• DIRECT TAXATION

CBDT

Press Release From File No. 402/92/2006-MC (14 of 2010) Dated 12.04.2010 - Income-tax (Second Amendment) Rules, 2010

Central Government has approved notification of ten year Deep Discount Bond of Rural Electrification Corporation Limited to be issued by 31st March 2011. The number of bonds shall be 25,00,000 with maturity value of Rs.30,000 each having life period of 10 years. Income derived from such bonds will be taxed as capital gain only on transfer or redemption or maturity.

• DIRECTORATE GENERAL OF FOREIGN TRADE

Policy Circular No. 30/2009-2014 Dated 12.04.2010 - Listing of Supporting Manufacturer in the SHIS Scrip (Para 3.10.4 of HBPv1) and other details/instructions regarding SHIS

Para 3.16 of the FTP and Public Notice No. 54/2009-14 dated 8.4.2010 has announced the procedure and application form ANF3E for filing the claim under SHIS scheme. Further, DGFT has released a set of instructions in order to put operationalise the scrip. Regarding Listing of Supporting Manufacturer, by virtue of which in cases where the applicant chooses to list the supporting manufacturer, a list of supporting manufacturer(s) may be provided to RA concerned at the time of filing the application, based on exports made till the date of filing SHIS application. The List may be given in the format as per Annexure I provided therein, along with the export document to establish the same and RA shall endorse the names of the supporting manufacturers as Co-Licensee on the SHIS Duty Credit Scrip.

• INDIRECT TAXATION

CBEC Custom

Notification No. 44/2010 Dated 09.04.2010 - Exemption of Cotton waste exported out of India from customs duty in excess of 3% ad valorem

Central Government has decided to exempt Cotton waste, all sorts, falling under Heading No.17 of the Second Schedule to the Customs Tariff Act, 1975 (51 of 1975), when exported out of India, from so much of the duty of customs leviable thereon which is specified in the said Second Schedule as is in excess of the amount calculated at the rate of 3% ad valorem.

Notification No. 50/2010 Dated 12.04.2010 - Imposition of definitive anti-dumping duty on imports of Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles exported from China PR, effective from the date of imposition of the provisional anti-dumping duty

Central Government has imposed anti-dumping duty on the import of Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles exported from the People's Republic of China, on the basis of the aforesaid final findings of the designated authority that domestic industry had suffered material injury in both the products under consideration. Besides, there is a case of threat of a material injury as well. The Anti- dumping duty imposed vide this notification shall be levied with effect from the date of imposition of the provisional anti-dumping duty vide notification No. 65/2009-Customs, dated the 15th June, 2009.

Notification No. 49/2010 Dated 12.04.2010 - Imposition of anti-dumping duty on imports of Circular weaving machines having six or more shuttles for weaving PP/ HDPE fabrics of a width exceeding 30 cms, from China PR

Central Government, on the basis of the preliminary findings of the designated authority recommending the imposition of provisional anti-dumping duty, has decided to impose anti-dumping duty on imports of Circular weaving machines having six or more shuttles for weaving PP/ HDPE fabrics of a width exceeding 30 cms, from China PR. The anti- dumping imposed vide this notification shall be effective upto and inclusive of the 11th day of October, 2010.

Notification No. 48/2010 Dated 12.04.2010 - Imposition of anti-dumping duty on import of Recordable Digital Versatile Disc from Malaysia, Thailand and Vietnam, effective upto October 11, 2010

The Designated Authority has recommended the imposition of provisional anti-dumping duty on all imports of the Recordable Digital Versatile Disc [DVD] of all kinds originating in, or exported from the Malaysia, Thailand and Vietnam into India, on being satisfied that domestic industry has suffered material injury by the dumped imports. Accordingly, Central Government has decided to impose anti-dumping duty on such import, which would be effective upto and inclusive of the 11th day of October, 2010.

Notification No. 47/2010 Dated 12.04.2010 - Continuation of imposition of anti-dumping duty on imports of nylon filament yarn from specified countries and certain amendments in Notification No. 85/2006-Customs

Central Government has extended the period of imposition of anti-dumping duty on imports of nylon filament yarn from specified countries vide amendments to the Notification No. 85/2006-Customs dated the 29th August, 2006 imposing anti- dumping duty on imports of nylon filament yarn originating in, or exported from, People's Republic of China, Chinese Taipei, Malaysia, Indonesia, Thailand and People's Republic of Korea.

• SECURITIES AND EXCHANGE BOARD OF INDIA

Notification No. LAD-NRO/GN/2010-11/03/1104 Dated 13.04.2010 - Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2010

SEBI has released Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2010 amending Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. These regulations will come into force on the date of their publication in the Official Gazette, except sub-clause (a) (A) (I) of clause (xv) and sub-clause (a) (A), (B) and (C) of clause (xvi) of regulation 2 thereof which would be effective from the 1st May, 2010. A new chapter on issue of specified securities by small and medium enterprises has been inserted vide these amendment regulation.

Circular No. CIR/CFD/DIL/2/2010 Dated 16.04.2010 - Amendments to Equity Listing Agreement on account of discontinuation of EDIFAR System

In view of discontinuation of the EDIFAR system w.e.f from April 1, 2010, Stock Exchanges has been advised to carry out the consequential amendments in Equity Listing Agreement i.e. removal of words, "and also through the EDIFAR website" from Clause 32 and omission of Clause 51 from Equity Listing Agreement. The Stock Exchanges has also been advised to inform about discontinuation of EDIFAR to all the listed companies.

• MINISTRY OF LABOUR AND EMPLOYMENT

Notification No. SO760(E) Dated 06.04.2010 - Service in Banking Industry covered by ID Act, 1947 declared to be Public

The Central Government has declared by the Notification of the Government of India in the Ministry of Labour and Employment that the service in Banking Industry which is covered by item 2 of the First Schedule to the Industrial Disputes Act, 1947 to be a Public Utility Service for the purpose of the said Act, for a period of six months from the 17th October, 2009. The said period has been extended for a period of six months from the 17th April, 2010 after having considered that the extension required in public interest.

• MINISTRY OF CORPORATE AFFAIRS

Notification No. GSR266(E) Dated 30.03.2010 - Limited Liability Partnership (Winding up and Dissolution) Rules, 2010

Central Government has released the Limited Liability Partnership (Winding up and Dissolution) Rules, 2010 in exercise of the powers conferred by section 65 read with section 79 of the Limited Liability Partnership Act, 2008. The rule so released provides provisions relating to process Winding up and Dissolution and process annexed thereto and shall come into force from the date of publication in the Official Gazette.

• RESERVE BANK OF INDIA

Annual Policy Statement for the Year 2010-11

RBI releases Annual policy for the year 2010-11. The statement so released is organised in two parts. Part A deals with Monetary Policy and Part B covers Developmental and Regulatory Policies.The Statement regarding monetary policy is be read and understood together with the detailed review in Macroeconomic and Monetary Developments released on 19.04.2010 by the Reserve Bank.