• MINISTRY OF COMMERCE AND INDUSTRY

Notification No. GSR373(E) Dated 01.06.2009 Trade Marks (Amendment) Rules, 2009 - Draft Rules

The Central Government proposes to introduce certain amendments to the Trade Marks Rules, 2002. The Draft Rules has proposed amendments in Rule 62, First Schedule against Entry No. 60 and Fourth Schedule against class 42.

• MINISTRY OF HOME AFFAIRS

Order No. SO1525(E) Dated 22.06.2009 Declares the Communist Party of India (Maoist) as terrorist organizations

In exercise of the powers conferred by sub-section (1) of section 35 of the Unlawful Activities (Prevention) Act, 1967, the Central Government has made an order the Communist Party of India (Maoist) and all its formations and front organisations as terrorist organisation.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 55/2009 Dated 17.06.2009 Pre-consultation meeting with the stakeholders on the tariff related issues for cable TV services in Non-CAS areas

The Hon'ble Supreme Court vide its order dated May 13, 2009 has asked TRAI to consider the matter relating to tariff for Cable TV services in non-CAS areas de novo as regards all aspects. TRAI has also been asked to consider the feasibility of putting a cap on carriage and placement charges. The Authority intends to initiate a consultation process with the stake holders on the issue of tariff for Cable TV services in non-CAS areas.

• SECURITIES AND EXCHANGE BOARD OF INDIA

Press Release No. 202/2009 Re-allocation of limits to FIIs / Sub-accounts for investment in Government Debt

As per SEBI PR No.161/2009 dated May 15, 2009 the remaining limit for investment in Government debt will be allocated to the FIIs/ sub-accounts on a 'first come first served' basis in terms of our Circular dated January 31, 2008, subject to a ceiling of Rs.249 cr. per entity. In terms of SEBI circular dated November 06, 2008, time period for utilization of these allocated limits shall be 11 working days i.e. by July 10, 2009.

Mutual Fund

Circular No. SEBI/IMD/BOND/Cir-2/2009 Dated 23.06.2009 Clarification on applicability of SEBI Regulations/ Circulars on Initial and Continuous Disclosures for Convertible and Non-Convertible Debt

SEBI has introduced the simplified listing agreement vide Circular No.SEBI/IMD/ BOND/1/2009/11/05 dated May 11, 2009 which inter alia, superseded SEBI Circulars No. No.SEBI/MRD/SE/AT/ 36/2003/30/09 dated September 30, 2003 and SEBI/MRD/SE/AT/46/2003 dated December 22, 2003 that prescribed norms for issue of privately placed debt securities and listing of such securities on the exchange. It is clarified that, issue and listing of non-convertible debt securities, whether issued to the public or privately placed, is to be done in accordance with the provisions of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008. Issue of debt securities that are convertible, either partially or fully or optionally into listed or unlisted equity shall be guided by the disclosure norms applicable to equity or other instruments offered on conversion in terms of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.

• CENTRAL BOARD OF DIRECT TAXES 

Notification No. 49/2009 Dated 18.06.2009 Agreement for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income between India and Myanmar

Agreement between the Government of the Republic of India and the Government of the Union of Myanmar for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income has been signed in India on the 2nd day of April, 2008 and notifications of the procedures completed, as required by Article 29 of the said Agreement on 30th day of January, 2009. All the provisions of the said Agreement shall be given effect to in the Union of India with effect from the 1st day of April, 2010.

CBEC Customs

Notification No. 74/2009 Dated 22.06.2009 Imposition of provisional anti-dumping duty on the imports of Phosphoric Acid, originating in, or exported from, the Korea RP

In the matter of imports of Phosphoric Acid of all grades and all concentration (excluding Agriculture or Fertiliser grade), falling under sub-heading 2809 20 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Korea RP and imported into India, the designated authority in its preliminary findings, has come to the conclusion that the subject goods have been exported to India from the subject country at prices less than their normal values in the domestic market of the exporting country; the dumping margins of the subject goods imported from the subject country are substantial and above de minimis; and the domestic industry has suffered material injury and the injury has been caused to the domestic industry mainly by price effect of dumped imports of the subject goods originating in or exported from the subject country; and has recommended imposition of provisional anti-dumping duty on the imports of subject goods, originating in, or exported from, the subject country. In exercise of the powers conferred by sub-section (2) of section 9A of the said Customs Tariff Act, 1975 read with rules 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government, on the basis of the aforesaid findings of the designated authority, has imposed anti-dumping duty and has stated that duty imposed under this notification shall be effective upto and inclusive of the 21st December, 2009, and shall be payable in Indian currency.