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Legislative and Regulatory Update
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[No.40]
Feb 10, 2003 |
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SEBI
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Secondary Market Division
Circular No. SMD/POLICY/Cir - 3 /03 Dated 30.01.2003 : The group
constituted by SEBI and headed by Justice
M.H. Kania, former Chief Justice of India on Corporatisation & Demutualisation of Stock Exchanges in
India has recommended corporatisation and demutualisation of the stock exchanges and the modalities thereof. It is felt that to expedite the process for corporatisation and
demutualization, the exchanges should be advised to frame a scheme for corporatisation and demutualization for approval of the
SEBI. The stock exchanges may also consider the consequent changes in the rules, bye-laws, and articles of the exchange which may be required, to
implement the scheme. The exchanges are therefore advised to submit a scheme, together with changes in Rules, Bye-laws and Articles that would be required to implement the scheme, for approval to SEBI on the lines of the recommendations of the Justice Kania Group as approved by the SEBI Board, within six months from the date of this circular.
Mutual Funds Scheme
Circular No.MFD/CIR No. 22 / 2311 /03 Dated 30.01.2003 : SEBI has been insisting on complying with certain disclosure requirements in case of conversion of close ended schemes to open ended schemes so that the investors may take well informed decisions. It has been observed that often mutual funds approach SEBI very late and consequently are left with very little time to comply with the requirements. Therefore,
certain requirements have been clarified once again in the interests of investors of the mutual funds.
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Department
of Company Affairs
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Notification No. G.S.R.89(E) Dated 05.02.2003 : Central Government has made the Director's Relatives (Office or Place of Profit) Rules, 2003 to be effective from to be effective from 05.02.2003
Notification No S.O.135(E) Dated 05.02.2003 : The Central Government has appointed the 6th day of February, 2003 as the date on which the provisions of Companies (Amendment) Act 2002 shall come into force.
Circular No. 7/2003 Dated 27.01.2003 : The department has decided in consultation with Integrated Finance Division to refund the excess registration fees paid by Companies on or after 12.7.2000. It
has been clarified that Companies may seek refund by making a fresh request to the concerned Registrar of Companies (ROC) with proof of excess payment. It is further clarified that only the actual excess registration fees and interest, if any, charged by the ROC on late filing of Form No.5 would be
refundable and the Companies will not claim any cost and interest.
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CBDT
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Notification No. 27/2003 Dated 28.01.2003 : In sub-rule (1) of rule 12,--
(a) in the opening portion, after the words, figure and letter "sub-section (4B)", the words, figure and letter "or sub-section (4C)" have been inserted;
(b) after clause (d), the following clause has been inserted,
"(e) in the case of a person required to file a return under sub-section (4C) of section 139, be in Form No. 3 A and be verified in the manner indicated therein.".
Notification No. 23/2003 to No. 28/2003 Dated 23.01.2003, 28.01.2003 and 30.01.2003 : Sree Padmanabhaswamy Temple,
Kerala, has been Notified For Section 10(23C)(V) M/s Andhra Expressway Ltd , New Delhi, M/s L & T Infocity Ltd., Hyderabad and India Brand Equity Fund
(IBEF) Trust, New Delhi have been approved U/S 10(23G) and University of Pennsylvannia Institute for the Advanced Study of India, New Delhi has been approved for Section 35(1)(iii).
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CBEC Excise Tariff
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Notification No. 04/2003 Dated 27.01.2003 : In paragraph 1, after the words, “manufactured
in and cleared from an oil refinery,”, the following words have been inserted,
“or cleared from a registered warehouse.”
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CBEC Excise Non Tariff |
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Notification No. 4/2003 NT Dated 30.01.2003 : NOIDA Special Economic Zone, Madras Special Economic Zone, FALTA Special Economic Zone and Visakhapatnam Special Economic Zone have been specified as "special economic zone" |
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CBEC Customs Tariff
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Circular No. 7/2003 Dated 05.02.2003 : In order to prevent the exporters from earning unintended benefits, most of the entries in the Drawback Schedule have specific rates of drawback. In cases of specific information that the FOB value declared is inflated or there is prima-facie evidence to suggest such over-valuation, the field formations
have been advised to resort to market verification to ascertain the correct market price of the goods.
Notification No. 22/2003 Dated 04.02.2003 : The Central Government, has exempted goods of the description specified and falling within the First Schedule to the Customs Tariff Act, 1975, when imported into India, from the whole of the duty of customs leviable thereon specified in the said Schedule and from the whole of the additional duty leviable thereon under section 3 of the second mentioned Act.
Press Note Dated 01.02.2003 : President of India has given his assent to the promulgation of Customs Tariff (Amendment) Ordinance, 2003 to implement the proposal of Ministry of Finance & Company Affairs (Department of Revenue) to adopt 8 digit customs classification code based on Harmonized System of Nomenclature
(HSN) with effect from 1st February, 2003.
Notification No. 21/2003 Dated 31.01.2003 : In exercise or powers conferred by sub-section (2) of section 9A of the Customs Tariff Act, 1975, read with rule 13 and rule 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for determination of Injury) Rules, 1995, the Central Government
has rescinded the notification of the Government of India in the erstwhile Ministry or Finance (Department of Revenue), No. 59/2002-Customs, dated the 5th June, 2002, except as respects things done or omitted to be done before such rescission.
Notification No. 20/2003 Dated 31.01.2003 : The Central Government, has imposed on graphite electrodes- Ultra High Power grade (of diameters up to and including 24"), falling under sub-heading 85.45 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Poland and Brazil, and imported into India, when exported by producers/exporters specified, anti-dumping duty at the rate equivalent to the difference between the corresponding amount mentioned in column (4) of the said Table and the landed value of subject goods in US $ per metric
tonne.
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CBEC Customs Non
Tariff
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Notification No. 12/2003 NT Dated 30.01.2003 : In the said notification, the reference to the Chapter, heading or sub-heading of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), as the case may be, relating to any goods or class of goods, wherever occurring in the said notification, the corresponding reference to the Chapter, heading or sub-heading, of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as amended by the Customs Tariff (Amendment) Ordinance, 2003 (1 of 2003) shall be deemed to have been substituted.
Notification No. 11/2003 NT Dated 29.01.2003 : In the Table, against serial number 2 relating to the State of Andhra
Pradesh, against item (2) relating to Krishnapatnam, in column (4), for the entry, the following has been substituted, namely :-
“ Unloading of imported goods and loading of export goods or any class of such goods.”.
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Department of Economic Affairs
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Notification No. SO140(E) Dated 06.02.2003 : Central Government has appointed the 6th day of
February, 2003 as the date on which the provisions of the Enforcement Date of Negotiable Instruments ( Amendments and Miscellaneous Provisions) Act, 2002 shall come into force.
Notification No. SO114(E) Dated 31.01.2003 : The Central Government has specified the 1st day of February, 2003 as the prescribed date in relation to the Scheme for the Amalgamation of the Nedungadi Bank Ltd.,
Calicut, Kerala with Punjab National Bank, which has been sanctioned by the Central Government under the provisions of said sub-section.
Notification No. SO113(E) Dated 31.01.2003 : The Central Government has sanctioned the Nedungadi Bank Limited, (Amalgamation with Punjab National Bank) Scheme, 2003 to be effective from 31.01.2003.
Notification No. SO105(E) Dated 28.01.2003 : The Central Government has specified "Cooperative Bank" as defined in clause
(cci) of Section 5 of Banking Regulation Act, 1949 (10 of 1949) as 'bank' for the purpose of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002).
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RBI
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Circular No. A.P. (DIR Series) Circular No.76 Dated 03.02.2003 : It has now been decided that with the switch over to Electronic Reporting System in
FET-ERS (5.0 version) the submission of documents/statements/schedules prescribed may be discontinued with effect from the first fortnight of February 2003.
Authorised Dealers are, however, advised to continue to submit the hard copy of the cover-page, viz. R-Return
(NOSTRO) and R-Return (VOSTRO), together with FET-ERS (Version 5.0), in floppy form.
Circular No. A.P. (DIR Series) Circular No.75 Dated 03.02.2003 : Attention of authorised dealers is invited to
A.P. (DIR Series) Circular No.52 dated November 23, 2002 and Notification No. FEMA 41/2001-RB dated March 3, 2001, in terms of which Indian companies have been permitted to sponsor an issue of American Depository Receipts/Global Depository Receipts
(ADRs/GDRs) with an overseas depository against the shares held by its shareholders subject to compliance with the provisions of the issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 and the Operative Guidelines notified by the Government of India.
Notification No. DBOD. No. BP.BC.68 /21.04.132/2002-03 Dated 05.02.2003 : The Hon’ble Finance Minister had announced in the Union Budget 2002-2003 about the decision to set up a small group consisting of bankers and others, under the chairmanship of Deputy Governor, Reserve Bank of India to suggest measures to make the operations of the Corporate Debt Restructuring (CDR) mechanism more efficient. Accordingly, a High Level Group under the chairmanship of Shri Vepa
Kamesam, Deputy Governor, Reserve Bank of India, was constituted. The Group has since submitted its report and has made certain recommendations for making the operations of the CDR mechanism more
efficient, based on which and on the consultations with the Government of India, a revised scheme of Corporate Debt Restructuring has been
finalised.
Notification No. DBOD. No. BP. BC. 67 / 21.04.048/ 2002- 2003 Dated 04.02.2003 : RBI has been receiving requests in the recent past suggesting a need for review of guidelines on infrastructure financing by banks. In view of the above as also the critical importance of the infrastructure sector and high priority being accorded for development of various infrastructure services, the matter has been reviewed in consultation with Government of India and the revised guidelines on financing of infrastructure projects have been set out.
Notification No. DBOD.No.FSC.BC. 66/24.01.002/2002-03 Dated 31.01.2003 : Based on the review and with a view to providing a level playing field to the merchant banking subsidiaries of banks, it has now been decided that in partial modification of the circular DBOD.No.FSC.BC.26/C.469-89 dated September 29, 1989, the existing ceiling on underwriting commitments prescribed therein would not be applicable to merchant banking subsidiaries of banks, with immediate effect. The merchant banking subsidiaries of banks regulated by SEBI would, consequently, be governed by the norms on the various aspects of the underwriting exercise taken up by them.
Notification No. EC.CO.PCD No. 29 /15.02.76/ 2002-03 Dated 24.01.2003 : In order to enable the Authorised Dealers
(ADs) to have all the existing instructions on the subject of "Export of Goods and Services" from India as on December 31, 2002, at one place,
the Master Circular has been suitably updated.
Notification No. GSR34(E) Dated 15.01.2003 : In the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000, in Regulation 6, in sub-regulation (2) :
(a) in clause (i) for the proviso, the following proviso has been substituted,
"Provided that in respect of commitment in Joint Ventures/Wholly Owned Subsidiaries in Myanmar and SAARC countries (other than Nepal, Bhutan and Pakistan) the total commitment shall not exceed US $ 150 million or equivalent in any one financial year."
(b) in clause (ii), for the words and figures " Rupees 350 crores" the words and figures "Rupees 700
crores" has been substituted.
Notification No. IECD No.13/04.02.02/2002-03 Dated 03.02.2003 : It has been decided that banks should obtain a modified undertaking as per format specified, from all the clients who are being extended credit for doing any business relating to
diamonds to ensure that the client complies with the KPCS guidelines.
The format of Undertaking given as Annexure in the Master Circular on Customer Service, Simplification of Procedures for Delivery of Export Credit and Reporting Requirements may be amended accordingly.
Notification No. IECD.No. 12 /04.02.02/2002-03 Dated 31.01.2003 : With a view to providing further flexibility to banks to source foreign currency funds for granting
PCFC/EBR to exporters, it has been decided to permit banks to use foreign currency funds borrowed in terms of paragraph 4.(2)(i) of Notification No. FEMA 3/2000 RB dated May 3, 2000 as also foreign currency funds generated through buy-sell swaps in the domestic forex market for granting such loans, subject to adherence to Aggregate Gap Limit approved by the Reserve Bank of India (Exchange Control Department).
Press Release No. 812/2002-03 Dated 03.02.2003 ADR/GDR : As a measure of further liberalisation and in order to encourage Indian Companies listing of American Depository Receipts
(ADRs)/Global Depository Receipts (GDRs) in the overseas exchange, it has been decided to grant general permission as under :
1. In respect of sponsored ADRs/GDRs which have the approval of Foreign Investment Promotion Board
(FIPB), residents who offer their share holding in the company for conversion to
ADRs/GDRs would be permitted to credit the sale proceeds to their Exchange Earners Foreign Currency
(EEFC)/Resident Foreign Currency (Domestic) {RFC (D)} account in foreign currency or to their rupee account in India at their option;
2. Disinvestments under such sponsored ADR/GDR schemes in respect of shares held by residents who have since become non-resident would be permitted to be credited to the foreign currency account abroad of the non-resident or to any of their accounts in India at their option.
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DGFT
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Public Notice No. 61/2002-07 Dated 03.02.03 : Director General of Foreign Trade has made amendments/deletions/corrections and additions in the Handbook of Procedures, Vol.2, 2002-2007.
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Department of Consumer Affairs
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Notification No. GSR67(E) Dated 29.01.2003 : 1. Clause (KK) has been inserted in Rule 2 giving the meaning of Scheduled Bank.
2. Chapter XI relating to Loan for production of Anhydrous Alcohol or Ethanol from Alcoholand XII relating to Loan for
bagasse-based cogencration power projects, have been inserted.
3. Form-VII which is the Application for Financial Assistance From the Sugar Development Fund for Implementing Projects for Production of Anhydrous Alcohol or Ethanol From Alcohol and Form-VIII which is the Application for Financial Assistance From Sugar Development Fund Towards Promoters' Contribution for Financing Bagasse Based Cogeneration Power Projects/ Scheme, have been inserted.
Notification No. GSR63(E)Ess.Com./Sugarcane Dated 27.01.2003 : The Central Government, on the basis of the basic minimum price of sugarcane at Rs. 69.50 per quintal linked to a basic recovery of 8.5% sugar subject to a premium of Rs. 0.82 for every 0.1% point increase in the recovery above that level hereby fixed the minimum price that shall be payable by the owners of the vacuum pan process sugar factory specified or their agents for sugarcane delivered at the gate of the factory or any purchasing centre for the sugar year 2002-2003 ending the 30th September, 2003, subject to the rebates payable therefor under clause 3 A of the Sugarcane (Control) Order, 1966.
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Department of Posts
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Notification No. SO109(E) Dated 31.01.2003 : The Central Government has notified that the area in relation to which the Bench of the Telecom Disputes Settlement and Appellate Tribunal, constituted with effect from the 26th August, 2002 vide notification number
1/Judicial/TDS AT/2002, dated the 22nd August, 2002, may exercise its jurisdiction, shall be the whole of India.
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Department of Information Technology
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Notification No. SO39(E) Dated 14.01.2003 15.01.2003 : The Central Government, having been satisfied that it is necessary so to do, has notified the 15th Day of January, 2003 as the date within six months from which it shall be obligatory for every cable operator to transmit/re-transmit programmes of every pay channel through an addressable system in the areas specified below, namely
1. Chennai Metropolitan area;
2. Municipal Council of Greater Mumbai area;
3. Kolkata Metropolitan area;
4. National Capilal Territory of Delhi.
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Department of Health
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Notification No. GSR72(E) Dated 31.01.2003 : In the First Schedule to the Drugs and Cosmetics Act, 1940 (23 of 1940) under the heading
"B-[Unani Tibb Ss stems]"
(a) In the entry against serial number 13, the brackets, word and figures "(Part 1)" shall be omitted;
(b) After serial number 13 and the entries relating thereto, the following shall be inserted, namely :--
"14 Unani Pharmacopoeia of India."
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Ministry of Personnel, Public Grievances and Pensions
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Notification No. GSR61(E) Dated 27.01.2003 : (a) in rule 18, in sub-rule (3), -
(i) in paragraph I, the "Note" relating to Selection Grade and Grade-I has been omitted;
(ii) in paragraph II, the "Note" relating to Section Officers' Grade and Assistants' Grade has been omitted,
(b) in the Fourth Schedule, in regulation 3, in sub-regulation (2), in the proviso, the "Note" has been omitted.
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Ministry of Petroleum
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Notification No. P-20029/18/2001-PP Dated 28.01.2003 : The Government of India are pleased to make the PDS Kerosene and Domestic LPG Subsidy Scheme, 2002 for administering the post APM (administered pricing mechanism) subsidy on PDS Kerosene and Domestic LPG to be effective from 1st April 2002.
Notification No. P-20029/18/2001-PP Dated 28.01.2003 : The Government of India are pleased to make the Freight Subsidy (For Far-Flung Areas) Scheme, 2002 for administering the post APM (administered pricing mechanism) freight subsidy on PDS Kerosene and domestic LPG Subsidy for far-flung areas.
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Ministry of Railways
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Notification No. 2002/E(GR)I/18/2 Dated 18.01.2003 : The Rules for a combined competitive Engineering Services Examination to be held by the Union Public Service Commission in (2003), for the purpose of filling vacancies in the specified Services/Posts, with the concurrence of the Ministries/Departments concerned, have been published for general information.
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Press Information Bureau
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Dated 06.02.2003 : The Law Commission in a study on the mode of executing death sentences has recommended that hanging be replaced by lethal injection.
Dated 05.02.2003 : The Union Cabinet has approved a heavily diluted version of the Fiscal Responsibility and Budget Management Bill that fixes no target for cutting down revenue and fiscal deficits and provides more flexibility. The Bill would be reintroduced in the ensuing Budget session of Parliament.
Dated 05.02.2003 : The President has given his assent to the Offshore Areas Mineral (Development and Regulation) Bill, 2002. With this, the Bill passed during the Winter Session of Parliament ending December 20, 2002, has been notified in the Gazette of India as Act No. 17 of the year 2003.
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Supreme Court |
- State of Uttar Pradesh and Anr. etc. etc. vs. Union of India (UOI) and
Anr.
The State, being of the opinion that the second respondent DOT failed to file return of the turnover of the rentals collected from the subscribers for 'the transfer of right to use' the telephone system during the year 1988, under the provisions of U.P. Act, called upon the
DOT to file return therefor. However, no return was filed by the DOT. The
DOT challenged the validity of the orders of assessment in the writ petitions before the High Court on various grounds.
However, the Hon'ble Supreme Court directed the
DOT (the respondent) to file the 'Returns' within three months of the date of the order and the
Assessing Authority was directed to make order of assessment and raise fresh demand in accordance with law. |
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