• MINISTRY OF COMMERCE

DGFT

Notification No. 111 (RE-2010)/2009-2014 Dated 18.04.2012 Indian Trade Classification (Harmonised System) of Export and Import Items, 2012

DGFT has notified the Indian Trade Classification (Harmonised System) of Export and Import Items, 2012 incorporating the changes till now and after harmonising it with both the HS 2012 of World Customs Organisation and Tariff Schedule of Customs.

• MINISTRY OF FINANCE

CBEC Customs Non Tariff

Notification No. 38/2012- Customs (N.T.) Dated 26.04.2012 Determines the rate of exchange of conversion of specified foreign currency into Indian currency or vice versa relating to imported and export goods, with effect from 1st May, 2012

CBEC has determined the rate of exchange of conversion of each of the specified foreign currency into Indian currency or vice versa, with effect from 1st May, 2012, relating to imported and export goods.

• RESERVE BANK OF INDIA

A.P. DIR (Series)

Circular No. 113 Dated 24.04.2012 External Commercial Borrowings (ECB) for Civil Aviation Sector

RBI has decided to allow ECB for working capital as a permissible end-use for the civil aviation sector, under the approval route, subject to the conditions provided therein. Further clarified that application for such ECB should be accompanied by a certificate from a chartered accountant confirming the requirement of the working capital loan and the projected foreign exchange cash flows/earnings which would be used for servicing the loan.

Circular No. 112 Dated 20.04.2012 External Commercial Borrowings (ECB) Policy - Refinancing / Rescheduling of ECB

On a review of the extant guidelines, it has been decided that the borrowers desirous of refinancing/rescheduling an existing ECB can raise fresh ECB at a higher all-in-cost under the approval route subject to the condition that the enhanced all-in-cost does not exceed the all-in-cost ceiling prescribed as per the existing guidelines.

Circular No. 111 Dated 20.04.2012 External Commercial Borrowings (ECB) Policy - Liberalisation and Rationalisation

In view of the announcements made in the Union Budget for the Year 2012-13, RBI has decided to further rationalize and liberalize the extant guidelines by enhancing refinancing limit for Power Sector and allowing ECBs for capital expenditure under the automatic route for the purpose of maintenance and operations of toll systems for roads and highways provided they form part of the original project.

Press Release

Press Release No. 2011-2012/1678 Dated 20.04.2012 RBI Working Paper Series: Asset Pricing Model for Inefficient Markets: Empirical Evidence from Indian Market

RBI has released a Working Paper for the month of April 2012 titled "Asset Pricing Model for Inefficient Markets: empirical evidence from the Indian market". The paper provides a direction for incorporating market sentiments in the domain of standard models of asset pricing. The market sentiment is unobservable. However, it can be defined as the stationary departure of the market return from its fair value. This part of the market return is explained by the exuberance or pessimism by investors to certain information. Any autocorrelation that is observed in the market return might be the result of possible bullish/bearish responses by investors to market information.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 82/2012 Dated 26.04.2012 Consultation Paper on 'Support for Rural Wireline Connections, Installed before 01.04.2002'

TRAI has released the Consultation Paper on Support for Rural Wire-line connections, Installed before 01.04.2002 to obtain comments of the stakeholders on the subject. Accordingly, stakeholders are requested to furnish their comments by 02.05.2012.

Press Release No. 81/2012 Dated 23.04.2012 Recommendations on 'Auction of Spectrum'

TRAI has issued its recommendations on the "Auction of Spectrum" in the backdrop of Hon'ble Supreme Court of India in its Judgment dated 2nd February, 2012 in the writ petitions no 423/2010 and 10/2011, directing TRAI to make fresh recommendations for grant of licence and allocation of spectrum in 2G band in 22 Service Areas by auction.

Press Release No. 80/2012 Dated 20.04.2012 Telecommunication Tariff (Fifty First Amendment) Order, 2012

TRAI has moved amendment to the Telecommunication Tariff Order, 1999 to make it mandatory for service providers to offer in each service area atleast one tariff plan each for both postpaid and prepaid subscriber with a uniform pulse rate of 'one second'. Keeping in view the fact that calls and SMS made for participating in competition and voting hardly contain any content, the Authority has mandated that tariff for such calls and SMS shall not exceed four times of the applicable local call/ SMS charges. The amendment also provides flexibility to service providers to apply revision in ILD tariff uniformly for new as well as existing subscribers.

Press Release No. 79/2012 Dated 19.04.2012 Recommendations for Prescribing Minimum Channel spacing within License Service Area in FM Radio Sector in India

TRAI has released the recommendation for prescribing Minimum channel spacing, within a Licence Service Area, in FM sector in India to ensure effective utilization of scarce radio frequency spectrum. As with the improvement in the quality of Radio receivers, penetration of digital devices such as mobile sets among the masses and alternate designs of the FM Radio transmitter setups, it is now technically feasible to transmit more FM Radio channels with reduced channel spacing in a given license service area.