• MINISTRY OF FINANCE

Central Board of Direct Taxes

Notification No. 37/2011 dated 01.07.2011 Income-tax (Sixth Amendment) Rules, 2011

CBDT has amended the R.12 of Income tax Rules stipulating that a firm required to furnish the return in ITR-5 or an individual or HUF required to furnish the return in ITR-4 & to whom provisions of S.44AB are applicable shall furnish the return electronically under digital signature.

CBEC Customs

Notification No. 55/2011 dated 05.07.2011 Amendments to the Notification No. 21/2002-Customs, dated the 1st March, 2002

The Central Government has notified amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002. In the said notification, in the preamble, in the proviso, after clause (l), the following shall be inserted," (m) the goods specified against S.Nos. 37I, 37J, 37K of the said Table on or after the 1st day of September, 2011 " and in table Table, after S.No. 37H and the entries relating thereto, specified S.Nos. and entries shall be inserted.

CBEC Customs Non Tariff

Notification No. 46/2011-Customs (N.T.) dated 07.07.2011 Amendment to the Notification No. 64/1994-Customs (N. T.) dated the 21st November, 1994

The Central Board of Excise and Customs has notified amendments in Notification No. 64/1994-Customs (N. T.) dated the 21st November, 1994. In the said notification, in the third proviso, the words "all types of coal and limestone" shall be substituted for the words "coking coal, thermal coal and limestone".

Notification No. 45/2011-Customs (N.T.) dated 07.07.2011 Amendment to the Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994

The Central Board of Excise and Customs has notified amendments Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994. In the said notification in the TABLE, against serial number 9 relating to the State of Orissa, in columns 3 and 4 entries (1) (2) (3) (4) "(4) Dhamra Unloading of all types of coal and limestone and loading of Iron ore and concentrates of all types." shall be substituted.

Notification No. 43/2011-Customs (N.T.) dated 01.07.2011 Customs Tariff (Determination of Origin of Goods Under the Preferential Trade Agreement Between the Governments of the Republic of India and Malaysia) Rules, 2011

The Central Government has made rules titled as the Customs Tariff (Determination of Origin of Goods Under the Preferential Trade Agreement Between the Governments of the Republic of India and Malaysia) Rules, 2011 and they shall come into force on the 1st day of July, 2011.

• MINISTRY OF CORPORATE AFFAIRS

Circular No. 41/2011 dated 06.07.2011 E-filing of Income Tax return in respect of companies under liquidation

On the complaints of Official Liquidators that they are not able to file Income Tax Returns since the verification part of the report require them to mention their personal PAN Card number even when they file the Return as a representative assesee of the company (in liquidation). MCA has suggested that a PAN Card should be issued in the name of the office i.e. OL......... This PAN No. should be quoted in respect of all returns filed by him as OL. In this regard, Section 139A read with Form ITR-6 (Rule 12) of the Income Tax Act, 1961.

Notification dated 05.07.2011 Companies Director Identification Number (Third Amendment) Rules, 2011 w.e.f. 09.07.2011

The Central Government has notified the Companies Director Identification Number (Third Amendment) Rules, 2011 and they shall come into effect on 09.07.2011. The amendment rules stipulates that for rule 2, sub-rule (ii), following shall be substituted, "Director Identification Number" (DIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as director or to any existing directors of a company, for the purpose of his Identification as such and includes Designated Partnership Identification Number (DPIN) issued under section 7 of the Limited Liability Partnership Act, 2008 and rules made thereunder."

Notification dated 05.07.2011 Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011 w.e.f. 09.07.2011

The Central Government has notified the Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011 and shall come into effect on 09.07.2011. The said rules has amended the rule 2(1)(iv) of Limited Liability Partnership Rules,2009 stipulating that "Designated Partner Identification Number" to include director identification number issued u/s. 266A, 266B and 266E of the Companies Act, 1956 and rules made thereunder. 

• MINISTRY OF COMMERCE AND INDUSTRY

Directorate General of Foreign Trade

Trade Notice No. 12/2011 dated 06.07.2011 Allocation of quantities of cotton for export in terms of Public Notice No.55 dated 17.06.2011

In response Public Notice No. 55(RE-2010)/2009-14 dated 17.06.2011 total quantity of 1,70,000 MTs (10,00,000 bales) has been made available allotment. This amount will be sequestered from the total of 1,70,000 MTs in obedience of all the High Court Orders received till now. Once the final Orders are received, further action will be taken either to allot them as per orders of High Court or in the alternative, allot the quantity (or the balance quantity as the case may be) among the two public sector applicants before us namely Cotton Corporation of India Ltd. (CCI) and Minerals and Metals Trading Corporation Ltd (MMTC).

Public Notice No. 61/2009-2014 (RE-2010) dated 01.07.2011 Trade in Border Haats across the border at Meghalaya between Bangladesh and India

Director General of Foreign Trade hereby made arrangements under the Memorandum of Understanding (MOU) dated 23rd October, 2010 between India and Bangladesh of Border Haats to enhance the trade across the Border at Meghalaya between India and Bangladesh and has specified commodities that would be allowed to be traded in the Border Haats at Baliamari - Kalaichar and Lauwaghar -Balat.

• PRESS INFORMATION BUREAU

Dated 07.07.2011 Policy Guidelines for expansion of FM Radio Broadcasting services through private agencies (Phase-Ill)

The Union Cabinet has approved the proposal of the Ministry of Information and Broadcasting to approve of the 'Policy Guidelines on Expansion of FM radio broadcasting services through private agencies (Phase-Ill)'. Cabinet has also cleared the proposal of the Ministry for conducting ascending e-auction, as followed by Department of Telecommunications for the auction of 3G and BWA spectrum, mutatis-mutandis, for award of license of FM Channels, as recommended by the GoM on Licensing Methodology for FM Phase-Ill.

• RESERVE BANK OF INDIA

A. P. (DIR Series)

Circular No. 01 dated 04.07.2011 Redemption of Foreign Currency Convertible Bonds (FCCBs)

To provide a window to facilitate refinancing of FCCBs by the Indian companies facing difficulty in meeting the redemption obligations, RBI has decided to consider applications for refinancing of FCCBs by Indian companies under the automatic route.

DBOD

Circular No. DBOD.No.BP.BC. 23/21.04.141/2011-12 dated 05.07.2011 Investment by banks in liquid/short term debt schemes of mutual funds

RBI has decided that the total investment by banks in liquid/short term debt schemes of mutual funds with weighted average maturity of portfolio of not more than 1 year, will be subject to a prudential cap of 10 per cent of their net worth as on March 31 of the previous year. The weighted average maturity would be calculated as average of the remaining period of maturity of securities weighted by the sums invested

DCM

Circular No. DCM (NE) No.G-1/08.07.18/2011-12 dated : 01.07.2011 Master Circular - Facility for Exchange of Notes and Coins

RBI has instructed all branches of banks in all parts of the country to provide Customer Services such as Meeting the demands for fresh / good quality notes and coins of all denominations, and Exchanging soiled notes, and Accepting coins and notes either for transactions or exchange more actively and vigorously to the members of public so that there is no need for them to approach the RBI Regional Offices .

• SECURITIES AND EXCHANGE BOARD OF INDIA

Derivatives Circulars

Circular No. CIR/DNPD/6/2011 dated 05.07.2011 Modification of Client Codes of Non-institutional Trades Executed on Stock Exchanges (All Segments)

SEBI has decided that the Stock Exchanges may allow modifications of client codes of non-institutional trades only to rectify a genuine error in entry of client code at the time of placing / modifying the related order .

SMD

Circular No. CIR/MRD/DP/ 09 /2011 dated 01.07.2011 Establishment of Connectivity with both depositories NSDL and CDSL - Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

As per information provided by the depositories that the companies listed in Annexure A' have established connectivity with both the depositories. The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to that at least 50 per cent of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. IRDA/F&I/CIR/AML/151 /07/2011 dated 05.07.2011 Prevention of Money Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Third Amendment Rules, 2010

Amendment to PMLA Rules, 2005 vide Notification No. GSR 980 (E) dated 16th December 2010. In the said rules in clause (d) in Rule 2, for the words, "by the Election Commission of India or any other document as may be required by the banking company or financial institution or intermediary", the words, "Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government, the letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number or any other document as may be notified by the Central Government in consultation with the Reserve Bank of India or any other document as may be required by the banking company or financial institution or intermediary" has been substituted.