• MINISTRY OF COMMERCE

DGFT

Notification No. 43/(RE-2010)/2009-2014 Dated 20.04.2011 Prohibition on export of wheat Products- Exemption for export of wheat flour to Maldives for the year 2011-12

The export of 32,094.70 MTs of wheat flour to Maldives, is permitted under the Bi-lateral Trade Agreement between Government of India and the Republic of Maldives through M/s. MMTC Ltd. upto 31.03.2012.

Policy Circular No. 29 (RE-2010)/2009-14 Dated 19.04.2011 Conditions and modalities for registration of contracts of Assam Comilla Cotton with DGFT

DGFT has laid down the Procedure for registration of export contracts for the export of the 5000 bales of Assam Comilla Cotton, ITC(HS) Code 5201 00 12 which is "Free" subject to registration of export contracts with DGFT.

• MINISTRY OF ENVIRONMENT AND FORESTS

Notification No. GSR296(E) Dated 04.04.2011 National Green Tribunal (Practices and Procedure) Rules, 2011

In exercise of the powers conferred by the National Green Tribunal Act, 2010,the Central Government has issued the 2011 National Green Tribunal (Practices and Procedure) Rules, 2011 prescribing the procedural rules for the national Green tribunal constituted to handle all cases relating to environmental issues.

• MINISTRY OF CORPORATE AFFAIRS

Circular No. 17/2011 Dated 21.04.2011 Green Initiatives in the Corporate Governance -- Clarification regarding service of documents by e-mode instead of Under Posting Certificate (UPC)

Ministry of Corporate Affair has permitted the service of the document by e-mode instead of under posting certificate as provided under section 53 clarifying that a company would have deemed to have complied the section 53 providing for service of documents under 'certificate of postings' as acceptance mode of service, it the service of document has been made through electronic mode subject to conditions provided therein

Circular No. 16/2011 Dated 20.04.2011 Simplified Procedure for amalgamation of Government Companies U/s 396 of the Companies Act, 1956

Ministry of Corporate Affairs has laid down the simpler procedures for the amalgamation of Government Companies in the Public Interest , Without prejudice to the generality of Section 396 of the Companies Act, 1956

Circular No. 15/2011 Dated 11.04.2011 Appointment of Cost Auditor by Companies

Ministry has reviewed the existing procedure followed by the companies for seeking prior approval of the Central Government for appointment of cost auditor under section 233B (2) of the Companies Act, 1956. Accordingly, earlier order/circular issued in this regard stands superseded and the revised procedure to be followed by the companies has been provided as under.

• MINISTRY OF FINANCE

CBEC Customs Non-Tariff

Notification No.32/2011 Customs (N.T.) Dated 27.04.2011 Determines the rate of exchange of conversion of specified foreign currency into Indian currency or vice versa relating to imported and export goods

Central government has determined the rates of exchange of conversion of the foreign currency into Indian currency for the purpose of imported and export goods, with effect from 1st May, 2011

CBEC Customs

Instruction from file No. 528/16/2008-CUS (TU) Dated 27.04.2011 Regarding difficulties faced in establishing identity of CWG-2010 goods imported in terms of exemption notifications

CBEC has clarified that normally a certificate from the Joint Director General (Coordination) or Director (Coordination) or Chief Executive Officer of the Organizing Committee (CWG)-2010, duly supported by a reconciliation statement corroborating the goods with the import documents as well as the shipping Bill under which the goods are exported may be accepted as the proof of identity in establishing identity of the goods imported for CWG-2010, if otherwise found in order. However, in cases where imported goods under the exemptions notification have undergone a change in form while being used for the intended purpose and where the condition regarding proof of identity is not satisfied, the benefit of the exemption will not be available.

Service Tax

Notification No. 37/2011 Dated 25.04.2011 Taxation of Services (Provided from Outside India and Received in India) (Third Amendment) Rules, 2011- To be effective from 1st day of May 2011

In the Taxation of Services (Provided from Outside India and Received in India) Rules, 2006, in rule 3, in clause (i), for the brackets, letters and words "(zzzzm) and (zzzzu)", the brackets, letters and word "(zzzzm), (zzzzu), (zzzzv) and (zzzzw)" has been substituted.

Notification No. 36/2011 Dated 25.04.2011 Export of Services (Third Amendment) Rules, 2011 - To be effective from 1st day of May 2011

In the Export of Services Rules, 2005, in rule 3, in sub-rule (1), in clause (i), for the brackets, letters and words "(zzzzm) and (zzzzu)", the brackets, letters and word "(zzzzm), (zzzzu), (zzzzv) and (zzzzw)" has been substituted.

Notification No. 35/2011 Dated 25.04.2011 Service Tax (Third Amendment) Rules, 2011

Central government has substituted the sub-rule (7A) of the rule 6 pertaining to the options to pay tax an insurer carrying on life insurance business have by virtue of Service Tax Rules, 1994. The amendment shall be effective from the 1st day of May, 2011.

Notification No. 33/2011 Dated 25.04.2011 Exemption to the preschool coaching and training from the whole of the service tax w.e.f 01.05.2011

Central government has Exempted the preschool coaching and training leading to grant of a certificate or diploma or degree or any educational qualification which is recognised by any law for the time being in force, when provided by any commercial coaching or training centre from service tax from the whole of the service tax leviable thereon under section 66 of the Finance Act, 1994.

Notification No. 32/2011 Dated 25.04.2011 Notification No.25/2006-Service Tax, dated the 13th July, 2006 rescinded w.e.f. 1-5-2011

The Central government has rescinded the Notification No.25/2006-Service Tax, dated the 13th July providing exemption to the services provided by the Chartered Accountants, Cost Accountants and Company Secretaries. Consequently, exemption to services provided u/s. 65 (105) (s), (t) and (u) stands withdrawn w.e.f 01.05.2011

Notification No. 31/2011 Dated 25.04.2011 Exemption to the services provided by a Hotel, Inn, Guest House, Club or Campsite w.e.f 01.05.2011

Central government exempts the taxable service as referred to in sub-clause (zzzzw) of clause (105) of section 65, namely, namely Service by hotel, inn, guest house, club or campsite, when the declared tariff for providing of such accommodation is less than rupees 1000 per day from the whole of the service tax leviable.

Notification No. 30/2011 Dated 25.04.2011 Exemption to the Health services provided by the Clinical Establishment w.e.f 1st day of May, 2011

Central government has exempted the taxable service referred to in sub-clause (zzzzo) of clause (105) of section 65 of the Finance Act, from the whole of the service tax leviable. thereon under section 66 of the Finance Act, 1994.

Notification No. 29/2011 Dated 25.04.2011 Provisions of Service Tax introduced vide Finance Act to be effective from 1st day of May 2011

Central Government has appointed the 1st day of May 2011, as the date on which the service tax provisions of the Finance Act shall come into force.

Circular No. 137/6/ 2011- ST Dated 20.04.2011 Assistance provided for processing visa applications -reg

It has been clarified that visa facilitators, merely facilitate the procurement of visa and directly assist individuals who intend to travel abroad, to complete the immigration formalities and collect service charges for themselves as remuneration for the assistance provided by them to obtain the visa. Such a service provided by a visa facilitator, in the form of assistance to individuals directly, to obtain a visa, does not fall under any of the taxable services under section 65(105) of the Finance Act, 1994. Hence service tax is not attracted.

Circular No. 136/5/2011-TRU Dated 20.04.2011 Accounting Codes for the taxable services introduced vide the Finance Act, 2011 - regarding

Heads of Account under the Major Head '0044-Service Tax' in respect of the new taxable services introduced vide the Finance Act, 2011 have been allotted accounting Codes for the purpose of payment of service tax by the Office of the Principal Chief Controller of Accounts, CBEC.

Circular No. 135/4/2011-ST Dated 19.04.2011 Service Tax Audit Manual 2011

CBEC has mandated that all Service Tax audits should henceforth be carried out in accordance with the principles laid down in the Service Tax Audit Manual 2011and the extant prevalent instructions.

• RESERVE BANK OF INDIA

RBI DBOD

Circular No. DBOD.Leg. No.BC. 86/09.08.011 /2010-11 Dated 21.04.2011 Setting up of Central Electronic Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002

The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), a Government Company licensed under section 25 of the Companies Act 1956 has been incorporated for the purpose of operating and maintaining the Central Registry under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

RBI RPCD

Circular No. RPCD.CO.No RCB. 61/07.38.03/2010-11 Dated 21.04.2011 Coins of 25 Paise and below - Withdrawal from Circulation

The Government of India has decided to withdraw coins of denomination of 25 paise and below from circulation with effect from June 30, 2011. The Reserve Bank of India has instructed the banks maintaining small coin depots to arrange for exchange of coins of denomination of 25 paise and below for their face value at their branches. Coins of denomination of 25 paise and below will not be accepted for exchange at the bank branches from July 1, 2011 onwards.

Circular No. RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 Dated 21.04.2011 Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh - Guidelines

Banks are advised to issue necessary instructions to your Controlling Offices and Branch Offices to ensure that Union Budget proposal to liberalise the existing scheme of interest subvention of 1 per cent on housing loans by extending it to housing loan upto Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh from the present limit of Rs.10 lakh and Rs.20 lakh respectively are implemented immediately.

AP DIR

A.P. (DIR Series) Circular No. 54 Dated 29.04.2011 Issue of Irrevocable Payment Commitment (IPCs) to Stock Exchanges on behalf of Mutual Funds (MFs) and Foreign Institutional Investors (FIIs)

RBI has decided to allow custodian banks to issue Irrevocable Payment Commitments (IPCs) in favour of the Stock Exchanges / Clearing Corporations of the Stock Exchanges, on behalf of their FII clients for purchase of shares under the PIS. Issue of IPCs should be in accordance with the Reserve Bank regulations on banks' exposure to the capital market issued by the Reserve Bank from time to time.

A.P. (DIR Series) Circular No. 55 Dated 29.04.2011 Foreign Investments In India By SEBI Registered FIIs In Other Securities

RBI has decided to enhance the FII investment limit in listed non-convertible debentures / bonds, with a residual maturity of five years and above, and issued by Indian companies in the infrastructure sector, where 'infrastructure' is defined in terms of the extant ECB guidelines, by an additional limit of USD 20 billion taking this limit from USD 5 billion to USD 25 billion. Further, such investment by FIIs in listed non-convertible debentures / bonds would have a minimum lock-in period of three years. However, FIIs are allowed to trade amongst themselves during the lock-in period. It has also been decided to allow SEBI registered FIIs to invest in unlisted non-convertible debentures / bonds issued by corporates in the infrastructure sector, provided that such investment is as per the aforementioned terms and conditions.

• MINISTRY OF COMMUNICATIONS AND INFORMATION TECHNOLOGY

Notification No. GSR316(E) Dated 11.04.2011 Information Technology (Electronic Service Delivery) Rules, 2011

In exercise of the powers conferred by the information Technology Act, 2000, the Central Government has released the Information Technology (Electronic Service Delivery) Rules, 2011 providing for Creation of repository of electronically signed electronic records by Government Authorities and procedure for making changes in a repository. Also, fixes up the Responsibility of service provider and authorised agents for financial management and accounting.

Notification No. GSR315(E) Dated 11.04.2011 Information Technology (Guidelines for Cyber Cafe) Rules, 2011

In exercise of the powers conferred by the information Technology Act, 2000, the Central Government has released the Information Technology (Guidelines for Cyber Cafe) Rules, 2011 formulating the guidelines for the Cyber Café regarding Identification of User and maintenance of the required information of each user as well as accompanying person, if any, in the log register for a minimum period of one year.

Notification No. GSR314(E) Dated 11.04.2011 Information Technology (Intermediaries guidelines) Rules, 2011

Central Government has laid down the rules pertaining to the Due diligence to be observed by intermediary and tightens the norms to be observed by the Intermediaries.

Notification No. GSR313(E) Dated 11.04.2011 Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011

Central Government has released the Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011 regarding what should be treated as Sensitive personal data or information and rules regarding disclosure of information thereto.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 33/2011 Dated 27.04.2011 TRAI releases Consultation Paper on "Review of Interconnection Usage Charges (IUC)"

TRAI has released the consultation paper on '"Review of Interconnection Usage Charges (IUC)" seeking views of the stakeholders on various parameters of fixing of components of the Interconnection Usage Charges. Interconnection Usage Charges are the wholesale charges payable by one telecom service provider to another for use of the latter's network for originating, terminating or transiting or carrying a call.