• INDIRECT TAXATION

CBEC Customs 

Notification No. 08/2009 Dated 22.01.2009 - Imposition of the Anti-dumping duty on import of digital versatile discs-recordable generally known as DVD-R and DVD-RW from China, Hong Kong and Chinese Taipei

Central government imposes Anti-dumping duty on import of digital versatile discs-recordable generally known as DVD-R and DVD-RW, falling under heading 8523 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) originating in, or exported from the People's Republic of China, Hong Kong and Chinese Taipei.

Circular No. 04/2009 Dated 28.01.2009 - Clarifications In Respect of Quantum of Bond and Bank Guarantee (BG) Under Advance Authorization and Export Promotion Capital Goods Schemes

It has been Decided by the CBEC that bond under Advance License and EPCG Schemes shall cover only the duty ordinarily leviable on the goods but for the exemption while examining the issue pertaining to inclusion of the amount of Bond and Bank Guarantee(BG) to be executed under Advance Authorization and Export Promotion Capital Goods schemes.

Circular No. 03/2009 Dated 20.01.2009 -On Line Transmission Of Shipping Bills And Licences/ Authorization Issued Under The Duty Exemption Scheme (DES) And The EPCG Scheme

Directorate General of Systems has designated necessary software for online transmission of shipping bills and Advance Licences/Authorizations under the Duty Exemption Scheme (DES) and the EPCG scheme and these Advance Licences/Authorizations will be transmitted from DGFT to Customs and vise versa online. The procedures relating to online transmission of shipping bills/Authorirsation under the DES and EPCG scheme is to be implemented by the Jurisdictional Commissioner of Customs from the specified date and the existing procedure shall continue as regards to manual shipping bills at non-EDI station.

• DIRECT TAXATION

 Notification No. 11/2009 Dated 21.01.2009 -Income-tax (Fourth Amendment) Rules, 2009

Central Board of Direct Taxes provides dates on or before which Returns regarding tax deducted at source in the case of non-residents to be filed in respect of the first three quarters of the financial year vide amendment to the Income -tax Rules, 1962 , which shall come into effect from 1st day of April, 2009

Notification No. 10/2009 Dated 19.01.2009 -Income-tax (Third Amendment) Rules, 2009

Central Board of Direct Taxes put in place provision relating to Rates at which Depreciation is Admissible pertaining to New commercial vehicle acquired on or after the 1st day of January, 2009 but before 1st day of April, 2009 and is put to use before 1st day of April, 2009 for the purposes of business or profession by an amendment to Appendix 1 of the Income -tax Rules, 1962, which will come into effect from 1st day of April, 2009.

• MINISTRY OF CORPORATE AFFAIRS

Notification No. GSR35(E) Dated 19.01.2009 -Companies (Issue of Indian Depository Receipts) (Amendment) Rules, 2009

Central government amend the Companies (Issue of Indian Depository Receipts) Rules, 2004 vide Companies (Issue of Indian Depository Receipts) (Amendment) Rules, 2009 , inserting provisions pertaining to Listing of Indian Depository Receipt and Report of the statutory auditor to be specified in the Prospectus.

• DIRECTORATE GENERAL OF FOREIGN TRADE 

DGFT Policy Circular No. 55 (RE-08)/2004-2009 Dated 19.01.2009 -Clarification on applicability of Public Notice No. 28 dated 09.06.2008

It has been clarified by the DGFT that the amendments made to the that for applications filed prior to the date of issuance of Public Notice No. 28/(RE-2008)/2004-09 , dated 09th June, 2008 , Policy /Handbook provisions prior to this date would be applicable.

• MINISTRY OF LABOUR AND EMPLOYMENT

Notification No. SO133(E) Dated 13.01.2009 -Central Government invites objections and suggestion with respect to proposed revised the rate of wages

Central government in exercise of the power conferred under Minimum Wages Act, 1948, invites objection or suggestion from any person or organization with respect to the Draft Proposal specifying revised rates of wages payable to the employees engaged in industries specified therein.

• MINISTRY OF LAW AND JUSTICE

Notification No. GSR24(E) Dated 12.01.2009 -Central Government declares applicability of Code of Civil Procedure, 1908 to specified countries

Central Government in exercise of the power conferred by the Section 29 of the Code of Civil Procedure, 1908, declares that the said provisions will apply to all civil courts in all the countries who are parties to the Hague Convention on the Service Abroad of Judicial or Extra-Judicial Documents in Civil or Commercial Matters, 1965.

• SECURITIES AND EXCHANGE BOARD OF INDIA

Mutual Fund Circular No. SEBI/IMD/CIR No.13/150975/09 Dated 19.01.2009 -Portfolio of "Liquid Schemes" and nomenclature of "Liquid Plus" schemes

SEBI has amended the guidelines on portfolio of Liquid Scheme. Accordingly, definition 'liquid fund schemes and plans' stand amended and it shall mean the schemes and plans of a mutual fund as specified in the guidelines issued by SEBI in this regard and it has been advised to mutual funds to carry out the change in the nomenclature of "Liquid Plus Scheme" since it gives a wrong impression of added liquidity.

The tenure of the securities held in the portfolio of liquid schemes from the current requirement of one year to 182 days only With effect from February 01, 2009, which is further reduced to 91 days only.

Mutual Fund Circular No SEBI/IMD/CIR No. 14/151044/09 Dated 19.01.2009 - Indicative Portfolios and Yields in Mutual Fund schemes

It has been decided by the SEBI that Mutual Funds shall not offer any indicative portfolio and indicative yield and also no communication regarding the same in any manner whatsoever, shall be issued by any Mutual Fund or distributors of its products, as at times this practice may be misleading to the investors

• RESERVE BANK OF INDIA

RBI RPCD Circular No.RPCD. SME&NFS.BC.No 84 /06.02.31(P)/2008-09 Dated 20.01.2009 -Collateral Free Loans - Micro and Small Enterprises

Reserve Bank of India conforms that banks may extend collateral collateral-free loans upto Rs. 5 lakh to all new loans to the MSE sector (both manufacturing and service enterprises), while dealing with the representation from various quarters that collateral security is being demanded from MSEs even for new loans upto Rs. 5 lakh.

RBI UBD Circular No. UBD (PCB).Cir. No. 37/16.26.000/2008-09 Dated 21.01.2009 - Banking Regulation Act 1949 (AACS)- Investments in Government and other approved securities by UCBs - Exemption under Section 24A

RBI has decided to continue the exemption available to non-scheduled UCBs in Tier I from maintaining SLR in Government and other approved securities up to 15 per cent of their NDTL provided the amount was held in interest-bearing deposits with the State Bank of India and its subsidiary banks and the public sector banks, including Industrial Development Bank of India Ltd., provided that, with effect from October 1, 2009, such exemption shall not exceed 7.5 per cent of NDTL.

RBI UBD Circular No. UBD.PCBNo. 36/13.05.000/2008-09 Dated 21.01.2009 -Lending under Consortium Arrangement / Multiple Banking Arrangements

RBI has encouraged banks to strengthen their information back-up about the borrowers enjoying credit facilities from multiple banks, in order to avoid incidence of frauds mainly to the lack of effective sharing of information about the credit history and the conduct of the account of the borrowers among various banks. Consequently, RBI issues directions to banks and provides format in which banks are supposed to make declarations

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 13/2009 Dated 27.01.2009 -TRAI releases Consultation Paper on "Licensing Issues Related to Next Generation Networks"

Consultation Paper on "Licensing Issues Related to Next Generation Networks" has been released by the TRAI. The said consultation paper deals with the regulatory and technological issues pertaining to concept of Next Generation Network (NGN), With an objective to develop a suitable regulatory framework. NGN is essentially a managed IP based network that supports variety of high speed data intensive services including, HDTV, videoconferencing, VoIP, IPTV, Instant Messaging, email, and other packet switched communication services.