• MINISTRY OF FINANCE

CBDT

Circular No. 06/2011 Dated 24.08.2011 Permission regarding submission of Refund claims pertaining to the period up to 31 March, 2009 till 31 December, 2012

CBDT has modified the circular dated 24th August, 2011 to specify that refund claims pertaining to the period up to 31.03.2009 may be submitted to the AO (TDS) up to 31.12.2012.Under existing rules no claim of refund can be made after two years from the end of financial year in which tax was deductible at source.

Custom

Notification No. 82/2011 Dated 25.08.2011 Imposition of final anti-dumping duty on imports of PVC Flex Films, originating in, or exported from, People's Republic of China

Central Government, on the basis of the final findings of the designated authority, has imposed an anti-dumping duty on imports of PVC Flex Films, originating in, or exported from, People's Republic of China. The anti-dumping duty imposed shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of provisional duty, that is, the 30th July, 2010.

Notification No. 81/2011 Dated 24.08.2011 Imposition of the anti-dumping duty on imports of Polytetrafluoroethylene (PTFE) originating in, or exported from, People's Republic of China

Central Government, on the basis of the final findings of the designated authority, has imposed an anti-dumping duty on imports of Polytetrafluoroethylene (PTFE) originating in, or exported from, People's Republic of China. The anti-dumping duty imposed shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of provisional duty.

Notification No. 80/2011 Dated 24.08.2011 Imposition of definitive anti-dumping duty on all imports of 1-Phenyl-3-Methyl-5-Pyrazolone originating in, or exported from, People's Republic of China

Central Government, on the basis of the final findings of the designated authority, has imposed an anti-dumping duty on all imports of 1-Phenyl-3-Methyl-5-Pyrazolone originating in, or exported from, People's Republic of China. The anti-dumping duty imposed shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of provisional duty.

Notification No.79/2011 Dated 23.08.2011 Imposition of the Antidumping duty on imports of Caustic Soda originating in, or exported from, Thailand, Chinese Taipei and Norway

Central Government, on the basis of the final findings of the designated authority, has imposed an anti-dumping duty on imports of Caustic Soda originating in, or exported from, Thailand, Chinese Taipei and Norway. The anti-dumping duty imposed shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of provisional duty

Circular No. 38/2011 Dated 24.08.2011 Issue of Customs House Agent License - Reference from field formations

CBEC has decided that all such applicants who had already passed the examination held under regulation 9 of CHALR, 1984 but have not been granted licence and are seeking qualification in additional subjects shall be allowed to clear the examination by 31.12.2012 irrespective of number of chances to become eligible for grant of CHA licence in terms of Regulation 9 of CHALR, 2004.

Circular No. 37/2011 Dated 23.08.2011 Authorized Economic Operator (AEO) programme for implementation

CBEC has finalized the 'Authorized Economic Operators' (AEO) programme for implementation to secure supply chain of imported and export goods. This programme has been developed pursuant to guidelines of WCO adopted in SAFE FoS (Framework of Standard) in 2005.

CBEC Excise

Instruction From File No.390/Misc./163/2010-JC Dated 17.08.2011 Reduction of Government litigation - providing monetary limits for filing appeals by the Department before CESTAT/High Courts and Supreme court - Regarding

CBEC has issued the instructions to put in place the monetary limits below which appeal shall not be filed in the Tribunal, High Court and the Supreme Court. The determinative element to ascertain whether a matter would be covered within the specified limits would be duty/tax under dispute.

Service Tax

Notification No. 43/2011 Dated 25.08.2011 Service Tax (Fourth Amendment) Rules, 2011- w.e.f 1st day of October, 2011

CBEC has amended the provisions of Service Tax Rules, 1994 relating to the filing of returns to mandate that every assessee shall submit the half-yearly return. Accordingly, rule 7 stands amended.

Circular No. 145/14/ 2011 - ST Dated 19.08.2011 Clarification pertaining Levy of Service tax on fee charged by the Chambers of Commerce for issuance of Country of Origin Certificate (COOC)

CBEC has clarified that a chamber or Trade Association which issues Country of Origin Certificate acts as a technical inspection and certification agency, and issuance of COOC attracts service tax under 'technical inspection and certification agency' service, which is a specific description when compared to a general description like 'club or association service', by the application of the principles of classification provided in section 65A of Finance Act, 1994.

• Securities And Exchange Board Of India

Mutual Fund

Circular No. Cir/IMD/DF/13/2011 Dated 22.08.2011 Instructions regarding transparency in payment of commission to the distributors of the Mutual Fund products

In order to enable people with small saving potential and to increase reach of Mutual Fund products in urban areas and smaller towns, SEBI has decided that a transaction charge per subscription of `10,000/- and above be allowed to be paid to the distributors of the Mutual Fund products subject to the conditions provided therein. However, there shall be no transaction charges on direct investments.

Secondary Market Development

Circular No. CIR/MIRSD/17/2011 Dated 24.08.2011 Processing of Investor Complaints in SEBI Complaints Redress System (SCORES)

SEBI has commenced the processing of investor complaints in a centralized web based complaints redress system 'SCORES'. Accordingly, all complaints shall be forwarded electronically through SCORES only and submission of physical ATR will not be accepted for complaints lodged in SCORES. 

• Insurance Regulatory and Development Authority

Circular No.IRDA/ F&A/CIR/SOLP/195/08/2011 Dated 24.08.2011 Solvency Margin of Non-life Insurance in respect of Motor TP Pool

In order to have uniformity in the computation of the solvency margin, the IRDA has issued the clarifications in respect of Motor Third Party Pool business. Accordingly, Circular No. 063 / IRDA / F&A / Mar-07 dated March 29, 2007 stands superseded

• Telecom Regulatory Authority of India

Press Release No. 46/2011 Dated 19.08.2011 TRAI Releases Consultation Paper on IMT- Advanced Mobile Wireless Broadband Services

Telecom Regulatory Authority of India (TRAI) has released the Consultation Paper on IMT- Advanced Mobile Wireless Broadband Services inviting comments and suggestions. The key issues raised in the consultation paper are suitable spectrum bands, block size of spectrum to be auctioned, maximum spectrum permitted to bidder, eligibility criteria for bidding, rollout obligations, spectrum usage charges, QoS parameters, security issues and other related issues.

• RESERVE BANK OF INDIA

Miscellaneous (Other)

Circular No.DGBA. Accts. (AP). No./ 1337/ 57.02.001 /2011-12 Dated 25.08.2011 Contingency plan during strikes in banks / natural calamity- Arrangements for feeding of ATMs

RBI has decided to allow the banks to replenish cash at their ATMs by withdrawing cash from RBI in the event of strike in the entire Banking Sector excepting RBI or in the event of any natural calamity in the region/country. The Banks can avail of this facility on the days of strike / natural calamity after having complied with the conditions provided therein.