• RESERVE BANK OF INDIA

Notification No. DBOD.No.Leg.BC. 86/09.07.005/2008-09 Dated 25.11.2008 - Guidelines on Fair Practices Code for Lenders - Disclosing all information relating to processing fees/charges

RBI has advised Banks / Fis to ensure that all information relating to charges / fees for processing are invariably disclosed in the loan application forms and 'all-in-cost' is informed to the customer enabling him to compare the rates charged with other sources of finance.

FEMA Notification No. GSR756(E) Dated 01.10.2008 - The Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Second Amendment) Regulations, 2008

Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 has been amended by the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Second Amendment) Regulations, 2008 , incorporating provisions relating to overseas investment by Registered Trust and Society.

Circular No. RPCD.CO.RF.BC.No.69/07.37.02/2008-09 Dated 17.11.2008 - Agricultural Debt Waiver and Debt Relief Scheme, 2008 - Prudential Norms on Income Recognition, asset Classification, Provisioning and Capital Adequacy

RBI has decided that the banks need not to make any provisions for the loss in Present Value (PV) terms for moneys receivable only from the Government of India, for the accounts covered under the Debt Waiver Scheme and the Debt Relief Scheme.

• DIRECTORATE GENERAL OF FOREIGN TRADE

Policy Circular No. 40(RE-08)/2004-2009 20.11.2008 - Dated Mandatory submission of Drug Manufacturing Licence at the time of issue of EPCG authorization to pharmaceutical units - Reg

It has been decided by DGFT do away with the condition for execution of 100% Bank Guarantee in lieu of mandatory submission of Drug Manufacturing Licence which was required earlier, pharmaceutical units would instead be required to submit a copy of Drug Manufacturing Licence to the concerned Regional Authority within a period of three years from the date of issue of EPCG Authorization and in case of failure, Bank Guarantee/Legal Undertaking executed/furnished at the time of clearance of Capital Goods, with Customs authorities/Regional Authorities of DGFT, as the case may be, will be forfeited/invoked and the firm would be liable to pay Customs Duty saved amount together with applicable interest thereon from the date of first import till the date of final payment.

Policy Circular No. 41(RE-08)/2004-2009 Dated 20.11.2008 - Debit of advance authorization/DFIA based on balance CIF value of inputs in freely convertible currency - regarding.

It is has been clarified by the DGFT that for the purpose of clearance of imported items against the advance authorization/DFIAs, imports would be permitted as per the balance CIF value in freely convertible currency irrespective of the fact as to whether the CIF value of imports had exhausted in the said authorisation in terms of Rupee.

Policy Circular No. 42(RE-2008)/2004-2009 Dated 24.11.2008 - Review of Advance Authorization cases issued under Policy Circular No.9 dated 30.6.2003 for fulfillment of export obligation - regarding

RAs are directed to ensure that appropriate action is initiated immediately after completion of the maximum allowable time period of 36 months from the date of issue of Advance Authorization under Advance Authorization Scheme, in order to strictly monitor export obligation in all such cases in time 

• INDIRECT TAX

Customs

CBEC Customs Notification No. 123/2008 Dated 20.11.2008 - Imposition of Antidumping Duty on the Acrylic Fibre originating in, or exported from, Korea RP and Thailand

Central Government imposes an anti-dumping duty on the Acrylic Fibre falling under Chapter 55 of the First Schedule to the said Customs Tariff Act, when originating in, or exported from, the Korea RP and Thailand, at the rate specified therein.

Customs Non-Tariff

CBEC Customs Non-Tariff Notification No. 130/2008-Customs(N.T.) Dated 25.11.2008 - Determines rate of exchange of conversion effective from 1st December, 2008 relating to imported and export goods

Central Board of Excise and Customs determines the rate of exchange of conversion of each of the foreign currency specified in the schedule, which will be effective from the 1st December, 2008 relating to imported and export goods.

Excise

CBEC Excise Circular No. 878/16/2008-CX Dated 21.11.2008 - Instructions regarding Large Taxpayer Unit - regarding

In order to ensure proper accounting of the departmental revenues CBEC has decided to instruct the taxpayer to make e-payment pay central excise duty and service tax, through internet banking. However, in case of difficulties in e-payment, a large taxpayer is allowed to pay the duty through banks (except in such cases where e-payment is mandatory) in the jurisdiction of the LTU Commissionerate only.

• MINISTRY OF COMPANY AFFAIRS

Notification No. GSR788(E) Dated 14.11.2008 - Companies (Central Government's) General Rules and Forms (second Amendment) Rules 2008

Companies (Central Government's) General Rules and Forms (second Amendment) Rules 2008 substitute following forms-

FORM 1B : Application for approval of the Central Government for change of name or conversion of a public company into a private company

FORM 4 : Statement of amount or rate percent of the commission payable in respect of shares or debentures and the number of shares or debentures for which persons have agreed for a commission to subscribe for absolutely or conditionally

FORM 4C : Return in respect of buy back of securities

FORM 18 : Notice of situation or change of situation of registered office

FORM 22 : Statutory report

FORM 32 : Particulars of appointment of Managing Director, directors, manager and secretary and the changes among them or consent of candidate to act as a Managing Director or director or manager or secretary of a company and/ or undertaking to take and pay for qualification shares

Notification No. GSR787(E) Dated 14.11.2008 Investor Education and Protection Fund (Awareness and Protection of Investors) (Amendment) Rules, 2008

FORM 1 prescribed for filing Statement of amounts credited to investor education and protection fund has been substituted by the Investor Education and Protection Fund (Awareness and Protection of Investors) Rules, 2001.

• PRESS INFORMATION OF BEARAU

PIB Dated 24.11.2008 - Law Commission of India submits 213th report

The Law Commission of India has submitted its 213th Report on "Fast Track Magisterial Courts for Dishonoured Cheque Cases" to the Government of India. The Law Commission has recommended setting up of Fast Track Courts at Magisterial level to deal with the huge pendency of dishonoured cheque cases, in order to ensure restoration of the credibility of the instrument/trade/business/commerce and of course, fundamental right to speedy trial.

PIB Dated 20.11.2008 - Double Taxation Avoidance Agreement between India and Tajikistan signed

A Double Taxation Avoidance Agreement has been signed between India and Tajikistan on 20th November, 2008. The Agreement provides for avoidance of double taxation and the exchange of information between the tax authorities of the two countries in order to carry out the provisions of the Agreement or of the domestic laws concerning taxes covered by the Agreement and contains an anti-abuse provision aimed at preventing misuse of the Agreement.

PIB Dated 20.11.2008 - Cabinet approves modifications to the Trade Marks (Amendment) Bill, 2007

Modification of the Trade Marks (Amendment) Bill, 2007 has been approved by the Union Cabinet on the basis of recommendations contained in the Report of the Parliamentary Standing Committee. The approved amendment will provide better protection to Indian trade marks in designated member countries and afford reciprocal protection to trade marks from member countries abroad.

• MINISTRY OF HOME AFFAIRS

Notification No. SO 2626(E) Dated 7.11.2008 - Directions issued by the President under Article 239 of the constitution

The President of India issues direction in pursuance of article 239 of the constitution subjecting the Lieutenant Governor of the National Capital Territory of Delhi to the control of President and until further orders, also exercise the powers and discharge the functions of the State Government under the Dentist Act, 1948 .

Notification No. SO2562(E) Date of Notification 31.10.2008 - Central government directs application of provisions provided under Chapter VIIA of the Code of Criminal Procedure, 1973 without any condition, exception or qualification in relation to Kuwait

The Central Government in line with the arrangements made by the Central Government with the Government of Kuwait for service or execution of summons or warrant in relation to criminal matters on any person in Kuwait, directs that the provisions of Chapter VIIA of the said Code shall apply without any condition, exception or qualification in relation to Kuwait with effect from the 31st October, 2008.

Notification No. SO2561(E) Dated 31.10.2008 - Central Government Specifies all Courts, Judges or Magistrate exercising jurisdiction in Kuwait having authority to issue Commission for the examination of witnesses residing in India

The Central Government in pursuance of section 290 (2) (b)of the Code of Criminal specifies all Courts, Judges or Magistrates exercising jurisdiction in Kuwait having authority, under the law in force in Kuwait as the Courts by which Commission for the examination of witnesses residing in India may be issued.

Notification No. SO2560(E) Dated 31.10.2008 - Directions issued by the central government regarding Commission for examination of witnesses in Kuwait

The Central Government issues direction in pursuance of the section 285(3) of the Code of Criminal Procedure, 1973, pertaining to taking the evidence of witnesses residing in Kuwait in relation to criminal matters in Courts in India. The directions issues specifies the form for the purpose of issuing Commission for examination of witnesses in Kuwait by the Courts in India.