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Round Up No. 12 dated 30-04-02.
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Amendment to Articles of Association
Notification No. SO429(E) to No. SO439(E) all Dated 17.04.2002 : SEBI has made the amendments to the Articles of Association and the Rules of Bangalore, Bhubaneshwar, Cochin, Gauhati, Hyderabad, Jaipur, Madras, Pune, Mangalore, Vadodara and Ahmedabad Stock exchanges.
Instructions for Implementation of decision to abolish the "no delivery period"
Circular No. SMD/Policy/Cir-08/2002 Dated 16.04.2002 : Considering the importance of the smooth transition to the rolling settlement on T+3 basis, it has been decided that stock exchanges would have to implement the decision to abolish the "no delivery period" by May 01, 2002 and no further extension would be granted in this regard.
Ministry of Finance
“REC Infrastructure Bonds” specified as Debentures
Notification No. 98/2002, No. SO459(E) Dated 23.04.2002 : The Central Government has specified “REC Infrastructure Bonds” in the nature of debentures bearing distinctive numbers from Serial No. 0000001 to 2000000 issued by the Rural Electrification Corporation Limited, New Delhi, for the purpose of section 80L(1)(ii) of the Income-tax Act, 1961.
Centre for Policy Studies, Chennai – Approved u/s 35(1)(iii)
Notification No. 95/2002 Dated 17.04.2002 : It has been notified that Centre for Policy Studies Chennai has been approved by the Central Government for the period mentioned against their names, for the purpose of section 35(1)(iii) of the Income tax Act, 1961, read with Rule 6 of the Income tax Rules, 1962 under the category “Institution” subject to certain conditions.
Notification No. 93/2002, 94/2002 both dated 17.04.2002 and Notification No. 85/2002 to 87/2002 all Dated 15.04.2002 : The Central Government has notified the Railway Minister’s Welfare & Relief Fund, New Delhi, Family Planning Association of India, Mumbai, Federation of Indian Export Organization, New Delhi, Shree Datta Deosthan Trust, Ahmednagar and Hamdard Dawakhana (Wakf), Delhi, under Section 10(23C) subject to certain conditions.
Specification of Tax Free Bonds
Notification No. 88/2002 to 92/2002 all Dated 15.04.2002 : The Central Government has specified tax free bonds under section 10(15)(iv) of the Income-tax Act, 1961 of the North Eastern Electric Power Corporation Ltd of 1995-96 (Series –III), 1997-98 (Series IV), 1999-2000 (Series–V) and 2000–2001 (Series–VI) of rupees one lakh each carrying interest and bearing distinctive numbers as specified.
Movement of petroleum products through pipeline – Determination of duty on interface quantity
Circular No. 27/636/2002-CX Dated 22.04.2002 : The Board is of the view that in the event of inter mixing of the products, the higher of the two duties i.e. duty payable on SKO not used for intended purpose and duty payable on surge/gain in MS or HSD shall be payable for the intermixed/interface quantity.
Bonds executed by Manufacturer Exporters with Maritime Commissioner
Circular No. 26/635/2002-CX Dated 18.04.2002 : With reference to Notification No. 42/2001-CE (NT) dated the 26th June, 2001 as well as Central Excise Manual, it has been clarified that CT-1 Certificate has to be obtained only by the merchant exporter and manufacturer exporter need not obtain such certificate for the purpose of export.
List of important CEGAT Orders favourable to the Department
Circular No. 25/634/2002-CX Dated 17.04.2002 : List containing the gist of important CEGAT Orders wherein the Department has been able to secure a favourable decision for necessary action.
Extension of the jurisdiction of the Customs Act 1962 and the Customs Tariff Act, 1975
Circular No. 22/2002 Dated 23.04.2002 : The Central Government has extended the Customs Act, 1962, and Customs Tariff Act, 1975 to the continental shelf of India and the exclusive economic zone of India by notification dated 7th February 2002 issued by the Ministry of External Affairs.
Amendment to Notification No. 21/2002
Notification No. 48/2002 Dated 22.04.2002 : Amendment in Table- addition of new entries in S. No. 114 and 167.
Exemption of materials for manufacture of final goods imported into India from levy of Customs duty
Notification No. 47/2002 Dated 22.04.2002 : The Central Government has exempted materials required for the manufacture of the final goods when imported into India, from whole of the duty of Customs leviable thereon, under the First Schedule and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act 1975, subject to certain conditions.
Exemption of Materials imported into India from levy of customs duty as specified
Notification No. 46/2002 Dated 22.04.2002 : The Central Government, has exempted materials when imported into India, from the whole of the duty of customs leviable thereon under the First Schedule and from the whole of the Special Additional Duty leviable thereon under section 3A of the Customs Tariff Act 1975, subject to certain conditions.
Exemption from levy of customs duty on goods imported into India as specified
Notification No. 45/2002 Dated 22.04.2002 : The Central Government has exempted goods imported into India from the whole of the duty of Customs leviable thereon which is specified in the First Schedule, the whole of the additional duty and the whole of the Special Additional Duty of Customs leviable under section 3 and 3A of the Customs Tariff Act, 1975 subject to certain conditions.
Department of Economic Affairs
Extension of Period of Moratorium – Benaras State Bank Ltd.
Notification No. SO453(E) Dated 19.04.2002 : The Central Government has extended the period of moratorium in respect of the Benares State Bank Ltd., for a further period upto and inclusive of the 21 July. 2002, subject to certain conditions.
Issue of “7.49 percent Government Stock, 2017” against Treasury Bills (Conversion) Special Securities
Notification No. 4(13)-W&M/2001(1) and No. 4(13)-W&M/2001 both Dated 16.04.2002 : Government of India has notified sale of “7.49 percent Government Stock, 2017” and “7.37 percent Government Stock, 2014” against Treasury Bills (Conversion) Special Securities for Rs. 5,000 crore (Nominal) for each sale respectively.
Foreign Exchange Management Act, 1999 – Current Account Transactions
Notification No. A.P.(DIR Series) Circular No.39 Dated 20.04.2002 : It has been decided to discontinue forwarding the statement in form ORR to Reserve Bank and it has also been decided that statement in form ORA should be submitted to the Regional Office of Reserve Bank on half yearly basis instead of on a monthly basis by the authorised dealers.
Notification No. DBOD.No.FSC.BC.91 / 24.76.002/2001-02 Dated 19.04.2002 : In supersession of the instructions contained in circular DBOD.No.FSC.BC.150/24.76.002/99-2000 dated March 23, 2000, it is advised that the terms and conditions subject to which ready forward contracts (including reverse ready forward contracts) may be entered into, would be as specified.
Exclusion of credit card outstanding from the norms relating to unsecured advances and guarantees
Notification No. DBOD No. BP.BC. 90/21.04.141/2001-02 Dated 18.04.2002 : It has been decided that while reckoning the quantum of unsecured advances and guarantees for applying the norms as specified in the Master Circular DBOD.No.Dir.BC.13/13.03.00/2001-2002 dated August 13, 2001, outstanding credit card dues should be excluded from the total of unsecured advances.
Notification No. DBOD.No.FSC.BC. 88 /24.01.011A/2001-02 Dated 11.04.2002 : It has been decided that banks can now issue smart cards (both on-line and off-line) to select customers with good financial standing even if they have maintained accounts with the bank for less than six months subject to their ensuring the implementation of 'Know Your Customer' concept as stipulated in the Report of the Study Group on Large Value Bank Frauds.
Customer Service - Bank's Liability in Case of Fraudulent Debits
Notification No. DBOD.LEG.BC.86 /09.07.007/2001-02 Dated 08.04.2002 : With a view to redressing the grievances of the customers regarding fraudulent debits it is advised that (i) in cases where banks are at fault, the banks should compensate customers without demur, and (ii) in cases where neither the bank is at fault nor the customer at fault but the fault lies elsewhere in the system, then also the banks should compensate the customers (upto a limit) as part of a Board approved customer relations policy.
Amendment to the directions contained in Notification No.DFC.119/DG(SPT)/98 dated January 31, 1998 – As specified
Notification No. DNBS157/CGM(CSM)-2002 Dated 22.04.2002 : Amendment in paragraph 2 (1)(xii), paragraph 6 and insertion of paragraph 6A
Notification No. DNBS(PD).CC.No.19/02.01/2001-02 Dated 22.04.2002 : In the light of certain developments in the operations of the NBFCs and the need to improve the norms for this sector, it has been decided to modify prudential norms for Non-Banking Financial Companies as per details specified.
Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998
Notification No. DFC 119 /DG(SPT)-98 Dated 31.01.1998 (As Amended upto 22.04.2002) Dated 22.04.2002 : The Reserve Bank of India has in supersession of the earlier directions contained in Notification No. DFC. 115/DG(SPT)/98 dated January 2, 1998 issued to every non-banking financial company the directions as specified.
Press Release No. 1160/2001-2002 Dated 17.04.2002 : It has been decided that the limit for Ways and Means Advance will be Rs.10,000 crore for the first half of the year (April to September) and Rs.6,000 crore for the second half of the year (October to March).
Ministry of Commerce and Industry
Release of Quota for Export of Onion
Public Notice No. 8(RE-2002)/2002-2007) Dated 19.04.2002 : The Director General of Foreign Trade has decided to release a quantity of 6.00 (Six) Lakhs M.T. of onions (all varieties other than Bangalore Rose onion and Krishnapuram onions) for export upto 31st March, 2003 to the specified agencies/State Trading Enterprises.
Import of crude drugs, listed at licensing note no. 2 at the end of Chapter 12 of ITC(HS) Classification
Circular No. 2/2002-2007 Dated 16.04.2002 : Import of the crude drugs listed at the licensing note no. 2 at the end of Chapter 12 of ITC(HS) Classifications of Export and Import Items, 2002-2007 is free. The heading of the table, stating that import is subject to actual user condition, is an editing error which may be ignored.
Department of Industrial Policy
HLS India Ltd., New Delhi – Exempted from Rule 31 of the Explosives Rules, 1983
Notification No. SO449(E) Dated 18.04.2002 : The Central Government has exempted HLS India Limited. New Delhi, from the provisions of sub-rule (2) of rule 31 of the Explosives Rules, 1983, for import of specified explosives subject to certain conditions, from Halliburton Energy Services., Jet Research Centre Texas., United States of America at New Delhi airport.
Ministry of Consumer Affairs, Food and Public Distribution
Central Warehousing Corporation (Amendment) Rules, 2002
Notification No. GSR295(E) Dated 22.04.2002 : Amendment in Rule 3
Sugar (Packing and Marking) Amendment Order, 2002
Notification No. GSR294(E)/Ess. Com./Sugar Dated 19.04.2002 : Amendment in Rule 2, Rule 3 and Schedule.
Shri Justice O.P. Sharma (Retd.) appointed as whole time member of NCDRC
Notification No. SO427(E) Dated 16.04.2002 : Shri Justice O.P. Sharma (Retd.) has been appointed the whole-time Member of the National Consumer Disputes Redressal Commission on the terms and conditions prescribed in the Consumer Protection Act, 1986 read with the Consumer Protection Rules, 1987 as amended from time to time.
Ministry of Law, Justice and Company Affairs
Debenture Redemption Reserve (DRR)– Clarification
Circular No. 9/2002 Dated 18.04.2002 : After taking into consideration the RBI directions/regulation on prudential norms applicable to banking companies, AIFIs and NBFCs, and the SEBI (Disclosure and Investor Protection), Guidelines, 2000, the Government has clarified on adequate DRR and other related matters as specified.
Companies (Particulars of Employees) (Amendment) Rules, 2002
Notification No. GSR288(E) Dated 17.04.2002 : Amendment in Rule 1A
(a) in clause (a), for the words “twelve lakhs”, the words “twenty four lakhs” shall be substituted;
(b) in clause (b), for the words “one lakh”, the words “two lakhs” shall be substituted.
NABARD specified as Public Financial Institution
Notification No. SO440(E) Dated 17.04.2002 : The Central Government has specified "National Bank for Agriculture and Rural Development" to be a public financial institution and for that purpose has amended the Notification of the Government of India, in the Ministry of Law, Justice and Company Affairs ( Department of Company Affairs) number S.O. 1329 dated 8th May, 1978.
Ministry of Personnel, Public Grievances and Pensions
Orissa Administrative Tribunal (Salaries And Allowances And Conditions Of (Service Of Chairman, Vice-Chairman And Members) Amendment Rules, 2002
Notification No. GSR289(E) Dated 18.04.2002 : Amendment in Rule 8
Ministry of Petroleum and Natural Gas
Notification No. SO441(E) Dated 17.04.2002 : Central Government has declared its intention to acquire the right of user for laying of Pipeline by GAIL for theVishakapatnam- Secunderabad Pipeline Project.
No Permanent regional benches of Supreme Court
Dated 22.04.2002 : The Full Court of the Supreme Court of India at a meeting on April 30, 2001 has opposed unanimously the setting up of Permanent Benches of the apex court outside Delhi and the same has been referred to the Chief Justice of India for consideration.
Amalgamation of Two Central PSUs
Dated 19.04.2002 : The Department of Company Affairs (DCA) has issued a notification approving amalgamation of the International Aluminum Products Ltd. (IAPL) and the National Aluminum Company Ltd. (NALCO), both Government companies incorporated under the Companies Act, 1956 having their registered office at NALCO Bhawan, Bhubneshwar (Orissa), into a single company.
Amalgamation of Two Units of Tamil Nadu State Express Transport Corporations
Dated 19.04.2002 : The Department of Company Affairs (DCA) has issued a notification approving amalgamation of the State Government owned State Express Transport Corporation (Tamil Nadu Division II) Ltd. and the State Express Transport Corporation (Tamil Nadu Division I) Ltd. with immediate effect and the resulting company be known as the State Express Transport Corporation (Tamil Nadu Division I) Ltd.
Amendment in Consumer Protection Act
Dated 19.04.2002 : A Bill to amend the Consumer Protection Act, 1986 mainly aimed at facilitating quicker disposal of consumer complaints, enhancing the capability of redressal agencies, strengthening them with more powers, streamlining the procedures and widening the scope of the Act to make it more functional and effective, was introduced in the Rajya Sabha on April 26, 2001.
Amendments in Arbitration and Conciliation Act
Dated 18.04.2002 : The Government has undertaken an exercise to amend the Arbitration and Conciliation Act, 1996 to make the system of alternative disputes resolution time-bound and more efficient.
Centre for Corporate Excellence
Dated 17.04.2002 : The Department of Company Affairs (DCA) has planned to set up a Centre for Corporate Excellence to ensure better corporate governance for which a token sum of rupees one crore has been earmarked during 2002-2003.
Disposal of cases by Company Law Board
Dated 17.04.2002 : The Company Law Board (CLB) is proposed to be replaced by National Company Law Tribunal (NCLT) as envisaged in the Companies (Amendment) Bill, 2001.
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