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    News
    All› Income Tax › Income Tax - 2011
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    December 30, 2011
    Calendar for Auction of Government of India Treasury Bills for the Quarter Ending March 2012 .
    Show AI Summary
    Treasury bill auction schedule announced with proposed weekly allotments and flexibility to adjust timing and amounts.
    Notification of a quarterly auction calendar for Treasury Bill auctions specifying proposed weekly allotments by 91 day, 182 day and 364 day tenors and aggregate issuance totals for the quarter ending March 31, 2012. The Government and Reserve Bank retain flexibility to modify notified amounts and timing in response to cash management needs and market conditions; changes will be communicated by press release. Auctions are subject to the terms of the General Notification No. F2(12)-W&M/97, as amended.
    December 30, 2011
    Issuance Calendar for Marketable Dated Securities for Jan-March 2011-12 .
    Show AI Summary
    Issuance calendar for government dated securities revised, reallocating weekly auctions and expanding borrowing with retail non-competitive access.
    Revision of the Government issuance calendar for January-March 2012 reallocates weekly auctions across specified maturities and increases planned gross market borrowings after consultation with the Reserve Bank. All auctions include the non-competitive bidding scheme, reserving five percent of the notified amount for specified retail investors, and the Government and Reserve Bank retain flexibility to modify amounts, periods, maturities, and instrument types with due notice.
    December 30, 2011
    India’s External debt Stood at US$ 326.6 billion at End-September 2011; an increase of 6.6 per cent over the Level of US$ 306.4 billion at End-March 2011.
    Show AI Summary
    External debt growth driven by commercial borrowings raises currency risk and increases short-term debt exposure relative to reserves.
    India's external debt rose to US$ 326.6 billion at end-September 2011, driven mainly by increases in external commercial borrowings, export credits and short-term debt. Short-term debt accounted for 21.9% of total external debt while external commercial borrowings were the largest component, followed by NRI deposits and multilateral debt. The currency mix was dominated by the US dollar, and the rise in commercial borrowings heightens currency risk because rupee depreciation raises rupee-denominated debt service for corporate borrowers. Foreign exchange reserves provided substantial but slightly reduced coverage of total external debt, and the share of concessional debt declined.
    December 27, 2011
    Indian Economy will soon Revert Back to the Path of Higher Growth Trajectory: FM.
    Show AI Summary
    Fiscal consolidation and adherence to expenditure ceilings to stabilise growth while prioritising agricultural credit and rural investment.
    The Government describes the slowdown as temporary and mandates Ministries to adhere to expenditure ceilings and pursue fiscal consolidation while implementing safeguards against fund misuse. Policy priorities include expanding agricultural credit, direct cash subsidy transfers, incentives for indigenous crop production, promotion of rural agrarian industries to reduce migration, and mechanisms to attract FDI in agriculture with state coordination; priority investment sectors identified are power, civil aviation, health, infrastructure and telecom.
    December 23, 2011
    Press Note
    Show AI Summary
    Tax enforcement is targeted and based on credible intelligence, with intrusive searches used only when justified by verification.
    Tax enforcement activity under the Income Tax Act is targeted and based on specific credible information and prior verification rather than indiscriminate action. The Department employs information technology tools to select cases unobtrusively and to verify intelligence before intrusive measures; search and seizure and survey operations therefore respond to detected tax evasion and significant undeclared income.
    December 20, 2011
    Extension of Credit Facilities to Farmers and Small Industries.
    Show AI Summary
    Priority sector lending targets require banks to allocate defined credit shares to agriculture and rural borrowers under RBI guidelines.
    Priority sector lending requires domestic scheduled commercial banks to meet overall and agriculture sub-targets measured against ANBC or credit equivalent of off-balance-sheet exposures as of the prior March 31. To improve agricultural credit access, the Government operates an Interest Subvention Scheme with additional incentive for prompt repayment, implemented a debt waiver and relief scheme, dispensed with "no dues" certificates for small agricultural loans in favour of self-declaration, advised waiver of margin/security up to a stated loan threshold, and authorised branch expansion into unbanked rural centres with reporting and ABEP guidance.
    December 20, 2011
    Cap on Lending Rates to MFIs.
    Show AI Summary
    Cap on lending rates to microfinance institutions limits margins and interest and mandates no penalties or security deposits.
    RBI guidance conditions the grant of priority sector advances status to bank loans to microfinance institutions on meeting asset composition and lending for income generation thresholds and compliance with pricing guidelines; it imposes a lender margin cap and an interest rate ceiling on individual microloans and disallows penalties for delayed payment and security deposits from borrowers.
    December 19, 2011
    Text of the Address by the Union Finance Minister in the Meeting with Chief Ministers of South Zone States/UTs and CEOs of PSBs/FIs on 18th December, 2011 at Bengaluru.
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    Financial inclusion: accelerate banking coverage and electronic benefit transfers to expand formal credit and social payments.
    The address prescribes strengthening financial infrastructure in Southern States/UTs by accelerating agriculture credit via widespread issuance of Kisan Credit Cards and concessional short term loans, expanding MSE and micro enterprise financing through cluster specific schemes, and promoting education, minority, weaker sections and housing credit. It mandates completion of financial inclusion under Swabhiman, migration of RRBs to core banking and NEFT, expansion of branch and insurance coverage, adoption of mandatory e payment for state transactions, and expedited state review of pending project approvals to reduce asset quality risks.
    December 17, 2011
    Speech of the Hon’ble Finance Minister on the occasion of the Foundation Stone laying of Bank Note Paper Line at SPM, Hoshangabad today I am happy to be here on this occasion in the city of Hoshangabad, which is located on the south bank of holy river Narmada.
    Show AI Summary
    Indigenization of currency production reduces dependence on foreign suppliers and strengthens note security through modernization and procurement reform.
    The speech describes SPMCIL's corporatization with employee transfer arrangements and pension trust operationalization; a multi year modernization and indigenization plan including new bank note paper lines and ink production to reduce dependence on foreign suppliers; and adoption of transparent procurement and competitive processes for security features alongside strengthened enforcement and R&D to combat counterfeit currency.
    December 16, 2011
    DFID to Continue its Development Cooperation Programme in India at Rs. 2250 Crores Annually for the Next Four Years until 2014-15; India and UK Reiterate their Commitment to Ensure a Successful Partnership to Promote Prosperity, Combat Poverty and Facilitate Achievement of MDGS
    Show AI Summary
    Development cooperation funding to continue, supporting grant assistance and private investment pilots in low-income states.
    DFID will maintain its development cooperation programme in India at the agreed annual funding level for the next four years to support poverty reduction and promote inclusive growth in alignment with national priorities and the Millennium Development Goals, including continued grant assistance for selected Centrally Sponsored Schemes and projects in Bihar, Madhya Pradesh and Odisha.
    December 16, 2011
    Universal Health Insurance Scheme
    Show AI Summary
    Universal health coverage recommends integrating insurance schemes with financing, access, workforce and service-norm reforms.
    The Universal Health Insurance Scheme and the Rashtriya Swasthya Bima Yojana provide subsidised insurance coverage for BPL families and selected unorganised sector workers; a High Level Expert Group on Universal Health Coverage recommended reforms on health financing, access to medicines, human resources, service norms, governance, community engagement and social determinants, and the Government approved these recommendations for inclusion in the Twelfth Five Year Plan.
    December 16, 2011
    Fake Currency
    Show AI Summary
    Fake currency detection prompts coordinated agency roles and upgraded currency security measures to combat circulation.
    Detection of counterfeit notes by the banking system and by RBI across two reporting periods prompted a multilayered institutional response: CBI as the nodal agency for State coordination, DRI as Lead Intelligence Agency for smuggled counterfeit notes, and a special FICN Co-ordination Group in the Ministry of Home Affairs for intelligence sharing. NIA is empowered to investigate and prosecute such offences and hosts a Terror Funding and Fake Currency Cell. RBI is upgrading security features of high-value notes and strengthening bank detection mechanisms.
    December 16, 2011
    Appointment of CRA In NPS National Securities Depository Limited (NSDL) has been appointed as CRA for NPS.
    Show AI Summary
    CRA designation: regulatory selection of NSDL as Central Recordkeeping Agency despite prior SEBI enforcement proceedings.
    Designation of NSDL as Central Recordkeeping Agency for NPS followed a competitive selection process requiring specified minimum tenure, positive net worth, and large-scale account-management experience; NSDL was selected after evaluation. The record notes prior SEBI enforcement actions against NSDL-interim, disgorgement and adjudication orders-which were subsequently stayed, set aside, revisited by a SEBI-appointed Committee and the SEBI Board, and remain the subject of appeals or further consideration.
    December 16, 2011
    Fake Currency through ATMs
    Show AI Summary
    Counterfeit currency coordination: interagency framework designates CBI nodal and NIA empowered to investigate and prosecute.
    RBI reported complaints of counterfeit currency notes dispensed through ATMs which were investigated and disposed. Multiple agencies coordinate FICN response: CBI is the nodal agency for State coordination, DRI is the Lead Intelligence Agency for smuggled FICNs, an MHA FICN Coordination Group facilitates intelligence-sharing, and the NIA is empowered to investigate and prosecute FICN offences with a dedicated Terror Funding and Fake Currency Cell.
    December 16, 2011
    Non-Investment of NPS Fund
    Show AI Summary
    Non-investment of pension contributions: amounts credited to public account and interest provided pending regulator operationalisation.
    Amounts collected from Government employees under the New Pension System were credited to the Public Account because the interim regulator could not operationalise the institutional architecture to invest those contributions; consequently the contributions were not invested and the Government paid interest at 8% p.a. while the regulator established required arrangements.
    December 16, 2011
    Charges against Senior Officials in Banks
    Show AI Summary
    Vigilance and anti-corruption oversight prompts inquiries and disciplinary action against senior bank officials for alleged malpractices.
    Institutional vigilance and anti-corruption mechanisms govern complaints and investigative action against senior bank officials, with responsibility shared among administrative vigilance divisions, the Central Bureau of Investigation, vigilance units in banks and departments, disciplinary authorities, and the Central Vigilance Commission; RBI and the Cabinet Secretariat also examine board-level complaints. Complaints alleging corrupt credit sanctioning, write-offs, improper takeovers, abuse of position, and disproportionate assets are triaged by CVOs or verified by central agencies, and RBI issues circulars mandating fraud reporting and internal-control strengthening.
    December 16, 2011
    Loan Waiver Scheme
    Show AI Summary
    Loan restructuring guidelines enable conversion and rescheduling of agricultural loans to provide relief and fresh credit to affected farmers.
    Standing guidelines allow banks to restructure agricultural credit after calamities by converting outstanding principal and accrued interest into term loans; rescheduling loans and accrued interest for three-to-ten year periods based on crop failure severity; providing fresh crop and consumption loans; treating restructured loans as current dues; prohibiting compounding of interest on restructured accounts; permitting relaxed security and margin norms; and allowing at least a one-year moratorium during restructuring.
    December 16, 2011
    Indirakranthi Patham Scheme
    Show AI Summary
    Interest subvention scheme for women self help group members proposed to mirror agricultural loan subvention, plus a dedicated development fund.
    The Andhra Pradesh proposal sought an interest subvention scheme for Women Self Help Group members modelled on the central interest subvention for short term crop loans to farmers, which is confined to one year agricultural loans to boost production; the Union Budget also proposed a Women SHG's Development Fund to support women SHGs.
    December 16, 2011
    Framing New Norms on Health Insurance
    Show AI Summary
    Policy portability enables health insurance holders to switch insurers at renewal without losing waiting period credits.
    IRDA guidelines permit health insurance policyholders, at renewal, to move between insurers for a similar product or between plans within the same insurer without losing accrued credits such as waiting period completions and time bound exclusions; a portability portal and data transfer mechanism support implementation and industry consultations informed the measure.
    December 16, 2011
    Protocol Amending India-Australia Dtaa Signed; Updated for Effective Exchange of Information on Tax Matters
    Show AI Summary
    Exchange of information updated to international standards enabling broader tax cooperation and assistance in revenue collection.
    The Protocol updates the India-Australia DTAA by revising the Exchange of Information to international standards including bank information and exchange without domestic tax interest, allows information to be shared with other law enforcement agencies with competent authority authorisation, provides mutual assistance in collection of revenue claims enabling recovery of assets or moneys under prescribed procedures, introduces a non discrimination clause for nationals, and rationalises thresholds for service, exploration and equipment permanent establishments to encourage cross border movement of capital and services.

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      Income Tax

      Calendar for Auction of Government of India Treasury Bills for the Quarter Ending March 2012 .

      December 30, 2011

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      Press Information Bureau
      Government of India
      Ministry of Finance

      30-December-2011 19:10 IST

      Calendar for Auction of Government of India Treasury Bills for the Quarter Ending March 2012

                                                                                                                                

      The Government of India in consultation with the Reserve Bank of India, after reviewing the cash position of the Government for 2011-12 and the cash requirements for the first five weeks of 2012-13 (factoring in redemptions of dated securities to the extent of Rs.59,000 crore), has decided to notify the amounts for the issuance of Treasury Bills for the quarter ending March 31, 2012  as under:

       

      Proposed Auction of T-Bills during Jan-March 2012

       (Rs. Crore)

      Date of Auction

      91 Days

      182 Days

      364 Days

      Total

      4-Jan-12

      6,000

      4,000

       

      10,000

      11-Jan-12

      6,000

       

      4,000

      10,000

      18-Jan-12

      6,000

      4,000

       

      10,000

      25-Jan-12

      6,000

       

      4,000

      10,000

      1-Feb-12

      9,000

      4,000

       

      13,000

      8-Feb-12

      9,000

       

      4,000

      13,000

      15-Feb-12

      9,000

      4,000

       

      13,000

      22-Feb-12

      9,000

       

      4,000

      13,000

      29-Feb-12

      8,000

      4,000

       

      12,000

      7-Mar-12

      8,000

       

      4,000

      12,000

      14-Mar-12

      8,000

      4,000

       

      12,000

      21-Mar-12

      8,000

       

      4,000

      12,000

      28-Mar-12

      8,000

      4,000

       

      12,000

      Total

      1,00,000

      28,000

      24,000

      1,52,000

      The Reserve Bank of India/ Government of India will continue to have the flexibility to modify the notified amount and timing for auction of Treasury Bills depending upon the requirements of the Government, evolving market conditions and other relevant factors. Thus, the calendar is subject to change, if circumstances so warrant including for reasons, such as, intervening holidays. Such changes, if any, will be communicated through regular press releases.

      The auction of Treasury Bills will be subject to the terms and conditions specified in the General Notification No. F2(12)-W&M/97 dated March 31, 1998 issued by the Government of India, as amended from time to time.

      DSM/GN

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