manupatra roundup
Legislative and Regulatory Update
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In This Issue [No.29] Oct 20, 2002
SEBI DCA CBDT CBEC Excise Tariff CBEC Customs Tariff Department of Economics Affairs RBI DGFT Department of Commerce Department of Consumer Affairs PIB
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Securities and Exchange Board of India (Portfolio Managers) Amendment Regulations, 2002
Notification No. SO1087(E) Dated 11.10.2002 : SEBI has issued the Securities and Exchange Board of India (Portfolio Managers) Amendment Regulations, 2002 to be effective from 11.10.2002.
Cost Accounting Records (Plantation Products) Rules, 2002
Notification No. GSR685(E) Dated 08.10.2002 : The Central Government has made the Cost Accounting Records (Plantation Products) Rules, 2002 to be effective from 08.10.2002.
Remittances to non-residents - Revision of format of undertaking and certificate
Circular No. 10/2002 Dated 09.10.2002 : In order to streamline the procedure as well as to ensure the correct deduction of tax at source, the proforma of the undertaking to be given by the remitter and the certificate to be issued by a chartered accountant have been re-considered and new formats have been prescribed.
Valuation - Abatement in respect of set off on Sales Tax
Circular No. 62/671/2002 Dated 09.10.2002 : It has been decided that since the set-off scheme of sales tax does not change the rate of sales tax payable/chargeable on the finished goods, the set-off is not to be taken into account for calculating the amount of sales tax permissible as abatement for arriving at the assessable value u/s. 4 . In other words only that amount of sales tax will be permissible as deduction under Section 4 as is equal to the amount legally permissible under the local sales tax laws to be charged/billed from the customer/buyer.
Amendments to the Notification No. 21/2002
Notification No. 115/2002 Dated 17.10.2002 : In the notification, in the Table, against S. No. 37, in column (2), for the sub-heading “1514.91” the sub-heading “1514.19” has been substituted.
Rescission of Notification No.91/2001-Customs
Notification No. 112/2002 Dated 10.10.2002 : The Central Government has rescinded the notification of the Government of India in the erstwhile Ministry of Finance (Department of Revenue), No. 91/2001-Customs, dated the 7th day of September, 2001 [G.S.R 649 (E), dated the 7th day of September, 2001], except as respects things done or omitted to be done before such rescission.
Delegation of financial powers to the Heads of Department under C.B.E.C. in the matter of purchase of computers, awarding annual maintenance contracts, site preparation, training in computers etc.
Circular No. 67/2002 Dated 09.10.2002 : The following delegation of powers to Heads of Department under the Central Board of Excise and Customs has been ordered:
1. Site preparation for installation of computers 2. Maintenance of site for computers 3. Training in computers 4. Purchase/Procurement of Personal Computers/ hardware 5. Annual Maintenance Contract of Computer( Hardware) excluding sites 6. Software Development
Simplification of Certain Procedures Relating to Functioning of EOUs/ EPZ/ STP/ ETHP/ SEZ Units – Issue of Procurement Certificate and CT–3
Circular No. 66/2002 Dated 08.10.2002 : In order to mitigate the difficulties being faced by the EOUs in textiles and chemical sector, it has been decided that henceforth, the procurement certificates for clearance of import consignments would be issued to the EOUs and units in EPZ/SEZ in textile and chemical sector by Superintendent of Customs/Central Excise.
Date of Enforcement of Notifications as Specified
Notification No. 63/2002 NT Dated 03.10.2002 : The following notifications issued by Central Government in the Ministry of Finance (Department of Revenue) regarding appointment of officers shall come into force with effect from 25th October, 2002 namely
(1) Notification No. 14/2002-Cus. (N.T.) dated 7th March, 2002 (G.S.R. 170 (E) dated 7th March, 2002). (2) Notification No. 15/2002-Cus. (N.T.) dated 7th March, 2002 (G.S.R. 171 (E) dated 7th March, 2002). (3) Notification No. 16/2002-Cus. (N.T.) dated 7th March, 2002 (G.S.R. 172 (E) dated 7th March, 2002). (4) Notification No. 17/2002-Cus. (N.T.) dated 7th March, 2002 (G.S.R. 173 (E) dated 7th March, 2002).
Public Provident Fund (Amendment) Scheme, 2002
Notification No. GSR679(E) Dated 04.10.2002 : In the Public Provident Fund Scheme, 1968, in Form A, para (iv) regarding declaration appearing under the Head "Account in the name of Self/Minor(S)/HUF/Association", has been substituted.
Indo-Sri Lanka Credit Agreement dated July 3, 2002, for US$ 31 Million
Circular No. AP (DIR Series) Circular No 29 Dated 10.10.2002 : The Government of India have extended a line of credit of US$ 31 million (U.S.Dollar Thirtyone million only) to the Government of the Democratic Socialist Republic of Sri Lanka under a credit agreement entered into between the two Governments on July 3, 2002.
Guidance Notes on Management of Credit Risk and Market Risk
Notification No. DBOD. No. BP. 520 /21.04.103/2002-03 Dated 12.10.2002 : As a step towards enhancing and fine-tuning the existing risk management practices in banks, draft Guidance Notes on Credit Risk Management and Market Risk Management were issued to banks vide letters DBOD.BP.BC.26/21.04.103/2001 dated September 20, 2001 and DBOD.BP. 1913/21.04.103/2001 dated March 26, 2002, respectively. Banks have been advised to use these Guidance Notes for upgrading their risk management systems
Guidance Note on Credit Risk Management
Dated 12.10.2002 : RBI has issued a Guidance Note on Credit Risk Management which deals with the possibility of loss to a bank caused by changes in the market variables.
Access to Call/Notice Money Market for Primary Dealers : Prudential Norm
Circular No. MPD/07.01.279/2002-03 Dated 10.10.2002 : As already advised under circular No.MPD.220/07.01.279/2002-03 dated July 31, 2002, Primary Dealers (PDs) are free to lend upto 25 per cent of their net owned funds (NOF) in call/notice money market. In response to suggestions received from market participants, it is clarified that the above 25 per cent limit will be determined by PDs on an average basis (and not on a daily basis) during a reporting fortnight.
7% Savings Bonds, 2002
Notification No. CO DT 13.01.289/ 2047/2002-03 Dated 04.10.2002 : It is clarified that the existing Bond Ledger Accounts series are to be used for the 7% Savings Bonds also and any investment in the 7% Savings Bonds by an existing BLA holder will be viewed as a new investment under the same BLA. However, if the investor does not have any BLA in his/her name, then a new BLA is to be opened.
GOI announces sale (re-issue) of dated security through price based auction
Press Release No. 384/2002-03 Dated 11.10.2002 : The Government of India has announced the sale (re-issue) of "7.46 percent Government Stock 2017" for a notified amount of Rs.4,000 crore (nominal) through a price based auction using multiple price auction method.
Deemed export benefits to Talcher Super Thermal Power Project Stage II (4 X 500 MW), for Power Generation
Public Notice No. 42/2002-2007 Dated 10.10.2002 : The DGFT has made amendments in the Public Notice No. 38 (RE-99)/1997-2002 dated 5.11.1999 vide which transitional arrangements were notified allowing deemed export benefits to the power projects mentioned on the subject.
Amendments/ Corrections in the Schedule of DEPB Rates
Public Notice No. 41/2002-07 Dated 09.10.2002 : The DGFT has made amendments/ additions in the book titled "Schedule of DEPB Rates."
ARO/ back to back L/C for AIL/ DFRC
Notification No. 16/2002-07 Dated 08.10.2002 : Amendments have been made in Paragraph 4.1.8 pertaining to Advance Release Orders and in Paragraph 4.1.9 pertaining to Back-to-Back Inland Letter of Credit
Amendment in the Handbook of Procedures
Public Notice No. 39/2002-2007 and 40/2002-2007 Dated 08.10.2002 : Amendments have made regarding
1. Exemption from RCMC, ARO/ B to B L/C for AIL, negotiation of documents as proof of exports & other issues 2. Grant/ renewal of status for EOU/ EPZ/ SEZ units, procurement of indigenous goods without ARO, supply of broken diamonds to DTA and other amendments/ corrections have also been made in the EOU/ EPZ/ SEZ scheme
Anti-Dumping Investigation
Notification No. 14/23/2002-DGAD Dated 01.10.2002 : Anti-Dumping Investigation has been initiated Concerning Imports of D(-) Para Hydroxy Phenyl Glycine Methyl Potassium Dane Salt Originating in or Exported From the China PR and Singapore
Recognition to Application U/s 5 of Forward Contract (Regulation) Act, 1952 Made by on Line Commodity Exchange of India Limited
Notification No. SO1074(E) Dated 09.10.2002 : Central Government has granted recognition to On Line Commodity Exchange of India Limited, Ahmedabad for a period of five years from 10th October, 2002 to 9th October, 2007 (both days inclusive) in respect of forward contracts in castor seed, rapeseed/mustard seed, its oil and oil cake, groundnut, its oil and oil cake, sunflower seed, its oil and oil cake, cotton seed, its oil and oil cake, sesame seed, its oil and oil cake, copra/coconut, its oil and oil cake and safflower seed, its oil and oil cake.
Amendments To Sugar (Price Determination For 2001-02 Production) Order, 2002
Notification No. GSR668(E) Dated 27.09.2002 : Insertions have been made under the following headings Haryana, North-West Karnataka, Maharashtra (Central), Maharashtra (South), Maharashtra (North), Punjab and Tamil Nadu.
Services in Oil Fields declared as Public Utility Service for six months
Dated 16.10.2002 : The Services in the Oil Fields have been declared as public utility service for six months with immediate effect.
Import of 300 sensitive items - data for April-August 2002
Dated 11.10.2002 : The total import of 300 sensitive tariff lines for the period April-August 2002 has been Rs. 5440 crore against Rs. 4733 crore for the corresponding period of last year thereby showing a growth of 14.9%. However this growth is almost entirely due to significant increase in the import of crude palm oil, but for which import of all other sensitive items together shows negative growth.
Quick estimates of Index of Industrial Production and Use-Based Index (Base 1993-94=100) for the month of August 2002
Dated 11.10.2002 : The Quick Estimates of Index of Industrial Production (IIP) with base 1993-94 for the month of August 2002 have been released by the Central Statistical Organisation. The General Index stands at 171.5 which is higher by 5.7% as compared to the month of August 2001.
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