• MINISTRY OF COMMERCE AND INDUSTRY

The Director General of Foreign Trade made amendments as specified in the  Handbook of Procedures Vol.1 (Appendices and Aayat Niryat Forms) 2009-2014. Amendments shall be applicable to exports made on or after 1st January 2011. 

The following amendment is being made in Para 2.63 of Handbook of Procedures, Vol. I, 2009-2014(RE 2010):Sub-Para (viii) is added to Para 2.63 as under:

"In respect of exporters of handicrafts and handloom products from the State of Jammu & Kashmir, Director, Handicrafts, Government of Jammu & Kashmir is authorized to issue Registration Cum Membership Certificate (RCMC)."

Notification No. 22 dated 14.02.2011 and Public Notice No.29 dated 14.02.2011 have been issued, detailing the new provision stated in paragraph 4.1.3 of FTP, paragraph 4.7A of the Handbook of Procedure, Volume 1, introduction of new application form viz. ANF 4J, Chartered Engineers certificate of input requirement in Appendix 32C and a new format in Appendix 23A along with a Central Excise certificate for actual consumption & amendment in guidelines for applicants in the application form (ANF 4F) related to redemption and Bond waiver.

Exemption from the quantity ceiling of 720 million Kg for export of (i) Export of cotton yarn manufactured out of imported raw cotton (ii) Export of cotton yarn by 100% EOUs in the cotton yarn sector and (iii) Export of Value Added Special Yarn and Technical Yarn by the original manufacturers of such yarn upto 31.03.2011.

Director General of Foreign Trade amended the Handbook of Procedures (Vol.1), 2009-14. The Appendix 30A relating to Export Obligation Period for specified inputs was amended as specified.

Effect of this Public Notice was that the EOP for the products stated in Appendix 30A would be counted from the date of clearance of individual import consignment by Customs authority.

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, amendments as specified are being made in the Handbook of Procedures, Vol. 1, 2009-2014(RE 2010).

1. Amendment of clause at Sl. No. (i) of paragraph 4.24A of HBP v1:

By this amendment, exporter shall have the flexibility to import the relevant input(s), without the need to approach the Regional authority of DGFT to amend the authorisation, for clearance of such consignment. Inputs mentioned in clause at Sl. No. (i) of paragraph 4.24A of HBP v1 remain the same.

2. Amendment in the 1st sentence of the clause at Sl. No. (iii) of paragraph 4.24A of HBP, v1:

This facility shall enable the exporter to avail upto 5 Advance Authorisations for Annual requirement, per port of import, per product group. Earlier the exporters were permitted only one Authorisation per port of import, per product group.

By amendments being made in the Handbook of Procedures, Vol. 1, 2009-2014 (RE- 2010) a new paragraph shall be added as Paragraph 4.7A, after the existing paragraph 4.7.6 of HBP, v1:

"4.7A. Advance authorisation for Pharma products under Non-Infringing (NI) process." 

I. In SION No. H-206 of Plastic Product Group (Product Code H), In Import Items, Import Item No. 6 is amended. Effect of amendment would be that the exporter would be entitled for import of alternate Import Item namely Antimony Triacetate indicated at S.No.6 of the amended SION No. H-206

II. In SION No. A-1687 of Chemical Product Group (Product Code: A), Amendment in the description of Export Product, Import Item No. 1 and Import Item No. 2(a) – Effect of amendment would be that replacement of steel and aluminium automobile parts with engineering plastics would help in reducing weight of automobile parts which in turn would help in increasing fuel efficiency. 

It has been decided to

(a) Incorporate a new provision as paragraph 4.7A in HBP v1, within the scope of advance authorisation scheme, to allow this facility to pharmaceutical sector, subject to fulfilment of certain specified conditions.

(b) Further, since this facility shall be available to manufacturer exporters only and not to the merchant exporters tied to supporting manufacturer, paragraph 4.1.3 of FTP has been amended.

The Designated Authority notified its final findings recommending definitive antidumping duty on import of Phenol originating in or exported from Chinese Taipei USA and Korea RP.

The competent authority has extended the time for completing the investigation in respect of the above mentioned investigation, by six months i.e. up to 31st July, 2011. 

In the above notifications, with respect to sector specific Special Economic Zone for free trade warehousing zone at Villages Mannur and Valarpuram, District Kancheepuram in the State of Tamil Nadu by M/s. J. Matadee Eco Parks Private Limited, the name of the developer shall be read as "M/s. J. Matadee Free Trade Zone Private Limited" instead of "M/s. J. Matadee Eco Parks Private Limited".

The Central Government, in pursuance of rule 8 of the Special Economic Zones Act, 2006, notified the area at Villages Mahrooinkurd and Chawardhal, in the State of Chhattisgarh with survey numbers as given in table, as a Special Economic Zone to set up a sector specific Solar Special Economic Zone. 

Industrial Policy

The Central Government made the Newsprint Control (Amendment) Order, 2010 to amend the Newsprint Control Order, 2004. In the Newsprint Control Order, 2004, in the Schedule in item 4 relating to the name of the Mill and Location of the indigenous newsprint manufacturers, after S. No. 110 and the entries relating thereto, the name of M/s. Chamunda Papers Private Limited, Dheerkhera Industrial Estate Meerut Road, Hapur-245101 in the State of Uttar Pradesh is to be added.

Draft rules to amend the Explosives Rules, 2008 were published, vide Notification Number G.S.R.858(E), dated 03.12.2009 inviting objections and suggestions from all persons likely to be affected thereby, And whereas, no objections and suggestion having been received by the Central Government. Now, therefore the Central Government hereby makes the Explosives (Amendment) Rules, 2010.

• MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION

Warehousing Development and Regulatory Authority notified the list of commodities for storing in the warehouses for implementation of the provisions of the Warehousing (Development and Regulation) Act, 2007. Qualitative specifications/standards for listed commodities will be of Agmark. For commodities requiring chemical or allied laboratory analysis, all Agmark laboratories and all accredited laboratories, notified by National Accreditation Board for testing and calibration laboratories including recognised laboratories accepting Bureau of Indian Standards schedule of charges are authorized for laboratory testing. In addition, all Central/State Government laboratories and other laboratories recognised by them for testing of commodities, are authorized for laboratory testing.

The No. S.O 215(E), dated 1st February, 2011, stands withdrawn.

Central Government made amendments as specified in the notification of the Government of India in the Ministry of Environment and Forests, number S.O.1174(E), dated the 18th July, 2007 - In the Table appended to the said notification

(i) for serial numbers 1 and 25 and the entries relating thereto, the serial numbers and entries as specified shall be substituted

(ii) after serial number 86 and the entries relating thereto, the serial number and entries as specified shall be inserted.

The above captioned exemption granted to Public Financial Institutions shall be applicable in respect of balance sheet and profit and loss accounts prepared in respect of the financial year ending on or after  31.03.2011.

In exercise of the powers conferred by sub-section (1) of Section 641 of the Companies Act, 1956 (1 of 1956), the Central Government made further amendments in Schedule XIII to the Companies Act, 1956.

The Central Government granted exemption to specified classes of companies from disclosing in their profit and loss account the information mentioned under column (3), against each class of companies mentioned under column (2) of the table given below subject to fulfillment of the conditions stipulated in paragraph 2 of this notification. This notification shall be applicable in respect of balance sheet and profit and loss accounts prepared in respect of the financial year ending on or after 31.03.2011.

Ministry has been regularly receiving requests for exemption from various classes of companies from the disclosure of certain quantitative details required under Schedule VI. So far, these exemptions were being given on a case-by-case basis with certain conditions.

With a view to simplifying the process, the Central Government has, by notification, issued a general exemption whereby the Public Financial Institutions will be exempted from disclosing Investments as required under paragraph (1) of Note (1) of Part-I of Schedule VI in their balance sheet subject to fulfillment specified conditions.

Schedule XIII of the Companies Act 1956 is being amended to provide that unlisted companies (which are not subsidiaries of listed companies) shall not require Government approval for managerial remuneration in cases where they have no profits/ inadequate profits, provided they meet the other conditions stipulated in the Schedule.

The Ministry has been receiving a large number of applications seeking permission not to attach the accounts of subsidiaries. The Ministry has been granting such permission on case-by-case basis on the basis of certain conditions, which are intended to protect the interests of investors.

The matter having been carefully re-examined in the context of the emerging trends in the economy and regulatory and accounting practices. It has been decided that the permission may be granted on a general basis wherever the Board of Directors of the holding company gives its consent and the conditions prescribed by the Ministry are complied with. The Ministry has accordingly issued directions through a general circular no. 2/2011 file no. 51/12/2007-CL-III for this purpose. The conditions to be met by the companies are as specified.

The Ministry has been regularly receiving requests for exemption from various classes of companies from the disclosure of certain quantitative details required under Schedule VI of Companies Act, 1956. So far, these exemptions were being given on a case-by-case basis with certain conditions. Such disclosures are not required in other countries. Indian companies have represented that such disclosure puts Indian companies at a competitive disadvantage where their details are known to foreign competitors, but they cannot get the details from the other side. Accordingly, the Central Government has, by notification, issued a general exemption whereby the categories of companies in column (2) of the Table will be exempted from the disclosures given in column 3.

India has entered into a Tax Information Exchange Agreement (TIEA) with the Bahamas. The Agreement was signed on 11th February 2011 by the High Commissioner of India to Jamaica (concurrently accredited to the Commonwealth of The Bahamas) on behalf of India and the Minister of State for Finance on behalf of the Government of the Commonwealth of The Bahamas. 

The postings and transfers of officers as specified in the grade of Chief Commissioners/Director Generals of Income Tax was ordered with immediate effect and until further orders.

The officers as specified in the grade of Commissioner/Director of Income Tax are hereby promoted to the grade of Chief Commissioner of Income Tax (CCIT) in the Pay Scale of Rs. 67,000-79,000/- notionally with effect from the date of promotion of the officers junior to them and actually with effect from the date of assumption of charge of the post of CCIT by them and until further orders.

India has entered into its third Tax Information Exchange Agreement (TIEA) with the British Virgin Islands. The Agreement was signed on 9th February 2011 by the High Commissioner of India to United Kingdom on behalf of India and the Deputy Premier on behalf of British Virgin Islands. The agreement provides for sharing information, including exchange of banking and ownership information, and also of past information in criminal tax matters. Earlier, India had signed similar TIEAs with Isle of Man and Bermuda.

Reference is Invited to Boards Instruction No.5/2008 dated 15/05/2008 wherein monetary limits and other conditions for filing departmental appeals (in Income-tax matters) before Appellate Tribunal, High Courts and Supreme Court were specified. In supersession of the above instruction, it has been decided by the Board that departmental appeals may be filed or merits before Appellate Tribunal, High Courts and Supreme Court keeping in view the monetary limits and conditions as specified.

The Central Government appointed Shri U.K. Sinha (IAS : 1976 : Bihar, voluntarily retired in 2008) presently Chairman and Managing Director, UTI AMC, as Chairman of the Securities and Exchange Board of India, initially for a period of three years with effect from the date he assumes charge of the post on or after 18-2-2011 or till he attains the age of sixty five years or until further orders, whichever is earlier.

Government of India notified sale (re-issue) of '8.30 per cent Government Stock, 2040' for an aggregate amount of Rs. 3,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification as also the terms and conditions specified in the General Notification F. No. 4 (13)-W&M/2008, dated October 8, 2008 issued by Government of India.

Government of India notified sale (reissue) of '8.13 per cent Government Stock, 2022' for an aggregate amount of Rs. 4,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification as also the terms and conditions specified in the General Notification F. No. 4 (13)-W&M/2008, dated October 8, 2008 issued by Government of India.

Government of India notified sale (reissue) of '7.17 per cent Government Stock, 2015' for an aggregate amount of Rs. 3,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification as also the terms and conditions specified in the General Notification F. No. 4 (13)-W&M/2008, dated October 8, 2008 issued by Government of India.

Central Government, made the following further amendment in the Notification No. G.S.R.94 (E), dated the 19th February, 2010:

In the said notification, in the TABLE, in the column (3), for the words "within three months" wherever they occur, the words "within six months" shall be substituted. 

The Central Government exempted Jute products falling under heading 6305 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported from Bangladesh, from the whole of the additional duty of customs, leviable thereon under sub-section (1) of section 3 of the said Customs Tariff Act.

Notification No. 07/2011 Dated 09.02.2011 - Grant of Exemption from customs duty and additional duty leviable thereon under section 3 of the Customs Tariff Act, to goods as specified for the purpose of organizing the International Cricket Council World Cup 2011 

The Central Government exempted the goods of the description specified in column (2) of the Table as specified and falling under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India for the purpose of organizing the International Cricket Council World Cup 2011 (hereinafter referred as World Cup), from the whole of the duty of customs leviable thereon which is specified in the said First Schedule and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act, subject to the conditions specified in column (3) of the said Table.

The Central Government, on the basis of findings of the designated authority, hereby imposes on the goods, the description of which is specified in column (3) of the specified Table falling under sub-heading of the First Schedule to the said Customs Tariff Act as specified in the corresponding entry in column (2), originating in the country specified in the corresponding entry in column (4), and exported from the country specified in the corresponding entry in column (5) and produced by the producer specified in the corresponding entry in column (6) and exported by the exporter specified in the corresponding entry in column (7), and imported into India, an anti-dumping duty at the rate equal to the amount indicated in the corresponding entry in column (8), in the currency as specified in the corresponding entry in column (10) and per unit of measurement as specified in the corresponding entry in column (9) of the said Table.

In the said notification, after paragraph 2, the following paragraph shall be added, namely “This notification shall remain in force up to and inclusive of the 30th November, 2011, unless the notification is revoked earlier".

On attention to notification No.36/2010-Customs (N.T.) dated 5th May, 2010 wherein regulations have been provided for Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010.Regulation 13 of the said Regulations provides for suspension or revocation of registration of authorised courier on the basis of grounds specified therein. The said Regulations have been scrutinised by Committee of Subordinate Legislation, Lok Sabha. The suggestions given by Committee have been examined by the Board. Accordingly, it is decided that inquiry in terms of proviso two to Regulation 13(1) of the said Regulations should be completed within a period of three months from the order of suspension.

The Board, being satisfied that it is necessary and expedient so to do, made further amendments in the Notification No. 36/2001-Cus (N. T.), dated, the 3 rd August 2001, namely:

"In the said notification, for the Table, the Table as specified shall be substituted". 

In the above mentioned notification for the words "Additional Secretary", the words "Joint Secretary" to be substituted.

Amendment to Schedule - In Chapter 4 and Chapter 35 for tariff items and entries relating thereto, the amended tariff items and the entries relating thereto as specified shall be substituted.

The Central Government made the Customs, Central Excise Duties and Service Tax Drawback (Amendment) Rules, 2011 further to amend the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995.

Attention is invited to Board's circular No. 904/24/09-CX dated 28.10.2009 wherein the field formations were directed to keep the cases of the excisability of bagasse for the period prior to the budgetary changes of 2008 in call book till department's appeal is decided in the case of Balrampur Chinni Mills Ltd. The Civil Appeal filed by the department in the case of M/s Balrampur Chinni Mills Ltd. has been dismissed by the Hon'ble Supreme Court. It is, however, clarified that the aforesaid decision of the Apex Court will not have any bearing on the clarification given in the aforesaid circular of 2009 in respect of the period after the budgetary changes of 2008 when the definition of the "excisable goods" was amended in the Central Excise Act.

The whole of duty of excise leviable under the Central Excise Act, 1944 on such goods falling under such tariff sub-headings as specified in the specified Table but for the said practice, shall not be required to be paid for the period specified in column (3) of the said Table, subject to fulfilment of condition that the benefit under this notification shall not be admissible unless the unit claiming benefit in terms of this notification reverse the input credit, if any, taken in respect of inputs used in manufacture of such goods on which the said duty of excise was not levied during the aforesaid period in accordance with the said practice.

In exercise of the powers conferred by Section 35AC of the Income Tax Act, 1961 (43 of 1961) read with sub-rule (1) and (3) of rule 11G of the Income Tax Rules, 1962, the Central Government hereby appointed specified persons as Chairman and members of the National Committee for Promotion of Social and Economic Welfare for a period of three years commencing on the date of this notification.

Appointment of Sh. D.C. Sarkar and Sh. Shyamal Kumar Ghosh, Advocates as Special Public Prosecutor and Public Prosecutor in West Bengal.

The Central Government, after consultation with the State Governments made the rules as specified, further to amend the Inter-State River Water Disputes Rules, 1959.

Circular No A.P. (DIR Series) Circular No. 43 Dated 14.02.2011 - Exim Bank's Line of Credit of USD 416.39 million to the Government of the Democratic Socialist Republic of Sri Lanka

Export-Import Bank of India (Exim Bank) has concluded an Agreement dated November 26, 2010 with the Government of the Democratic Socialist Republic of Sri Lanka making available to the latter, a Line of Credit (LOC) of USD 416.39 million (USD four hundred sixteen million three hundred ninety thousand) for financing eligible goods and services including consultancy services for financing (i) Track laying by IRCON on the Omanthai- Pallai sector (USD 185.35 million) ,(ii) Track laying by IRCON on the Madhu Church-Tallaimannar sector (USD 149.74 million), and (iii) Track laying on the Medawachchiya- Madhu railway line (USD 81.30 million) in Sri Lanka. The goods and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.

Export-Import Bank of India (Exim Bank) has concluded an Agreement dated August 7, 2010 with the Government of the People's Republic of Bangladesh making available to the latter, a Line of Credit (LOC) of USD 1 billion (USD one billion) for financing eligible goods and services including project exports and consultancy services in Bangladesh. The goods and services including project exports and consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.02 dated July 21, 2010, wherein the Rupee value of the special currency basket was indicated as Rs.62.788607 effective from July 7, 2010. AD Category-I banks are advised that a further revision has taken place on January 26, 2011 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.64.7004 with effect from January 31, 2011.

Banks/All India Financial Institutions are required to update the consolidated list of individuals/entities as circulated by Reserve Bank regarding changes made in the Consolidated List of Individuals and entities linked to Al-Qaida and Taliban. Before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the list. Further, banks should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list.

The additional liability on account of re-opening of pension option for existing employees who had not opted for pension earlier as well as the enhancement in gratuity limits should be fully recognized and charged to Profit and Loss Account for the financial year 2010-11. However banks having expressed that it would be difficult to absorb the large amount involved in a single year and on examination of the issues from a regulatory perspective it has been decided that banks may take the specified course of action in the matter.

It has been decided to align the minimum capital ratio of all deposit taking as well as systemically important non-deposit taking NBFCs to 15%. Accordingly, all deposit taking NBFCs shall maintain a minimum capital ratio consisting of Tier I and Tier II capital, which shall not be less than 15% of its aggregate risk weighted assets on balance sheet and risk adjusted value of off-balance sheet items w.e.f. March 31, 2012. Accompanying notification No. DNBS.224/CGM (US) - 2011 dated February 17, 2011 is enclosed with above notification for compliance. 

Financial Action Task Force (FATF) as a part of its ongoing review of compliance with the AML / CFT standards, has identified certain jurisdictions which have strategic AML /CFT deficiencies. FATF, has issued a statement dated October 22, 2010 (copy enclosed) calling upon jurisdictions listed in the statement to complete the implementation of their action plan within the timeframe. The FATF, in the statement, has called upon its members to consider the information given in the statement.

Henceforth PDs are permitted to invest in NCDs with original or initial maturity up to one year issued by the corporates (including NBFCs). However, their investments in such unlisted NCDs should not exceed 10 per cent of the size of their non-G-Sec portfolio on an on-going basis.

Government of India have offered to sell (re-issue) of (a) "7.17 percent Government Stock 2015 " for a notified amount of Rs.3,000 crore (nominal) through a price based auction using uniform price method vide Notification No.4(3)-W&M/2010 dated January 31, 2011, (b) "8.13 percent Government Stock 2022 "for a notified amount of Rs 4,000 crore (nominal) through a price based auction using uniform price method vide Notification No.4(3)-W&M/2010(i) dated January 31, 2011 and (c) "8.30 percent Government Stock 2040" for a notified amount of Rs.3,000 crore (nominal) through a price based auction using uniform price method vide Notification No.4(3)-W&M/2010(ii) dated January 31, 2011.

The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to banks on micro credit. In order to enable the banks to have instructions at one place, a Master Circular incorporating the existing guidelines/instructions on the subject has been updated. This Master Circular consolidates and updates all the circulars issued by Reserve Bank on the subject up to January 31, 2011 as indicated in the Appendix.

In its endeavour to increase the persistency of the life insurance business thereby giving a fillip to protection of policyholders' interests, the Authority seeks to put in place minimum standards of performance for agents. The Authority therefore issued guidelines, under Section 14(2) of the IRDA Act, 1999 requiring agents and insurers to enhance persistency of life insurance policies.

in cases where policyholder wishes to switch from one insurer to other, they do not gain any credit for the period of cover with previous insurer. Consequently the insured is tied to the insurer which is detrimental to competition. This places in policyholder at a distinct disadvantage. All insurers issuing health insurance policies shall allow for credit gained by the insured for pre existing condition(s) in terms of waiting period when he/she switches from one insurer to another or from one plan to another, provided the previous policy has been maintained without break.

On reference to Clause No. 12 of the Guidelines on "Outsourcing of Activities by Insurance Companies" issued vide Ref:IRDA/LIFE/CIR/GLD/013/02/2011 dated 1st February, 2011, wherein it is stated that the guidelines for electronic issuance of insurance policies will be issued separately.In order to work out the modalities of electronic issuance of policies, the Authority hereby constituted a Working Group consisting of the officials as specified. 

The Telecom Regulatory Authority of India (TRAI) has released a consultation paper on "Green Telecommunications".

The consultation paper takes up the following important issues for deliberations: Estimation of the carbon footprint of the telecom sector in India, need and framework of carbon credit policy for the Indian telecom sector. measures to reduce the telecom sector carbon footprint, promoting use of energy efficient devices and renewable sources of energy, standards, testing and certification products and services as green, and e-waste management.

It is possible to go ahead with the registration of customer preferences. The regulation provides that the customer preferences would be effective within seven days. The Authority has, therefore, decided to start Customer preference registrations from 10th February 2011, so as to take the process forward.

The Central Government, after consulting the Election Commission, made Registration of Electors (Amendment) Rules, 2011 further to amend the Registration of Electors Rules, 1960.

• MINISTRY OF COMMUNICATIONS AND INFORMATION TECHNOLOGY

Central Government made the Indian Post Office (Third Amendment) Rules, 2011 further to amend the Indian Post Office Rules, 1933.

The rules for a Combined Competitive Engineering Services Examination to be held by the Union Public Service Commission in 2011 for the purpose of filling vacancies in the following Services/posts are with the concurrence of the Ministries/Departments concerned, published for general information.

• SECURITIES AND EXCHANGE BOARD OF INDIA

In a move to adopt emerging global standards in the area of financial reporting, SEBI is in the process of adopting eXtensible Business Reporting Language (XBRL) for financial reporting. As a pilot project, SEBI is in the process of adopting XBRL Taxonomy for various data reporting by mutual funds. Draft XBRL Taxonomy for mutual funds is placed on SEBI website (www.sebi.gov.in) for public comments and is available under the heading: "Reports for public comments".

SEBI has launched the implementation of a Data Warehouse. The primary objective of Data Ware Housing and Business Intelligence System (DWBIS) is to significantly enhance the capability of the investigation and surveillance functions of SEBI. The Data Warehousing tool will allow SEBI to exploit the power of modern technology in terms of computation and speed of data analysis.

This is in continuation of circular ref. No. CIR/MRD/DSA/24/2010 dated August 11, 2010, which inter alia prescribed that the limitation period for filing an arbitration reference shall be governed by the provisions of the Limitation Act, 1963. In this regard upon consideration of various representations received by SEBI and pursuant to the discussions held with the representatives of stock exchanges, it has been decided that the limitation period, as modified to three years in terms of Limitation Act, 1963, shall be applicable to cover inter alia the cases as specified.

Availability of essential financial information about a company to its shareholders and other stakeholders in accordance with internationally accepted financial norms is considered as an integral and important part of good corporate governance. To ensure this and to implement the G-20 commitment to achieve a single set of high quality global accounting standards, the Government has taken a decision to achieve convergence of Indian Accounting Standards with IFRS in a phased manner beginning with April, 2011 in accordance with the roadmap suggested by Core Group and Technical Groups set up by the Government.

Keeping in view the developments taking place nationally as well as internationally and with a view to modernize the structure for corporate regulation in India and represent a major reform statement by the Government to promote the development of the Indian corporate sector through enlightened regulation, a decision was taken to revise the existing Companies Act, 1956 comprehensively. The revised Bill is proposed to be introduced in the Parliament in the ensuing Budget Session. The intention is to move forward and bring the long pending legislative reform on the comprehensive revision of the Companies Act, 1956. This interaction will give useful inputs to take a decision on various matters relating to the Companies Bill.

The Food Safety and Standards Authority of India, (FSSAI), U/s 47(5) FSS Act 2006, has notified Authorized Officer for Kolkata, Chennai, Mumbai( both air and sea) and CONCOR-ICD,ICD Patpargunj, Delhi, I.G. International Airport, Delhi, for Imported Food Clearances, w.e.f.1st March 2011. Such authorized officers will also take over responsibilities of safety of Imported Food being performed by the Port Health officer so far.

Shri Anand Sharma, Union Minister of Commerce and Industry and Japanese Foreign Minister, Mr. Seiji Maehara signed the Comprehensive Economic Partnership Agreement (CEPA) between India and Japan. This Agreement is the most ambitious agreement signed by India so far and covers trade in goods, services and investment under its ambit. This Agreement follows from the commitment of the two Prime Ministers in October, 2010. India stands to gain significantly through this Agreement and 90% of tariff lines are covered while Japan has covered 5% more lines than India. 

In exercise of the powers conferred by clause (1) of article 224 of the Constitution of India, the President is pleased to appoint (i) Shri Rashmin Manharbhai Chhaya, (ii) Shri Jamshed Burjor Pardiwala, (iii) Shri Gautam Babubhai Shah, (iv) Miss Bela Madhurya Trivedi, (v) Shri Pradipkumar Premshanker Bhatt, and (vi) Miss Sonia Giridhar Gokani, to be Additional Judges of the Gujarat High Court, in that order of seniority for a period of two years with effect from the dates they assume charge of their offices.

No suo-moto investigation is being carried out by the Ministry of Corporate Affairs into telecom companies involved in 2G Spectrum case within the Provisions of the Companies Act 1956. However, clarification and/or information are provided as and when requested by other Departments Agencies of the Government.

This clarification has come in the wake of the reports in a section of the media saying that suo-moto investigation into telecom companies involved in 2G Spectrum is being carried out by the Ministry of Corporate Affairs

The Information as specified about detailed spectrum allotments, availability of spectrum and pending applications for allotment of spectrum in respect of 2G, 3G and BWA as on 31st January, 2011 has been placed on WPC website www.wpc.gov.in

The Appointments Committee of the Cabinet (ACC) has approved the appointment of Shri Sanjay Singh, IFS (76), presently Ambassador in Tehran, as Secretary (East) at the Headquarters of the Ministry of External Affairs vice Ms. Vijay Latha Reddy, IFS, on her relinquishing the charge of the post.

The Representation of the People (Amendment) Act, 2010 (36 of 2010) which seeks to amend the Representation of the People Act, 1950 (43 of 1950) was enacted and published in the Gazette of India on the 22nd September 2010. The amending Act confer voting rights to citizens of India who are absenting from their place or ordinary residence in India owing to their employment, education or otherwise outside India (whether temporarily or not).

The Union Cabinet has decided to amend the Press and Registration of Books Act, 1867 to streamline the age-old processes and to address certain issues governed by the Print Media Policy and the guidelines/rules. The main features of the proposed Bill are as specified.

In exercise of the powers conferred by clause (1) of article 217 of the Constitution of India, the President is pleased to appoint (i) Shri Justice Ishwar Sahai Shrivastava, and (ii) Shri Justice Alok Aradhe, Additional Judges of the Madhya Pradesh High Court, to be Judges of the Madhya Pradesh High Court, in that order of seniority, with effect from the dates they assume charge of their respective offices.

The Union Cabinet approved the proposal of Ministry of Finance to move the necessary amendments in the Coinage Bill 2009, which is pending in the Lok Sabha with such consequential and drafting changes as may be considered necessary. A Bill to this effect will be introduced in the Parliament.

In exercise of the powers conferred by clause (1) of article 217 of the Constitution of India, the President is pleased to appoint Shri Justice Madathiparambil Lonappan Joseph Francis, Additional Judge of the Kerala High Court to be a Judge of the Kerala High Court with effect from 11th February 2011.

In exercise of the powers conferred by clause (1) of article 224 of the Constitution of India, the President is pleased to appoint (i) Shri Pramod Dattaram Kode, (ii) Shri Umesh Dattatraya Salvi, (iii) Shri Shrihari Purushottam Davare, (iv) Shri Anil Ramchandra Joshi, (v) Smt. Mridula Ramesh Bhatkar, (vi) Shri Anand Vasantrao Potdar, for a period of one year with effect from 10th February,2011 and those of (vii) Shri Filomeno Manuel Lopo Sales Rosario Dos Reis, (viii) Shri Rajesh Govind Ketkar, and (ix) Shri Ravi Krishnaro Deshpande, for a period of one year with effect from 26th March,2011,in that order of seniority, as Additional Judges of the Bombay High Court.