manupatra Round up                       No. 2 [08-01-2002]
 

Notifications

        SEBI
        CBDT
        Excise (Tariff)
        Excise (Non Tariff)
        Customs Tariff
        Service Tax
        Department of Revenue
        RBI
        DGFT
        Ministry of Law, Justice and Company Affairs
        Ministry of Environment
        Ministry of Health & Family Welfare
        Ministry of Chemicals and Fertilizers

Bills introduced in Winter Session of the Parliament
Ordinance [POTO (Second) Ordinance]
 

 
Securities and Exchange Board of India

Secondary Market Division

Circular No. SMDRP/POLICY/ CIR- 53 /01 Dated : 31.12.2001: The institutional  directors on the boards of even Government Companies (which was previously  excluded) are considered as independent directors.

Mutual Fund Division

Circular No. MFD/CIR/11/ 354/ 2001 Dated 20.12.2001: Clarifications are being  issued with a view to implement the SEBI (Mutual Funds) Regulations, 1996 in  respect of independent directors on the Boards of asset management companies (AMCs)  and trustee companies.

Depositories and Custodian Division

Circular No. D&CC/FITTC/CIR-05/2001 Dated 26.12.2001: As per the information  provided by both the depositories i.e. CDSL & NSDL the list of scrips that  have established connectivity with them as on September 30, 2001 is given. These  scrips would be traded in the normal rolling settlement mode with effect from  December 31, 2001.
 

Ministry Of Finance

Central Board Of Direct Taxes

Excise (Tariff)

Circular No. 609/46/2001-CX Dated 26.12.2001: CBEC has clarified that if the  plastic tubes in running length are produced as an identifiable product at and  intermediate stage, they will pay duty under heading 39.17 before these are  issued for cutting to size for use in refills and if the process is a continuous  one and what emerges are plastic tubes cut to size meant for use only in  refills, they will be classified under heading 96.08 of the CET.

Circular No. 608/45/2001-CX Dated 24.12.2001: With reference to New Central  Excise Manual released on 1.9.2001 and Board’s Circular No.586/23/2001- CX  dated 12.9.2001 and in the interest of facilitating exports it has been decided  by the Board to keep the instruction regarding the furnishing of 25% security in  abeyance till further order in respect of Merchant Exporters who are registered  with a Recognised Export Promotion Council. 

Circular No. 607/44/2001-CX Dated  13.12.2001: The Central Board of Excise and Customs has made a clarification  regarding return of duty paid goods for refining, re-making, etc. as specified  in Rule 16 of Central Excise (No.2) Rules, 2001

Circular No. 603/40/2001-CX Dated 29.11.2001: It is clarified that the  manufacturer of chassis maybe allowed to furnish bond on behalf of the  body-builders for building bodies on the chassis brought in the premises of the  body-builders under the provisions of Central Excise (Removal of Goods at  Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2001.
 

Excise (Non Tariff)

Notification No. 66/2001-NT Dated 13.11.2001: The Central Board of Excise and  Customs invests the Commissioner of Customs (Appeals), Delhi, with all powers of  the Commissioner of Central Excise (Appeals), Delhi under the said Act and rules  made there under.
 

Customs (Tariff)

Notification Nos. 126/2001, 127/2001, 128/2001 & 129/2001 All Dated  21.12.2001, Notification No. 131/2001 Dated 27.12.2001 & Notification No.  132/2001 Dated 28.12.2001: The Central Government has imposed anti-dumping duty  on Cold Rolled Flat Products of Stainless Steel, Partially Oriented Yarn,  AB2D3K, Compact Fluorescent Lampsan, thermal sensitive paper and acrylonitrile  butadiene rubber, at the rate specified in the respective notifications.

Circular No. 84/2001 Dated 21.12.2001: Certain decisions have been taken  regarding the procedural relaxations in the functioning of EOUs and units under     EPZ/SEZ/ETHP/STP schemes. These are:
1. Co-relation of import consignment with Corresponding Export Consignment.
2. Facility to take out Laptop Computers outside the Bonded Premises of EOUs and  Units in EPZ/EHTP/STP/SEZ.
3. Delegation of Powers.
4. Procurement of Fuels, Oils and Lubricants for Captive Power Plant/Boiler etc.
5. Warehousing Licence.

Circular No. 83/2001 Dated 20.12.2001: It has been decided to allow DEPB benefits to embroidered silk garments, made-ups and fabrics under Sr. Nos. 74, 75 and 76 of the un-amended DEPB Rate Schedule i.e. prior to January/March 2001.

Circular No. 81/2001 Dated 12.12.2001: Guidelines have been issued regarding the  applicability of the provisions of Section 25(2) of the Customs Act for  exemption from Customs duty in respect of goods, which are of secret or  strategic nature or are meant for being used for charitable purposes.

Circular No. 74/2001 Dated 04.12.2001: It has been decided by the Board that in  case raw materials/capital goods etc procured from indigenous sources by EOUs/EPZ/STP/EHTP/SEZ  units are transferred/sold back into DTA except for the purpose of replacement,  the deemed export benefits already availed of against such goods shall be  required to be refunded back.
 

Service Tax Department

Notification No. GSR907(E) Dated 20th December 2001: The Central Government has  exempted the taxable service provided by a hotel as mandap keeper in such cases  where services provided include catering services, that is, supply of food along  with any service in relation to use of a mandap, and the bill issued for this  purpose indicates that it is inclusive of charges for catering services, from  the whole of the service tax.
 

Department of Revenue

Notification No. SO1255(E) Dated 24.12.2001: The Central Government has made  rules to amend the Appellate Tribunal for Forfeited Property (Conditions of  Service of Chairman and Members) rules, 1989.
 

Reserve Bank of India
Press releases

Press Release No. 755/2001-2002 Dated 01.01.2002: The RBI has rationalised NBFC  Regulations in respect of companies whose application for certificate of  registration have been rejected or companies whose certificate of registration  have been cancelled and has advised NBFCs to comply with section 58AA and 292 A  of the Companies Act, as amended by Companies Amendment Act, 2000. Also those  NBFCs which were so far private limited companies but have become public limited  companies are to approach the Reserve Bank of India for change in the  certificate of registration.

Press Release No. 750/2001-2002 Dated 31.12.2001: The RBI will announce  Reference Rate for Euro in addition to Reference Rate for the US dollar w.e.f  01.01.2002.

Press Release No. 697/2001-2002 Dated 15.12.2001: The Press Release allows  Authorised dealers the remittance of foreign exchange by employees of wholly  owned subsidiaries or branch offices of the foreign company or a company in  which the shareholding of a foreign company is not less than 51 per cent, for  purchase of shares of the foreign company offered under Employees Stock Option  Scheme (ESOP).

Press Release No. 669/2001-2002 Dated 08.12.2001 : The RBI has announced  availability of non-competitive bidding facility in Government securities for  retail investors .The participation on a non-competitive basis in Government  securities auctions will be open to investors (i) who do not maintain current  account or subsidiary general ledger account with the Reserve Bank; and (ii) who  can make a single bid for an amount not more than Rs. one crore of face value  per auction.
 

Non Banking Supervision

Notification Nos. DNBS 154, 155, 156/CGM(LMF)-2002 All Dated 01.01.2002 :  Amendments have been made in Non Banking Financial Companies Acceptance of  Public Deposits (Reserve Bank) Direction, 1998.
 

Exchange Control Department

Circular No. AP (DIR Series) Circular No 18 Dated 18.12.2001: It is clarified  that no holding licence for acquisition of foreign securities by a person  resident in India, is required to be obtained from the Reserve Bank.

Circular No. AP(DIR Series)Circular No 17 Dated 15.12.2001: With the  introduction of Foreign Exchange Management Act (FEMA), 1999, certain returns  prescribed under Foreign Exchange Regulation Act (FERA), 1973 are no longer  relevant. The Series reviews the position in respect of Annual Return, Statement  in form CIR, SPG SPM and DBS.
 

Banking Division

Circular No BP BC 53/21.04.117 /2001-02 Dated 22.12.2001: The Boards of public  sector banks may formulate a policy for recovery of dues pertaining to loans  outstanding up to Rs.25, 000.
 

Ministry of Commerce and Industry

Directorate General Of Foreign Trade

Notification No. 44(RE-2001)/1997-2002 Dated 24.12.2001: The Central Government  has made amendments in the ITC(HS) Classification of Export and Import items,  1997-2002 in consequence of which a quantity of 50,000 (Fifty Thousand) Metric  Tonnes of onions for export in December/January to be exported upto 31st January  2002 and a quantity of 50,000 MTs for export in January 2002 to be exported upto  31st January, 2002 each are allowed for export through specified agencies/State  Trading Enterprises.

Notification No. 43(RE-2001)/1997-2002 Dated 24.12.2001: The Central Government  has made amendments in the ITC(HS) Classifications of Export and Import  Items, 1997-2002 and as amended from time to time in respect of Code No. 1207  relating to Niger Seeds for export to USA.

Public Notice No.  57(RE-2001)/1997-2002 Dated 21.12.2001: The DGFT has made certain amendments in  Handbook (Vol 1).(RE-01), 1997-2002 in consequence of which the time period for  the filing of application for DEPB/ DFRC in the case of lost EP copy of the  shipping bill has been extended from six months of the date of export to  six months from the date of issuance of the duplicate copy of the shipping  bill.The amendment further provides deemed export benefits for supply of  goods required for setting up of any nuclear power project specified in List 35  to S.No 370 of the Customs Notification No 17 dtd 01.03.2001 having a capacity  of 440 MW or more, in cases where the procedure of Competitive Bidding (and not  International Competitive Bidding) has been followed.

Public Notice No.  56(RE-2001 )/1997-2002 Dated 19.12.2001: The DGFT has decided to release a  quantitative ceiling of 50,000MTs (Fifty thousand MTs) of Coarse Grains viz.  Grain and flour of Barley, Maize, Bajra, Ragi and Jowar (excluding Hybrid Jowar  as Kharif Crop ) for export by specified agencies. 

Notification No.  41(RE-2001 )/1997-2002 Dated 19.12.2001: The Central Government has made  amendments in the ITC(HS) Classifications of Export and Import Items, 1997-2002,  in the the clause relating to import of natural rubber which shall be  permitted only through customs port at Kolkata and Vishakhapatnam.

Public Notice  No. 55(RE-01)/1997-2002 Dated 18.12.2001: The DGFT has made amendment in  Handbook (Vol 1).(RE-01), 1997-2002 which seeks to amend Appendix 28 A  pertaining to DEPB rate list.
 

Ministry Of Law, Justice And Company Affairs

Department of Company Affairs

 Notification No. GSR913(E) Dated 21.12.2001: The Central Government notified the (Cost Accounting Records (Electricity Industry) Rules, 2001.
 

Ministry Of Environment And Forest

Notification No. SO1197(E) Dated 05.12.2001: The Central Government, has made  further amendments in Schedule I and Schedule IV of the Wild Life (Protection)  Act, 1972 w.e.f 05.12.2001.
 

Ministry Of Health And Family Welfare

Department of Health

Notification No. GSR894(E) Dated 11.12.2001, Notification No. GSR900(E) Dated  12.12.2001, and Notification No. GSR909(E) Dated 20.12.2001: The Central  Government, after consultation with the Drugs Technical Advisory Board, has  notified Drugs and Cosmetics (8th Amendment) Rules, 2001, Drugs and Cosmetics  (9th Amendment) Rules, 2001 and Drugs and Cosmetics (10th amendment) Rules, 2001  further to amend the Drugs and Cosmetics Rules, 1945.

Notification No. GSR895(E) Dated 11.12.2001 and Notification No. GSR908(E) Dated  20.12.2001: The Central Government after consultation with the Central Committee  for food standards, has notified Prevention of Food Adulteration 8th (Amendment)  Rules, 2001 & Prevention of Food Adulteration (9th Amendment) Rules, 2001  further to amend the Prevention of Food Adulteration Rules, 1955.
 

Ministry of Chemicals and Fertilizers

Notification Nos. SO1139(E), SO1140(E), SO1141(E), SO1142(E), SO1143(E),  SO1144(E) & SO1145(E) all dated 20-11-2001 and Notification Nos. SO1234(E),  SO1235(E), SO1236(E), SO1237(E), SO1238(E) & S01239(E) all dated 19-12-2001 : The National Pharmaceutical Pricing Authority, has fixed the ceiling prices  exclusive of excise duty and local tax, if any, of specified scheduled  formulations as given in the respective notifications.
 

Bills introduced in the Winter Session of Parliament

 Text of the following bills introduced in the Winter Session of Parliament are  available on site:

LOK SABHA

1. The Essential Services (Maintenance) Ordinance Repeal Bill, 2001.
2. The Constitution (Ninety-Second Amendment) Bill, 2001.
3. The Constitution (Ninety-Third Amendment) Bill, 2001.
4. The National Commission For Safai Kakamcharis (Amendment) Bill, 2001.

RAJYA SABHA

1. The Explosive Substances (Amendment) Bill, 2001.
2. The St. John Ambulance Association (India) Transfer of Funds (Repeal) Bill, 2001.
3. The Indian Succession (Amendment) Bill, 2001.
4. The Coast Guard (Amendment) Bill, 2001.
5. The National Institute Of Pharmaceutical Education And Research (Amendment) Bill, 2001.
6. The Passports (Amendment) Bill, 2001.

Ordinance

The Prevention of Terrorism (Second) Ordinance, 2001 was repromulgated on  31st Dec., 2001.
 

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