• DIRECTORATE GENERAL OF FOREIGN TRADE

Policy Circular No. 16/2009-14 Dated 13.11.2009- Clarification regarding Foreign Exchange earnings to be counted for redemption of EPCG Authorizations issued to Service Provider

Directorate General of Foreign Trade (DGFT) clarifies that Policy Circular No. 25 dated 01.01.2008 has been specifically issued for Served From India Scheme (SFIS) and is not applicable to Export Promotion Capital Goods (EPCG) Scheme. EPCG authorizations may be issued and redeemed as per provisions of Chapter 5 of FTP & HBP Vol.I. Provisions of Circular No. 25 dated 01.01.2008 will not be applicable for redemption of EPCG Authorizations.

• DIRECT TAXATION

CBDT Notification No. 82/2009 Dated 11.11.2009- Notification regarding empowerment of Additional Directors of Income-tax and Joint Directors of Income-tax

Central Board of Direct Taxes empowers all Additional Directors of Income-tax and Joint Directors of Income-tax working under the Director General of Income-tax (Intelligence) to issue authorisation under sub-section (1) of Section 132 of the Income-tax Act, 1961.

• INDIRECT TAXATION

CBEC Customs (TARIFF)

Instruction From File No. 520/42/2009-Cus.VI Dated 11.11.2009- Directives of High Court of Madras in Public Interest Litigation (W.P.No.35418/2006) to put display boards / notice boards in Airports / seaports indicating items banned in the Middle-Eastern countries

As per directive of Hon'ble High Court of Madras in W.P.No.35418/2006, Customs Board has decided to display boards / notice boards in Airports / seaports indicating items banned in Middle-East Countries like Khas Khas (Poppy seeds), 'Indian Pan and derivative' to avoid criminal prosecution of Indian nationals visiting these Middle-East countries

• SERVICE TAX

Notification No. 42/2009-ST Dated 12.11.2009- Exemption of taxable services in relation to specified manufacturing process on parts of cycles or sewing machines

Central Government exempts taxable service provided by a person ('service provider') to any other person ( 'service receiver'), in relation to one or more specified process like electroplating, zinc plating, anodizing, heat treatment, powder coating, painting including spray painting or auto black during the course of manufacture of parts of cycles or sewing machines wherein the aggregate value of taxable service in relation to one or more of the specified process provided by a service provider does not exceed rupees sixty three lakhs during the remaining part of the current financial year.

• PRESS INFORMATION BUREAU

Dated 13.11.2009- DIPP and WIPO signs MOU for cooperation

Department of Industrial Policy and Promotion and World Intellectual Property Organisation (WIPO) signed a Memorandum of Understanding (MOU) for cooperation including assisting India in implementing its national IP and innovation strategy; empowering knowledge creators in the use of IP; building awareness on IP as a critical tool for promoting innovation and creativity through public outreach activities. The MOU also provides for cooperation between the WIPO Worldwide Academy (WMA) and the National Institute for Intellectual Property Management, Nagpur.

Dated 16.11.2009- Ministry of Corporate Affairs to Observe Third Week of December as ' India Corporate Week'

Starting this December, the Ministry of Corporate Affairs will observe the third week of December every year as 'India Corporate Week in order to promote the corporate sector with enlightened regulation.

• RESERVE BANK OF INDIA

Circular No. DBOD.No.FSD.BC. 60/24.01.001/2009-10 Dated 16.11.2009-Marketing/distribution of Mutual Fund/insurance etc., Products by Banks

RBI stipulates that banks marketing/referring several competing products of various mutual fund/insurance/financial companies to their customers should disclose to the customers, details of all the commissions/other fees (in any form) received, if any, from the various mutual fund/insurance/other financial companies for marketing/referring their products.

Notification No. DNBS(PD). CC 164/03.10.042/ 2009- 10 Dated 13.11.2009-Preservation Period of Records

RBI directs banks that records referred to in clause (a) of Sub-Section (1) of Section 12 of The Prevention of Money Laundering (Amendment) Act, 2009 shall be maintained for a period of ten years from the date of transaction between the clients and the banking company and also records referred to in clause (c) of Sub-Section (1) of Section 12 shall be maintained for a period of ten years from the date of cessation of transaction between the clients and the banking company.

Press Release No :2009-2010/719 Dated 16.11.2009- RBI and 926 Branches of Banks to Accept Advance Income Tax

RBI has notified that 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai for the convenience of the income tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches.

• SECURITIES EXCHANGE BOARD OF INDIA

Circular No.SEBI/DNPD/Cir-48/2009 Dated 13.10.2009- Expiry Date for Equity Derivative Contracts

SEBI has decided to allow flexibility to the Stock Exchanges to set the expiry date / day for equity derivative contracts. While doing so, the Stock Exchanges are advised to ensure that there is no change in the contract specifications or the risk management framework and the integrity of the market is not affected in any manner.

Circular No. SEBI/IMD/CIR No.11/183204/ 2009 Dated 13.11.2009 - Facilitating transactions in Mutual Fund schemes through the Stock Exchange infrastructure

Stock Exchange terminals can be used for facilitating transactions in mutual fund schemes in addition to secondary market transactions. The Stock Exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors. Units of mutual fund schemes may be permitted to be transacted through registered stock brokers of recognized stock exchanges and such stock brokers will be eligible to be considered as official points of acceptance.

Circular No. MIRSD/ DR-1/ Cir- 16 /09 Dated 06.11.2009- Market Access through Authorised Persons

In order to protect the interests of investors in securities and to promote the development of, and to regulate the securities market, it has been decided to allow SEBI registered stock brokers (including trading members) of stock exchanges to provide access to clients through authorised persons. The framework governing the market access through authorised persons provides the minimum requirements and stock exchanges and stock brokers may prescribe additional requirements, as they may deem appropriate, in the interest of investors and market.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. IRDA/HLT/CIR/072/11/2009 Dated 12.11.2009- Submission of Half-yearly Electronic Returns in respect of Health Insurance Policies

It is directed that all life insurance companies shall submit the information in respect of all health insurance policies issued by them as specified in the Forms Health-L1, Health-L2 and Health-L3, for the period ending September and March of each financial year, within a period of one month from the last day of the respective month, commencing from the period beginning on 1st April 2010.