"manupatra" Round Up
We have created "manupatra round up" to keep you informed about the legislative, regulatory, procedural changes and more ( in summary format ) which have been introduced or amended between 6.4.02 to 15.4.02 .We hope you will find the Round Up useful and informative.
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Round Up No. 11 dated 16-04-02.
Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000
Depository Participants to execute Beneficiary Owner’s instructions
Order of the Gujarat High Court in the matter of M/s Pioneer Silk Mills
Storage of duty paid goods belonging to another manufacturer in a warehouse – clarifications thereon
Department of Economic Affairs
FEMA, 1999 –Export of goods and services – Reduction of value
Indian Direct Investment in JVs/WOS abroad As on July 1, 2001
Investment by FIIs/NRIs /PIOs - Monitoring of overall ceiling - ICICI Ltd.
Report of the Consultative Group of Directors of Banks / Financial Institutions
Secretariat for Industrial Assistance
Department of Industrial Policy
Ministry of Consumer Affairs, Food and Public Distribution
Standards of Weights and Measures (Packaged Commodities) Second Amendment Rules, 2002
Minimum Price Payable by the Owner of the Vacuum Pan Process Sugar Factory - as specified
Ministry of Chemicals and Fertilizers
Ministry of Petroleum and Natural Gas
Exemption from excise duty - Crude oil production from Fields under the production sharing contracts
Bills Introduced In Parliament
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Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000
Circular No. SEBI RMB (Compendium) Series Circular No. 4 (2001- 2002) Dated 06.03.2002: Amendment in Chapter XI- Guidelines for Book Building
Benchmarks for Debt-Oriented and Balanced Funds Schemes
Circular No. MFD/CIR/01/071/02 Dated 15.04.2002: It has been decided in consultation with AMFI to disclose the performance of benchmarks in case of various types of debt-oriented schemes and balanced fund schemes while publishing half-yearly results by the mutual funds.
Depositories And Custodian Division
Depository Participants to execute Beneficiary Owner’s instructions
Circular No. D&CC/FITTC/CIR –07/2002 Dated 08.04.2002: In order to ensure smooth functioning of T+3 rolling settlement, it has been decided that the Depository Participants (DPs) shall execute Beneficiary Owner’s instructions received within 24 hours before pay-in time of the respective Stock Exchange.
Amendment to Notification No. SO883(E) and No. SO882(E)
Notification No. 84/2002, No. SO403(E) and No. 83/2002, No. SO402(E) both Dated 10.04.2002: Amendment to Srl. 4 of Schedule relating to Commissioner of Income-tax (TDA), Kolkata and Srl. 13 of Schedule relating to Comm. Of Income-tax, CIB, Banglore respectively.
Notification No. 72/2002 to 77/2002 all Dated 02.04.2002: Jiv Prakash Vidyapeeth Delhi, Sree Siddaganga Math, Tumkur, Karnataka, Bharat Scouts & Guides, New Delhi, Kerala Handloom Workers’ Welfare Fund Board, Cannanore, Medical Research Foundation, Chennai and Prayas Juvenile Aid Centre, Jahangirpuri, Delhi have been notified U/s 10(23C) subject to certain conditions.
New Jeevan Dhara and New Jeevan Akshay Plans of LIC Specified as Annuity Plans
Notification No. 71/2002 and No. SO372(E) both Dated 02.04.2002: Central Government has specified the New Jeevan Dhara and New Jeevan Akshay Plans of the Life Insurance Corporation of India, as filed by that Corporation with the Controller of Insurance, as the annuity plans of that Corporation for the purposes of the clause (xiiia) of sub-section (2) of Section 88 of the Income-tax Act, 1961 (43 of 1961).
Amendment to Notification No. 64/95-CE
Notification No. 25/2002 Dated 11.04.2002: Insertion of Serial No. 21 and entries relating thereto in the Table annexed to the notification.
Order of the Gujarat High Court in the matter of M/s Pioneer Silk Mills
Circular No. 24/633/2002-CX Dated 02.04.2002: Western Zonal Bench of CEGAT, Mumbai referred the issue of M/s Pioneer Silk Mills regarding the applicability of provisions relating to confiscation and imposition of penalty to man made fabrics, to the Gujarat High Court and the Hon’ble High Court vide its order dated 22-01-2002 answered the question in favour of revenue and against the assessee.
Storage of duty paid goods belonging to another manufacturer in a warehouse – clarifications thereon
Circular No. 23/632/2002-CX Dated 01.04.2002: The Board has decided to extend the facility of storage of duty paid goods belonging to another manufacturer along with non-duty paid goods in the warehouse with the permission of the Commissioner of Central Excise having jurisdiction over the warehouse subject to conditions as may be prescribed by the Commissioner to safeguard revenue.
Notification No. 41/2002 and No. 42/2002 both Dated 12.04.2002: Amendment to Notification No. 72/2001 and Notification No. 85/98 - Amendment in Para 2
Exemption from levying of duty on goods imported from Nepal as specified
Notification No. 40/2002 Dated 12.04.2002: The Central Government has exempted certain goods falling within the First Schedule to the Customs Tariff Act, 1975, when imported into India from Nepal, subject to certain conditions.
Safeguard duty on Acetone and Phenol
Notification No. 38/2002 and No. 39/2002 both Dated 12.04.2002: Safeguard duty has been imposed on the import of Acetone from South Africa and Singapore and Phenol from Malaysia, South Africa and Singapore.
Import of jute bags & jute products
Circular No. 21/2002 Dated 04.04.2002: The Ministry of Textiles have clarified that manufacture / use of jute bags / products containing Jute Batching Oil (JBO) in excess of 3% by weight is banned in India which would apply to imported bags also and a certificate from the authorised inspection agency in the country of manufacture should be obtained before import of such goods which has to be produced by the importer at the time of customs clearance.
Department of Economic Affairs
Jurisdiction of DRAT as Specified
Notification No. GSR244(E) Dated 02.04.2002: The jurisdiction of DRAT of Allahabad, Chennai, Delhi, Kolkata, and Mumbai has been specified in the notification.
IBRD Line of Credit Loan to IDBI converted into convertible debentures
Notification No. SO353(E) Dated 28.03.2002: The Central Government has converted its IBRD Line of credit loan to IDBI of a balance sum of rupees nine hundred seventy three crores and forty eight lakhs as on 31 -3 -2002 into twenty year convertible debentures at an interest rate of 11.88%, in budget neutral manner in the current year and eligible for qualifying as Tier-I capital of IDBI.
FEMA, 1999 –Export of goods and services – Reduction of value
Notification No. A.P. (DIR Series) Circular No.38 Dated 12.04.2002: It has been decided to allow authorised dealers to consider requests for reduction upto 10% in invoice value of export bills also in respect of export of gold/silver jewellery or articles made out of cut and polished diamonds.
Two-way fungibility of ADRs/GDRs
Circular No. AP(DIR Series)Circular No.37 Dated 09.04.2002: Amendment to the Operative Guidelines (in Circular No. 21 dated 13.02.2002) for the limited two-way fungibility under the "Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993" - the word NSDL has been replaced by NSDL/CDSL.
Indian Direct Investment in JVs/WOS abroad As on July 1, 2001
Notification No. EC. CO. PCD. No. 53 /15.02.76/2001-2002 Dated 04.04.2002: In order to enable the Authorised Dealers to have all the existing instructions on the subject of Indian direct investment abroad as on July 1, 2001 at one place, the master circular has been prepared for Indian Direct Investment in JVs/WOS abroad.
Kerala State Government to raise funds from market on April 11, 2002 by re-issue of 8.00 per cent KSD Loan, 2012
Press Release No. 1120/2001-2002 Dated 06.04.2002: The Government of Kerala have announced the sale of 10-year stock to the public by auction of sale (re-issue) of 8.00 per cent Kerala State Development Loan, 2012 for Rs. 225 crore.
Investment by FIIs/NRIs /PIOs - Monitoring of overall ceiling - ICICI Ltd.
Press Release No. 1112/2001-2002 Dated 04.04.2002: The RBI has notified that no further purchases of shares of ICICI Ltd., should be made through stock exchanges in India on behalf of (FIIs)/NRIs and (PIOs) as their holdings have reached the overall ceiling of 49 per cent of its paid up equity capital.
Report of the Consultative Group of Directors of Banks / Financial Institutions
Dated 05.04.2002: Report of the Consultative Group of Directors of Banks / Financial Institutions has been submitted to RBI.
Ministry of Commerce and Industry
Release of Quota for Export of Onion
Public Notice No. 7(RE-2002)/2002-2007 Dated 12.04.2002: The Director General of Foreign Trade has decided to release a quantity of 1.00 (one) Lakh M.T. of onions (all varieties other than Bangalore Rose onion and Krishnapuram onions) for export upto 31st July, 2002 to specified agencies/State Trading Enterprises.
Amendments / Corrections in the Schedule of DEPB rates
Public Notice No. 5 /2002-07 Dated 04.04.2002 and No. 6/2002-2007 Dated 12.04.2002: The Director General of Foreign Trade has made certain amendments/ corrections in the book titled “Schedule of DEPB Rates.”
Changes made to the provisions relating to DEPB Scheme
Trade Notice No. 1/2002 Dated 02.04.2002: Certain changes have been made in the provisions related to DEPB Scheme in the new Export Import Policy, 2002-2007 particularly to para 4.43 of Handbook of Procedures.
Technical Characteristics under DFRC
Public Notice No. 4/2002-07 Dated 01.04.2002: The Director General of Foreign Trade has made amendment in the Handbook of Procedures (Vol.1)- Amendment in paragraph 4.31
Notification No. SO349(E) Dated 31.03.2002: The Central Government has notified the Export and Import Policy 2002--2007 which shall come into force from 1st April, 2002.
Secretariat for Industrial Assistance
Revision of existing sectoral guidelines for FDI, including investment by non-resident Indians and overseas corporate bodies
Press Note No. 4/2002: Press Note 2 (2000 series) dated the 11th February, 2000 enumerating the sector specific guidelines for Foreign Direct Investment (FDI) has been modified. With a view to further liberalizing the FDI regime, the Government have permitted FDI up to 100% on the automatic route in the advertising sector. FDI up to 100% in the film sector, which is already on the automatic route, will not be subject to the conditions indicated at I to V in the said press note.
Department of Industrial Policy
Notification No. SO354(E) Dated 01.04.2002: The Central Government has notified the Industrial Park Scheme, 2002.
Ministry of Consumer Affairs, Food and Public Distribution
Standards of Weights and Measures (Packaged Commodities) Second Amendment Rules, 2002
Notification No. GSR253(E) Dated 05.04.2002: Amendment in Rule 33
Notification No. SO379(E) Dated 03.04.2002: The recognition granted to Keshav Commodity Exchange Ltd., Delhi to organize futures trading in respect of forward contracts in Potatoes for a period of two years has been withdrawn with immediate effect.
Minimum Price Payable by the Owner of the Vacuum Pan Process Sugar Factory - as specified
Notification No. GSR245(E)/Ess.Com./Sugarcane Dated 03.04.2002: The Central Government has fixed the minimum price that shall by payable by the owners of the vacuum pan process sugar factory as specified or their agents for sugarcane delivered at the gate of the factory or any purchasing centre for the sugar year 2001 -2002 ending the 30th September, 2002 subject to the rebates payable therefore under clause 3 A of the Sugarcane (Control) Order. 1966.
Passports (Amendment) Rules, 2002
Notification No. GSR235(E) Dated 28.03.2002: Amendment in Schedule IV
Ministry of Health and Family Welfare
Transplantation of Human Organs (Amendment) Rules, 2002
Notification No. GSR266(E) Dated 08.04.2002: Amendment in Rule 5 and Rule 9
Prevention of Food Adulteration (1st Amendment) Rules, 2002
Notification No. GSR251(E) Dated 04.04.2002: Amendment in Rule 65
Drugs and Cosmetics (1st and 2nd Amendment) Rules, 2002
Notification No. GSR248(E) No. GSR249(E) and No. GSR250(E) all Dated 04.04.2002:
Drugs and Cosmetics (1st Amendment) Rules, 2002: Amendment in Rule 3A
Drugs and Cosmetics (2nd Amendment) Rules, 2002: Amendment in Schedule P
Drugs and Cosmetics (Draft Amendment) Rules, 2002: Amendment in Schedule K
Resolution No. U-23013/01/02-LW, No. U-23013/02/02-LW and No. U-23013/03/02-LW all Dated 11.04.2002: The Central Advisory Contract Labour Board has constituted a committee to go into the question of abolition of contract labour in the establishment of Indian Airlines and Airport Authority of India, Bongaigaon Refinery and Petrochemical Limited, Dhallgaon, Assam and Oil and Natural Gas Corporation, Panvel Complex.
Ministry of Chemicals and Fertilizers
Fixation of Price as specified - Pyrantel
Notification No. SO400(E) Dated 10.04.2002: The National Pharmaceutical Pricing Authority has fixed the ceiling price exclusive of excise duty, and local tax, if any, for specified scheduled formulation.
Directions issued to Manufacturers as specified to Sell fertilizers to Registered dealers in time
Notification No. SO355(E) Dated 01.04.2002: The Central Government has directed that the manufacturers shall sell the fertilisers produced by them to the registered fertiliser dealers in the State or States and the Union territories during the Kharif season 2002, as specified.
Ministry of Petroleum and Natural Gas
Exemption from excise duty - Crude oil production from Fields under the production sharing contracts
Notification No. SO417(E) Dated 12.04.2002: The central Government has exempted the duty of excise on crude oil production from the fields under the Production Sharing Contracts as specified to the extent of Rupees One thousand eight hundred per tonne specified vide notification No. S.O. 259(E) dated 28th February, 2002.
Nomination of designated authority under Petroleum Products (Maintenance of Production, Storage and Supply) Order, 1999
Notification No. GSR275(E) Dated 09.04.2002: The Central Government has nominated the Executive Director, Petroleum, Planning and Analysis Cell, New Delhi, as the authority to whom the requisite information under sub-clause (4) of clause (8) of the Petroleum Products (Maintenance of Production, storage and Supply) Order, 1999 shall be furnished.
Cairn Energy India Pty Ltd. Exempted from Rule 31(e)
Notification No. SO380(E) and SO381(E) both Dated 03.04.2002 : The Central Government has exempted the Cairn Energy India Pty Limited , Wellington Plaza, Chennai from the provisions of sub-rule(2) of rule 31 of the Explosives Rules, 1983 for import of specified explosives from Etudes ET Production Schlumberger, France and from SRC Technology Centre, Schulumberger Technology Corporation, United States of America, respectively, at Chennai Airport
Notification No. SO390(E) and SO391(E) both Dated 02.04.2002: The Central Government has acquired right of user for transportation of Natural Gas Through Dehej – Vemar – Vijaipur Pipelince Project and transportation of natural gas through Jolwa EPS to Nahar Color & Coating Ltd. Project.
Board Meeting through video conferencing
Dated 15.04.2002: The Department of Company Affairs (DCA) has proposed to make an amendment in the Companies Act, 1956 to enable companies to hold the Board Meetings through electronic means such as video conferencing and telephone conferencing to take advantage of information technology.
Guidelines on debenture redemption reserve
Dated 15.04.2002: Since banks, All India Financial Institutions and NBFCs, have been facing an understandable difficulty in complying with an over-rigorous definition of adequate DRR over and above the prudential norms applicable to them, the Government has proposed to issue a Circular on adequate DRR in that respect.
Protocol on legal bilateral cooperation
Dated 10.04.2002: India and Turkey have signed a protocol concerning bilateral cooperation on legal matters.
Unanimous resolution passes for second generation panchayati raj reforms
Dated 09.04.2002: The All India Panchayat Adhyaksha Sammelan held to build a consensus on the measures needed to revitalise the Panchayati Raj System adopted a declaration in that respect and also urged the Central Government to effectively monitor the implementation of the Declaration.
Setting up of Family Courts in 2002-2003
Dated 05.04.2002: The Government has planned to set up 34 new Family Courts all over the country during the current financial year 2002-2003 on a cost- sharing basis with the States.
Misuse of preferential allotment of shares
Dated 04.04.2002: Considering the queries and suggestions from various quarters regarding abuse and misuse of preferential allotment and how to prevent them, SEBI has strengthened the guidelines for preferential issues in August, 2000 stipulating that preferential shares are eligible for listing only if disclosures specified in the guidelines are made, the shares are locked in and the consideration fully paid on allotment.
Supreme Court on status of Employees as Government servants
Dated 04.04.2002: The Supreme Court of India in State of Gujarat Vs. Raman Lal Keshav Lal Soni {(1983) 2 SCC 33} has laid down criteria for the persons who can be called Government employees or servants of the State.
Bills Introduced In Parliament
The text of the following bills introduced in the budget session is now available on the site
Consumer Protection (Amendment) Bill, 2002
Election And Other Related Laws (Amendment) Bill, 2002
Vice-President's Pension (Amendment) Bill, 2002
Full Text of the Notifications\Circulars\Acts\Bills\Other information is available on our site "www.manupatra.com."
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