• Ministry of Corporate Affairs

General Circular No. 29/2012 Dated 10.09.2012 Conditions stipulated for conversion of ordinary Society into Producer Company

MCA has stipulated condition upon conversion of ordinary Society into Producer Company stating that Consequent upon the receipt of such an application/form seeking conversion of a Cooperative Society (society not registered as the Multi State Society) into a Producer Company, the ROCs will seek a written consent from the local Cooperative Department of the concerned State certifying that the Society desirous of being converted into Producer Company has no dues payable to the State at the time of such conversion and the Cooperative Department has 'no objection' to its being converted into a Producer Company under the Companies Act, 1956.

• Minister of communication and Information Technology

Department of Electronics and IT

Notification No. S.O 8(14)/2006-IPHW (Vol. III) dated 07.09.2012 Electronics and Information Technology Goods (Requirements for Compulsory Registration) Order, 2012

Department of Electronics and IT has issued the Electronics and Information Technology Goods (Requirements for Compulsory Registration) Order, 2012, bringing into force a scheme for mandatory regime of registration of identified 15 electronic products so that these products meet specified safety standards.

• Ministry of Finance

CBDT

Notification No. 37/2012 Dated 12.09.2012 Income-tax (11th Amendment) Rules, 2012

CBDT has released the Income-tax (11th Amendment) Rules, 2012 to introduce the Form No.26A for furnishing certificate of accountant under the first proviso to sub-section (1) of section 201 and Form 27BA for furnishing certificate of accountant under first proviso to sub-section (6A) of section 206C to income-tax Rules, 1962.

Order No. 9/FT&TR/2012 Dated 07.09.2012 Reconstitution Of DRP At Specified Areas of Jurisdiction

CBDT has constituted the Dispute Resolution Panel at the specified areas of jurisdiction comprising of three Commissioners of Income-tax as Members of the Panel. It has been further clarified that the members of the DRP shall perform such duties in addition to their regular duties, till the time of issuance of direction with respect to the said draft order. The order will be effective from 24-8-2012.

• Press Information Bureau 

Dated 14.09.2012 TRAI Issues Direction on Guidelines on "Blackout" Days

TRAI has issued a direction prescribing additional measures with a view to enhance transparency in the matter of charging on "blackout" days on which the service providers do not allow free or concessional voice calls/ SMS offered by them under any plan/ package. Certain additional measures now being mandated in addition to the guidelines that are already in place.

Dated 14.09.2012 Review of Policy on Foreign Direct Investment in Civil Aviation Sector

The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy and Promotion for permitting foreign airlines to make foreign investment, up to 49 percent in scheduled and non-scheduled air transport services in order to bringing in strategic investors into the civil aviation sector.

Dated 14.09.2012 Review of the policy of Foreign Investment in Companies Operating in the Broadcasting Sector

The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy & Promotion for Review of the policy on Foreign Investment (FI) in companies operating in the Broadcasting Sector. The CCEA, after review, has liberalised the policy on foreign investment, for companies operating in the broadcasting sector such as Teleports, Mobile TV and Headend-in-the Sky Broadcasting Service, which will be subject to sectoral and security conditionalities and guidelines, as may be specified from time to time, by the concerned Ministries.

Dated 14.09.2012 Approval to FDI in multi-brand product retail trading

The Cabinet has approved the proposal of the Department of Industrial Policy & Promotion for permitting FDI in multi-brand retail trading, subject to specified conditions. Accordingly, Retail sales outlets may be set up in those States, which have agreed or agree in future to allow FDI in MBRT under the policy. The establishment of the retail sales outlets will be in compliance of applicable State laws/ regulations, such as the Shops and Establishments Act etc.

• RESERVE BANK OF INDIA

A.P. DIR (Series)

Circular No. 30 Dated 12.09.2012 Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives - Cost Reduction Structures

RBI has decided to permit the use of cost reduction structures for hedging the exchange rate risk arising out of foreign currency loans availed of domestically against FCNR (B) deposits. Accordingly, necessary amendment has been carried out to the specified Notification.

Circular No. 29 Dated 12.09.2012 Overseas Direct Investments by Indian Party - Rationalisation

RBI has decided to continue with the exemption granted for submission of Annual Performance Report based on the un-audited accounts of the JV / WOS subject to the terms and conditions as specified in the corresponding notification.

Circular No. 27 Dated 11.09.2012 External Commercial Borrowings (ECB) Policy - Bridge Finance for infrastructure sector ) Policy - Bridge Finance for infrastructure sector

RBI has decided to allow refinancing of such bridge finance (if in the nature of buyers'/suppliers' credit) availed of, with an ECB under the automatic route subject to the following conditions:-

(i) the buyers'/suppliers' credit is refinanced through an ECB before the maximum permissible period of trade credit;

(ii) the AD evidences the import of capital goods by verifying the Bill of Entry;

(iii) the buyers'/suppliers' credit availed of is compliant with the extant guidelines on trade credit and the goods imported conform to the DGFT policy on imports; and

(iv) the proposed ECB is compliant with all the other extant guidelines relating to availment of ECB.

RBI DBOD

Circular No. DBOD.No.BP.BC./21.06.001/2012-13 Dated 17.09.2012 Draft Supplementary Guidance on Treatment of Illiquid Positions

RBI has released the Draft Supplementary Guidance on Treatment of Illiquid Positions to ensure that a consistent methodology is adopted by banks for the purpose a Working Group on valuation adjustments and treatment of illiquid positions was constituted by the Reserve Bank of India in June 2010 in pursuance to the announcement made in the Annual Policy Statement for the year 2010-11. Comments/feedback on the draft supplementary guidance may be sent latest by October 19, 2012.

Circular No. DBOD.No.BP.BC.41/21.06.009/2012-13 Dated 13.09.2012 Prudential Guidelines on Capital Adequacy and Market Discipline- New Capital Adequacy Framework (NCAF) - Eligible Credit Rating Agencies - SME Rating Agency of India Ltd. (SMERA)

It has now been decided that banks may also use the ratings of the SME Rating Agency of India Ltd. (SMERA) for the purpose of risk weighting their claims for capital adequacy purposes in addition to the existing five domestic credit rating agencies. The rating-risk weight mapping for the long term and short term ratings assigned by SMERA will be the same as in case of other rating agencies.

• SECURITIES AND EXCHANGE BOARD OF INDIA

SEBI Mutual Fund

Circular No. CIR/IMD/DF/21/2012 Dated 13.09.2012 Steps to re-energise Mutual Fund Industry

In order to increase penetration of mutual fund products and to energise the distribution network while protecting the interest of investors, SEBI held a series of meetings with various stakeholders in the mutual fund industry and decided to implement the Mutual Fund Advisory Committee's recommendations on issues confronted by the industry.

• Telecom Regulatory Authority of India

Press Release No. 185/2012 Dated 18.09.2012 TRAI issues 'The Telecommunication Interconnection (Port Charges) (Second Amendment) Regulations, 2012'

TRAI has released the Telecommunication Interconnection (Port Charges) (Second Amendment) Regulations, 2012 to revise the port charges. Accordingly, ceiling for providing port in Tandem/ TAX Switch has been specified as Rs. 10,000 per port per annum and for providing port in MSC, the ceiling has been specified as Rs. 4,000 per port per annum.

Press Release No. 184/2012 Dated 18.09.2012 TRAI issues 'Intelligent Network Services in Multi Operator and Multi Network Scenario (Amendment) Regulations, 2012

To facilitate agreements between the service providers in a time bound manner for Intelligent Network Services such as Virtual Calling Card , Free Phone Services etc. Telecom Regulatory Authority of India has issued the Intelligent Network Services in Multi Operator and Multi Network Scenario (Amendment) Regulations, 2012.