issues instructions </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Remember
our story <b><u>Policy flux clouds NDTV promotors' move to gift shares to NRI<br>
<br>
</u></b><u>(<a
href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=2165">http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=2165</a>)
</u>about transfer of shares by NDTV bosses, the Roy
couple to their daughter by gift? </font></p>
<p align="justify" style='text-align:justify'><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
RBI has now issued detailed instructions on transfer of shares to NRIs.</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1.
a person resident in India who proposes to transfer, by way of gift, to a person
resident outside India any security including shares/convertible debentures
is required to obtain prior approval of the Reserve Bank.</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2.
the application is now required to be submitted along with certain information/documents,
as per the list in Annexure 1.</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3.
The following factors will be considered by RBI for the applications.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">a.
The transferee (donee) is eligible to hold such security </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">b.
The gift does not exceed 5 per cent of the paid-up capital of the Indian company/each
series of debentures/each mutual fund scheme. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">c.
The applicable sectoral cap/foreign direct investment (FDI) limit in the Indian
company is not breached. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">d.
The transferor (donor) and the transferee (donee) are close relatives as defined
in section 6 of the Companies Act, 1956. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">e.
The value of security to be transferred together with any security transferred
by the transferor, as gift, to any person residing outside <st1:country-region w:st="on">India</st1:country-region> does not exceed the rupee equivalent of
USD 25,000 during a calendar year. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">f.
Such other conditions as considered necessary in public interest by the Reserve
bank. </font></p>
<p align=justify ><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=49&filename=notification/rbi/2005/rbi05cir008.htm">RBI
Circular No. 08/RBI, Dated: August 25, 2005</a></u></b></font></p>
<p align="center" class=c-t1><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Annual
Information Returns (AIRs) – CBDT instructions </strong></font></p>
<p align="justify" style='text-align:justify'><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
CBDT has issued detailed instructions on filing of annual information reports
on high value transactions. NSDL is appointed as the agency to receive these
reports.</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">·
Persons filing AIR should quote TAN as above in both Part A and Part B of form
no.61A in the relevant column of AIR. </font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">·
persons filing annual information return should furnish only one return even
if they may have more than one branch.</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">·
transactions involving aggregate cash deposits of ten lakh rupees or more in
a savings account of a person are to be reported</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">·
only the aggregate of all the cash deposits in the savings account of a person
is required to be reported as one transaction and the date for the transaction
is to be mentioned as the last date of the financial year, i.e 31.3.05 in respect
of transactions for the financial year 2004-05.</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">·
transactions involving aggregate payments of two lakh rupees or more in respect
of credit card of a person are to be reported by the filer</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">·
transactions of purchase or sale by any person of immovable property valued
at thirty lakh rupees or more are to be reported</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">·
All persons furnishing AIR should verify the PAN quoted by the transacting party
before furnishing the annual information return under section 285BA. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">·
The computer media containing AIR should be readable, clean, virus free and
not corrupt </font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">·
In case the AIR on the computer readable media is found to be corrupted or does
not fulfill the above guidelines, the filer is expected to make appropriate
correction and resubmit the Return</font></p>
<p align="justify" style='text-align:justify'><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=36&filename=notification/cbdt/2005/it05cir07.htm">CBDT
CIRCULAR NO. 07/2005., Dated : August 24, 2005</a></b></font></p>
<p align="center" class=c-t1><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>The
Board's lapse and apology - Nalini issue. </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">We
are not commenting on the Nalini Chidambaram issue right now. It may be, after
all, a small issue blown out of proportions. Mr. and Mrs. Chidambaram are highly
paid advocates and it is hard to believe that Mrs. Chidambaram will run after
the Income Tax department for a couple of lakhs. But that for another day. What
is really perplexing is the crawling behaviour of a statutory Board like the
CBDT. The Board’s press note says, “In retrospect, not informing
the Finance Minister was a lapse on the part of the Board.” Well if there
was an admitted lapse on the part of the Board, shouldn’t somebody be
punished for that? If an inspector admits his lapse, will the Board let him
go? And this lapse of the Board may well cost the FM his job. Mrs Chidambaram
doesn’t inform him; she is an independent lawyer – but what about
the Board? Why did the Board not inform him? The Board press note ends with,
<b>“The Board regrets any embarrassment caused to the Finance Minister
in this matter”.</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now
the position is:-</font></p>
<div align="justify">
<ol start=1 type=1>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Mrs. Chidambaram
is right. She just accepted a case and she is not bound to inform her husband.</font></li>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif">She is not
exactly short of work or money.</font></li>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Mr. Chidambaram
is right as he did not know about this. He is not expected to know about
all the cases his wife takes up.</font></li>
<li><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>But the
CBDT is admittedly wrong and it has apologized.</b></font></li>
</ol>
</div>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This
public apology must have caused more damage to the FM’s reputation than
the original sin. If the Board had committed a lapse and embarrassed the FM,
they should have gone and apologized to him instead of telling the whole world,
“We are sorry” </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">And
why it did not occur to any one in the high Board that it may embarrass the
FM if his wife is appointed as a counsel</font></p>
<p align="justify" ><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Can
they hire the PM?</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It
seems Lal Bahadur Shastry’s son got a job in a private company on a salary
of Rs.1500/- per month. The proud son informed his humble father of the great
job. The father was not impressed. He told his son. “You are not certainly
worth Rs. 1500/-; they arte trying to hire the Prime Minister of India for Rs.
1500/- and the Prime Minister is worth far more than that. Don’t take
that job”.</font></p>
<p align=justify ><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#0000FF">Mera
Bharat Mahaan... Nahin Hai,<br>
</font></b></font></p>
<p align=justify ><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Per
Yeh Dosh Mera Hai.</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#FF0000">Until
tomorrow with more DDT</font></b></font></p>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Have
a nice day. </b></font></p>
<p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Mail
your comments to</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>
<a
href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a>
</b></font></p>
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