• MINISTRY OF CORPORATE AFFAIRS

Notification Dated 26.03.2011 Companies (Director Identification Number) Amendment Rules, 2011

Central Government makes the said rules amending the Companies (Director Identification Number) Rules, 2006 in order to simplify the Procedures required to follow for DIN applications and changes of particulars of directions. Accordingly, Forms DIN-1 and DIN-4 has been substituted vide amendment rules

Notification Dated  Notification 26.03.2011 Companies (Central Government's) General Rules and Forms, (Amendment), Rules 2011

Central Government amends the Companies (Central Government's) General Rules and Forms, 1956 substituting certain entries in Form 61, for serial number 6 and the entries relating thereto.

Circular No 8/2011 Dated 25.03.2011 Prosecution of Directors - Regarding

It is clarified that Registrar of Companies should take extra care in examining the cases where Directors who are not charge with the responsibility are also identified as Officer in default and there should be proper application of mind on the part of Registrar of Companies in deciding whether a person to be implicated is an 'officer in default' by examining the Annual Return, Form 32(s) and DIN database available in the Registry. The guidelines issued therein should be applied and wrongful prosecution should be avoided.

• MINISTRY OF COMMERCE AND INDUSTRY

DGFT

Notification No. 36(RE-2010)/2009-2014 Dated 23.03.2011 Fixation of Minimum Export Price

Minimum Export Price (MEP) of onions other than Bangalore Rose Onions and Krishnapuram onions has been fixed as US$ 225 per Metric Ton F.O.B. over US$ 275 per Metric Ton as notified on 16.03.2011. However, Minimum Export Price (MEP) of Bangalore Rose Onions and Krishnapuram onions has been fixed as US$ 600 per Metric Ton F.O.B.

Notification No. 35(RE-2010)/2009-2014 Dated 23.03.2011 Extension of prohibition on export of Pulses (except Kabuli Chana and 10,000 tonnes of organic pulses) upto 31.03.2012-regarding.

Prohibition on export of pulses has been extended by one more year, that is from 31.03.2011 to 31.03.2012. Export of Kabuli Chana and Organic Pulses has been exempted subject to certain conditions mentioned therein.

Notification No. 37(RE-2010)/2009-2014 Dated 24.03.2011 Exemption to export of milk powders (including skimmed milk powder, whole milk powder, dairy whitener and infant milk foods), Casein and Casein products under para 9.12 of Handbook of Procedure Vol. 1.

In relaxation of the prohibition imposed by Notification No.23 dated 18th February 2011, read with Notification No:25 dated 24th February 2011, export of milk powders, Casein and Casein products etc would be permitted in respect of such consignments only which were already handed over to customs for examination and export on or before 18.02.2011.

• MINISTRY OF FINANCE

CBDT

Notification No.15/2011 Dated 18.03.2011 Approval to the creation of the Directorate of Income Tax (Expenditure Budget), Central Board of Direct Taxes

The President of India has approved the creation of the Directorate of Income Tax (Expenditure Budget), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, with effect from 15.03.11. The Directorate of Income Tax (Expenditure Budget) so approved will act as the Nodal Authority in respect of all Budget matters for the Grant No.42-Direct Taxes and will perform all work related to the management of Expenditure Budget under this grant.

CBEC Customs

Circular No. 14/2011 Dated 15.03.2011 No drawback on the goods exported to Nepal which Were imported into India from third countries

In order to comply with the provision providing that there shall be no drawback on the goods exported to Nepal if such goods were imported into India from third countries, the exporter are herein required by the board to declare on the body of the shipping bill under claim of drawback that the goods being exported to Nepal have not been imported into India from third countries.

Circular No. 15/2011 Dated 15.03.2011 Applicability of indirect taxes on packaged software - regarding

All packaged/ canned software imported in shrink wrapped packages, will attract Excise duty/CVD on such retail sale price declared being the combined value of the software and the licenses (right to use). Such software will, however, be exempt from payment of service tax under the category ITSS . However, in case of packaged/ canned software, wherein affixation of retail sale price is not required under the relevant provisions for the packaged commodities, and the assessment is based therefore, on the value determined under section 4 of the central excise act, 1944, the excise duty/ CVD will be charged only on the value, excluding the value representing consideration for transfer of right to use such packaged/ canned software and service tax under the category ITSS would be levied on such portion subsequently

CBEC Excise

Notification No. 20/2011 Dated 24.03.2011 Exemption to mobile handsets including cellular phones from duty of excise as is in excess of the amount calculated at the rate of 1% ad valorem

Central Government exempts mobile handsets including cellular phones, falling under chapter 85 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), from so much of the duty of excise leviable thereon under the said First Schedule, as is in excess of the amount calculated at the rate of 1% ad valorem.

Notification No. 27/2011 Dated 24.03.2011 Exemption to waste, parings and scrap arising in the course of manufacture of goods availing of the benefit provided under notification no. 1/2011-Central Excise or 20 /2011 -Central Excise

Central Government exempts waste, parings and scrap arising in the course of manufacture of goods in respect of which the benefit of exemption under notification no. 1/2011-Central Excise dated the 1st March, 2011 or notification no. 20 /2011 -Central Excise dated the 24th March, 2011 is availed and falling within the Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), from the whole of the duty of excise leviable thereon. However, nothing contained in this notification shall apply to waste, parings and scrap cleared from a factory in which any excisable goods, other than goods in respect of which the benefit of exemption under the said notifications is availed, are also manufactured.

Notification No. 31/2011 Dated 24.03.2011 Exemption to all goods bearing a brand name or sold under a brand name and falling under chapter 61,62 or 63( except 6309 and 6310) of the First Schedule to the Act

Central Government exempts all goods bearing a brand name or sold under a brand name and falling under chapter 61,62 or 63( except 6309 and 6310) of the First Schedule to the Central Excise Tariff Act, 1985(5 of 1986), from the whole of the duty of excise leviable thereon, when goods, on which appropriate duties of excise have been paid, are returned or brought back to the same premises or factory and cleared therefrom after being re-made, re-conditioned, re-packed or subjected to any other process. The exemption contained in this notification shall apply subject to the conditions provided therein.

CBEC Excise Non-Tariff

Notification No. 08/2011-(N.T) Dated 24.03.2011 Central Excise (Second Amendment) Rules, 2011

Central Government makes the Central Excise (Second Amendment) Rules, 2011 to amend the Central Excise Rules, 2002. The said amendment rules amend the rule 12AA relating to Job work in article of jewellery and add a proviso to the rule 12 providing for Filing of return.

Notification No. 09/2011-(N.T) Dated 24.03.2011 CENVAT Credit (Second Amendment) Rules, 2011

Central Government makes the CENVAT Credit (Second Amendment) Rules, 2011 to amend the CENVAT Credit Rules, 2004. The said amendment rules amend rule 2 providing definition of the "manufacturer" or "producer" in relation to articles of jewellery and rule 4 dealing with the conditions for allowing CENVAT credit.

Notification No. 10/2011-(N.T) Dated 24.03.2011 Exemption to mines engaged in the production or manufacture of goods falling under chapter heading 2701, 2702, 2703, 2704 and 2706 from the operation of Central Excise Rules, 2002

CBEC has exempted every mine engaged in the production or manufacture of goods falling under chapter heading 2701, 2702, 2703, 2704 and 2706 where the producer or manufacturer of such goods has a centralized billing or accounting system in respect of such goods produced by different mines and opts for registering only the premises or office from where such centralized billing or accounting is done.

• RESERVE BANK OF INDIA

Notification No. 218/2011-RB Dated 19.01.2011 Foreign Exchange Management (Establishment in India of Branch or Office of other Place of Business) (Amendment) Regulations, 2011

Reserve Bank of India amends the regulations relating to the "authorised dealer" provided under Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulation, 2000. As per the amendments "authorised dealer" means a person authorised as an authorised dealer under sub-section (1) of Section 10 of the Act."

Notification No. 217/2011-R B Dated 19.01.2011 Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2011

RBI amends the provisions of the Foreign Exchange Management (Remittance of Assets) Regulations, 2000, Notification No. FEMA 13/ 2000-RB dated 3rd May, 2000 relating to cases where Reserve Bank's prior permission is required

DBOD

Circular No. DBOD.No.BP.BC.82/21.04.157/2010-11 Dated 16.03.2011 Accreditation of brokers in OTC Interest Rate Derivatives Market

RBI has advised the banks and financial institutions who have decide to enter into OTC interest rate derivatives contracts through brokers, to ensure that these brokers are accredited by the FIMMDA.

Press Release

Press Release No 2010-2011/1330 Dated 17.03.2011 Mid-Quarter Monetary Policy Review: March 2011

On the basis of the current macroeconomic assessment, the RBI has decided to increase the repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to 6.75 per cent with immediate effect and reverse repo rate under the LAF by 25 basis points from 5.5 per cent to 5.75 per cent with immediate effect.

DNBS

Circular No. DNBS (PD) CC. No.213/03.10.001/2010-2011 Dated 16.03.2011Amendment to Definition of Infrastructure Loan conferring infrastructure status to "Telecom Towers" for NBFC Funds

RBI has decided to include "Telecom Towers" within the purview of the term "Infrastructure Loan" as an infrastructure facility, enabling it to avail credit facility from an non-banking finance firms in an effort to support funding for telecom facilities. Accordingly, the term "Infrastructure Loan" as defined under NBFC directions stands amended.

AP DIR

Circular No. 46 Dated 18.03.2011 Exim Bank's Line of Credit of USD 100 million to the Ecowas Bank for Investment and Development (EBID)

Exim Bank has concluded an Agreement with the Ecowas Bank for Investment and Development, making available to the latter, a Line of Credit (LOC) of USD 100 million for financing export of eligible goods, services and equipment including consultancy services from India. Credit Agreement under the LOC is effective from February 23, 2011 and the date of execution of Agreement is November 9, 2010.

• SECURITIES AND EXCHANGE BOARD OF INDIA

Mutual Fund

Circular No. Cir./IMD/DF/5/2011 Dated 16.03.2011 Listing Agreement for Securitized Debt Instruments

In order to bring transparency in the listing of the securitized debt instruments, SEBI has decided to introduce Listing Agreement for Securitized debt Instruments enhancing information available in the public domain on performance of asset pools on which securitized debt instruments are issued. The Listing Agreement for securitized debt instruments as annexed shall come into force with immediate effect for all securitised debt instruments, as defined under regulation 2(1)(s) of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008,

Integrated Surveillance

Circular No. Cir/ ISD/1/2011 Dated 23.03.2011 SEBI directions to watch unauthenticated news circulated through various modes of communication

SEBI Registered Market Intermediaries has been directed to frame a Proper internal code of conduct restricting employees working in the Offices to circulate rumours or unverified information obtained from client, industry, any trade or any other sources without verification in order to ensure that proper checks and balances are in place to govern the conduct of their employees. Accordingly, Access to Blogs/Chat forums/Messenger sites etc. should either be restricted under supervision or access should not be allowed and Logs for any usage of such Blogs/Chat forums/Messenger sites (called by any nomenclature) shall be treated as records and the same should be maintained as specified by the respective Regulations which govern the concerned intermediary.

• PRESS INFORMATION BUREAU

Dated 22.03.2011 Hospital Services and Diagnostics Tests Exempted from New Levy in its Entirety

In view of considerable anxiety raised in this regard in the Parliament and outside, government has decided to exempt the new levy in its entirety both in respect of services provided by hospitals, as well as by way of diagnostic tests until GST comes into force saying that the purpose of the new levy was not mobilise revenues but to pave the way for the introduction of the GST.

Dated 28.03.2011 Simplification of issuing Director Identification Number (DIN) process

In order to cut timelines and to bring transparency in service delivery, the Ministry has simplified Procedures & Rules which shall come in to force w.e.f 27th March,2011. Accordingly, DIN applications are required to be filed in e-form DIN-1 which has to be digitally signed & supported with the scanned documents. Similarly, DIN-4 (changes of particulars of director) is also being made an e-Form which shall be submitted online and shall be processed through STP mode.