• INDIRECT TAX

Service Tax

Notification No. 01/2009-ST Dated 05.01.2009 - Exemption to the Specified taxable services from the whole of the service tax leviable under section 66 of the Finance Act

The Central Government notifies the exemption of taxable services specified in sub-clauses (j), (k), (zr), (zza), (zzb), (zzzf), (zzzq) and (zzzzj) of clause (105) of section 65 of the Finance Act, provided by any person to a goods transport agency for use by the said goods transport agency to provide any service, referred to in sub-clause (zzp) of clause (105) of section 65 of the Finance Act, to a customer in relation to transport of goods by road, from the whole of the service tax leviable. This is subject to the condition that the invoice issued by such service provider, providing services should mention the name and address of the goods transport agency and also the name and date of the consignment note, by whatever name called, issued in his behalf.

Customs

CBEC Customs Circular No. 23/2008 Dated 29.12.2008 - Clarification on classification of combined refrigerator freezer with separate external doors for the purpose of extending benefit of Notification No.85/2004-Customs dated 31.8.2004

 It is clarified for the purpose of duty concessions for the import of "Combined refrigerator freezer with separate external doors'" into the country from Thailand that the classification of 'Combined refrigerator freezer with separate external doors' would be under sub- heading 8418 10 and not under 8418 21, as was being followed by certain Customs field formations. Accordingly, these goods are not covered under Sl.No.50 of the notification No.85/2004-Customs dated 31.8.2004.

Excise

CBEC Excise Circular No. 881/01/2009-CX Dated 07.01.2009 -Payment of Additional Excise Duty (AED) and Special Additional Excise duty (SAED) on motor spirit and high speed diesel and National Calamity Contingent Duty (NCCD) on excisable goods exported from units located in Special Economic Zone (SEZ) – regarding

It has been clarified that Additional Excise Duty or Special Additional Excise duty levied on high speed diesel and motor spirit under the respective provisions of Finance Act are not required to be paid for goods exported under bond from a manufacturing unit located in a Special Economic Zone. Similarly, a manufacturer located in a SEZ can avail of the facility of export under claim for rebate in terms of rule 18 of the Central Excise Rules in respect of these duties. 

• CORPORATE AFFAIRS

Notification No. GSR888(E) Dated 24.12.2008 - Companies (Amendment) Regulations, 2008

The Central Government notifies the amendment to Companies Regulation, 1956 to make way for Companies (Amendment) Regulations, 2008, which shall come into force with effect from 15th February, 2009, wherein Regulation 17 of Companies Regulations, 1956 has been substituted.

Notification No. GSR876(E) Dated 24.12.2008 -Companies (Central Government's) General Rules and Forms (Seventh Amendment) Rules, 2008
Central Government notifies FORM 67 for filing addendum for rectification of defects or incompleteness, Pursuant to Rule 20A (3) of the Companies (Central Government's) General Rules and Forms, 1956 vide Companies (Central Government's) General Rules and Forms (Seventh Amendment) Rules, 2008.

• DIRECT TAX

CBDT Notification No.01/2009 Dated 05.01.2009 -Income-tax (First Amendment) Rules, 2009

CBDT Prescribes conditions for the purposes of sub-clause (iii) of clause (B) of sub-section (2) of section 115WB, which has been inserted in the Part VIIC of the Income-tax Rules, 1962 vide Income-tax (First Amendment) Rules, 2009 and shall come into effect from the 01.04.2009.

• PRESS INFORMATION BUREAU

Dated 26.12.2008 - 216th Report of Law Commission of India on "Non-feasibility of introduction of Hindi as compulsory language in the Supreme Court of India"

The Law Commission of India has submitted to the Government of India, its 216th Report on "Non-feasibility of introduction of Hindi as compulsory language in the Supreme Court of India". The Commission had received a reference from the Department of Legal Affairs, Ministry of Law & Justice to obtain views or recommendations on the amendment of Article 348 of the Constitution so that the Legislative Department may be able to undertake original drafting in Hindi and the High Courts and Supreme Court could start delivering judgements and decrees in Hindi.

Dated 01.01.2009 - Madhya Pradesh High Court Judge appointed

Shri Justice Suresh Chandra Sinho, Additional Judge of the Madhya Pradesh High Court has been appointed as the Judge of the Madhya Pradesh High Court with effect from the date he assumes charge of his office.

• RESERVE BANK OF INDIA

A. P. (DIR Series) Circular No. 45 Dated 02.01.2009 - Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

The RBI notifies Authorised Dealer Category-I (AD Category - I) banks that vide Circular No. 44 dated December 26, 2008 the rupee value of the special currency basket was indicated as Rs. 64.9196 effective from November 19, 2008. However, with effect from December 23, 2008, the e rupee value of the special currency basket has been fixed at Rs. 67.0394.

DBOD.No.Ret.BC. 102 /12.01.001/2008-2009 Dated 02.01.2009 - Notify average Cash Reserve Ratio (CRR) required to be maintained by every Scheduled Commercial Bank

RBI notifies that in partial modification of the earlier notification DBOD.No.Ret.BC.70/12.01.001/2008-09 dated November 03, 2008, the average Cash Reserve Ratio (CRR) required to be maintained by every Scheduled Commercial Bank shall stand reduced by 50 basis points to 5.00 per cent of its net demand and time liabilities from the fortnight beginning January 17, 2009.

• SECURITY BOARD OF INDIA

SMD Circular No. MRD/DoP/SE/Cir- 36 /2008 Dated 29.12.2008 - Guidelines in respect of exit option to Regional Stock Exchanges

SEBI Board has approved the broad guidelines to provide an exit option to such Regional Stock Exchanges (RSEs) whose recognition is withdrawn and/or renewal of recognition is refused by SEBI and RSEs who may want to surrender their recognition. As per the said guidelines, such RSEs (or their successor entities) may be permitted to retain movable and immovable assets and to deal with such assets as they deem fit subject to compliance with certain specified conditions.