• MINISTRY OF FINANCE

Central Board of Direct Taxes

Instruction No. 7/2011 Dated 24.05.2011 Instructions Regarding Standard Operating Procedure on Filing of Appeals To High Court Under Section 260a And Related Matters

In order to achieve the 'zero delay regime' in matters of filing appeals and in suppression of the existing Instructions on the subject of filing of appeals to High Court, CBDT has issued instruction that shall apply in all the appeals being filed in High Courts and matters related thereto with effect from 1-6-2011.

Notification No. 27/2011 Dated 26.05.2011 Income-tax (Fifth Amendment) Rules, 2011

CBDT has amended the Rule 114B of Income-tax Rules, 1962. The Amendment rule shall come into force with effective fron Ist July, 2011

CBEC Customs

Notification No. 41/2011 Dated 23.05.2011 Imposition of provisional Anti-dumping Duty on import of Vitrified Porcelain Tiles originating in, or exported from the People's Republic of China

The Central Government has ordered that pending the outcome of the review by the designated authority, export of Vitrified Porcelain Tiles falling under heading 6907 or 6908 or 6914 of the First Schedule to the Customs Tariff Act when imported into India, shall be subjected to provisional assessment till the review is completed.

Notification No. 42/2011 Dated 25.05.2011 Amendments to the Notification No. 51/2008-Customs, dated the 21st April, 2008

The Central Government has amended No. 51/2008-Customs, dated the 21st April, 2008 . In the said notification, in the preamble, in condition (a), for the figure and words "8 million pieces", the figure and words "10 million pieces" has been substituted.

Service Tax Department

Circular No. 143/12/ 2011 - ST Dated 26.05.2011 Processing for or on behalf of client, in relation to agriculture - causing sale or purchase of agricultural produce -reg

Representations regarding processing of tobacco involving threshing and drying of tobacco leaves and client processing of raw cashew involving roasting/drying, shelling and peeling of raw cashew to recover kernel, were considered by the field formations as not falling within the meaning of the expression "in relation to agriculture" and in cases in which processing retains their essential characteristics at the output stage and therefore the processes undertaken on or behalf of client should be considered as covered by the expression 'in relation to agriculture'.

• MINISTRY OF COMMERCE

Directorate General of Foreign Trade

Public Notice No.49/(RE-2010)2009-2014 Dated 25.05.2011 Allocation of 10,000 MT of raw/white sugar for the fiscal year 2010-11 (October- September) for export to EU under CXL Quota

Director General of Foreign Trade has allocated a total quantity of 10,000 MTs (Ten thousand metric tonnes) of raw/white Sugar for export of CXL Concessions Sugar to European Union (EU) for the period October, 2010 to September, 2011.

Notification No. 49/(RE-2010)/2009-2014 dated 26.05.2011 - Export of Guar gum

The Central Government has rescinded Notification No. 47(RE-2010) /2009-2014 dated 18.05.2011 with immediate effect. Thus, the earlier stipulation of Notification No. 50 of 06.07.2010 of allowing presence of upto 0.01 mg/Kg. of Penta Chlorophenol (PCP) in the consignments of Guar gum when exported to EU will continue to be valid.

Industrial Policy and Promotion

Press Note No. 1(2011 Series) Dated 20.05.2011 Review of the policy on Foreign Direct Investment- Allowing FDI in Limited Liability Partnership firms

Government of India has reviewed the extant policy on FDI and decided to permit FDI in LLP firms, subject to specified conditions provided therein. Accordingly, Circular 1 of 2011-Consolidated FDI Policy, which became effective from April 1, 2011 stands amended.

• PRESS INFORMATION BUREAU

Dated 23.05.2011 New Initiatives of Ministry of Corporate Affairs for Corporate Governance

In order to save trees and environment by cutting down the consumption of costly paper habits, the Ministry of Corporate Affairs has taken a "Green Initiative in the Corporate Governance" by allowing paperless compliances by the companies under the provisions of the Companies Act, 1956. Further, introduced improvements in process in MCA21 to help stakeholders / corporates.

• MINISTRY OF CORPORATE AFFAIRS

Circular No.30A/2011 Dated 26.05.2011 Clarification regarding 'Body Corporate' for the purpose of section 226(3)(a) of the Companies Act, 1956

MCA has clarified that Limited Liability Partnership of chartered accountants will not be treated as body corporate for the limited purpose of Section 226(3) (a) of the Companies Act, 1956 P Dir 

Notification Dated 23.05.2011 LLP specified as 'a body corporate' for the purpose of Section 226(3)(a) of the Companies Act, 1956

The Central Government has specified the Limited Liability Partnership, a body corporate, incorporated under clause (1) of section 3 of Limited Liability Partnership Act, 2008 (6 of 2009), for the limited purpose of clause (a) of sub-section (3) of section 226 of the Companies Act, 1956.

Circular No. 30/2011 Dated 23.05.2011 Clarification on applicability of provisions of Section 108A to 108I of the Companies Act, 1956 - regarding

MCA has clarified that after the repeal of MRTP Act, 1969, the provisions of Section 108A to 108 I the Companies Act, 1956 have become redundant and will have no legal force.

Circular No. 29/2011 Dated 20.05.2011 Issue of Digital Certificates by Registrar of Companies

The Registrar of Companies has to issue a number of certificates to the companies and other stakeholders as required under the provisions of the Companies Act, 1956. In order to cut timelines and an another step towards "Green Initiative" MCA has decided that all certificates and standard letters issued by the Registrar of Companies will now be issued electronically under the Digital Signatures of the Registrar of Companies

Circular No 28/2011 Dated 20.05.2011 Participation by directors in meetings of Board / Committee of directors under the Companies Act, 1956 through electronic mode

MCA has clarified that directors of a company may participate in meeting of Board / Committee of directors under the provisions of Companies Act, 1956 through electronic mode

Circular No 27/2011 Dated 20.05.2011 Participation by shareholders In general meetings under the Companies Act, 1956 through electronic mode

In order to provide larger participation and for curbing the cost borne by the Company, MCA has clarified that shareholders of the company may attend various meetings under the provisions of the Companies Act, 1956, participation through video conferencing has been permitted subject to certain compliances.

• RESERVE BANK OF INDIA

DBOD

Circular No. DBOD. Dir.BC. 96 /13.03.00/2010-11 dated 25.05.2011 Finance for and Loans/Advances against IDRs

Pursuant to circular A.P (DIR Series) Circular No.5 dated July 22, 2009, eligible companies resident outside India have been permitted to issue Indian Depository Receipts (IDRs) through a domestic depository, subject to terms and conditions indicated therein.

DNBS

Circular No. DNBS (PD) CC. No. 24/SCRC/26.03.001/2010-2011 Dated 25.05.2011 Setting up of Central Electronic Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002

The Central Government has notified the establishment of the Central Registry vide notification F. No. 56/05/2007-BO-II dated March 31, 2011. The objective of setting up of Central Registry is to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property.

Circular No. DNBS.PD.CC.No. 221/03.02.002/2010- Review of Guidelines on entry of NBFCs into Insurance Business

RBI has permitted the NBFCs registered with RBI which satisfy the stipulated eligibility criteria to set up a joint venture company for undertaking insurance business with risk participation, subject to safeguards

A.P. Dir

A.P. (DIR Series) Circular No. 69 dated 25.05.2011 Overseas Direct Investment – Liberalisation / Rationalisation

With a view to provide more operational flexibility to Indian corporates having investments abroad, RBI has been decided to further liberalise / rationalise the regulations relating to overseas direct investment