• MINISTRY OF COMMERCE AND INDUSTRY

DGFT

Notification No. 110 (RE-2010)/2009-2014 Dated 02.04.2012 Extends validity period for the permission to export of wheat products upto 31.03.2013

Validity of Notification No. 116 (RE-2008)/2004-09 dated 03.07.2009 as amended from time to time permitting export of 6,50,000 tons of wheat products through EDI ports has now been extended upto 31.03.2013.

• MINISTRY OF FINANCE

CBEC Customs Non Tariff

Notification No. 31/2012 - Customs (N.T.) Dated 04.04.2012 Prohibition on import into India and export out of India of hazardous wastes specified in Scheduled VI to the Hazardous Waste (Management, Handling and Transboundary Movement) Rules, 2008, issued under the Environment (Protection) Act, 1986

Central Government has prohibited import into India and export out of India of hazardous wastes specified in Scheduled VI to the Hazardous Waste (Management, Handling and Transboundary Movement) Rules, 2008, after being satisfied that it is necessary so to do for the purpose of the protection of human, animal, plant life and health.

CBEC Excise Non-Tariff

Notification No. 22/2012-(N.T.) Dated 30.03.2012 Central Excise ( Third Amendment) Rules, 2012

CBEC has amended the rule 22 of Central Excise Rules, 2002 relating to Access to the registered premises, thereby the sub-rule (3) of the rule 22 of Central Excise Rules, 2002 stands substituted.

CBEC Excise

Circular No. 964/07/2012-CX Dated 02.04.2012 Clarification regarding classification of structural components of Boiler and admissibility of CENVAT credit on these structural components - reg

CBEC has clarified that those structural components which are to be used essentially as a part of Boiler System would be classifiable as parts of Boiler only under Heading 8402 of the Tariff. It has been further clarified that since these structural components are nothing but the parts and accessories of the Boiler, they would be covered by the definition of inputs under Rule 2(k)(iii) of the CENVAT Credit rules, 2004 (i.e. all goods for generation of electricity & steam). Further these structural components shall not be hit by the exclusion clause to the said definition of inputs, as these are not used for laying of foundation or making of structures for support of capital goods, but are essentially the part of said Boilers.

• PRESS INFORMATION BUREAU

Dated 02.04.2012 Change in Tariff Value of Gold, Silver, Brass Scrap (All Grades) and Poppy Seeds Notified

CBEC has made amendment in the notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, thereby the Table 1 and Table 2 providing tariff value imposable in respect of the specified goods.

• RESERVE BANK OF INDIA

A.P. DIR (Series)

Circular No.104 Dated 04.04.2012 Authorised Dealer Category II - Permission for additional activity and opening of Nostro account

To ensure greater flexibility in sending remittances, RBI has decided to allow Authorised Dealers Category-II to open Nostro accounts subject to following terms and conditions :

i) Only one Nostro account for each currency may be opened;

ii) Balances in the account should be utilized only for the settlement of remittances sent for permissible purposes and not for the settlement in respect of forex prepaid cards;

iii) No idle balance shall be maintained in the said account; and

iv) They will be subject to reporting requirements as prescribed from time to time.

Circular No.103 Dated 03.04.2012 Data on import of Gold - Statements - Modification

In order to rationalize the entire reporting system on import of gold, RBI has decided A.D. Category-I banks shall henceforth submit the statements specified therein to the Chief General Manager, Reserve Bank of India, Foreign Exchange Department, Central Office, Trade Division, Amar Building, Fort, Mumbai-400001.

Circular No.102 Dated 02.04.2012 Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by Resident Indians while on a visit outside India

All Authorised Persons , who are authorised to issue foreign currency pre-paid cards to resident Indians visiting outside India, shall redeem the unutilized balance outstanding in the cards immediately upon request by the resident Indians to whom the cards are issued subject to retention of:-.

a. The amounts that are authorised and remain unclaimed/ not settled by the acquirers as of the date of redemption till the completion of the respective settlement cycle;

b. A small balance not exceeding US$ 100, for meeting any pipeline transactions till the completion of the respective settlement cycle; and

c. Transaction fees/service tax payable in India in Rupees.

Circular No. 101 Dated 02.04.2012 Overseas Direct Investments - Liberalisation / Rationalisation

RBI has decided to liberalise the regulations pertaining to opening / holding / maintaining the Foreign Currency Account by Indian party outside India. Accordingly, an Indian party will now be allowed to open, hold and maintain Foreign Currency Account (FCA) abroad for the purpose of overseas direct investments subject to the terms and conditions specified therein.

DBOD

Circular No. DBOD.DIR.No.91/04.02.001/2011-12 Dated 30.03.2012 Interest Rates on Export Credit in Foreign Currency

RBI has decided that the prescriptions regarding ceiling rates on export credit in foreign currency and overseas line of credit as mentioned in circular DBOD.DIR.No.52/04.02.001/2011-12 dated November 15, 2011, will continue till September 30, 2012, subject to the same terms and conditions mentioned therein.

• SECURITIES EXCHANGE BOARD OF INDIA

Integrated Surveillance

Circular No. SEBI/Cir/ISD/1/2012 Dated 30.03.2012 Exemptions from 100% promoter(s) holding in demat form

SEBI has decided that the exemptions provided under circulars SEBI/Cir/ISD/3/2011 dated June 17, 2011 and SEBI/Cir/ISD/05/2011 dated September 30, 2011 shall be taken into consideration while arriving at compliance with 100% promoter(s) holding in demat form. However, such exemption shall be applicable in cases specified herein.

Press Release No. 40/2012 Dated 02.04.2012 SEBI Board Meeting regarding Policy on Market Infrastructure Institutions (MIIs) and Exit Process for non-operational or derecognized Stock Exchanges

With a view to extending the perimeter of regulation to unregulated funds and ensuring systemic stability, increasing market efficiency, encouraging formation of new capital and providing investor the Board approved proposal to frame SEBI (Alternative Investment Funds) Regulations, 2012. Earlier, SEBI had put a concept paper along with the draft AIF Regulations on SEBI website on August 1, 2011. Also, paved way for closure of several defunct regional stock exchanges by allowing voluntary exit.

SMD

Circular No. CIR/MRD/DP/ 09 /2012 Dated 30.03.2012 Broad Guidelines on Algorithmic Trading

SEBI has decided to put in place the broad guidelines, for algorithmic trading in the securities market based on recommendations of Technical Advisory Committee and Secondary Market Advisory Committee.