This Diwali fortnight has ended with lot of “fire works”, each of a different kind bound to cast its “shadows” or fling its light far and wide – fall from grace of an Indian corporate czar who had an incredible meteoric rise only to be trapped in an insider-trading case ? or the first ever Indian Grand Prix that has helped India vroom into the top racing circuits ? or the world´s 7th billion baby likely to be born in India?
As if to be prepared for the last “fire work” the Indian Government has unveiled the National Manufacturing Policy (NMP) which aims to create huge employment and entrepreneurial opportunities in order to “reap the demographic dividend”. Do take time to read the full text of the NMP as also a number of other updates on Service tax, Income Tax, RBI regulations etc.To read the earlier issues and articles Click Here
Lex Valorem Team
E-filing due date for Service tax return for the period from April, 2011 to September, 2011 has been extended from 25th October, 2011 to 26th December, 2011.
Foreign Currency (Non-resident) Accounts can now be opened in any freely convertible currencies. Hitherto only select currencies like USD, Pounds, Euro, Yen etc were permitted.
Foreign security, Currency or immovable property acquired abroad by a person resident outside India can be held, owned, transferred or invested as a foreign asset even after he returns to India.
Per transaction receipt of export remittance up from $500 to $3000 via Online Payment Gateway Service Providers (OPGSP).
Certain clarifications have been issued to improve the process for Duty Drawback in respect of exports.
Effective 1st November, 2011, Form No. 49AA to be used for allotment of PAN to non citizens of India, Firms, LLPs and Companies registered outside India.
Cabinet has approved the much awaited National Manufacturing Policy proposed by the Department of Industrial Policy and Promotion. One of the main objectives of the policy is to create 100 million additional jobs by 2022.
Supreme Court has held that General Power of Attorney is not a valid document for sale or transfer of immovable property. Only a specific Registered Deed is legally valid.
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. Lex Valorem disclaims all liability on action taken without professional advice.