• TELECOM REGULATORY AUTHORITY OF INDIA

Notification No. 16-07/2010-FA Dated 10.04.2012 Reporting System on Accounting Separation Regulations, 2012

TRAI has released the Reporting System on Accounting Separation Regulations, 2012 to rationalises and standardizes the reporting system & strengthens audit & accountability provisions. These shall apply to all service providers having aggregate turnover of not less than Rs. 100 cr.

Press Release No. 75/2012 Dated 16.04.2012 TRAI Releases Recommendations on 'Guidelines for Unified Licence/Class Licence and Migration of Existing Licences'A

Telecom Regulatory Authority of India has issued its recommendations on the "Guidelines for Unified Licence/Class Licence and Migration of Existing Licences". Accordingly, in the framework of Unified Licence, it has been recommended that there shall be three levels of Unified Licence; National level, Service area level and District level. One time non refundable Entry Fee for Unified Licence shall be (a) Rs. 15 (Fifteen) crore for National level Unified Licence; (b) Rs. 1 (One) crore for each Service area level Unified Licence except for Jammu & Kashmir and North East Service areas where Entry fee will be Rs. 50 (Fifty) lakh each, and (c) Rs. 10 (Ten) lakh for each District level Unified Licence.

Press Release No. 77/2012 Dated 18.04.2012 Recommendations on Exit-Policy for various telecom licences

Based on analysis of the comments received from the stakeholders on the draft response paper and its own analysis, TRAI has finalised its recommendations on Exit-Policy for various telecom licences for the Licensees who want to exit from the provisioning of telecom services under a licence.

Press Release No. 76/2012 Dated 17.04.2012 Mobile Banking (Quality of Service) Regulations, 2012

Telecom Regulatory Authority of India has issued the "Mobile Banking (Quality of Service) Regulations, 2012" prescribing Quality of Service standards for mobile banking to ensure faster and reliable communication for enabling banking through the mobile phones.

• MINISTRY OF FINANCE

CBEC Excise

Circular No. 965/08/2012-CX Dated 17.04.2012 Clarification regarding admissibility of exemption under area-based Notification No. 56/2002-CE dated 14.11.2002 - reg.

CBEC has clarified that the exemption period of ten years is to be computed from the date of publication of the notification when a new unit commences commercial production or an existing unit undertakes substantial expansion and commences commercial production from such expanded capacity during the period from 14.06.2002 to 14.11.2002. However, if a new unit commences commercial production or an existing unit undertakes substantial expansion and commences commercial production from such expanded capacity after the date of publication of the notification, i.e., 14.11.2002, the ten year exemption period is to be computed from the date of commencement of commercial production in the case of new units and from the date of commencement of commercial production from the expanded capacity in the case of existing units.

CBDT

Circular No. 01/2012 Dated 09.04.2012 Issuance of TDS Certificates in Form No. 16A downloaded from TIN website - Circular under section 119 of the Income-tax Act 1961

With a view to further strengthen the administration of the issue of TDS and for proper administration of the Act the Board have, in exercise of powers under section 119 of the Act, CBDT has issued directions regarding issue and Authentication of TDS Certificate in FORM NO. 16A.

Order No. 4/FT&TR/2012 Dated 10.04.2012 Constitution of Dispute Resolution Panel

CBDT has modified the order No.1/FT&TR/2012 and order No. 2/FT&TR/2012 to constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of Income-tax as Members of DRP at specified places.

Service Tax

Circular No. 155/6/ 2012 - ST Dated 09.04.2012 Clarification on Point of Taxation Rules - regarding

CBEC has clarified that as per Rule 4(b)(ii), the point of taxation shall be the date of receipt of payment or date of issuance of invoice, whichever is earlier. Thus the service tax shall be charged @10% subject to applicable exemptions plus cesses in case of tickets issued before 1st April 2012 when the payment is received before 1st April 2012 by the agent.

• MINISTRY OF COMMERCE AND INDUSTRY

Industrial Policy and Promotion

Circular No. 1 of 2012 Dated 10.04.2012 Consolidated FDI Policy- Effective from April 10, 2012

DIPP has released the Consolidated FDI Policy superseding all Press Notes/Press releases/Clarifications/ Circulars issued, which were in force as on April 09, 2012, and reflects the FDI Policy as on April 10, 2012.

• RESERVE BANK OF INDIA

Circular No. DGBA.CDD.H-6614 /13.01.298/2011-12 Dated 10.04.2012 Relief and Savings bonds-Compensation structure for delay in payment of interest and/or principal

RBI has decided that with effect from the date of this circular, an agency bank shall compensate an investor in Relief/Savings bonds, for the financial loss due to late receipt/delayed credit of interest warrants/maturity value, at a fixed rate of 8% per annum.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. IRDA/F&I/CIR/EMT/085/04/2012 Dated 12.04.2012 Expenses of Management (EOM) under section 40B of the Insurance Act, 1938 read with Rule 17D of the Insurance Rules, 1939

With a view to facilitatea uniform approach by all companies, IRDA has issued a set of clarification regarding interpretation of the terms 'charges' and 'expenses capitalised' under Section 40B.

• SECURITIES AND EXCHANGE BOARD OF INDIA

Notification No. LAD-NRO/GN/2011-12/40/7335 Dated 29.03.2012 Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2012

SEBI has released the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2012 to omit "Schedule IV" and modify regulation 28(2) of the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992.

SMD

Circular No. CIR/MRD/DMS/ 12 /2012 Dated 13.04.2012 Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR)

In order to address the issue that might arise in the event of disaster, SEBI has released guidelines for business continuity plan (BCP) and disaster recovery (DR) based on the recommendations of TAC.

PMD

Circular No. CIR/CFD/DIL/4/2012 Dated16.04.2012 Amendments to the Equity Listing Agreement - Formats for Disclosure of Financial Results - 16.04.2012

MCA has revised the format for disclosure of Balance Sheet under Schedule VI of the Companies Act, 1956. Consequent to which, SEBI has decided to carry out consequential amendments to Clause 41 of the Listing Agreement regarding interim disclosure of financial results by listed entities to the stock exchanges, which has been drawn from the format under Schedule VI of the Companies Act, 1956.

• PRESS INFORMATION BUREAU

Dated 13.04.2012 TRAI issues Reporting System on Accounting Separation Regulations 2012

Telecom Regulatory Authority of India has issued 'The Reporting System on Accounting Separation Regulations, 2012 (7 of 2012)' after repealing 'The Reporting System on Accounting Separation Regulation, 2004 (4 of 2004)'. The new Regulation updates, rationalises and standardizes the reporting system, and strengthens audit and accountability provisions.

Dated 16.04.2012 Changes in Tariff Value of Gold, Silver, Brass Scrap (All Grades) and Poppy Seeds

Central Board of Excise & Customs (CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 change the tariff value of gold, silver, Brass Scrap (All Grades) and Poppy Seeds.