• DIRECTORATE GENERAL OF FOREIGN TRADE

Notification No. 11/2009-2014 Dated 23.09.2009 - Import Policy on Electric Energy

The Central Government has made certain amendments in the ITC (HS) Classifications of Export and Import items. As per this amendment the import policy of electric energy is subject to license issued by the DGFT in consultation with Ministry of External Affairs, Ministry of Power and Department of Commerce, Government of India. However, import from SEZ will be 'free'.

• DIRECT TAXATION

Notification No. 70/2009 Dated 22.09.2009 - Amendment in Electronic Furnishing of Return of Income Scheme, 2007

The Central Board of Direct Taxes has made certain amendments in the notification by the Ministry of Finance vide S.O. 1281(E) dated the 27th July, 2007, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), with effect from 27th July, 2007. As per this notification an e-Return Intermediary must be a public sector company or a company in which public is substantially interested, a company incorporated in India, including a bank having net worth of rupees one crore or more, a firm of chartered accountants, company secretaries or advocates, if permanent account number has been allocated or if they file tax returns and a drawing or disbursing officer of a government department.

• CUSTOMS

Notification No. 145/2009 - Customs (N.T.) Dated 22.9.2009 - Submission of final findings on safeguard investigation concerning imports of Soda Ash into India extended to October 15

The Central Government in pursuance of sub-rule (1) of rule 11 of the Customs Tariff (Transitional Product Specific Safeguard Duty) Rules, 2002, has extended the period for submission of final findings on safeguard investigation concerning import of Soda Ash into India upto, and inclusive of 15th October 2009.

• SERVICE TAX

Notification No. 39/2009-ST Dated 23.09.2009 - Exemption of taxable services on manufacture or processing of alcoholic beverages by the service provider

Central Government has exempted the taxable service specified in sub-clause (zzb) of clause 105 of section 65 of the Finance Act, provided by a person (service provider) to any other person (service receiver) during the course of manufacturing or processing of alcohol beverages by the service provider, for or on behalf of the service receiver, from so much of value which is equivalent to the value of inputs, excluding capital goods used for providing the same service.

Notification No. 37/2009 - ST Dated 23.9.2009 - Amendments to Taxation of Services (Provided from outside India and Received in India) Rules, 2006

By this notification, the Government of India has amended the Taxation of Services (Provided from outside India and Received in India) Rules, 2006. This notification has amended Rule 3 of the Taxation of Services (Provided from outside India and Received in India) Rules, 2006.

• MINISTRY OF HEALTH AND FINANCE

Notification No. GSR680(E) Dated 15.09.09 - Prohibition of Smoking in Public Places (Amendment) Rules 2009

The Ministry of Health and Family Welfare, through this notification, restricted sale of cigarettes or other tobacco products within one hundred yards of any educational institution.

• RESERVE BANK OF INDIA

Circular No. RPCD.CO.RRB.BC.No. 25/03.05.33/2009-10 Dated 24.09.2009 - Payment of Interest on Savings Bank Account on a Daily Product Basis

RBI has decided that interest on balances in SB accounts would be calculated on a daily product basis wef 1.4.2010 as against the current method of calculating on minimum balance to the credit of the deposit account during 10th to the last day of each calendar month.

Circular No. DBS.CO.No. PP. BC. 8/11.01.005/ 2009-10 Dated 24.09.2009 - Exposure to Real Estate Sector- Assessment of Group Risk

Guidelines are issued to the commercial banks that while assessing the loan requirements of large builders/land developers, they may carefully analyse the financial credentials/viability of the borrowers on a consolidated basis supported by the consolidated accounts/position of the group. They may also examine the financial credentials/viability of the relevant unconsolidated related entities such as Special Purpose Vehicles (SPVs).

• SECURITIES AND EXCHANGE BOARD OF INDIA

Press Release  No. 300/2009 Dated 22.09.2009 - Amendments to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations (Takeover Regulations) - SEBI Press Release

SEBI has decided to amend SEBI (Substantial Acquisition of Shares and Takeovers) Regulations to provide that where ADR/ GDR holders are entitled to exercise voting rights on shares underlying GDRs / ADRs, open offer obligations shall be triggered upon crossing threshold limits

Circular No.8/174648/2009 Dated 27.08.2009 - Code of Conduct for Intermediaries of Mutual Funds

SEBI revised Code of Conduct for Intermediaries of Mutual Funds whereby mutual fund intermediaries i.e. agents and distributors are to strictly comply with the code and no mutual fund to deal with intermediaries who do not follow the code.

• TELECOM REGULATORY AUTHORITY OF INDIA

Notification No. 116-4/2009-MN(Vol.II) Dated 23.09.09 - Telecommunication Mobile Number Portability Regulations, 2009 (8 of 2009)

TRAI has notified Telecommunication Mobile Number Portability Regulations, 2009 wherein mobile subscribers are allowed to switch operators after 90 days after activation of connection and can change operators within the circle of their registration.