|
manupatra Round Up |
[No. 16 dated 10-06-02] |
www.manupatra.com is an online legal and business information database providing comprehensive and updated information on Law and Business Policy.
To keep you informed about the Legislative, Regulatory and Procedural information we publish an e-newsletter "manupatra round up " in which the latest changes brought about through Notifications/Acts/Bills etc are highlighted.
For details please log onto www.manupatra.com
Secondary Market Division
Renewal of Recognitions
Notification No. SO599(E) Dated 04.06.2002 and No. SO586(E) Dated 30.05.2002 : SEBI has granted renewal of recognition under Section 3 of the Securities Contracts (Regulation) Act, 1956 to Bhubaneshwar Stock Exchange Limited and Uttar Pradesh Stock Exchange Association Limited, Kanpur.
Press Releases
Prosecution against entities operating unregistered Collective Investment Schemes
Press Release No. PR 109/2002 Dated 06.06.2002 : Securities and Exchange Board of India has launched criminal prosecution against the specified companies for violating SEBI (Collective Investment Schemes) Regulations, 1999.
Ministry of Finance
Approvals and Notifications
Notification No. 115/2002 to 122/2002 and No. 124/2002 to No. 129/2002 all Dated 31.05.2002 : M/s Diabetes Research Centre Foundation, Chennai has been approved Under Section 35, M/s Viraj Agro Produce Exports (P) Ltd., Chennai and M/s Universal Agro Produce Exports (P) Ltd., Chennai have been approved U/s 10(23G), India Polo Promotion Foundation, Mumbai has been Notified Us 10(23), Southern Health Improvement Samity, West Bengal, Krishna Gopal Ayurvedic Dharmarth Aushodhyala Trust, Ajmer, St. John Ambulance Association, New Delhi, Punjab Kesari Club, Mumbai, Sundaram Charities, Chennai, Research and Information System for the Non-Aligned and other Developing Countries, New Delhi, Gujarat Ecological Education Research (GEER) Foundation, Gujarat, Sri Ganapati Sachchidananda Avadhoota Datta Peetha Trust [R], Mysore, Petroleum Sports Control Board, New Delhi, have been notified u/s 10(23C) and M/s Tata Housing Development Company Limited has been notified U/s 80-IA.
Maximum amount receivable by Employees of Central Government as cash equivalent of Leave salary
Notification No. 123/2002, No. SO588(E) Dated 31.05.2002 : The Central Government, having regard to the maximum amount receivable by its employees as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of retirement, has specified the amount of rupees 3,00,000/- for employees who retire on superannuation or otherwise, after the 1st day of April, 1998.
Amendment to Notification No. 6/2002
Notification No. 31/2002 Dated 03.06.2002 : Insertion of S. No. 32B relating to Motor Spirit commonly known as Petrol and S. No. 32C relating to High Speed diesel oil. after S No., 32A in the Table.
Amendment to Notification No. 10/2002 – List 1 annexed to the Notification
Notification No. 30/2002 Dated 31.05.2002 : Amendments in the List 1 annexed to the notification-Substitution of item number 19 relating to Keratoprosthesis/orbital implants and Omission of item number 139 and 142.
Amendment to Notification No. 14/2002
Notification No. 22/2002 NT Dated 04.06.2002 : Substitution of Table I, S. Nos. 7 to 92 in Table II, S. Nos. 11 to 71 in Table III.
Provisional Anti Dumping duty
Notification No. 59/2002 and No. 58/2002 Dated 05.06.2002 : Imposition of Anti-dumping duty on Graphite electrodes – Ultra High Power grade ( of diameters upto and including 24”), falling under sub-heading 85.45 of the First Schedule to the Customs Tariff Act, imported from Poland and Brazil and on Zinc Oxide of all grades, falling under heading 28.17 or sub-heading 3812.30 of the First Schedule to the Customs Tariff Act, imported from, Nepal, by exporters / producers as specified.
Amendment to Notifications specified in the prescribed manner
Notification No. 57/2002 Dated 31.05.2002 : Amendment to Notification No. 25/2002-Customs, dated 1st March, 2002 - Substitution of the words "Polishing Machine" for "Polishing Machine; Automatic solder dipping/lead welding machine" in column (2), against S. No. 6, in the Table. Amendment to Notification No. 25/99-Customs, dated 28th February, 1999 - Substitution of entries relating to S. NOs. 90, 91,92, 126, 129, 143.
Amendment to Notification No. 73/2000-Customs
Notification No. 56/2002 Dated 31.05.2002 : Insertion of Proviso after the Table - Non Applicability of the notification to imports of SBR of grade in 1500 series and 1700 series from United States of America, Taiwan, Turkey, Korea and Japan.
All Industry rates of duty drawback for the Year 2002-2003 effective from 1.6.2002
Circular No. 29/2002 Dated 29.05.2002 : The effective date for the enforceability for All Industry rates of duty drawback for the Year 2002-2003 is 1st June 2002.
Determination of rates of drawback
Notification No. 33/2002 NT Dated 29.05.2002 : The Central Government has determined the rates of drawback as specified in the Table annexed to the notification subject to the conditions specified in the General Notes.
Remittance for participation in lottery etc., schemes
Circular No. A.P. (DIR Series) Circular No.49 Dated 04.06.2002 : It is clarified that the prohibition on payments dealt in A.P. (DIR Series) Circular No.22 dated December 7, 2000 and A.P. (DIR Series) Circular No.2 dated July 27, 2001 include payment not only by a resident by use of cash/draft/credit card/debit card etc. but also payments made by non-residents on behalf of residents.
Exim Bank’s Letter of Credit Refinancing Facility of US $ 20 million to Bank Markazi Jomhouri Islami Iran
Circular No. A.P.(DIR Series) Circular No.48 Dated 03.06.2002 : Export Import Bank of India has concluded an agreement with Bank Markazi Jomhouri Islami Iran (The Central Bank of the Islamic Republic of Iran) on February 20, 2002, to make available to the latter a Letter of Credit Refinancing Facility upto an aggregate sum of US $ 20 million which is available for financing 100 per cent value of contract (f.o.b./c.f.r/c.i.f.) for export of eligible goods and services to Bank Markazi Jomhouri Islami Iran.
SEBI Committee on Corporate Governance – guidelines to Indian commercial banks listed in stock exchanges
Notification No. DBOD No.BC.112 /08.138.001/2001-02 Dated 04.06.2002 : In order to further improve the Corporate Governance standards in banks, SEBI recommends the following measures for implementation.
a. In the interest of the shareholders, the private sector banks and public sector banks which have issued shares to the public may form committees on the same lines as listed companies under the Chairmanship of a non-executive director to look into redressal of shareholders' complaints.
b. All listed banks may provide un-audited financial results on half yearly basis to their shareholders with summary of significant developments.
Submission of Credit Information to Credit Information Bureau (CIB)
Notification No. DBOD No.DL.BC. 111/20.16.001/2001-02 Dated 04.06.2002 : With a view to implement some of the recommendations of the working group examining CIB's role, RBI has advised Banks and FIs to submit the list of suit-filed accounts of Rs.1 crore and above as on March 31, 2002 and quarterly updates thereof till December 2002 and suit-filed accounts of willful defaulters of Rs.25 lakh and above as at end-March, June, September and December 2002 to RBI as well as to CIBIL for a period of 1 year till 31 March 2003.
Willful defaulters and action there against
Notification No. DBOD. No..DL(W).BC ./110 /20.16.003(1)/2001-02 Dated 30.05.2002 : While further examining the recommendations of the Working Group on Willful Defaulters, In House Working Group constituted by the Reserve Bank, has now advised, to implement the same with immediate effect as specified.
RBI Regulations for NBFCs – Amendment to NBFC Directions on Prudential Norms
Notification No. DNBS(PD).CC.No.20/02.01/2001-02 Dated 06.06.2002 :
1.Removal of the concept of `Past Due’ from the definition of NPA
2.Amendment to format of half yearly return on Prudential Norms - Requirement of maintenance of CRAR
on an on-going basis
Amendment of NBFC Prudential Norms directions for enabling the bank to regulate the credit system
Notification No. DNBS. 158/CGM(CSM)-2002 Dated 06.06.2002 : Amendment of NBFC Prudential Norms directions contained in Notification No.DFC.119/DG(SPT)/98 dated January 31, 1998 - Substitution of the definition of NPA in clause (xii) of sub paragraph (1) of paragraph 2 and Substitution of the formats of certificate and Auditor’s Report in Form-NBS 2, in the Annexure.
Auction of Government of India Dated Securities
Notification No. IDMC. 5206 /08.02.30.01/2002-03 Dated 03.06.2002 : Government of India have offered to sell two dated securities of 10 and 20 years tenures, viz; 7.40% Government Stock, 2012 for a notified amount of Rs 4,000 crore (nominal) and 8.35% Government Stock, 2022 for a notified amount of Rs 2,000 crore (nominal) respectively, through price based auctions by Reserve Bank of India, vide notifications no. 4(9)-W&M/2002 and no.4(9)-W&M/2002 (i) dated June 3, 2002.
Swarnjayanti Gram Swarozgar Yojana (SGSY)-Family and Wilful defaulter- Clarification
Notification No. RPCD.SP.BC. 99 /09.01.01/2001-02 Dated 04.06.2002 : The terms ‘Family’ and ‘Defaulter’ for the purpose of SGSY guidelines have been defined by the Government of India as under:
1.The ‘Family’ would consist of members of a household and united by ties of marriage, blood and adoption. The family would consist of husband, wife, dependent parents /sons /daughters / brothers and sisters. The moment a parent/son/daughter/brother/sister is no longer dependent and has a separate household; he will no longer be a member of the same family.
2.The term ‘Wilful defaulter’ is defined as "one who is capable of repaying the loan, but has been defaulting intentionally and not repaying the loan deliberately and willfully".
Survey of Foreign Collaboration in Indian Industry (1994-95 to 2000-01)
Notification No. DEAP/DIT/ 380/33.05.31/2001-02 Dated 30.05.2002 : As RBI has been conducting the Periodical surveys of Foreign collaboration in Indian Industry, it now further proposes to conduct the Seventh Survey covering the period 1994-95 to 2000-01 as it is felt that a fresh study on foreign collaborations would be useful not only for research workers but also for industries themselves, as it would give them an idea of the potential areas of competition, essentially to ensure continuity of data.
NBFC Auditors Directed to Verify Continued Compliance of Capital Adequacy Ratio Requirement
Press Release No. 1348/2001-2002 Dated 06.06.2002 : The auditors are now required to certify that the capital adequacy ratio has been maintained by NBFCs on an on-going basis and in case there is a violation of this requirement by any company, the auditors of these companies should indicate such violation in their report to be submitted by them to the Board of Directors of the company, its shareholders and the RBI under the auditor's directions issued by the Reserve Bank.
Technical Group on Market Integrity submits Report
Press Release No. 1337/2001-2002 Dated 04.06.2002 : The Report on Market Integrity, authored by three senior officials of the Reserve Bank (Shri C.R. Muralidharan, Dr. Himanshu Joshi and Smt. Indrani Banerjee) was submitted to the Chairman of the Standing Committee on May 30, 2002 which has now been made public for wider discussion.
RBI announces rate of interest on FRBs 2009
Press Release No. 1331/2001-2002 Dated 03.06.2002 : The rate of interest on the Floating Rate Bonds, 2009 (FRB, 2009) applicable for the half year ending December 5, 2002 shall be 6.37 per cent per annum
Negotiated Dealing System (NDS) - Cut-off date
Press Release No. 1324/2001-02 Dated 31.05.2002 : In the light of the representations received by the RBI from some market participants indicating difficulties in adhering to the time-schedule such as delays in obtaining required hardware and system software, to put the NDS system in place by May 31, 2002, it has been decided to continue to allow each of such participants to submit physical SGL transfer form till the date specifically agreed in respect of each of them as the last date for such submission.
Ministry of Commerce and Industry
Fixation and Modification of Input and Output Norms
Public Notice No. 15(RE-03)/2002-2007 Dated 04.06.2002 : Amendments/corrections/ deletion have been made in the statement of Standard Input Output Norms as specified in the annexures and new entries relating to Chemicals and Allied Products, Engineering Products and Food Products have been added at appropriate places as specified.
Amendments in Import Licensing note
Notification No. 6/2002-2007 Dated 03.06.2002 : The Central Government has made the following amendments in the ITC(HS) Classifications of Export and Import Items, 2002-2007 published on 31st March, 2002 as amended from time to time- Insertion of sub-para 2 in the import licensing Notes - Import of films to be governed by the provisions of the Public Notice No.64/1997-2002 dated 29.01.2002 as appended to the chapter 37.
Exemption of SAD in case of unutilized DEPB for Exports Prior to 1.4.02
Public Notice No. 14/2002-07 Dated 31.05.2002 : Since the DEPB rates were worked out taking into account only the incidence of basic customs duty, it has been agreed to allow exemption from SAD in respect of exports made under the DEPB scheme prior to 1.4.2002.
DEPB Claims against exports made up to 31/03/2002
Trade Notice No. 5/2002 Dated 29.05.2002 : The Revenue department has agreed to the requests from the trade that Customs Notification No.45 of 2002 should not be made applicable to exports made up to 31/3/2002 and instructions in this regard are likely to be issued very soon by the DGFT and necessary changes in the computer software used for issuing DEPB are also being made at DGFT Headquarters.
Department of Industrial Policy
ONGC, Nazira-Exempted from the Provisions of Rule 31(2)
Notification No. SO595(E) Dated 03.06.2002 : The Central Government has exempted the Oil and Natural Gas Corporation Limited, Assam from the provisions of sub-rule (2) of rule 31 of the Explosives Rules, 1983 , for import of Cartridges, Oil Well and Igniters from the Jet Research Centre, Halliburton Energy Services Inc., 8432, South IH35, West Alvarado, Texas, United States of America, at Kolkatta Airport subject to conditions.
Ministry of Consumer Affairs, Food and Public Distribution
Increase in Maximum limit of the authorized capital of the Kerala State Warehousing Corporation
Notification No. GSR401(E) Dated 03.06.2002 : The Central Government, in consultation with the Government of Kerala, has increased the maximum limit of the authorized capital of the Kerala State Warehousing Corporation to nine cores of rupees, divided into nine lakhs shares of the face value of one hundred rupees each.
Ministry of Environment and Forests
Draft Hazardous Wastes (Management And Handling) Amendment Rules 2002
Notification No. SO553(E) Dated 21.05.2002 : Draft rules to further amend the Hazardous Wastes (Management and Handling) Rules, 1989, has been published for objections and suggestions from all persons likely to be affected thereby.
Amendment to Notification No. SO85(E) – Substitution of entry as specified
Notification No. SO590(E) Dated 31.05.2002 : Substitution of entry for serial number 18 relating to Prof. Alka Balram Kshatrya, Member of Parliament (Rajya Sabha)
Prevention of Food Adulteration (3rd amendment) Rules, 2002
Notification No. GSR382(E) Dated 28.05.2002 : Substitution of Table 1 relating to Name of the Central Food Laboratories in sub-rule (2) in rule 3.
Amendment of Notification No. SO3259 (E) dated 21.08.1971
Notification No. SO581(E) Dated 23.05.2002 : Substitution of entries relating to Tamil Nadu Dr. MGR Medical University, Chennai, University of Kerala Thiruvananthapuram, Kerala. under the heading "Elected under clause (b) of sub-section (1) of section 3" in the Table.
Prohibition of employment of contract labour in Air India, Mumbai for the process as specified
Notification No. SO594(E) Dated 31.05.2002 : The Central Government has prohibited the employment of contract labour in the process, operation or work of preventive and breakdown maintenance of hoists and cranes in the establishment of the Air India, Mumbai, with effect from the date of publication of this notification in the Official Gazette.
Amendment to Notification No. SO 168(E) dated 06.02.2002
Notification No. SO593(E) Dated 31.05.2002 : Substitution of the words “in the establishments of the Calcutta Telephones” for the words “in the establishment of the Telephone Bhavan, Calcutta Telephone”.
Ministry of Petroleum and Natural Gas
Revision in kerosene dealers commission
PIB Release Dated 05.06.2002 : The Government has approved an increase in the commission of wholesale dealers of kerosene by Rs. 35 per KL as a result the dealers’ commission for wholesalers (with Form XIII) would be Rs. 204 per KL and for wholesalers (other than those holding Form XIII) would be Rs. 161 per KL, with effect from the midnight of 4th/5th June 2002.
Indian Railways (Open Lines) General (Amendment) Rules, 2002
Notification No. GSR394(E) Dated 30.05.2002 : Substitution of the words "on white paper with green font" for the words "on green paper, both faces being green" in rule 4.09 and Substitution of Form in sub-rule (1), in rule 14.25.
Funds for Removal of Deficiencies in Infrastructure of High Courts
Dated 06.06.2002 : Department of Justice has introduced a new scheme in consultation with the Planning Commission for removal of deficiencies in the infrastructure of High Courts for which funds of Rs. 18 crores has been provided during 2002-2003 as compared to Rs. 3 crore earmarked for such purposes during 2001-2002.
President's assent to five more Bills
Dated 05.06.2002 : The President has given his assent to the All India Institute of Medical Sciences (Amendment) Bill, 2002, the National Institute of Pharmaceutical Education and Research (Amendment) Bill, 2002, the Salaries and Allowances of Officers of Parliament and Leaders of Opposition in Parliament (Amendment) Bill, 2002, the Sugar Development Fund (Amendment) Bill, 2002 and the Salaries and Allowances of Officers of Parliament (Second Amendment) Bill, 2002. Dated 04.06.2002 Government and Reliance sign three agreements for conclusion of disinvestment process of IPCL
Government and Reliance sign three agreements for conclusion of disinvestment process of IPCL
Dated 04.06.2002 : The Government of India and the strategic partner M/s Reliance Petroinvestments Ltd./RIL/Depository/Depository Participant signed three agreements – Shareholders Agreement; Guarantee Agreement and Extension of Transfer Restriction Agreement for the conclusion of the disinvestment process of IPCL.
Hotel Companies to pay fees for exemption application
Dated 03.06.2002 : Department of Company Affairs (DCA) has issued a Gazette notification amending the Companies (Fees on Applications) Rules 1999 requiring hotel companies to pay fees based on its authorised share capital for seeking exemptions from paras 3 (1) (a) and 3 (11) (d) of part II of Schedule VI of the Companies Act, 1956 for three years with immediate effect.
The text of the following bills is now available on the site
The Sugar Development Fund (Amendment) Bill, 2002
The Legal Services Authorities (Amendment) Bill, 2002
The Salary, Allowances And Pension Of Members Of Parliament (Amendment) Bill, 2002
The Petroleum Regulatory Board Bill, 2002
The Salaries And Allowances Of Officers Of Parliament And Leaders Of Opposition In Parliament (Amendment) Bill, 2002
The Insurance (Amendment) Bill, 2002
The Cable Television Networks (Regulation) Amendment Bill, 2002
==========================================================================
Disclaimer
(1) While all reasonable care has been taken to ensure that the information provided in the round up and on the website is fair and accurate the company and its promoters and employees shall not in any way be responsible for the consequences of any action taken on the basis of reliance upon the contents of this round up.
(2) This is not a Spam mail. You have received this mail because you have either requested for it or someone must have suggested your name under our various referral programs. Since India has no anti-spamming law, we refer to the US directive, which states that a mail cannot be considered Spam if it contains the sender's contact information, which this mail does. In case this mail doesn't concern you, please Click Here to Unsubscribe from mailing list.