• MINISTRY OF FINANCE

CBEC Customs

Notification No. 92/2011 Dated 20.09.2011 Imposition of the anti-dumping duty on Rubber Chemical PX-13 (6PPD) originating in, or exported from, Korea RP

Central govt has imposed the anti-dumping duty on Rubber Chemical PX-13 (6PPD) originating in, or exported from, Korea RP, which shall be effective up to and inclusive of 4th May, 2013 and will be paid in Indian currency.

CBEC Excise

Instruction From File No. 390/Misc./100/2010-JC Dated 22.09.2011 Filing of appeal in the wrong forum in matters relating to valuation of determination of rate of duty - reg

CBEC has directed the Commissioners to examine the issue involved in the dispute very carefully for deciding the appellate forum. Further, directed that the jurisdictional Chief Commissioners, while giving concurrence to the proposal for filing appeal, are expected to ensure that appeal is being filed in the correct forum in order to avoid needless litigation being pursued in the wrong forum and consequent loss of revenue.

Service Tax

Instruction from file No. F. No. 276/8/2009-CX8A Dated 26.09.2011 Applicability of service tax on taxable services provided by a non-resident or a person located outside India to a recipient in India-reg

It has been clarified by the CBEC that the service tax liability on any taxable service provided by a non resident or a person located outside India, to a recipient in India, would arise w.e.f. 18.4.2006, i.e., the date of enactment of section 66A of the Finance Act, 1994. Accordingly, the instruction F No. 275/7/2010-CX8A, dated 30.6.2010 stands rescinded.

Circular No.146/15/2011 - ST Dated 20.09.2011 Audit of the accounts of M/s Bharat Sanchar Nigam Ltd, Tiruchirapalli -Issue of eligibility or otherwise of Notification No.03/1994 - ST dated 30.6.1994 in case of telephone services for local calls provided through Village Panchayat Telephones - regarding

CBEC has clarified that even after 1.11.2000, M/s. BSNL continue to be covered under the ambit of the Notification No.3/94-ST dated 30.6.1994 (by virtue of Sl.No.13 of the table appended to the notification) and, therefore, are clearly eligible for exemption.

CBEC Customs

Circular No. 44/2011 Dated 23.09.2011 Adjudication of appraising related Show Cause Notices- regarding

CBEC has directed that though officers of DRI and DGCEI are 'proper officers' for the purposes of Section 28 in terms of Notification No.44/2011-Customs (N.T.), dated 06.07.2011, they shall not exercise authority in terms of clause (8) of Section 28 of the said Act. In other words, there shall be no change in the present practice and officers of DRI and DGCEI shall Not adjudicate the Show Cause Notices issued under Section 28 of the said Act.

CBEC Customs Non Tariff

Notification No. 68/2011-Customs (N.T.) Dated 22.09.2011 Determines the rates of drawback 2011 - 2012

CBEC has determined the rates of drawback superceding notification No.84/2010-Customs (N.T.), dated the 17th September, 2010, rates of drawback so determined shall be subject to the notes and conditions as specified therein and shall come into force with effect from 01.10.2011.

Notification No. 67/2011-Customs (N.T.) Dated 22.09.2011 Central Government specifies "resident public limited company" as class of persons for the purposes of section 28E(c) (iii) of the Customs Act, 1962

Central government has specified the "resident public limited company" as class of persons for the purpose of the section 28E(c) (iii) of the Customs Act, 1962. Also provided explanation for the term "public limited company" and "resident".

• MINISTRY OF COMMERCE

DGFT

Notification No. 75 (RE-2010)/2009-2014 Dated 20.09.2011 Removal of ban on export of Onions

Central Government has amended Notification No. 73(RE-2010)/2009-14 dated 09.09.2011 withdrawing prohibition on export of onions. Accordingly, export of all varieties of onions is now allowed.

Notification No. 76 (RE-2010)/2009-2014 Dated 23.09.2011 Export of non-Basmati rice by the PSUs and Government organizations

Export of non-Basmati rice under Food Aid Programme has been permitted freely by Public Sector Undertakings or by government organizations. Also, export of non-Basmati rice under agreement between India and Maldives has been permitted.

• MINISTRY OF CORPORATE AFFAIRS

Notification Dated 23.09.2011 Companies (Central Government's) General Rules and Forms (Amendment) Rules 2011- w.e.f 25.09.2011

MCA has amended the Companies (Central Government's) General Rules and Forms, 1956 substituting Form 5 pertaining to the Notice of consolidation, division, etc. or increase in share capital or increase in number of members.

Notification Dated 22.09.2011 Companies (Amendment) Regulations, 2011 -w.e.f 25.9.2011

MCA has amended the Companies Regulations, 1956 providing that Registrar shall not keep any document pending for approval and registration or for taking on record or for rejection or otherwise for more than sixty days, from the date of its filing excluding the cases where approval from the Central Government or Regional Director or Company Law Board or Court or any other competent authority is required.

• PRESS INFORMATION BUREAU

Dated 27.09.2011 Telecom Commercial Communications Customer Preference Regulations, 2010 Come into Force - Messages Relating to Transactions Exempted from Restriction of Hundred SMS Per Day

Telecom Commercial Communications Customer Preference Regulations, 2010 has come into force from 27.09.2011, customer who does not want to receive commercial communications can register themselves in 'National Customer Preference Register (NCPR) by simply dialing 1909 or sending SMS to 1909. The Regulations at one hand empowers the customers to exercise the options to control unsolicited commercial communications (UCC), it also provides the easy way to Telemarketers to Register with TRAI and get telecom resources from Access providers from identified series.

• RESERVE BANK OF INDIA

A.P. (DIR Series) Circular No. 30 Dated 27.09.2011 External Commercial Borrowings (ECB) in Renminbi (RMB)

The existing ECB policy has been reviewed in consultation with the Government of India and RBI has decided to allow Indian companies which are in the infrastructure sector, where "infrastructure" is as defined under the extant guidelines on External Commercial Borrowings (ECB), to avail of ECBs in Renminbi (RMB), under the approval route, subject to an annual cap of USD one billion pending further review.

A.P. (DIR Series) Circular No. 29 Dated 26.09.2011 External Commercial Borrowings (ECB) from the foreign equity holders

RBI has released a set of guidelines to be observed while considering the ECB proposals from foreign equity holders (direct/indirect) and group companies under the approval route. Further, issued the clarifications to rationalize the ECB policy in this regard.

A.P. (DIR Series) Circular No. 28 Dated 26.09.2011 External Commercial Borrowings (ECB) Policy - Structured Obligations for infrastructure sector

RBI has decided to further liberalise the policy relating to structured obligations to permit direct foreign equity holder(s) as per extant ECB guidelines and indirect foreign equity holder, holding atleast 51% of the paid-up capital, to provide credit enhancement to Indian companies engaged exclusively in the development of infrastructure, where "infrastructure" is as defined under the extant guidelines on ECB and by the Infrastructure Finance Companies (IFCs).

Press Release

Press Release No. 2011-2012/461 Dated 23.09.2011 Broad parameters for banks and NBFCs to set up Infrastructure Debt Funds (IDFs)

RBI has released the broad parameters for setting up of IDFs under MF and NBFC structures by banks and NBFCs after having permitted the banks and Non Banking Financial Companies (NBFCs) to sponsor Infrastructure Debt Funds (IDFs), to be set up as Mutual Funds (MFs) and NBFCs.

• SECURITIES AND EXCHANGE BOARD OF INDIA

PMD

Circular No. CIR/CFD/DIL/5/2011 Dated 27.09.2011 Disclosure of Price Information of past issues handled by Merchant Bankers

SEBI provides the format for disclosure of Price Information of Past Issues handled by Merchant Bankers to be enclosed along-with Due Diligence certificate submitted to the Board.

Regulations

Notification No. LAD-NRO/GN/2011-12/25/30309 Dated 23.09.2011 Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2011

SEBI (Issue Of Capital And Disclosure Requirements) (Second Amendment) Regulations, 2011 introduces Chapter XA on rights issue of Indian depository receipts & Schedule XXI pertaining to disclosures in addendum to offer document for rights issue of Indian depository receipts.

Notification No. LAD-NRO/GN/2011-12/24/30181 Dated 23.09.2011 Securities And Exchange Board of India (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011

SEBI has issued the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 prescribing various reports / disclosures to be filed under various provisions contained therein, in the formats as specified by the Board.

Press Release

Press Release No. 132/2011 Dated 26.09.2011 Concept Paper on proposed Investment Advisor Regulations placed for public comments

SEBI has released the concept paper on regulation of investment advisors, proposing a regulatory approach for Investment Advisors, for public comments. Comments on the same may be sent by October 31, 2011.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. IRDA/HLTH/MISC/CIR/216/09/2011 Dated 20.09.2011 Rejections of the claims filed by insurers on the ground of delayed submission of intimation and documents - Reg

IRDA has instructed the insurers to develop a sound mechanism of their own to handle claims with utmost care and caution. It is also advised that the insurers must not repudiate claims unless and until the reasons of delay are specifically ascertained, recorded and the insurers should satisfy themselves that the delayed claims would have otherwise been rejected even if reported in time.