• DIRECTORATE GENERAL OF FOREIGN TRADE

Policy Circular No. 32(RE-08)/2004-2009 Dated10.09.2008 -Port of Registration on Authorizations Issued for Import of Restricted items

DGFT has directed its Concerned licensing authorities to call back all authorizations for import of rough marble blocks/slabs and issued guidelines for import of Rough Marble Blocks/Slabs for the year 2008-09 and indicate the port of registration on these licenses, as per the option exercised by the license holder.

• MINISTRY OF CORPORATE AFFAIRS

Notification No.GSR655(E) Dated 12.09.2008 -Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2008

The Companies (Central Government's) General Rules and Forms, 1956 has been amended by the Central Government in exercise of the power conferred by the Companies Act, 1956. As a consequence of the Amendment specified forms mentioned below stands substituted :

a. Form 20B for filing annual return by a company having a share capital with the Registrar

b. Form 21A for filing Particulars of annual return for the company not having share capital

c. Form 23AC for filing balance sheet and other documents with the Registrar

d. Form 23A CA for filing Profit and Loss account and other documents with the Registrar

• MINISTRY OF FINANCE

Revenue Order No. SO2189(E) Dated 12.09.2008 - Reduction in the Stamp Duty of Promissory Note and Debenture

Central Government reduces Stamp Duty on Promissory Note and Debenture by way of amendment to the previous order in exercise of the power conferred by the Section 9 of the Indian Stamp Act, 1899.

• DIRECT TAXATION

CBDT Instruction No. 12/2008 Dated 05.09.2008- Processing of returns for A.Y. 2007-08 -steps to clear the backlog - regarding

In order to facilitate speedier processing of pending returns for the Assessment Year 2007-08 and tackle the issue of large pendency of returns in almost all CCIT Regions, CBDT has decided to implement strategy providing for processing of pending returns for A.Y. 2007-08 involving refund claims on priority and returns to be processed electronically TDS data supplied by DGIT (Systems) on CDs along with AST instructions 68 may be utilized.

It is also provided that in case of Refund returns involving inter-RCC migration of PAN may be processed on TMS and Salary returns not involving refund or demand and the TDS claim involved is below Rs.5 lakh could be processed on last priority.

• INDIRECT TAXATION

CBEC Customs

Notification No. 104/2008 Dated 10.09.2008-Extension of Antidumping Duty on steel and fibre glass tapes and their parts and components originating in or exported from the People's Republic of China

In the matter of continuation of anti-dumping duty imposed on steel and fibre glass tapes and their parts and components originating in or exported from the People's Republic of China, Central Government has extended the anti-dumping duty on the specified goods by six months, pending completion of the review investigations.

CBEC Customs Non-Tariff

Notification No.107/2008-Customs(N.T.) Dated 16.09.2008 -Amendment to the Notification No. 36/2001-Cus (N.T.), dated, the 3rd August 2001

Tariff values of the Brass Scrap and Poppy seeds has been altered by way amendment to the notification No. 36/2001-Cus (N.T.), dated, the 3rd August 2001 by virtue of the power conferred under section 14 of the Customs Act, 1962.

Service Tax

Circular No. 105/08/2008-ST Dated 16.09.2008- Service Tax Issues Relating To Units in SEZ

In order to clarify the uncertainties existing in the field formations administering service tax as regards the applicability of service tax levy on units located in Special Economic Zones resulting in certain problems especially with respect to service tax administration, certain measures has been proposed. The proposed actions focuses on the Non-payment of service tax by SEZ units providing taxable service outside SEZ and Refund of Service Tax on taxable services used for the purposes of exports of goods by SEZ units.

• MINISTRY OF HEALTH AND FAMILY WELFARE

Notification No.SO2165(E) Dated 05.09.2008- Establishment of Food Safety and Standards Authority of India Under Food Safety and Standard Act, 2006

Central Government establishes the Food Safety and Standards Authority of India in pursuance of the power conferred by under Food Safety and Standards Act, 2006. It provides the constitution of the Authority and Authority thus constituted shall come into effect from the date of publication of this notification which is 5th September , 2008.

• PRESS INFORMATION BUREAU

Dated 11.09.2008- Scheme for Infrastructure Development for Food Processing: Mega Food Parks

The Cabinet Committee on Economic Affairs has granted approval for the implementation of the scheme for establishment of 10 Mega Food Parks. The Scheme of infrastructure development envisage to raise the level of processing, value addition and reduction of the wastage of perishables viz. Horticultural produce, live stock, marine, dairy etc. during the XI plan period and to meet the targets of the Vision 2015 of the Ministry of Food Processing. It would facilitate growth of the food processing industry and help it in realizing it's potential and would also lead to greater share in the world food trade.

Dated 11.09.2008- Agreement between India and Iran on Mutual Legal Assistance in Criminal Matters

The Agreement between India and Iran on Mutual Legal Assistance in Criminal Matters has been approved by the Union Cabinet. Agreement envisages a broad legal framework for bilateral cooperation with the Islamic Republic of Iran in the investigation and prosecution of crime, tracing, restraining or forfeiting of the proceeds and instruments of crime.

Dated 18.09.2008-Approval to Agreement between India and Latvia for the Avoidance of Double Taxation (DTAA) and the Prevention of Fiscal Evasion with respect to Taxes on Income

Union Cabinet has granted its approval for signing of the Agreement between India and Latvia for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on income. This will encourage the flow of capital, technology and personnel from India to Latvia and vice-versa and provide tax stability reducing any obstacles in providing mutual cooperation.

Dated 18.09.2008-Approval to Amendments to the Agricultural and Processed Food Products Export Development Authority Act, 1985

Union Cabinet has approved Amendment to the Agricultural and Processed Food Products Export Development Authority Act (APEDA Act). The amendment approved provides for statutory authority or registration and protection of intellectual property rights or similar rights (including Geographical Indications) in the special product names in India and elsewhere.

The products registered under Geographical Indications of Goods (Registration and Protection) Act 1999 as Geographical Indication can be effectively protected by APEDA in India and abroad.

Dated 18.09.2008- Review of Print Media policy

Union Cabinet has granted its approval to review the Print Media policy by allowing publication of India editions of Foreign magazines publishing news and comments on public news i.e. periodicals falling in the news and current affairs category. Publishers of such editions would continue to be eligible for drawing 26% foreign investment and parameter for the grant of such permission were provided thereof.

This would facilitate Indian readers access to foreign magazines at lesser rates in comparison to the cost incurred in getting it imported. The Indian reader would be benefitted enormously as they would be able to keep abreast with the latest events and happenings on the global scale.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 77/2008 Dated 18.09.2008 - TRAI releases Draft Amendment to "The Telecom Unsolicited Commercial Communications Regulations 2007" and Draft Direction

Telecom Regulatory Authority of India has issued Draft Amendment to "The Telecom Unsolicited Commercial Communications Regulations 2007" and Draft Direction for the comment of the stakeholders. The Telecom Unsolicited Commercial Communications Regulations, 2007 has been formulated to curb the Unsolicited Commercial Communication and additional modifications are proposed in the existing regulations through this amendment regarding handling of the complaints by access providers.

• RESERVE BANK OF INDIA

RBI DBOD Circular No.DBOD. No. FSD.BC.45/24.01.011/2008-09 Dated 17.09.2008 - Unsolicited Commercial Communications - National Do Not Call (NDNC) Registry

In pursuance of the direction issued by the Hon'ble Supreme Court in the case of Harsh Pathak vs. Union of India & others passed on July 31, 2008, wherein telemarketers not registered with Department of Telecommunication are not permitted to operate the telemarketing services, banks are directed to ensure that only DMAs/DSAs registered as telemarketer with DoT are engaged by them and any employment not in consonance of these direction would be deemed to be a violation of Hon'ble Supreme Court's above direction

RBI DBOD Circular No. DBOD.No.Ret.BC.43/ 12.02.001/2008-09 Dated 16.09.2008- Additional Liquidity support under Liquidity Adjustment Facility (LAF) under Section 24 of the Banking Regulation Act, 1949 due to Shortfall in Maintenance of Statutory Liquidity Ratio (SLR)

It has been decided by the RBI that scheduled banks may avail additional liquidity support under the LAF to the extent of up to one per cent of their net demand and time liabilities. Banks are advised to apply to the Reserve Bank in writing with a request not to demand payment of the penal interest thereon, in case of any shortfall in maintenance of SLR arising out of availment of this additional liquidity support under LAF and for any shortfall.

This measure of avail additional liquidity support is temporary in nature and will be subject to review on a continuous basis in consonance of the evolving liquidity conditions and will be accessible with effect from the LAF/SLAF auctions of September 17, 2008.