• DIRECTORATE GENERAL OF FORIGEN TRADE

Policy Circular No. 101(RE-2008)/2004-0009 Dated 13.08.2009 - Guidelines for import of Rough Marble Blocks/Slabs for the year 2008-09

All licence holders of rough marble blocks/slabs issued under the provisions of Policy Circular No.13 (RE-08)/2004-2009, may apply to concerned RA of DGFT for enhancing the quantity in their licence by upto another 25 per cent of the quantity granted to them in the year 2008-09. The import of enhanced quantity shall be subject to all the conditions applicable on import of rough marble blocks/slabs indicated in relevant Circulars.

Public Notice No. 100(RE-2008)/2004-0009 Dated 12.08.2009 - Condition on import of textile and textile articles as per Para 11 (i) of Chapter 1A of ITC (HS) Classifications of Export and Import Items 2004-09

Import of textile and textile articles made under Custom Notification No.32/97-Cus dated 1st April, 1997 shall be exempt from the testing for hazardous dyes as required under the aforementioned provisions. However, in case any such imported material is retained in the country after execution of export order, the same shall be subject to the testing of the material from any of the agencies notified under Public Notice No.12 (RE-2001)/1997-2002 dated 3rd May, 2001.

Policy Circular No. 99 (RE-2008)/2004-2009 Dated 11.08.2009 - Clarification regarding Advance Authorisation for Export of SCOMET items

In case of applications for Advance Authorisation where export item is a SCOMET item, and where the applicant so requests, Advance Authorisation may be issued prior to issue of SCOMET licence, subject to the following condition :

"In case SCOMET licence is not granted within four (4) months of the issue of the Advance Authorisation, then the exporter would pay customs duty and applicable interest on the imported goods and thereafter close the Advance Authorisation. This condition would be incorporated in the Advance Authorisation. The applicant would also give an LUT in this regard."

• MINISTRY OF COMMERCE AND INDUSTRY

Notification No. 14/27/2009-DGAD Dated 11.08.2009 - Initiation of Anti-dumping Investigation concerning Imports of phenol Originating in or Exported from Japan and Thailand

The Designated Authority has found sufficient prima facie evidence of dumping of Phenol, originating in or exported from Thailand and Japan and has initiated an investigation into the alleged dumping, and consequent injury to the domestic industry to determine the existence, degree and effect of any alleged dumping and to recommend the amount of antidumping duty which, if levied, would be adequate to remove the injury to the domestic industry. The Period of Investigation for the purpose of the present investigation is 1st October 2008 to 30th June2009 (9 months).

• PRESS INFORMATION BUREAU

Dated 16.08.2009 - PM Calls Upon Judiciary and Executive to Make Indian Judicial System an Arrear Free

The Prime Minister, Dr. Manmohan Singh has called upon the judiciary and executive to work together to make the Indian judicial system an arrear free. Dr. Singh said that the elimination of vast number of pending cases in the Indian Courts is the biggest challenge before the judiciary. He called upon the apex court to be a catalyst and a role model in playing a vital role in overcoming the challenge of the huge pendency. Dr. Singh said that comprehensive computerisation and ultimate linking of all courts in the country into one mega judicial information grid needed to be tailored and adapted to enable screening of all pending cases and such screening should facilitate disposal of many old cases. Referring to the vacancies in the High Courts and Subordinate judiciary, the Prime Minister called upon the Chief Justices to initiate proposals for filling up the vacant posts in High Courts and mentioned that the 3000 odd posts of judges in the country that are vacant because of delay in recruitment process need to be filled without further loss of time.

• RESERVE BANK OF INDIA

Press Release No. 2009-2010/232 Dated 11.08.2009 - High Level RBI Group suggests Steps to check Menace of Fake Notes

A High Level Group on Systems and Procedures for Currency Distribution, headed by Usha Thorat, Deputy Governor, Reserve Bank of India, set up in August 2008 has recommended, installation of note sorting machines at all bank branches in a phased manner and banks giving a roadmap to the Reserve Bank of India to achieve this, switching over to 'cassette swapping system' so that replenishment of currency notes in ATMs is done in a highly secured manner and waiving the current requirement of filing an FIR by banks in case one gets possession of a few fake currency notes.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. 27/IRDA/ACTL/NON-LIFE/2009-10 Dated 13.08.2009 - Role of Appointed Actuaries

IRDA has come up with certain propsed measures required to enhance the role of the appointed actuaries significantly. So, that general insurers are in a position to cope with public demand for non-life products and at the same time ensure the availability of solvency on a continuous basis. Due importance must also be given for the profit to be generated by each product.

It is porposed that the appointed Actuary must be given necessary infrastructure in the office of non-life insurer so that he can function effectively and lead the team members in the actuarial department. The Appointed Actuary shall be invited for all the Board Meetings of the Non-life insurance company and each product is required to be certified that it is financially viable.

The Appointed Actuary is required help the insurer to ensure the availability of required solvency of the company at all points of time and wherever deficiency is noticed he / she must inform the Board for necessary action. In the event of no action / inadequate action, he / she has to keep the Regulator informed as enshrined in the Appointed Actuary Regulations and various other method has been propsed which will come into effect from October 1, 2009.

• SECURITIES EXCHANGE BOARD OF INDIA

Mutual Fund Circular No. SEBI/IMD/CIR No. 7/173650/2009 Dated 17.08.2009 - Exit load - Parity Among all Classes of Unit Holders

In order to protect the interests of investors in securities and to promote the development of, and to regulate the securities market, SEBI has released a circular on Exit Load - Parity among all classes of unit holders. It has been mandatory for all Mutual Funds to ensure compliance with the aforesaid circular on or before August 24, 2009.

While complying with the aforesaid circular, it shall be ensured that principle laid down in the SEBI circular No. SEBI/IMD/CIR No. 5/126096/08 dated May 23, 2008 (clause 16 of the standard observations) that "any imposition or enhancement in the load shall be applicable on prospective investments only" shall be followed and parity among all classes of unit holders in terms of charging exit load shall be made applicable at the portfolio level.