• MINISTRY OF CORPORATE AFFAIRS

Circular No. 40/2011 dated 23.06.2011 Special Drive to clear pendency of e-forms filed with Registrar of Companies prior to implementation of revised Regulation 17 of the Companies Regulation, 1956

In order to reduce the pendency e-forms, Ministry has decided to reopen all pending forms and the same have been placed in the category "Held in Abeyance" (HIAB) so that ROCs can review the same. Therefore, all ROCs have been advised to review such pending work items with them and dispose it by 7th July, 2011.

Circular No. 38/2011 dated 20.06.2011 Clarification with regard to compliance of provisions of the Companies Act, 1956 and Rules made there under as stipulated by Circular No. 33/ 2011 dated 01.06.2011

In order to have better understanding of Circulars No. 33/2011 dated 01.06.2011 , it is clarified that the above circular shall be applicable to those defaulting companies and their Directors which have not filed Balance Sheet or Annual Return for any of the financial year's 2006-07, 2007-08, 2008-09 and 2009-10 with the Registrar of Companies as required under sections 220 and/or 159 of the Companies Act, 1956. The above circular shall be effective from 3rd July, 2011.

• MINISTRY OF FINANCE

CBDT

Notification No. 36/2011 dated 23.06.2011 Exemption U/S.139(1) to Specified Person from the requirement of furnishing a return of income

The Central Government has exempted an Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under "Salaries" and "Income from other sources from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2011-12.

Notification No. 35/2011 dated 23.06.2011 Amendment to the Notification No. S.O. 709(E), dated the 20th August, 1998

The Central Government has amended the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 709(E), dated the 20th August, 1998, by inserting serial no. 30 and entries relating thereto

CBEC CUSTOMS

Notification No. 52/2011 dated 25.06.2011 Amendment to the Notification No. 21/2002-Customs, dated the 1st March, 2002

The Central Government, has amended the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1s t March, 2002 by inserting Serial No. 72B and entries relating thereto

Notification No. 51/2011 dated 22.06.2011 Amendment to the Notification No. 97/2009-Customs, dated the 11th September, 2009

The Central Government, has amended the notification o No. 97/2009-Customs, dated the 11th September, 2009, by substituting "2. This notification shall be valid in respect of the Duty Entitlement Pass Book Scrips issued by the Licensing Authority against exports having Let Export Order up to and inclusive of the 30th day of September, 2011." for para 2 and by inserting Explanation " (v) "Let Export Order" means an order which permits clearance and loading of the goods for exportation by the proper officer in accordance with section 51 of the said Customs Act." after Explanation (iv).

CBEC CUSTOMS NON TARIFF

Notification No. 41/2011-Customs (N.T.) dated 28.06.2011 Determines the rate of exchange of conversion of foreign currency into Indian currency or vice versa with effect from 1st July, 2011

The Central Board of Excise and Customs has determined the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II into Indian currency or vice versa shall, with effect from 1st July, 2011 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

Notification No. 40/2011-Customs (N.T.) dated 24.06.2011 Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India] Second Amendment Rules, 2011

The Central Government has made rules to amend the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India] Rules, 2009.

CBEC EXCISE

Notification No. 33/2011 dated 25.06.2011 Amendment to the Notification No. 4/2006-Central Excise, dated the 1st March, 2006

The Central Government, has notified amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 4/2006-Central Excise, dated the 1st March, 2006, by substituting against S. No. 19, against item (i) occurring in column (3), for the entry in column (4), the entry "Nil" shall be substituted and for S. No. 73A and the entries relating thereto, shall be substituted.

SERVICE TAX

Notification No. 41/2011 dated 27.06.2011 Point of Taxation (Second Amendment) Rules, 2011 - To be effective from 1st day of July, 2011

The Central Government has amended the Point of Taxation Rules, 2011, by inserting in Rule 7, in sub-rule (c), before the bracket and letter " (p)", the bracket and letter "(g)" shall be inserted, and they shall come into force on 1st day of July, 2011

• PRESS INFORMATION BUREAU

Dated 24.06.2011 India Signs Protocol Amending DTAA with Singapore to help in Effective Exchange of Information in Tax Matters

The Government of India signed a Protocol, amending Double Taxation Avoidance Agreement (DTAA) with Government of Singapore for effective exchange of information in tax matters. This amending Protocol will go a long way in strengthening relationship between India and Singapore and facilitate mutual co-operation by effective exchange of information in tax matters between two countries.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Press Release IRDA/NL/PR/HLTH/136/06/2011 date 24.06.2011 Portability of Health Insurance

To ensure that portability of health insurance is available in a smooth manner for the policy holders, it is necessary to ensure that historical data on the policyholder's health related details of claims be available to insurers. IRDA has embarked upon providing a web based facility for the insurers to feed in all relevant details on health insurance policies issued by them to individuals which will be accessed by the new company to which a policyholder wishes to port his policy.