• MINISTRY OF CORPORATE AFFAIRS

Circular No. 14/2011 Dated 08.04.2011 - Certification of e-forms under the Companies Act,1956 by the Practicing professionals

In order to do away with human intervention in MCA approvals to the maximum extent possible, Ministry has entrusted practicing professionals registered as Members of the professional bodies namely, ICAI, ICSI & ICWAI with the responsibility of ensuring integrity of documents filed by them with MCA in electronic mode. Professionals are now to be responsible for submitting /certifying documents (to be signed digitally by them) and system would accept most of these documents online without approval by Registrar of Companies or other officers of the Ministry.

Circular No. 12/2011 Dated 07.04.2011 - Clarification regarding Easy Exit Scheme (EES)

MCA has released the revised simplified procedures for dealing with applications under Easy Exit Scheme (EES), 2011 in line with the proposals for simplification in the procedures received by it.

Notification No. G.S.R. 289(E) Dated 31.03.2011 - Companies (Particulars of Employees) Amendment Rules, 1975

Ministry of Corporate Affairs has enhanced the limits for the purpose of disclosure of particulars of employees in Directors Report as provided under Section 217 (2A) vide amendment to the Companies (Particulars of Employees) Rules, 1975

Notification Dated 06.04.2011 - Director's Relatives (Office or Place of Profit) Amendment Rules, 2011

MCA has amended certain rules pertaining to the appointing relatives of the managers & Directors of the listed companies. Accordingly, selection of relatives of the managers & Directors of the listed companies is required to be done by the selection committee consisting of the independent directors and an expert in the respective field from outside the company and approval to the appointment for an office or place of profit in a private company is required only if monthly remuneration exceeding Rs. 2,50,000 p.m.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 30/2011 Dated 12.04.2011 - TRAI releases recommendations on 'Approach Towards Green Telecommunications'

TRAI has released recommendations on 'Approach Towards Green Telecommunications' in order to reduce the carbon footprint. Since with increasing pervasiveness of mobile phones and the widespread adoption of Information and Communications Technology worldwide, the sector is expected to contribute around 3% of the global emissions of greenhouse gases by the year 2020.

Press Release No. 31/2011 Dated 13.04.2011 - TRAI releases recommendations on "Telecommunications Infrastructure Policy"

In order to have a policy for ensuring the growth and deployment of an efficient telecom infrastructure, TRAI has formulated the present recommendations on Telecom Infrastructure Policy based on a consultation process.

Press Release No. 32/2011 Dated 12.04.2011 - TRAI releases recommendations on 'Telecom Equipment Manufacturing Policy'

Telecom Regulatory Authority of India (TRAI) has released its recommendations on 'Telecom Equipment Manufacturing Policy' proposing policy targets, measures to achieve the targets, plan of action, financial implications of the measures proposed and benefits of the policy.

• RESERVE BANK OF INDIA

A.P. DIR (Series)

Circular No. 53 Dated 07.04.2011 - Overseas forex trading through electronic / internet trading portals

Banks has been advised to exercise due caution and be extra vigilant in respect of the transactions in the nature of remittance for margins or margin calls to overseas exchanges. It is clarified that any person resident in India collecting and effecting / remitting such payments directly /indirectly outside India would make himself/ herself liable to be proceeded against with for contravention of FEMA, 1999 besides being liable for violation of regulations relating to Know Your Customer (KYC) norms / Anti Money Laundering (AML) standards.

Circular No. 52 Dated 06.04.2011 - Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme

All Authorised Persons (Indian Agents) has been advised to consider the information contained in the Statement issued by the Financial Action Task Force calling upon jurisdictions listed in the Statement to complete the implementation of their action plan within the timeframe

• MINISTRY OF FINANCE

CBDT

Notification No. 18/2011 Dated 05.04.2011 - Income-tax (3rd Amendment) Rules, 2011

CBDT has released rules stipulating that in the case of a person being an individual or a Hindu undivided family deriving business income and such income is computed in accordance with special provisions, referred to in section 44AD and section 44AE of the Act for computation of business income be in Form SUGAM (ITR-4S) and be verified in the manner indicated therein.

Instruction No. 06/2011 Dated 08.04.2011 - Instructions Regarding Income Limits For Assigning Cases

CBDT has decided that if the application of limits fixed by instruction No. 1/2011 in any CIT charge leads to a substantially uneven distribution of workload between DCsIT/ACsIT and ITOs, the CCIT/DGIT may adjust the above limits by an amount of upto Rs. 5 lakhs to ensure that the workload is equitably distributed amongst the Assessing Officers after recording reasons in this regard.

Instruction No. 04/2011 Dated 09.03.2011 - Instructions regarding Standard Operating Procedure on filing of Appeals/Special Leave Petitions (SLPs) by the Income Tax Department in the Supreme Court and related matters

CBDT has issued instructions with a view to ensure filing of appeals/SLPs within the period prescribed in supersession of all earlier instructions on the subject, as number of SLPs are being filed with inordinate delay despite there being directions from time to time emphasizing upon the need for timely filing of appeals/SLPs in the Supreme Court and proper conduct of litigation.

CBEC Customs

Circular No. 19/2011 Dated 15.04.2011 - Compliance of DGFT Notification No. 44 (RE-2000)/1997-2002 dated 24.11.2000 - Labeling of goods in bond prior to Ex-bond clearance - regarding

It has been decided to extend the facility of labeling on imported goods in Bonded warehouses subject to certain procedural conditions, in order to redress the issue and to remove the difficulties faced by importers on account of space constraints at CFSs/ Port / ICDs and the nature of goods, etc. Also, clarified that the importers should first ascertain that for such marking / labeling facility, space, is available in warehouse prior to exercising this option.

Circular No. 20/2011 Dated 15.04.2011 - Import of New trim Cutting Waste for use in manufacture of Chindi rugs- regarding

It has been clarified that import of trim cutting waste or fabric trims of continuous length with maximum width restriction of ten inches (10") falling under heading 6310, required for manufacture of Chindi rugs shall not be subjected to restrictions imposed by the present policy of ITC (HS) Code 6310 and shall be cleared without an import licence.

Instruction from file No. 495/2/2011-Cus.VI Dated 05.04.2011 - Duty free export of samples as personal baggage of the exporter - regarding

It has been clarified by Board that bonafide trade samples should be part of export baggage in terms of para 2.31 of the Policy read with para 2.20 of the Policy and 2.27 of Handbook of procedures.

Circular No. 21/2011 Dated 18.04.2011 - Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 - regarding

In order to redress the problem of Courier Companies and to streamline the procedures under the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010, IEC Branch Code in case of Form 'D' / CBE-XIII and Form 'E' / CBE-XIV are to be treated as non-mandatory. Similarly, AD Code of the Bank in Form 'E' / CBE-XIV for dutiable goods shall also be treated as non-mandatory.

The requirement of mandatory IEC Codes for 'low value dutiable consignments' in Form 'D' / CBE-XIII would, however, continue to apply for goods imported under Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010.

Instruction from file No. 354/38/2011-TRU Dated 11.03.2011 - New definition of CKD introduced in Union Budget 2011-12- clarification requested-reg.

It has been clarified that the definition "Completely Knocked Down" introduced w.e.f. 01.03.2011 has two independent criteria for their dis-qualification as CKD unit. A imported Units will be termed as "Completely Knocked Down" if it is a unit having all the necessary components, parts or sub-assemblies for assembling a complete vehicle.

Accordingly, if any pre-assembled engine, gearbox or transmission mechanism is imported as a part of such unit, or if any of these three components are pre-installed on the chassis or body assembly, the concessional rate of duty will not be available. However, the import of pre-assembled engine or gearbox or transmission mechanism or any other parts or components on standalone basis, i.e. the operations which are not running on CKD kit basis, will continue to attract basic customs duty @ 10% only.

Notification No. 35/2011 Dated 15.04.2011 - Exemption to goods falling under chapter 31 of the First Schedule to the Act from so much of the additional duty of customs leviable

CBEC has exempted all goods, other than those which are clearly not to be used as fertilisers, falling under chapter 31 of the First Schedule to the Customs Tariff Act, 1975, when imported into India, from so much of the additional duty of customs leviable thereon under section 3(1) of the Act as is in excess of 1% ad valorem.

Notification No. 30/2011 Customs (N.T.) Dated 11.04.2011 - Customs, Central Excise Duties and Service Tax Drawback (Second Amendment) Rules, 2011

The Sub-rule (5) has been added to he Rule 16A providing circumstances wherein amount of drawback paid to the exporter or the claimant shall not be recovered. Accordingly, Rule 16A of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 stands amended.

• MINISTRY OF COMMERCE

DGFT

Policy Circular No. 28 (RE-2010)/2009-14 Dated 15.04.2011 - Clarification about requirement of Declaration of Intent for EOU shipping bills for claiming Chapter 3 scheme benefits

DGFT has clarified that the EOU shipping bills are not treated as "free shipping bills" and shipments made by EOUs for the period 1.4.2008 till 31.12.2010 would not require "Declaration of Intent" for claiming Chapter 3 benefit. However, Policy Circular No. 40/2009-14 dated 16.7.2010 would continue to be in force for exports made on or after 1.1.2011 in terms of Para 3.11.8 of HBPv1