• SECURITIES AND EXCHANGE BOARD OF INDIA

Circular No. SEBI/IMD/MC No.1 /189241/ 2010 Dated 01.01.2010 - Master Circular for Mutual Funds

SEBI, for effective regulation of the Mutual Fund Industry and in order to enable the industry and other users to have an access to all the applicable circulars at one place has prepared a Master Circular for Mutual Funds. This Master Circular is a compilation of all the circulars issued by SEBI on the above subject upto December 31, 2009, which are operational as on date of this circular.

Circular No. SEBI/MRD/DoP/SE/RTA/Cir-03/2010 Dated 07.01.2010 - PAN Mandatory for transmission of shares in physical form

SEBI vide the above circular clarifies that it shall be mandatory to furnish a copy of PAN in the following cases -

1. Deletion of name of the deceased shareholder(s), where the shares are held in the name of two or more shareholders.

2. Transmission of shares to the legal heir(s), where deceased shareholder was the sole holder of shares.

3. Transposition of shares - when there is a change in the order of names in which physical shares are held jointly in the names of two or more shareholders.

• RESERVE BANK OF INDIA

A.P. (DIR Series) Circular No. 21 Dated 29.12.2009 - Advance Remittance for Import of Rough Diamonds

The RBI has permitted AD Category -I banks to make advance remittance without any limit and without bank guarantee or standby letter of Credit, by an importer (other than Public Sector Company or Department / Undertaking of the Government of India /State Governments), for import of rough diamonds into India from the undernoted nine mining companies, i. De Beers UK Limited, ii. RIO TINTO, UK, iii. BHP Billiton, Australia, iv. ENDIAMA, E.P. Angola, v. ALROSA, Russia, vi. GOKHARAN, Russia, vii. RIO TINTO, Belgium, viii. BHP Billiton, Belgium and ix. Namibia Diamond Trading Company (PTY) Ltd (NDTC) subject to certain conditions :

A. P. (DIR Series) Circular No. 23 Dated 30.12.2009 - Establishment of Branch Office (BO)/Liaison Office (LO) in India by Foreign Entities - Eligibility Criteria and Procedural Guidelines

A person resident outside India requires prior approval of the Reserve Bank for establishing Branch Office (BO) / Liaison Office (LO) in India. With the objective of achieving greater transparency, RBI has decided to place the eligibility criteria and the procedural guidelines for establishment of BO and LO in India in public domain. The application for establishing BO / LO in India may be forwarded by the foreign entity in specified form through a designated AD Category - I bank. Applications from foreign banks and insurance companies will continue to be directly received and examined by the Department of Banking Operations and Development (DBOD), Reserve Bank, Central Office and the Insurance Regulatory and Development Authority (IRDA), respectively. A Unique Identification Number (UIN) would be allotted to both, the existing as well as the new BOs / LOs. The UIN will have to be quoted in all references to the Reserve Bank by the BO/LO and the designated AD Category - I bank. Also, the BOs / LOs shall obtain Permanent Account Number (PAN) from the Income Tax Authorities on setting up of their office in India and report the same in the Annual Activity Certificate.

Circular No. DBOD.No.FSD.BC. 67 /24.01.001/2009-10 Dated 07.01.2010 - Disclosure in Balance Sheet - Bancassurance Business

In order to increase transparency in the financial statements of banks, Reserve Bank of India has notified that banks should disclose in the 'Notes to Accounts', from the year ending March 31, 2010, the details of fees/remuneration received in respect of the bancassurance business undertaken by them.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 01/2010 Dated 06.01.2010 - Signing of Memorandum between TRAI and Ministry of Internal Affairs and Communications, Japan

A Memorandum has been signed between the Telecom Regulatory Authority of India (TRAI) and Ministry of Internal Affairs and Communications, Japan (MIC) on 6th January 2010. By virtue of this Memorandum, a mechanism of technical and institutional cooperation in the field of telecommunications with the purpose of contributing to development in both the countries is sought to be established.

• CENTRAL BOARD OF DIRECT TAXES

Notification No. 01/2010 Dated 04.01.2010 - Approval to the Rural Electrification Corporation Ltd., New Delhi for the purposes of Section 194A of the Income-tax Act, 1961

The Central Government notifies the Rural Electrification Corporation Ltd., New Delhi for the purpose of deduction of tax at source under Section 194A of the Income-tax Act, 1961- Interest other than interest on securities.

• INDIRECT TAXATION

Customs

Notification No. 153/2009 Dated 31.12.2009 - Exemption to all goods imported from specified country into India from duty of customs leviable under section 25 of the Customs Tariff Act, 1962

The Central Government, with effect from 1st January, 2010, exempts goods of specified description and falling under the Chapter, Heading, Sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 when imported into India from Malaysia, Singapore and Thailand from customs duty leviable thereon as is in excess of the amount calculated at specified rate provided that the importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs that the goods in respect of which the benefit of this exemption is claimed are of the origin of the countries mentioned above, in accordance with provisions of the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India Rules, 2009.