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We introduce www.manupatra.com to you as a legal portal catering to the needs of legal professionals and corporate houses by giving latest judgments (Supreme court , 15 major high courts and tribunals), Notifications, Circulars, Press Notes, Bare Acts, Pending Bills, Stamp Duties, Court Rules, and other updated legal and business information.

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''manupatra'' Round up

Securities Exchange Board of India

Primary Market Division

Circular No. RMB (Compendium) Series Circular No. 2 (2001- 2002) Dated 29.11.2001 : The Board approved certain modifications in the book building guidelines in order to introduce the facility of 100% book building for companies desirous of coming out with a public issue. As such certain amendments are made to SEBI (Disclosure and Investor Protection) Guidelines, 2000 that shall come into force for the issues opening on or after December 01, 2001.

Regulations

Notification No. SO1181(E) Dated 28.11.2001 : Securities and Exchange Board of India (Buy Back of Securities) (Amendment) Regulations, 2001 shall come into force from 28th November, 2001.

Ministry of Law, Justice and Company Affairs

Department of Company Affairs

Notification No. GSR873(E) Dated 28.11.2001 : The Central Government, in consultation with Reserve Bank of India, has made Companies (Acceptance of Deposits) Third Amendment Rules, 2001 rules to further amend the Companies (Acceptance of Deposits) Rules, 1975. The Rules made amendments in respect to Public Deposits under section 58A of Companies Act, 1956.

Press Note No.07/2001 Dated 21.11.2001 : Some provisions have been incorporated relating to Inter-company transfer in the Cost Accounting Records Rules prescribed under section 209(1)(d) of the Companies Act,1956.

Ministry of Finance

Central Board of Direct Taxes

Notification No. SO1189(E) Dated 03.12.2001 : The Central Board of Direct Taxes has directed that the Directors specified in the said notification shall exercise their powers vested in them under section 132 of the Income Tax Act, 1961 and perform their functions relating thereto in respect of the territorial areas of whole of India;

Department of Revenue

Notification No. SO1190(E) Dated 03.12.2001 : The Authority for Advance Rulings constituted under Section 245-O of the Income-tax Act, 1961 (43 of 1961) shall also be the Central Sales Tax Appellate Authority to settle Inter-State Disputes falling under Section 6A or Section 9 of the said Act, till such time as the Central Sales Tax Appellate Authority is constituted.

Customs - Tariff

Circular No. 72/2001 Dated 29.11.2001 : Following the judgement of hon'ble Supreme Court in the case of Commissioner of Customs Vs. M/s. Parasampuria Synthetics Ltd., reported in 2001 (133) ELT 9 (SC) it has been held that technical knowhow imported in the form of plans, drawings and other literature are not 'printed books/manuals' and therefore, not exempted from customs duty and are to be assessed as 'plan, design and drawings' leviable to a concessional duty @ 10% (basic) under notification No. 25/95-Customs.

Circular No. 71/2001 Dated 28.11.2001 : . It is clarified that the Customs duty shall be determined by backward calculation considering the sale proceeds of unclaimed/ uncleared goods under section 150 of the Customs Act, 1962 as the cum-duty price. For calculation of duty, total sale proceeds without allowing any deduction towards sales expenses or any other charge is to be taken as cum duty price.

Circular No. 70/2001 Dated 27.11.2001 : It has been decided that the benefit of exemption under notification No. 17/2001-Customs, may be allowed to furnace oil even though the oil is not directly used in the manufacture of final product, namely, fertilisers.

Circular No : 69/2001 Dated 26.11.2001 : It is clarified that the All Industry Rates of Drawback for Ready-made Garments are subject to individual drawback caps. Therefore, these rates are applicable to Embroidered Garments and Quilted made ups also as any fluctuation on account of embroidery, etc. is taken care of such drawback caps. 

Customs - Non Tariff

Notification No. 61/2001-NT Dated 28.11.2001 : Amendment made in Notification No. 61/94- Customs NT relating to Loading and unloading of baggage brought in transit chartered flights, imported/exported from/to Nepal and import/export of cargo.

Notification No : 60/2001-NT Dated 26.11.2001 : The Central Government, made further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.29/2001-Customs (N.T.) dated the 1st June, 2001, on and from 26th November, 2001, relating to rate of duty drawback for specified goods in the notification. 

Excise

Circular No : 602/39/2001-CX Dated 21.11.2001 : It has been decided to allow rebate of duty paid on the inputs to merchant exporters where such inputs are used in the manufacture of export goods, directly cleared from the factory of the manufacturer/processor and the name of the merchant exporter is mentioned on ARE-2, subject to fulfilment of other conditions prescribed in Notification No. 41/2001-Central Excise (N.T.) dated 26th June, 2001 in this behalf. 

Dept of Economic Affairs - Capital Market

Notification No : SO1174(E) Dated 26.11.2001 : The Central Government notified the IDBI flexibonds series 2001-2002 comprising:--

1.IDBI Regular Income Bond2.IDBI Growing Interest Bond

3.IDBI Retirement Bond

4.IDBI Infrastructure (Tax Saving) Bond

5.IDBI Floating Rate Bond

6.IDBI Capital Appreciation Bond

7.EDBI Fixed option/Floating option Bond

8. IDBI Education Bond

9.IDBI Upfront Interest Bond

10.IDBI Deep Discount/Zero Coupon/Money Multiplier Bond

11.IDBI Multi-option Bond

12.IDBI Anytime Encashment Bond

being unsecured redeemable bonds of the aggregate value not exceeding rupees three thousand crores issued by Industrial Development Bank of India, Mumbai, a corporation established under section 3 of the Industrial Development Bank of India Act, 1964 (18of 1964) as approved securities.

Reserve Bank of India

Press Releases

Press Release No. 646/2001-200 Dated 03.12.2001: Government of India announces issue of Floating Rate Bonds, 2009

Press Release No. 645/2001-2002 Dated 03.12.2001: Government of India have announced sale (re-issue) by auction of 10.71 percent Government Stock, 2016 for an aggregate amount of Rs 3,000 crore (nominal). 

Press Release No. 638/2001-2002 Dated 29.11.2001 : It has been decided that henceforth Overseas Corporate Bodies (OCBs) shall not be permitted to invest under the Portfolio Investment Scheme (PIS) in India. It is, however, clarified that OCBs will continue to enjoy the facilities of opening non-resident accounts and making direct investment as permitted so far. Further, the OCBs that have already made investments under the Portfolio Investment Scheme, may continue to hold such shares/convertible debentures till such time these are sold on the stock exchange. 

Banking Division

Notification No. DBS FID No C-9/01.10.00/2001-02 Dated 29.11.2001: The Capital adequacy norms have been reviewed and it has been decided to modify the present instructions in the matter. Accordingly, in respect of preference shares (existing as well as those that may be issued in future) of 20 year original maturity, the amount of grant equivalent that can be reckoned towards the Tier 1 capital of the FIs would be computed after making the adjustments in the amount received against subscription to the preference shares.

Notification No. DBS FID C-8/01.02.00/2001-02 Dated 28.11.2001: Norms for Entry of the All-India Financial Institutions into Insurance Business.

Master Circular Dated 22.11.2001: On Export Credit In Foreign Currency

Notification No.IECD No 14/04.02.02/2001-02 Dated 22.11.2001: Master Circular on Rupee Export Credit

Ministry of Commerce & Industry

Director General of Foreign Trade

Public Notice No. 54(RE-01)/1997-2002 Dated 05.12.2001 : Amendments made in the ITC(HS) Classification of Export and Import items, 1997-2002 whereby the Export Policy for export of fish, hides and skins is amended.

Public Notice No. 53(RE-2001)/1997-2002 Dated 04.12.2001 : Amendment made in the public notice no. 12(RE-2001)/97-02 dated 03.05.2001 whereby serial no. 12 has been added to the said notification.

Public Notice No. 52(RE-2001)/1997-2002 Dated 03.12.2001: Amendment in Handbook of Procedures Vol.2 1997-2002 whereby new entries at Sl. No A-2790 to A- 2799 and Sl. No C-1711 to C-1719 shall be added relating to Chemicals and Allied Products and Engineering Products.

Notification No. 40(RE-2001)/1997-2002 Dated 05.12.2001 : Amendment made in the ITC(HS) Classification of Export and Import items, 1997-2002 whereby it has been decided to extend the shipment period for export of the unutilized balance quantity of onion upto 31st December, 2001. 

Ministry of Consumer Affairs, Food and Public Distribution

Notification No. GSR869(E) Dated 26.11.2001 : The Central Government made the rules to further amend the Standards of Weights and Measures (Packaged Commodities) Rules, 1977 called the Standards of Weights and Measure (Packaged Commodities) 3rd Amendment Rules, 2001

Ministry of Agriculture 

Notification No. SO1175(E) Dated 27.11.2001 : The Central Government has restricted the import of Grand parent stock of all categories of live poultry falling under Chapter Subheading 0105 of ITC (HS) Classification and ordered that the import of these Grand parent stock of live poultry shall be allowed only against a Sanitary Import Permit to be issued as per the procedure laid down in the schedule to this notification.

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