DGFT to implement Supreme Court's Target Plus Scheme decision
The Dollar Business Bureau The country’s apex court had delivered its judgement in the decade old litigation of Target Plus Scheme (TPS) for Export Promotion in the Civil Appeal No. 554/2006 titled DGFT v/s Kanak Exports & Ors., on 27th October 2015. Accordingly, the Government has approved implementation of TPS for 2005-06 as per the Judgment of the Supreme Court. The recent notification No.06/2015-2020 dated May 8, 2017 has been issued in this regard. The DGFT has instructed all its Regional Authorities to re-examine all the eligible claims/applications pending for TPS 2005-06 for issue of the balance claim/recovery of wrong claims as applicable after ensuring due diligence and ensuring genuineness of the exports. It has to be recollected that the Supreme Court in ...
SEBI initiates auction process for PACL assets
The Dollar Business Bureau Market regulator Securities and Exchange Board of India (SEBI) has initiated a sale process for the attached assets of the PACL group. It has also announced that an e-auction will be held for some of its properties on July 5. The sale has been initiated with an aim to recover funds totaling around Rs.60,000 crore in the PACL case. Two properties of PACL, a residential plot in Nangloi and an office property in the central Connaught Place will be put on e-auction on July 5, at reserve prices of Rs.90 lakh and Rs.29.59 crore respectively. The bidders, who are interested, can inspect the property on June 9. They will have to deposit 10% of the reserve price for confirming the ...
Vodafone case: SC accepts plea against HC verdict
The Dollar Business BureauThe Supreme Court, on Friday, agreed to hear the Income Tax department’s plea challenging Bombay HC’s verdict, which was in favour of Vodafone India Services Pvt Ltd. The Indian arm of Vodafone Group was embroiled in a Rs.8,500-crore transfer pricing tax dispute.The bench, headed by Justice AR Dave, “granted leave,” calling for a detailed hearing of the matter. Earlier in 2015, the HC had quashed an order issued by the Income Tax Appellate Tribunal allowing the tax department to control the matters of the transfer pricing tax case. Besides assignment of call options to Vodafone International Holdings BV, the case involved the sale of Vodafone’s call centre to Hutchison Whampoa Properties. Vodafone’s Indian arm challenged the order issued by ...
Challenges in international trade and role of International Chamber of Commerce (ICC)
Rajesh Narain Gupta, Managing Partner, SNG & Partners The role of the International Chamber of Commerce (ICC) has become crucial in today’s world due to the ever increasing trade disputes between countries, traders and banks, and with nations competing in placing protectionist measures in contravention of globally-set rules. In the days to come, ICC, which is regarded as the voice of the business world, is set to play a bigger role, especially in the case of emerging economic powers like India. The ICC, a few years short of its centenary, has been formulating and updating the rules regarding contractual obligations to make those uniform and help parties overcome conflicting national regulations which are detrimental to seamless flow of trade ...
