• CORPORATE AFFAIRS

Notification No. SO1323(E) Dated 22.05.2009 - Effective date of implementation of specified sections of Limited Liability Partnership Act, 2008

The Central Government has notified 31st May, 2009 to be the effective date for implementation of Sections 55 to 58, Second Schedule, Third Schedule and Fourth Schedule of the Limited Liability Partnership Act, 2008 (6 of 2009).

• INDIRECT TAXATION

CBEC Customs

Notification No. 58/2009 dated 05.06.2009 Imposition of definitive anti-dumping duties on Compact Discs-Recordable originating in, or exported from, Iran, Malaysia, Korea ROK, Thailand, United Arab Emirates and Vietnam

The Central Board of Excise and Customs has notified the imposition of antidumping duty on the import of Compact Discs-Recordable originating in, or exported from Iran, Malaysia, Korea ROK, Thailand, United Arab Emirates and Vietnam. The duty has been imposed as the subject goods were being exported to India, from the subject countries below its normal value, thereby causing material injury to the domestic industry.

• CBDT

Circular No. 02/2009 Dated 21.05.2009 - New Tds and Tcs Payment and Information Reporting System-Regarding

It is notified that the new TDS, TCS payment and information reporting system which has been redesigned vide notification No. 858(E) dated 25th March, 2009 will be effective for all tax deducted at source or tax collected at source on or after 1st April, 2009. However, any TDS or TCS effected on or after 1st April, 2009 but not later than 31st May, 2009 shall continue to be paid to the credit of the Central Government by using the old challan form. The TDS or TCS effected on or after the 1st June, 2009 shall be required to be paid electronically by electronically furnishing income tax challan in Form No. 17.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. IRDA/F&A/CIR/014/May-09 Dated 29.05.2009 Declaration of Bonus under Section 49 of the Insurance Act, 1938

The Insurance Regulatory and Development Authority has decided to allow life insurers in the private sector to declare bonus to policyholders where the Life fund is in deficit for a further period of three years i.e., upto the tenth year of operations commencing from the year in which the life insurance business operations are started, provided the insurers strictly comply with all the conditions specified by the Authority in this regard.

• DBOD

Circular No. DBOD.No.DIR.BC.136/13.03.00/2008-09 Dated 29.05.2009 Issue of Guarantees by banks 

The Reserve Bank of India has clarified that banks cannot issue guarantees on behalf of corporate entities in respect of non-convertible debentures, bonds or debt instruments issued by such entities. Guarantees on behalf of corporate entities can be issued by banks only in cases of loans. This is so because guarantees by the banking system for a corporate bond or any debt instrument not only have significant systemic implications but also impede the development of a genuine corporate debt market.    

• Director General of Foreign Trade

Notification No. 108 (RE-08)/2004-2009 Dated 05.06.2009 Amendment to Schedule-I of the ITC (HS) Classification of Export and Import Items, 2004-09

The Central Government amended Schedule-I of the ITC (HS) Classification of Export and Import Items, 2004-09 by adding a condition to chapter 1A: General Notes regarding Import Policy as under :

21. Import of cigarette or any other tobacco product shall be subject to the provisions contained in the "Cigarettes and other Tobacco Products (Packaging and Labelling) Amendment Rules, 2009", as notified by the Ministry of Health & Family Welfare.

Notification No. 107 (RE-08)/2004-2009 Dated 05.06.2009 Amendment to the ITC (HS) Classification of Export and Import Items 2004-09

The Central Government amended the ITC (HS) Classification of Export and Import Items 2004-09 by substituting Condition 16 of Chapter 1 A

• INDUSTRIAL POLICY AND PROMOTION

Order No. SO1354(E) Dated 25.05.2009 Newsprint Control (Amendment) Order, 2009

The Central Government has passed the Newsprint Control (Amendment) Order, 2009 in exercise of the powers conferred by Section 18G of the Industries (Development and Regulation) Act, 1951. In item 4 relating to the name of the Mill and Location of the indigenous newsprint manufacturers, after Sl. No. 96 and the entries relating thereto, the following shall be added, namely :

97. M/s. Vamshadhara Paper Mills Limited, Madapam Village, Narsannapeta, Srikakulam, in the State of Andhra Pradesh.