• Ministry of Commerce

DGFT

Policy Circular No. 01 (RE-2012) /2009-14 Dated 18.06.2012 Electronic Bank Realization Certificate (E-Brc) System - Guidelines

DGFT has initiated the electronic issuance of BRCs have been vide Public Notice No. 02 dated 05.06.2012 which obviates submission of physical copy of BRC to claim benefits of the FTP Schemes. In furtherance to it DGFT has released a set of information and guidelines for banks, exporters and RAs.

•  Ministry of Corporate Affairs

Notification Dated 05.06.2012 Limited Liability Partnership (Amendment) Rules, 2012 w.e.f. 11.06.2012

MCA has released the Limited Liability Partnership (Amendment) Rules, 2012, which shall come into force with effect from 11.06.2012. The form no. 1 to 31 prescribed under Limited Liability Partnership Rules. 2009 stands replaced vide said amendment rule.

• Ministry of Finance

CBDT

Circular No. 03/2012 Dated 12.06.2012 Supplementary Memorandum Explaining Official Amendments Moved in the Finance Bill, 2012

CBDT has released the supplementary memorandum explaining the official amendments to the Finance Bill, 2012, which has been carried out during the passage of the Finance Bill, 2012 in Parliament.

Notification No. 23/2012 Dated 15.06.2012 Notifies "The Press Trust of India Limited, New Delhi" for the purpose of Section 10(22b) Of The Income-Tax Act, 1961

Central Government has specified the "The Press Trust of India Limited, New Delhi" as a news agency set up in India solely for collection and distribution of news, for the purpose of the Section 10(22b) Of The Income-Tax Act, 1961 for two assessment years 2012-2013 to 2013-2014.

CBEC Customs

Circular No. 16/2012 Dated 13.06.2012 Procedure followed for import of Indian vessels and filing of Import General Manifest, Bill of Entry

CBEC has clarified that all vessels including foreign going vessels for its entry into / exit from the country during its journey as foreign going vessel and the Indian flag vessel / Indian Ship for subsequent use as foreign going vessel would not require filing of IGM and Bill of Entry as conveyance, since the same are not imported goods to be cleared for home consumption. Accordingly, instructed the field formations to adjudicate the cases involving any violation where the IGM or Bill of Entry in respect of import of vessel.

Circular No. 15/2012 Dated 13.06.2012 Review of Risk Management System (RMS) - regarding

CBEC has opined that till the time OSPCA is made applicable to other categories of importers, the percentage of Bills of Entry selected for PCA at a Customs house should be suitably enhanced to safeguard the interest of revenue. Consequently, CBEC has instructed the concerned Chief Commissioners of Customs should review the staff position in their jurisdiction and relocate more manpower for audit work as increased facilitation in terms of reduced examination have led to lesser requirement of staff for examination of goods.

Circular No. 14/2012 Dated 11.06.2012 Classification of rail cum road vehicle

CBEC has clarified that the correct classification in the harmonised Customs Tariff in case of Rail cum Road Vehicles should be in the appropriate heading in Chapter 87 by application of GRIs 1 (Note 4 (a) to Section XVII).

Service Tax

Order No. 1/2012 Service Tax Dated 15.06.2012 Service Tax (Removal of Difficulty) Order, 2012

Central Government has released the Service Tax (Removal of Difficulty) Order, 2012 providing that in sub-sections (1) and (2) of section 68 of the Finance Act, for the figures "66", the figures and letter "66B" shall be substituted. The order shall come into force on the 1st day of July, 2012.

• Press Information Bureau

Dated 19.06.2012 Special Report on Good Governance for Tribal Development and Administration Presented

National Commission for Scheduled Tribes has presented a Special Report on "Good Governance for Tribal Development and Administration" to the President. The National Commission for Scheduled Tribes was constituted in February, 2004 consequent to the amendment of Article 338 of the Constitution of India and insertion of a new Article 338A vide the Constitution (Eighty-ninth Amendment) Act, 2003 which, inter-alia, enjoins upon the Commission to oversee the implementation of various safeguards provided to Scheduled Tribes under the Constitution or under any other law for time being in force or under any other order of the Govt. and to evaluate the working of such safeguards.

Dated 12.06.2012 India & Canada Signs MoU on Infrastucture Development, Operation & Maintenance of Roads

The Union Minister for Road Transport & Highways and Mr. Denis Label, Minister of Transport, Infrastructure & Communication, Government of Canada signed a Memorandum of Understanding (MoU) between India and Canada in Cubec, Canada. The MoU will facilitate sharing and exchange of knowledge and technical expertise in the areas of infrastructure development, operation and maintenance of roads and Intelligent Transport System etc.

Dated 11.06.2012 LLP Registry is Now Merged with MCA-21 and Decentralization of LLP Approval to Various ROCs

MCA has integrated the e-Governance project for Limited Liability Partnership (LLP) under the platform of MCA21. Accordingly, instructions have been given to notify this decision to the stakeholders that from 11-06-2012 all LLP forms except Forms to be filed by Foreign LLP shall be processed and approved by respective Registrar of Companies (ROCs) of concerned state. The forms to be filed by foreign LLPs shall be processed and approved by the ROC, Delhi & Haryana.

Dated 11.06.2012 Anand Marriage (Amendment) Act, 2012 Published in the Gazzette of India

The Anand Marriage (Amendment) Bill, 2012 after having received the assent of the President on 7th June, 2012, has been published as corresponding Act in the Gazette of India, Extraordinary, Part-II, Section-1, dated the 8th June, 2012 as Act No. 29 of 2012.

Dated 11.06.2012 Copyright (Amendment) Act, 2012 published in the Gazzette of India

The Copyright (Amendment) Bill, 2012 and National Institutes of Technology (Amendment) Bill, 2012 has been published in the Gazette of India, Extraordinary, Part-II, Section-1, dated the 8th June, 2012 after having received the assent of the President on 7th June, 2012 as Act No. 27 of 2012 ; and Act No. 28 of 2012 respectively.

• RESERVE BANK OF INDIA

RBI MPD

Circular No. MPD. No. 355 /07.01.279/2011-12 Dated 18.06.2012 Export Credit Refinance Facility (ECR) - Relaxation

With a view to enhancing the credit flow to the export sector, it has been decided to enhance the eligible limit of the ECR facility for scheduled banks (excluding RRBs) from 15 per cent of the outstanding export credit eligible for refinance to 50 per cent, effective fortnight beginning June 30, 2012. This will provide additional liquidity support to banks of over `300 billion. The rate of interest charged on the ECR facility will continue to be the prevailing repo rate under the LAF, which is currently 8.0 per cent.

RBI Press Release

Press Release No. 2011-2012/2008 Dated 18.06.2012 Mid-Quarter Monetary Policy Review

RBI has decided to keep policy rates unchanged. Consequently, the reverse repo rate under the LAF will remain unchanged at 7.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 9.0 per cent.

• Securities and Exchange Board of India

SEBI SMD

Circular No. CIR/MRD/ICC/16/2012 Dated 15.06.2012 Redressal of complaints against Stock Exchanges (SEs) and Depositories through SEBI Complaints Redress System (SCORES)

SEBI has issued instructions to stock exchanges and depositories in connection with the redressal of complaints through SEBI Complaints Redress System directing them to address/redress the complaints within a period of 15 days upon receipt of complaint on SCORES and maintain a monthly record of the complaints which are not addressed/redressed within 15 days from the date of receipt of the complaint/information, alongwith the reason for such pendency in addition to other directions provided therein.