• MINISTRY OF COMMERCE

DGFT

Public Notice No. 08 (RE-2012)/2009-14 Dated 06.07.2012 Introduction of electronic Bank Realization Certificate (e-BRC) system- Extended upto 16.08.2012- reg

DGFT has decided that existing system of physical BRC issuance from bank may be continued further for a period up to 16.08.2012 for smooth transition. Accordingly, time upto 16.08.2012 is allowed to Banks for transition from physical BRC system to 'e-BRC' system.

Notification No. 06(RE-2012)/2009-2014 Dated 04.07.2012 Removal of Minimum Export Price of Basmati rice

Central Government has deleted the entry at Point (ii) in the "Nature of Restriction" column [Column No. 6 of the table] against Sl. No. 57 in Chapter 10 of Schedule 2 of ITC(HS) Classification of Export and Import Items relating to Basmati rice. Accordingly, Basmati Rice can be exported without any Minimum Export Price (MEP).

Notification No. 5(RE-2012)/2009-2014 Dated 02.07.2012 Conditions for export of Carpets, Handicraft items and Silk items

DGFT has amended the Table A of the Schedule 2 of the ITC(HS) Classification of Export and Import Items. Consequently, export of Handmade Woolen Carpets, Handicraft items and Silk items etc. shall not be permitted on the basis of Documents against Acceptance (D/A) except when covered by (a) Guarantee from Bank or ECGC or (b) made to own Subsidiaries etc.

Notification No. 04(RE2012)/2009-2014 Dated 02.07.2012 Prohibition on import of milk and milk products from China extended till 23.06.2013

Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/ confectionary/ food preparations with milk or milk solids as an ingredient) from China is further extended till 23.6.2013 or until further orders, whichever is earlier.

• MINISTRY OF CORPORATE AFFAIRS

General Circular No. 16/2012 Dated 06.07.2012 Filing of Balance Sheet and Profit and Loss Account in Extensible Business Report ing Language (XBRL) Mode for financial year commencing on or after 01.04.2011

MCA has mandated the specified classes of companies to file their Balance Sheet and Profit & Loss Account in XBRL mode for the financial year commencing on or after 1.4.2011. However, banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted from XBRL filing till further orders.

• MINISTRY OF FINANCE

CBEC Customs Non Tariff

Notification No. 56/2012 - Customs (N.T.) Dated 05.07.2012 Determines rate of exchange of conversion of specified foreign currency into Indian currency or vice versa , with effect from 6th July, 2012, relating to imported and export goods

CBEC has determined the rate of exchange of conversion in respect of specified foreign currency into Indian currency or vice versa shall, with effect from 6th July, 2012, relating to imported and export goods.

CBDT

Notification No. SO1453(E) Dated 02.07.2012 Income-tax (Seventh Amendment) Rules, 2012

CBDT has released the Income-tax (Seventh Amendment) Rules, 2012 to amend the rule 12 of Income-tax Rules, 1962 relating to assessment procedure prescribed for return of income and return of fringe benefits. Further, the Form ITR 5 & ITR 6 stands substituted.

CBEC Customs

Circular No. 17/2012 Dated 05.07.2012 Verification of Genuineness, of Duty Credit Scrips Issued Under Chapter 3 of FTP, Before Registration

CBEC has reiterated that even while the words and figures "in terms of Para 3.11.3 of the HBP v.1" shall stand deleted from first sentence of para 2(e) of Circular No.5/2010-Customs, the verification of genuineness of scrips shall continue to be done as before prior to registration of such scrips. No other aspect with respect to para (e) of Circular No.5/2010-Customs has undergone change.

Service Tax

Circular No. 162/13/2012-ST Dated 06.07.2012 Clarification on Point of Taxation Rules - regarding

CBEC has released the clarification on point of taxation rules consequent to the changes introduced at the time of Budget 2012 in the Point of Taxation Rules, 2011, together with revision of the service tax rate from 10% to 12% and the subsequent changes that have been made effective from 01.07.2012.

Circular No. 61/12/2012-ST Dated 06.07.2012 Accounting Code for payment of service tax under the Negative List approach to taxation of services, with effect from the first day of July 2012 - regarding

CBEC has released the accounting codes for the purpose of payment of service tax under the Negative List approach, with effect from 1st July, 2012. For payment of service tax under the new approach, a new Minor Head - 'All taxable Services' has been allotted under the Major Head "0044-Service Tax".

• RESERVE BANK OF INDIA

A.P. (DIR Series) Circular No. 1 Dated 05.07.2012 Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)

RBI has decided to continue the scheme of buyback of FCCBs subject to certain modifications. Accordingly, the existing requirement of submission of ECB 2 return will continue as hitherto. Further, on completion of the buyback, a report giving details of buyback, such as, the outstanding amount of FCCBs, accreted value of FCCBs bought back, rate at which FCCBs bought back, amount involved, and source/s of funds may be submitted, through the designated AD Category - I bank, to the Reserve Bank.