• MINISTRY OF COMMERCE AND INDUSTRY

DGFT

Public Notice No. 47/(RE-2010)2009-2014 dated 18.05.2011- Amendments in the Tariff Rate Quota (TRQ) Scheme

The Director General of Foreign Trade has made amendments in the Tariff Rate Quota (TRQ) Scheme. The untitled table in para 2.59 to be read as "'List of Items covered under Tariff Rate Quota Scheme'' and the word "15%" appearing in the column 'Concessional Rate' against Sr. No. 2 is replaced by "0%". Further the last date of filing application of TRQ Scheme for the quota year 2011-12 for all products other than Milk has been extended to 15th June, 2011 from 31st March , 2011.

Public Notice No. 46/(RE-2010)2009-2014 dated 16.05.2011 Amendment in Appendix 4C (List of Agencies Authorised to Issue Certificates of Origin - Non Preferential) of the Handbook of Procedures (Vol.I), 2009-14

The Director General of Foreign Trade has notified amendment at S.No.30 under the State of Maharashtra in Appendix 4C. The Change of name of M/s Association of Small & Medium Chemical Manufacturers to M/s ASMECHEM Chamber of Commerce & Industry of India has been incorporated

Trade Notice No. 09/2011 dated 13.05.2011 Review of Deemed Export Policy - Inviting comments from Members of Trade

An Inter-departmental Committee has been constituted under the Chairmanship of Dr. Anup K. Pujari, Director General of Foreign Trade to undertake a review of the Scheme of Deemed Export. Presentations and Views has been invited by the committee from the Members of Trade

Notification No. 48/(RE-2010)/2009-2014 dated 18.05.2011 Amendment to Note 4 in Chapter 2 below subject heading "Meat and Edible Meat offal"

The Central Government has amended, with immediate effect, Note 4 in Chapter 2 below the subject heading "Meat and Edible Meat offal" of Schedule 2 of ITC(HS) Classification of Export and Import Items.

Notification No. 46/(RE-2010)/2009-2014 dated 16.05.2011 Modification in Minimum Export Price of Bangalore Rose Onions and Krishnapuram Onions

The Central Government has modified the Minimum Export Price (MEP) of Bangalore Rose Onions and Krishnapuram onions from US$ 600 per Metric Ton to US$ 350 per Metric Ton F.O.B.

• Ministry of Corporate Affairs

Circular No. 26/2011 dated 18.052011 Certification of E-forms under the Companies Act, 1956 by the practicing professionals.

The ministry has issued the errata to the Circular No. 14/2011 dated 08.04.2011providing for Certification of e-forms under the Companies Act,1956 by the Practicing professionals. In the said circular in line Four of Paragraph 2, the words should be inserted "including filing of Financial Statements in the Extensible Business Reporting Language (XBRL) mode from the year 2011-12 onwards" after the words "MCA in electronic mode".

• MINISTRY OF FINANCE

CBDT

Notification No.  26/2011 dated 13.05.2011 - Agreement between India and isle of man for Exchange of information with respect to taxes

The Government of Republic of India and the Government of the Isle of Man has entered into an agreement for the Exchange of Information with respect to taxes . The provisions of the said Agreement shall have effect for criminal tax matters and also for all other matters in respect of taxable periods beginning on or after the date of signature of this Agreement or, where there is no taxable period, all charges to tax arising on or after the date of coming into force of that agreement.

Notification No. 25/2011 dated 13.05.2011- Agreement between India and commonwealth of the Bahamas for exchange of information with respect to Taxes

The Government of Republic of India and the Government of the Isle of Man has entered into an agreement for the Exchange of Information with respect to taxes . The provisions of the said Agreement shall have effect with respect to all matters described in article 1, for all taxable periods beginning on or after the date of signing of the Agreement or, where there is no taxable period, for all charges to tax arising on or after the date of signing of the Agreement.

Circular No. 03/2011 dated 13.05.2011 Instructions On Issuance Of TDS Certificates in Form No. 16A and option to authenticate same by way of Digital Signature

The Board has issued instructions regarding issuance of TDS Certificate in Form No. 16 A and authentication of the same by Digital Signature.

CBEC Customs Non-Tariff

Notification No. 34/2011 Customs (N.T.) - Amendment to the Notification No. 36/2001-Cus (N. T.), dated, the 3rd August 2001

The Board has made amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3 rd August 2001, by substituting a Table as specified in this notification.

Service Tax

Circular No. 142/11/2011 - ST dated 18.05.2011 - Clarifications Regarding Sez - Service Tax Refund

The Department has issued clarification to various doubts raised after the issuance of Notification No. 17/2011 dated 1st March, 2011 regarding exemption of Taxable Services received by Unit located in SEZ.

• RESERVE BANK OF INDIA

RBI A.P. DIR (Series)

Circular No. 60 dated 16.05.2011 Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks

RBI has issued comprehensive guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks and also invited attention of the Authorised Dealer Category - I (AD Category - I) banks on the regulations governing foreign exchange derivative contracts .

Circular No. DBOD.No.BP.BC. 94/21.04.048/2011-12 dated 18.05.2011 Enhancement of Rates of Provisioning for Non-Performing Assets and Restructured Advances

RBI has revised the rates provisioning requirements for the categories of non-performing advances and restructured advances. The categories of non-performing advances and restructured advances are Sub-Standard Advances, Doubtful Advances and Restructured Advances

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. IRDA/Life/Cir/Misc/103/05/2011 dated 18.05.2011 Guidelines on Outsourcing of Activities by Insurance Companies - Clarification reg.

The Department has issued clarification regarding the conditions that are not applicable to the entities that are permitted by RBI to facilitate collections using technology platform in outsourcing activities.