• MINISTRY OF CORPORATE AFFAIRS

Notification Dated 14.07.2011 Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2011 - w.e.f July 24, 2011

Central government has substituted the existing Rule 4A and Form 1A of the Companies (Central Government's) General Rules and Forms Rules, 1956 vide amendment rules which shall come into force with effect from 24th July, 2011.

General Circular No. 46/2011 Dated 14.07.2011 Clarification on Prosecution of Directors

MCA has clarified that nominee director on behalf of Public Financial Institutions, Financial Institutions & banks on board of companies should also be treated in the manner as provided in para 2 of Circular No 08/2011, requiring ROCs to be extra cautious while prosecuting against.

General Circular No. 45/2011 Dated 08.07.2011 Name Availability Guidelines, 2011

In supercession of all the previous circulars and instructions issued by Ministry of Corporate Affairs from time to time regarding name availability, MCA has issued the fresh name availability guidelines, 2011 to be adhered while applying or approving a name.

General Circular No. 44/2011 Dated 08.07. 2011 Integration of DIN issued under Companies Act with DPIN issued under LLP Act

MCA has been issuing two separate identification numbers as DIN to a director of a company under Companies Act & DPIN for a designated partner in a LLP under LLP Act, in order to avoid this duplicity, MCA has decided to issue only one identification number to an individual for both the purpose.

Notification Dated 14.07.2011 Amendment to Schedule XIII Annexed to the Companies Act, 1956 - Regarding Waiver of Approval for Payment of Remuneration to Professional Managerial Person by Specified Cos.

MCA has amend the Schedule XIII, in order to waive off the Central Government approval for payment of remuneration to professional managerial person by the listed companies and their subsidiary companies, which are not having profits or having inadequate profits.

• MINISTRY OF FINANCE

CBDT

Notification No. 38/2011 Dated 12.07.2011 Amendment to the Notification Number S.O. 732(E),Dated the 31st July, 2001 pertaining to the jurisdiction of specified Commissioner of Income-tax

The Central Board of Direct Taxes has amended the notification of the Central Board of Direct Taxes, number S.O. 732(E),Dated the 31st July, 2001. In the said Notification the entries for serial No. 59 and 60 the given entries pertaining to the jurisdiction of specified Commissioner of Income Tax have been substituted .

CBEC Customs

Notification No. 61/2011 Dated 15.07.2011 Imposition of definitive anti-dumping duty on imports of 1, 1, 1, 2-Tetrafluoroethane or R-134a of all types, originating in, or exported from, People's Republic of China and Japan

Central Government, on the basis of the findings of the designated authority, has imposed definitive anti- dumping duty on the goods, the description of which is specified in column (3) of the Table , falling under sub-heading of the First Schedule to the said Customs Tariff Act specified in the corresponding entry in column (2),originating in the country specified in the corresponding entry in column (4), and exported from the country specified in the corresponding entry in column (5) and produced by the producer specified in the corresponding entry in column (6) and exported by the exporter specified in the corresponding entry in column (7), and imported into India, an anti-dumping duty at the rate equal to the amount indicated in the corresponding entry in column (8), in the currency as specified in the corresponding entry in column (10) and per unit of measurement specified in the corresponding entry in column (9) of the said Table specified in the said Notification.

Notification No. 60/2011 Dated 14.07.2011 Exempts Specified goods from Levy of duty of Customs, When Imported into India from Bangladesh

CBEC has exempted the specified goods when imported into India from Bangladesh from the whole of the duty of customs leviable thereon under the First Schedule to the Customs Tariff Act, 1975, subject to the conditions provided therein.

CBEC Custom Circular

Circular No. 28/2011 Dated 08.07.2011 Clarification on Collection of Anti-dumping duty beyond the validity period

CBEC has clarified that Anti dumping levy notified in pursuance of final findings of the Director General is effective from the date of imposition of provisional duty and it can be collected beyond the stipulated period only when a notification extending the levy has been issued.

Circular No. 29/2011 Dated 18.07.2011 Handling of Cargo in Customs Areas Regulations, 2009- Clarification

CBEC has clarified that Commissioner of Customs, subject to his satisfaction, should not insist for residential accommodation for staff from CCSP in cases where concerned facility of CCSP is located in the city area. The underlying idea is to provide for residential facilities for staff deployment at Customs facilities located in far flung and remote areas where it is difficult to have appropriate residential facility and which can not be easily commuted by the officers. Therefore requirement of residential accommodation should not be insisted upon in cases where the location is commutable from the base town/city.

Circular No. 30/2011 Dated 19.07.2011 Extends Time Limit for Using Re-credited 4 per cent CVD (SAD) Amount in DEPB

CBEC has decided to extend time limit for using re-credited DEPB scrips/ Reward Scheme scrips in case of 4 per cent CVD (SAD) up to 15th September, 2011 while addressing the grievances received form the industry saying that they have not been able to utilize the re-credited DEPB/Reward Scheme scrips within the stipulated time.

CBEC Excise Non Tariff

Notification No. 16/2011 Dated 18.07.2011 Form ER.1 Notified for Monthly Return for Production & Removal of Goods & Other Relevant Particulars

CBEC has notified the Form E.R.1 for monthly return for production and removal of goods and other relevant particulars and in suppression of the Notification No. G.S.R. 630 (E),Dated the 12th October, 2006.

CBEC Service Tax

Circular No. 144/13/ 2011 - ST Dated 18.07.2011 Clarification on "Completion of service"- regarding

The Board has examined the clarification received regarding "Completion of Service" as provided under the Point of Taxation Rules, 2011 and Service Tax Rules, 1994. The Service Tax Rules, 1994 require that invoice should be issued within a period of 14 days from the completion of the taxable service. The invoice needs to indicate inter alia the value of service so completed. Thus it is important to identify the service so completed. This would include not only the physical part of providing the service but also the completion of all other auxiliary activities that enable the service provider to be in a position to issue the invoice.

• RESERVE BANK OF INDIA

A.P. (DIR Series)

Circular No. 02 Dated 15.07.2011 Regularization of Liaison / Branch Offices of foreign entities established during the pre-FEMA period

A person resident outside India required to have prior approval of the Reserve Bank of India for establishing a Liaison Office (LO) /Branch Office (BO) in India. Further, applications from foreign Non-Government Organisations (NGOs) / Non-Profit Organisations (NPOs) / Government bodies / Departments for establishing BO / LOs in India are considered by the Reserve Bank in consultation with the Government of India, Ministry of Finance.

DBOD

Circular No. DBOD.No.BL.BC. 24/22.01.001/2011-12 Dated 15.07.2011 Branch Authorization Policy - Opening of branches in unbanked rural centres

Banks have been advised that while preparing their Annual Branch Expansion Plan (ABEP), they should allocate at least 25 percent of the total number of branches proposed to be opened during a year in unbanked rural (Tier 5 and Tier 6) centres. An unbanked rural centre would mean a rural (Tier 5 and Tier 6) centre that does not have a brick and mortar structure of any scheduled commercial bank for customer based banking transactions.

• SECURITIES AND EXCHANGE BOARD OF INDIA

SMD

Circular No. CIR/MRD/DP/10/2011 Dated 18.07.2011 Establishment of Connectivity with both depositories NSDL and CDSL - Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to that at least 50 per cent of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this purpose, the listed companies shall obtain a certificate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange/s. However, if an issuer-company does not have a separate RTA, it may obtain a certificate in this regard from a practicing company Secretary/Chartered Accountant and submit the same to the stock exchange/s.

Circular No. CIR/MIRSD/ 12/2011 Dated 11.07.2011 Clarification on admission of Limited Liability Partnerships as Members of Stock Exchanges

SEBI has permitted the Stock Exchanges to grant membership to LLPs subject to LLP complying with the conditions laid down in Rule 8(4A) of the SCRR, as far as it can apply to LLPs.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. IRDA/NL/CIR/HLTH/160/07/2011 Dated 11.07.2011 Draft on Servicing of Health Insurance Schemes offered by Bodies other than Insurance Companies seeking suggestions

 IRDA has issued the draft circular stipulating that the Licensed TPAs cannot enter into arrangements for servicing health schemes sponsored or approved by any non-insurance body including Central, State, Local Govts, Firms, corportaes etc. during the subsistence of TPA license granted by the IRDA. Accordingly, authority intends to modify Circular No.31/IRDA/TPA/05Dated 16th December, 2005 and has invited suggestions on the same.

• MINISTRY OF COMMERCE

Directorate General of Foreign Trade

Public Notice No. 62/ (Re-2010)/ 2009-2014 Dated 15.07.2011 Extends Period for Document Submission & Issue of Registration Certificate for Cotton Export

DGFT has extended the close date for document submission, scrutiny and issue of registration certificate for export of cotton by one week up to 22.07.2011, which was earlier notified as 15.07.2011.