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    Further Relaxations to Exchange Earners, Exporters and AD Category-I Banks
    Eminent Persons Advisory Group Meeting held in CCI. Corporate Affairs Minister releases the first news letter of CCI.
    MCA’s Fresh Mandate on Filing of Balance Sheet and Profit and Loss Account in Extensible Businessreporting Language (XBRL) Mode.
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July 31, 2012
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EEFC credit flexibility restored with monthly conversion requirement; exporters allowed limited forward rebooking; NOOPL computation adjusted.
The Reserve Bank allows full crediting of foreign exchange receipts to Exchange Earner Foreign Currency (EEFC) Accounts provided monthly accruals are converted into rupees by the end of the succeeding month after approved utilizations and forward commitments. Exporters may cancel and rebook a limited portion of forward hedges. For NOOPL where the rupee is a currency leg, AD Category I banks may omit overseas branch positions and option delta from the overnight position calculation, though these items remain part of total foreign currency exposure alongside cross currency and exchange traded positions.
July 23, 2012
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Competition policy enforcement promotes fair markets and regulator coordination to protect consumer welfare through advocacy.
The advisory group emphasised advocacy, international cooperation and sustained coordination between CCI and sectoral regulators, distinguishing sectoral regulators' roles in licensing, tariff setting and market development from CCI's mandate to ensure fair play and consumer welfare through competition enforcement. The release also summarises CCI activity: 276 anti competitive cases with 208 disposed, contraventions found in 26 matters with penalties imposed, and 72 merger notifications of which 62 were processed within 30 days; it announces the launch of the quarterly advocacy newsletter "Fair Play".
July 18, 2012
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XBRL filing mandate requires select companies to submit financial statements in standardized XBRL format with transitional fee relief.
The Ministry mandates XBRL filing of Balance Sheet and Profit & Loss Account for a specified class of companies for the financial year commencing 1 April 2011, covering listed companies (and their Indian subsidiaries), large companies by capital and turnover, and those already subject to XBRL requirements; banking, insurance, power and NBFCs are exempt until further orders. The Schedule VI taxonomy is published online, business rules and validation tools are being prepared, a transitional waiver of additional fees is provided for timely XBRL filing, and stakeholders are directed to the Ministry's XBRL portal for training.

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Acts Income Tax