• MINISTRY OF ELECTRICITY

Notification No. L-7/142/157/2008 Dated 28.06.2010 - Amendment in Central Electricity Regulatory Commission (Payment of Fees) Regulations, 2008

CERC issued Central Electricity Regulatory Commission (Payment of Fees) (Second Amendment) Regulations, 2010 along with Explanatory note proposed to amend Regulation 2(1) of Central Electricity Regulatory Commission (Payment of Fees) Regulations, 2008.

• MINISTRY OF FINANCE

Service Tax

Notification No.42/2010-ST Dated 28.6.2010 Exemption taxable Service of Commercial or Industrial Construction wholly within the Airport

Central Government vide Notification No 42/2010-ST has exempted taxable service of Commercial or Industrial Construction referred in sub-clause (zzq) of clause 105 of Section 65 of the Finance Act, 1994 when provided wholly within the airport, from the whole of service tax leviable thereon under Section 66 of the Finance Act, 1994.

Notification No. 41/2010 Dated 28.06.2010 - ST Exempting certain Services

Central Government exempted services provided wholly within the port or other port or airport from service tax namely cargo handling services, storage and warehousing, transport of export goods in an aircraft and site formation and clearance, excavation and earthmoving and demolition.

Notification No.39/2010-ST Dated 28.6.2010 - Service Tax (Amendment) Rules, 2010 w.e.f. 01.07.2010

Central Government has further amended Service Tax Rules, 1994 by inserting proviso in Rule 4A Sub rule 1 relating to invoice, bill or challan.

Notification No.38/2010-ST Dated 28.6.2010 - Exempting certain taxable service of commercial or industrial construction

Effective 01.07.2010 Government has exempted the taxable service of commercial or industrial construction referred to in Section 65 (105)(zzq) of the Finance Act, 1994 when provided wholly within the port or other port, for the purposes as specified from the whole of service tax leviable thereon.

Notification No. 36/2010-ST Dated 28.6.2010 - Exemption to certain taxable services

Services specified in clause (A) of S.76 of the Finance Act, 2010 other than services referred to in clause (zzc) and (zzzz) of sub-section (105) of section 65 of the Finance Act exempted from so much of tax leviable as is in excess of that calculated on a value as specified w.e.f. 01.07.2010

Service Tax Notifications No. 24 - 35 - Exemption of Notified Services and Effective Date 0f Section 76, Finance Act, 2010 Notified.

Specified Exemptions w.r.t. Airport Services, Construction of Complex Service, Port Services, Sponsership Service, Transportation of Passenger Embarking in India for Journey by Air Service under Finance Act, 1994 to be effective from 01.07.2010

Order No. M.F.(D.R.) 1/2010-ST Dated 22.06.2010 Service Tax (Removal of Difficulty) Order, 2010 w.e.f. 01.07.2010

The Central Government by the Service Tax (Removal of Difficulty) Order, 2010 has defined expression 'authority competent' for the purposes of sub-clauses (zzq) and (zzzh) of clause (105) of section 65 of the Finance Act, 1994

CBEC Excise

Notification No. 29/2010 Dated 22.06.2010 - Exemption of Goods Specified in Tenth Schedule to Finance Act, 2010 from Higher Education Cess

Central Government exempted all goods specified in the Tenth Schedule to the Finance Act,2010 (14 of 2010) from the Education Cess leviable thereon under the Sections 91 and 93 of the Finance (No.2) Act, 2010

CBEC Excise Non-Tariff

Notification No. 25/2010-(N.T) Dated 22.06.2010 CENVAT Credit (Second Amendment) Rules, 2010

CENVAT Credit (Second Amendment) Rules, 2010 notified amending Rule2(a)(B) of CENAT Credit Rules, 2004.

Notification No. 01/2010 Customs (N.T.) (Clean Energy Cess) - Clean Energy Cess related provisions effective from 01.07.2010

Central Government notified the effective date of Section 83,Finance Act, 2010 relating to Clean Energy Cess,an excise duty specified in X Schedule.

Revenue

Notification No. GSR482(E) Dated 08.06.2010 - Junior Hindi Translator Recruitment (Amendment) Rules, 2010

In exercise of the powers conferred by the proviso to Article 309 of the Constitution, the President issued Junior Hindi Translator Recruitment (Amendment) Rules ,2010 amending Junior Hindi Translator Recruitment Rules, 2004

• RESERVE BANK OF INDIA

Notification No. DBOD.BP.BC.No.112/ 21.04.048/2009-10 Dated 21.06.2010 - Compromise/Negotiated/One Time settlement of Non Performing Assets

Certain serious concerns have been expressed in different quarters and by the Debt Recovery Tribunals over the manner compromise settlements have been effected by banks. In this connection, guidelines have been issued to ensure that the compromise settlements are done in a fair and transparent manner and in full compliance with RBI guidelines on the matter.

• SECURITIES AND EXCHANGE BOARD OF INDIA

Mutual Fund

Circular No. Cir/IMD/DF/4/ 2010 Dated 21.06.2010 - Valuation of Methodology to be effective from 01.08.2010

Valuation of Debt and Money Market Instruments notified vide circular SEBI/IMD/Cir/No 16/193388/2010 dated February 02, 2010 indicating the valuation methodology has been made applicable w.e.f. August 1, 2010.

• MINISTRY OF COMMERCE AND INDUSTRY

Notification No. 49/2009-2014 Dated 24.06.2010 - Extended Prohibition on import of milk and milk products from China

Central Government extended the 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, imposed vide Notification No. 67(RE-2008)/2004-2009 dated 1st December, 2008 and extended vide Notification No. 22/2009-2014 dated 23rd Dec, 2009, for a period of six months from 24th June,2010 and until further orders.