• CIVIL AVIATION

Notification No. GSR813(E) Dated 21.11.2008 Aircraft (4th Amendment) Rules, 2008

Amendment has been made in Aircraft Rules, 1937 by Aircraft (4th, Amendment) Rules, 2008. Changes are regarding cancellation of registration of an aircraft registered in India, licensing of Aircraft Maintenance Engineers, inspection and directions by Director-General.

• COMMERCE AND INDUSTRY

Notification No. SO2835(E) Dated 03.12.2008 Agricultural and Processed Food Products Export Development Authority (Amendment) Rules, 2008

Agricultural and Processed Food Products Export Development Authority Rules, 1986 has been amended by the Agricultural and Processed Food Products Export Development Authority (Amendment) Rules, 2008. The new provision on functions of the Authority for measures of registration and protection of Geographical Indications as required under the Geographical Indications of Goods has been added.

• CORPORATE AFFAIRS

Notification No. GSR808(E) Dated 21.11.2008 Competition Commission of India (Form and Time of Preparation of Annual Report) Rules, 2008

A rule under the Competition Act, 2002 has been introduced on the preparation and furnishing of the annual report by the Competition Commission of India. The rule shall be called Competition Commission of India (Form and Time of Preparation of Annual Report) Rules, 2008.

Notification No. GSR824(E) Dated 28.11.2008 Companies (Central Government's) General Rules and Forms (Third Amendment) Rules, 2008

The Companies (Central Government's) General Rules and Forms, 1956 has been substituted by the Companies (Central Government's) General Rules and Forms (Third Amendment) Rules, 2008. Form 23A in the annexure A has been substituted by the new form by the said amendment rule.

• Direct taxation

Notification No. 107/2008 Dated 11.12.2008 Income-Tax (Eleventh Amendment) Rules, 2008

The Income -tax Rules, 1962 has been amended by the Income -tax (Eleventh Amendment) Rules, 2008. The amendments are adding a new application Form 3CF- II for a company and a new provision under profits and gains of business or profession.

• INDIRECT TAXATION

SERVICE TAX

Circular No. 106/09/2008-ST Dated 11.12.2008 Filing of claim for refund of service tax paid under notification no. 41/2007-st dated 6/10/2007

The Service Tax department has allowed the refund of service tax paid on some specified services used for export of good by the Notification No. 41/2007-ST, dated 6/10/2007. The Board has issued clarifications on the issues received from field formations and trade seeking clarification on other procedural issues and also on reports of delays in sanction of refund claims. The Board has from time to time examined the procedural difficulties arising in implementation of this refund scheme. 

• REVENUE

Notification No. GSR792(E) Dated 18.11.2008 Constitution of the Directorate General of Human Resource Development

The President of India has given his assent to the constitution of the Directorate General of Human Resource Development under Central Board of Excise and Customs, Department of Revenue, Ministry of Finance. It will come in force with immediate effect. Merging the present Directorate of Organisation and Personnel Management and Directorate of Housing and Welfare shall create the Directorate General of Human Resource Development. The Director General shall head the five divisions Directorate General of Human Resource Development.

• RESERVE BANK OF INDIA

A. P. (DIR Series) Circular No. 40 Dated 10.12.2008 Foreign Exchange Management Act, 1999 - Foreign Travel - Mode of payment in Rupees

For the drawal of exchange for certain current account transactions has been prohibited and restrictions have been placed on certain other transactions. The Authorised Dealers Category I & II and Full Fledged Money Changers (FFMCs) have been directed for the sale of foreign exchange exceeds the amount equivalent to Rs.50,000, the payment must be received only by a crossed cheque drawn on the applicant's bank account or on account of the firm/company sponsoring the visit of the applicant or Banker's cheque / Pay Order / Demand Draft.

A.P. (DIR Series) Circular No. 41 Dated 10.12.2008 - Exim Bank's Line of Credit of USD 30 million to the Government of the Republic of Malawi

Exim bank has provided a Line of Credit (LOC) of USD 30 million (USD thirty million) to Government of the Republic of Malawi for financing eligible goods and services including consultancy services from India supply of irrigation, storage, tobacco threshing plant and one village vide an agreement concluded between Exim Bank and Government of the Republic of Malawi. The Credit Agreement under the LOC is effective from October 31, 2008 and date of execution of Agreement is May 14, 2008.

Circular No. DBOD.No.BP. 97 /21.04.158/2008-09 Dated 11.12.2008 Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by Banks

The RBI has issued draft guidelines framework for managing the attendant risks in outsourcing of Financial Services by Banks. On the basis of the suggestions received from all concerned, the draft guidelines have been suitably modified. A modification has been done on the Off-shore outsourcing of Financial Services by this circular.

Circular No. DBOD.Dir.(Exp).BC.No. 100 /04.02.01/2008-09 Dated 16.12.2008 Interest Rates on Rupee Export Credit

The RBI has directed for change of interest rates on rupee export credit in the public interest. Banks charge interest rates not exceeding BPLR minus 2.5% on pre-shipment credit up to 270 days and post-shipment credit up to 180 days as per existing guidelines. Banks will now charge interest rates not exceeding BPLR minus 4.5% on pre-shipment credit up to 270 days and post-shipment credit up to 180 days on the outstanding amount for the period December 1, 2008 to March 31, 2009 to the exporters in the Textiles (including Handloom), Handicrafts, Carpets, Leather, Gems and Jewellery, Marine Products, and Small & Medium Enterprises sectors.

• PIB

Dated 19.12.2008 - Right to Education Bill, 2008 introduced in Parliament

The right to education bill has been introduced in parliament in Rajya Sabha on 15.12.2008. The Bill amends Constitution of India by inserting Article 21-A, which would, provides that the State shall provide free and compulsory education to all children of the age of six to fourteen years in such manner as the State may, by law, determine.