• MINISTRY OF COMMERCE AND INDUSTRY

DGFT

Notification No. 117 (RE-2010)/2009-2014 Dated 14.05.2012 Export Policy of Sugar

DGFT has modified the Schedule 2 of ITC(HS) Classification of Export and Import Items, thereby, the Export Licensing Note 1 of Chapter 17 would cease to be applicable for export of sugar which is not against Advance Authorisation. For such exports registration of quantity with DGFT would be mandatory. For export against Advance Authorisation Scheme there would be no change.

Notification No. 116 (RE-2010)/2009-2014 Dated 08.05.2012 Export Policy of Onions

Central Government has amended the column "Nature of Restriction" in Notification No.75(RE-2010)/2009-14 dated 20.09.2011 with immediate effect. Accordingly, The export of onions is allowed without any MEP upto 2nd July 2012 .

Policy Circular No. 63(RE-2010)/2009-14 Dated 16.05.2012 Amendment in the conditions and modalities for registration of contracts with DGFT for export of sugar

DGFT has modified the Policy Circular No. 62(RE-2010)/2009-14 dated 14.05.2012 prescribing the conditions and modalities for registration of contracts with DGFT for export of sugar in the current sugar season (1st October, 2011-30th September, 2012). Accordingly, conditions and modalities for registration of contracts with DGFT for export of sugar in the current sugar season stands modified.

• MINISTRY OF FINANCE

CBEC Customs Non Tariff

Notification No. 43/2012 - Customs (N.T.) Dated 16.05.2012 Handling of Cargo in Customs Areas (Amendment) Regulations, 2012

Central Board of Excise and Customs has modified the Handling of Cargo in Customs Areas Regulations, 2009 to specify the words "proper officer" in the said regulation.

CBEC Customs (ADD)

Notification No. 25/2012-ADD Dated 14.05.2012 Extension of Anti-dumping duty imposed on imports of Dry Cell Batteries originating in or exported from China PR

CBEC has modified the Notification No. 57/2007-Customs dated the 13th April, 2007to extend the anti-dumping duty imposed on imports of Dry Cell Batteries originating in or exported from China PR vide above mentioned notification.

CBDT

Notification No. GSR322(E) Dated 25.04.2012 Post Office (Monthly Income Account) Amendment Rules, 2012 w.e.f. 01.04.2012

CBDT has modified the rule 8 of Post Office (Monthly Income Account) Rules, 1987 pertaining to interest of deposit so as to raise interest rate to 8.5 per cent per annum in respect of deposits made on or after the 1st day of April, 2012.

Notification No. GSR321(E) Dated 25.04.2012 Senior Citizens Savings Scheme (Amendment) Rules, 2012

CBDT has added a proviso to the rule 7 of the Senior Citizens Savings Scheme Rules, 2004 relating to interest rate to clarify that a deposit made under these rules on or after the 1st day of April, 2012, it shall bear interest at the rate of 9.3 per cent, per annum from the date of deposit.

CBEC Excise

Circular No. 965/08/2012-CX Dated 17.04.2012 Clarification regarding admissibility of exemption under area-based Notification No. 56/2002-CE dated 14.11.2002 - reg.

CBEC has clarified that the exemption period of ten years is to be computed from the date of publication of the notification when a new unit commences commercial production or an existing unit undertakes substantial expansion and commences commercial production from such expanded capacity during the period from 14.06.2002 to 14.11.2002. However, if a new unit commences commercial production or an existing unit undertakes substantial expansion and commences commercial production from such expanded capacity after the date of publication of the notification, i.e., 14.11.2002, the ten year exemption period is to be computed from the date of commencement of commercial production in the case of new units and from the date of commencement of commercial production from the expanded capacity in the case of existing units.

• RESERVE BANK OF INDIA

A.P. (DIR Series) Circular No. 128 Dated 16.05.2012 Exchange Earner's Foreign Currency (EEFC) Account

Based on various queries received from Authorised Dealers, RBI has clarified that the conversion of the EEFC balances into rupee balances will only be applicable to available balances in the EEFC account which may be arrived at by netting off earmarked amounts on account of outstanding forward / option contracts booked before May 10, 2012.

RBI DBOD

Circular No. DBOD.No.BL.BC.105/22.01.009/2011-12 Dated 17.05.2012 Financial Inclusion - Use of Business Correspondents

It has been decided that BCs can operate from such Ultra Small Branches as their association with the branch will increase their legitimacy and credibility in the area and give people increased confidence to use their services. However, banks should ensure that such an arrangement does not result in BCs limiting operations to serving customers at such branches only, if, due to geographical spread, such arrangements may lead to BC services not being easily available in the entire area of their operations.

• Securities and Exchange Board of India

SEBI SMD

Circular No. CIR/MIRSD/6/2012 Dated 14.05.2012 Review of Regulatory Compliance and Periodic Reporting

In order to strengthen the compliance mechanism and the role of the Boards of Merchant Bankers, SEBI has revised the reporting format. Accordingly, with effect from half year ended March 31, 2012, the Compliance Officer of the Merchant Banker shall send the report in the revised format to SEBI on half yearly basis within three months of the expiry of the half year. The other terms and conditions mentioned shall remain unchanged.

• Telecom Regulatory Authority of India

Press Release No. 94/2012 Dated 14.05.2012 TRAI releases recommendations on 'Support for Rural Wire-line Connections, Installed before 1.4.2002'

TRAI has released the recommendations on 'Support for Rural Wire-line Connections, Installed before 1.4.2002' in response to Department of Telecommunications request to give its recommendations regarding continuation of support of rural wire-line connections, installed before 01.04.2002 from USOF, beyond three years and the amount/ period thereof, in view of TRAI's earlier recommendations dated 27.03.2008 in this regard.

Press Release No. 93/2012 Dated 14.05.2012 TRAI releases Recommendations on Application services

To address the issues related to growth of Application Services, TRAI has released the Recommendations on Application services. Earlier, TRAI has issued a Consultation paper on "Mobile Value Added Services" on 21st July 2011 and based on the written submissions of the stakeholders, the discussions in open house and prevailing international practices relevant to our country the Authority has finalised the recommendations.

Press Release No. 92/2012 Dated 14.05.2012 TRAI issues the standards of Quality of Service (Duration of Advertisements in Television Channels) Regulations, 2012

TRAI has released the Standards of Quality of Service (Duration of Advertisements in Television Channels) Regulations 2012 limiting the duration of advertisements in the TV channels to be limited to 12 minutes per clock hour. Further, provides that The minimum time gap between any two consecutive advertisement breaks not to be less than 15 minutes; in case of movies, this time gap should be minimum 30 minutes. However, this condition not to apply in case of live broadcast of a sporting event.

Press Release No. 91/2012 Dated 14.05.2012 TRAI issues Regulations on the Quality of Service and Consumers Complaint Redressal Mechanism for the Digital Addressable Cable TV Systems

TRAI has issued the Regulations on the Quality of Service and Consumer's Complaint Redressal mechanism for the Digital Addressable Cable TV Systems. Further moved an amendment to the existing interconnection Regulations, 2012 for Digital Addressable Cable Television Systems directing Multi-system operator not to demand any placement fee from the broadcaster.

Press Release No. 89/2012 Dated 12.05.2012 TRAI releases its Recommendations after reconsideration to DoT's reference on "Guidelines for Unified Licence/Class Licence and Migration of Existing Licences"

TRAI has released its recommendations after reconsideration in response to the DoT's reference on TRAI's recommendations on "Guidelines for Unified Licence/Class Licence and Migration of Existing Licences" dated 16.04.2012. The Authority, after due deliberations on the comments received from DoT on these recommendations, have finalized its recommendations.