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Legislative and Regulatory
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[No.
21]
JUL 31,
2002 |
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| SEBI |
|
Order U/s 11 of the Securities
Contracts (Regulation) Act, 1956 - Superseding the Board
of Directors of the Uttar Pradesh Stock Exchange
Association Ltd.
Notification No. SO732(E) Dated 12.07.2002 :
The Board of the Uttar Pradesh Stock Exchange has been
superseded for a period of one year with effect from July 12,
2002 and Shri. M. N. Sabharwal has been appointed as an
Administrator to exercise and perform all the powers and duties
of the Governing Board.
New Scheme Report
Circular No. MFD/CIR/ 09/247/02 Dated
23.07.2002 : It has now been decided to revise and
simplify the format of New Scheme Report. Accordingly, all
mutual funds have been advised to henceforth submit the new
scheme reports to SEBI, complete in all respects, within 10
working days from the date of allotment in the revised
format.
Calculation of Sale and Repurchase
of Units of Mutual Fund Scheme
Circular No. MFD/CIR/ 08 / 514 /2002 Dated
22.07.2002 : After a detailed discussion with the mutual
funds industry, it has now been decided that a uniform method
shall be used by all mutual funds to calculate the sale and
repurchase price as specified. Further the Mutual Funds have
been advised to round off NAV upto four decimal places in
liquid/money market mutual fund schemes.
Clarifications regarding
operations of Foreign Institutional Investors
Circular No. FITTC/FII/04/2002 Dated
19.07.2002 : SEBI has issued clarifications
regarding Reporting of transactions by Foreign
Institutional Investors and Leakage of trade
data |
| Department of Company Affairs |
|
Notification No. GSR510(E) Dated 22.07.2002
: The following amendments have been made in the
Schedule
1. In serial number 6, for the words "S.
58A(9)", the words "S. 58A(9) and S. 45QA of the Reserve
Bank of India Act, 1934" have been
substituted;
2. S.No. 6A, which prescribes a fees of
Rs.1000 on initiation of default made by the company in
repayment of small deposits or part thereof or any interest
thereupon, has been inserted.
3. S.No. 11A which prescribes a fees of
Rs.1000 on Petition by the Debenture Trustees and S.No.
11B which prescribes a fees of Rs.50 to direct the company to
make repayment of matured debentures, have been
inserted.
4. Entries against serial number 32 have
been omitted. |
| CBDT |
|
Notification No. 185/2002 Dated 24.07.2002
Notification No. 178/2002 and No. 179/2002 Dated
18.07.2002 : National Institute of Advanced Studies, Bangalore
and Center for Human Genetics, Bangalore, Associated
Electronics Research Foundation, New Delhi and Center for Human
Genetics, Bangalore have been approved U/s 35
Notification No. 184/2002, No. SO783 Dated
23.07.2002 : In sub-rule (2), clause (B) relating to the
value of perquisite where the employer or the employee claims
that the motor-car is used wholly and exclusively in the
performance of official duty , has been substituted. In
sub-rule (7), clause (v) relating to the amount of
expenses including membership fees and annual fees
incurred by the employee or any member of his household and in
clause (vi), sub-clause (B) relating to expenditure
incurred wholly and exclusively for business purposes, have
been substituted.
Notification No. 183/2002, No. SO782(E)
Dated 23.07.2002 : Following amendments have been made in
rule 18C.
1. For the heading "Eligibility of
Industrial Parks for benefits under Section 80-IA(4D)",
"Eligibility of Industrial Parks and Special Economic Zones for
benefits under Section 80-IA(4)(iii)" has been
substituted.
2. Sub rule (1A) has been
inserted.
3. In sub-rule (2) for the words "Ministry
of Industry", the words "Ministry of Commerce and
Industry" have been substituted
4. In sub-rule (2) after words "industrial
parks", the words "or special economic zones" have been
inserted.
Notification No. 181/2002 and No. 182/2002
Dated 23.07.2002 : U. P. Cricket Association, Kanpur and
Madhya Pradesh Cricket Association, Indore have been notified
under section 10(23) |
| CBEC Excise-Tariff |
|
Circular No. 40/649/2002 CX Dated 25.07.2002
: In view of the representations received on the subject, it is
accordingly clarified that the exemption is
available only upto that much quantity of cotton fabrics in
respect of which the aggregate amount of job-charges for
stentering does not exceed Rs. 15 lakhs in a financial
year.
Circular No. 39/648/2002 CX Dated 25.07.2002
: It is clarified that the facility of accepting H-Form or
ST-XXII Form or any other equivalent Sales Tax form, as proof of
export is available only in respect of the exempted units
which undertake exports themselves or through merchant
exporters directly from the unit itself. The facility is not
available for the supplies made to any other domestic
manufacturer who may or may not export its finished
products.
Circular No. 38/647/2002 CX Dated 23.07.2002
: The Board has issued clarification quoting the decision of the
Hon'ble Supreme Court, in Civil Appeal No. 2178-79/2001 in
the case of CCE, Shilling Vs. Woodcraft's Products Ltd.
wherein it was held that in case of consequential refund, the
time bar u/s. 11A of Central Excise Act, 1944 will not be
applicable for recovery of refunded amount if the issue is
finally decided in favour of the Department.
Circular No. 37/646/2002-CX Dated 19.07.2002
: It is clarified that the term "motor vehicles" used
in Notfn No. 6/2000-CE (S. No. 72) dated 1.3.2000,
which exempts tyres, tubes and flaps used in the manufacture of
machinery falling under heading Nos. 84.26, 84.27, 84.28, 84.29
and 84.30 and "motor vehicles", would cover all vehicles
required to be registered under the Motor Vehicles Act,
1988. |
| CBEC Customs-Tariff |
|
Notification No. 75/2002 Dated 24.07.2002 :
The Central Government has rescinded the notification of
the Government of India in the Ministry of Finance (Department
of Revenue), No. 105/2001-Customs, dated the 10th October,
2001 [G.S.R. 769 (E), dated the 10th October, 2001],
except as respects things done or omitted to be done before such
rescission.
Notification No. 73/2002 and No. 74/2002
Dated 24.07.2002 : Anti dumping has been imposed on
thermal sensitive paper (TSP) imported from China and Acrylic
Yarn imported from Nepal.
Circular No. 45/2002 Dated 23.07.2002 : It
has been felt that para 2(d) of Circular No. 40/2002-Cus.,
dated 17/7/2002 needs to be revisited by the Board. Therefore,
it has been decided that pending final decision in the
matter, application of the para 2(d) of said Circular
should be kept in abeyance
Notification No. 71/2002 Dated 22.07.2002 :
In the second paragraph, for the words "the 30th day of
July, 2002", the words "the 30th day of September, 2002" have
been substituted.
Drawback Circular No. 44/2002 Dated
22.07.2002 : It is clarified that the term "Dyed made-ups'
shall also include 'Natural dyed made-ups' and it is implied
that these would have suffered input stage duties on
account of dyes and chemicals, therefore, duty drawback would be
available to the same.
Circular No. 43/2002 Dated 19.07.2002 : In
view of the position explained by the trade, it is felt
that the knitted garments sector deserves the same treatment as
given to the woven garment sector. Accordingly, the
provisions of Circulars No. 54/2001-Cus. and 64/2001-Cus. have
also been made applicable to the knitted
garments.
Circular No. 42/2002 Dated 18.07.2002 : In
consideration of the review made by the Board of the
existing mechanism for inspection of the systems and services
provided to the Customs and Anti-smuggling formations, it
has been decided that the entire range of systems and
services provided to the field formations would be
inspected regularly and necessary follow up action taken
as per the findings.
Circular No. 40/2002 Dated 17.07.2002 : A
number of provisional assessment cases relating to marble
imports are pending in Custom Houses for finalisation due to
want of decision of the Board on certain issues which have
been decided by the Board. |
| CBEC
Customs-Non Tariff
|
|
Notification No. 47/2002 NT Dated 25.07.2002
: The CBDT has appointed designated authorities to
adjudicate upon the show cause notice issued to specified
agencies.
Notification No. 44/2002 NT Dated 22.07.2002
: The Central Government, has specified M/s. Kudremukh
Iron Ore Company Limited. II Block, Koramangala, Bangalore - 560
034, for the purposes of the Cl (f) of S
27(2). |
| RBI |
|
Notification No. DBS FID No
C-2/01.02.00/2002-03 Dated 18.07.2002 : The CEOs of All-India
Term Lending and Refinancing Institutions have been
forwarded a copy of the instructions issued by the
Internal Debt Management Cell, vide their Circular IDMC.PDRS.
No. 5039 / 03.64.00 / 2001-02 dated 20 May 2002, on
Transactions in Government Securities for necessary action at
their end before July 31, 2002.
Notification No. Dir BC 8 /13.03.00/2002-03
Dated 26.07.2002 : Banks have now been advised to follow
the undernoted consolidated instructions in regard to switchover
to the system of charging monthly interest on loans and
advances:
1.Banks have option to compound interest at
monthly rests effective either from April 1, 2002, or July
1, 2002 or April 1, 2003.
2.With effect from quarter beginning July 1,
2002, banks should ensure that the effective rate does not
go up merely on account of the switchover to the system of
charging / compounding interest at monthly rests
and increase the burden on the
borrowers.
Notification No. MPD BC 219 /07.01.279
/2002-03 Dated 27.07.2002 : As a follow-up of paragraph
Nos. 59 and 66 of the Monetary and Credit Policy for 2002-03,
announced by the Governor on April 29, 2002, a new Special
Quarterly Return VI-AC is being introduced in consultation with
select banks which may be furnished from the quarter ended
June 30, 2002.
Notification No. MPD BC 218
/07.01.279/2002-03 Dated 24.07.2002 : Towards the
rationalisation of returns submitted by the Scheduled
Commercial Banks to the Reserve Bank of India, it has been
decided to discontinue submission of the following Special
Fortnightly Returns (SFR) with effect from the fortnight
beginning August 10, 2002.
SFR
I Selected banking
indicators
SFR IV A Buyback commitments in
government and other approved securities
SFR IVB Investment by
scheduled commercial banks in bonds/debenture issued by
PSUs
SFR
V Deposit liabilities
exempted from reserve requirements.
SFR VII Total
flow of funds to corporate sector by banks. |
| DGFT |
|
Circular No. 9/2002-2007 Dated 18.07.2002 :
It is clarified that the Policy restricts only duty free
imports and DEPB is only a mode of payment of duty instead of
payment in cash and since Natural rubber is otherwise
freely importable on payment of prescribed duty, Policy Circular
28 dated 4.3.2002 and earlier ALC Circulars does not
prevent payment of Custom duty for import of natural
rubber, which is freely importable, through DEPB scrips.
|
| Department of
Commerce |
|
Notification No. 14/28/2002-DGAD Dated
17.07.2002 : The Central Silk Board, Banglore has
requested initiation of anti-dumping investigations concerning
import of Mulberry Raw Silk (not thrown) originating in or
exported from China PR.
Notification No. 14/8/2002-DGAD Dated
11.07.2002 : Preliminary Findings on Anti-Dumping
Investigations concerning imports of Ferro Silicon from South
Africa and Macedonia have been published.
|
| Ministry
of Consumer Affairs, Food
and Public Distribution |
|
Notification No. GSR 501(E) Dated 16.07.2002
: The Central Government has fixed Rs.42.50 and Rs.47.90
as the minimum price that shall be payable by the owners of the
Vacuum pan process sugar factory that is S.V. Sugar Mills
Ltd. and Dharani Sugar & Chemicals Ltd. respectively or
their agents for sugarcane delivered at the gate of the
factory or any purchasing center for the sugar year
1995-96 ending the 30th September, 1996, subject to the rebates
payable therefore under Clause 3S of the Sugarcane
(Control) Order, 1966. |
| Ministry
of Health |
|
Notification No. GSR492(E) Dated 11.07.2002
: In Rule 160 B(c) after the last word "Standards" of the
paragraph, the List of equipment recommended has been
inserted. |
| Ministry
of Petroleum and Natural
Gas |
|
Notification No. SO746(E) Dated 11.07.2002 :
The Central Government has declared its intention to
acquire the right of user in the lands specified in the schedule
for Dahej-Vemar-Vijaipur Pipeline Project.
|
| Press
Information Bureau |
|
Dated 26.07.2002 : While the Government is
awaiting the report of Shri Justice V.S. Mallimath
Committee on comprehensive changes in the existing criminal
justice system, a series of steps have been taken to
simplify procedures and speed up disposal of cases on the basis
of recommendations of expert bodies like the Law
Commission.
Dated 23.07.2002 : The Government of Haryana
has forwarded a copy of the resolution of the Haryana
State Assembly for creation of a separate High Court for Haryana
in the existing premises at Chandigarh by allocating 40
per cent building, Ministerial staff and administrative
functionaries along with the judges appointed from the Haryana
quota.
Dated 23.07.2002 : The National Informatics
Centre (NIC) has taken up upgradation of the existing
hardware and software tools at the Supreme Court with new
applications of Management Information System, Public
Interface System and Electronic Courts at a cost of Rs. 4.6
crores in the first phase of the project.
Dated 22.07.2002 : The Government is
committed to setting up of a National Judicial Commission
which would make recommendations for appointments of judges/
Chief Justice of the Supreme Court and the High Courts as
also draw up a Code of Ethics for the judges. |
| Bills |
-
The Securitisation And Reconstruction Of
Financial Assets And Enforcement Of Security Interest Bill,
2002 (As Introduced in Lok Sabha - 19.07.2002 - Bill No. 53 of
2002)
-
The Medical Termination Of Pregnancy
(Amendment) Bill, 2002 (As Passed By Rajya Sabha - 17.07.2002
- Bill No. XXX V-C Of 2002)
-
The Negotiable Instruments (Amendment And
Miscellaneous Provisions) Bill, 2002 (As Introduced In Lok
Sabha - 19.07.2002 - Bill No. 55 of 2002)
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