• DIRECTOR GENERAL OF FOREIGN TRADE

Policy Circular No. 88(RE-2008)/2004-2009 Dated 06.05.2009 - Import of Waste Paper

As per Circular No.82 (RE-08)/2004-2009 dated 28.4.2009, applications for import of waste paper submitted to MOEF are to be accompanied by the certificate of independent Pre-Shipment Inspection Agency. The pre-shipment inspection certificate shall state that imported material is only waste paper etc. and is free from any hazardous waste including municipal waste, bio-medical waste, etc. Accordingly, trade and industry is advised to seek pre-shipment inspection from only those agencies who are enlisted in Appendix-5 of Handbook of Procedures Vol. I.

Policy Circular No. 87(RE-2008)/2004-2009 Dated 04.05.2009 - System of export release orders for sugar reintroduced

A producer of sugar by vacuum pan process or a merchant Importer/exporter shall be required to obtain an export release order from the Chief Director (Sugar), Directorate of Sugar or any other Officer authorized by the Chief Director (Sugar) for export of sugar whether under Open General Licence or Advance Authorization Scheme on 'ton- to-ton' basis or any other scheme permitting Export of sugar. The department of Food & Public Distribution, Ministry of Consumer Affairs, Food & Public Distribution, have intimated that due to substantial decline in sugar production during current sugar season 2008-09 this step has been taken.

Policy Circular No. 86(RE-2008)/2004-2009 Dated 04.05.2009 - Applicability of 36 months Export Obligation Period (EOP) under Duty Free Import Authorisation (DFIA) Scheme

The original Export Obligation Period (EOP) under the Advance Authorisation Scheme was increased to 36 months from the earlier original EOP of 24 months vide Public Notice Nos. 151 dated 26th February, 2009, 160 dated 6.3.2009. The said facility had been extended for all Advance Authorisations which are within 36 months from the date of issuance of the authorisation, as on 26-2-2009 or thereafter vide Policy Circular No. 80 dated 13.4.09. The facility of EOP upto 36 months, as stated in the aforesaid Public Notices and Policy Circular, is equally applicable under DFIA Scheme.

• RESERVE BANK OF INDIA

Circular No. 66 Dated 28.04.2009 - Loans to Non Residents / third party against security of Non Resident (External) Rupee Accounts

Vide para 111 of the Annual Policy Statement 2009-10, it has been decided to enhance the existing cap of Rs.20 lakh to Rs.100 lakh on loans against security of funds held in  NR(E)RA and FCNR(B) deposits either to the depositors or third parties. Accordingly, the banks may now grant loans against NR(E)RA and FCNR(B) deposits either to the depositors or third parties up to a maximum limit of Rs.100 lakh. The banks are also advised not to undertake artificial slicing of the loan amount to circumvent the aforesaid ceiling.

RBI UBD Circular No. UBD.CO.LS.Cir.No.66 /07.01.000/2008-09 Dated 06.05.2009 - Annual Policy Statement for the year 2009-10-Extension of Area of Operation (AOO)-Liberalisation

Reserve Bank of India has decided that to permit extension of area of operation to well-functioning Primary (Urban) Cooperative Banks (UCBs) in the States that have signed MoUs with the Reserve Bank. As per the extant guidelines, extension of area of operation beyond the districts adjoining the district of registration is not permitted. In order to provide avenues for organic growth to sound and well functioning uni-state Tier II UCBs, it has been decided to liberalise and modify the existing norms further.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. 004/IRDA/F&A/CIR/APR-09 Dated: 22.4.2009 - Appointment of Statutory Auditors

All insurers while appointing/re-appointing the Statutory Auditors must ensure compliance with the stipulations on the "Appointment of Statutory Auditors" as contained in Circular No. 36/7/F&A/EMPL/74/July/05 dated July 25, 2005 on 'Appointment of Statutory Auditors'. The Authority must be informed of such appointments/re-appointments within a week thereof with a certification to the effect that the said stipulations have been met. Insurers are also advised to file a Return on an annual basis giving details of Chartered Accountant firms engaged in various capacities like Statutory Auditors, Internal Auditors, Concurrent Auditors, Tax Auditors and other Auditors.

• INDIRECT TAX

CBEC Customs Non-Tariff Notification No. 44/2009 Dated 28.04.2009 - Determines rate of exchange of conversion effective from 1st May, 2009 relating to import and export goods

Central Board of Excise and Customs determines that the rate of exchange of conversion of specified foreign currency into Indian currency or vice versa, relating to import and export goods. The rates of exchange thus determined will be effective from the 1st May, 2009.

Customs Circular No. 14/2009 Dated 06.05.2009 - Implementation of Phytosanitary Requirements in Import or Export of Goods - Regarding.

In the international trade, every consignment accompanied with solid wood packaging materials (SWPM) needs to be treated and marked in accordance with the provisions of International Standards for Phytosanitary Measures (ISPM) No.15. Accordingly, all the Customs field formations are directed to verify whether the export goods packed with raw or solid wood packaging material comply with the ISPM No. 15 or are accompanied by a phytosanitary certificate with the treatment endorsed issued by the agencies which are accredited / certified by DAC. In case of non-compliance, the matter may be referred to the Plant Quarantine authorities for proper treatment of export goods before their release.