"manupatra" Round Up
No. 13 dated 10-05-02.
Secondary Market Division
Renewal of Recognition
Notification No. SO463(E) Dated 26.04.2002 and No. SO474(E) Dated 30.04.2002 : SEBI has granted renewal of recognition under Section 3 of the Securities Contracts (Regulation) Act, 1956 to Ludhiana Stock Exchange Association Limited and Gauhati Stock Exchange Association Limited for a further period of one year in respect of contracts in securities, subject to the conditions specified.
Refund of excess fees paid by Stock Brokers to SEBI
Circular No. SMD/DBA-II/Cir- 09 /2002 Dated 23.04.2002 : All Exchanges have been advised to inform their members that request for refund of excess fee would be processed only if the member concerned has paid excess over the fees and interest payable.
Ministry of Finance
Amendment to Notification No. 7/89 -Inland Air Travel Tax Dated 30.06.1989 – Insertion of entries
Notification No. 3/2002 Dated 27.04.2002 : Insertion of S. No. 43, 44 and 45 after S. No. 42 in the Table.
Income-tax (Sixth Amendment) Rules, 2002
Notification No. 105/2002, No. SO494(E) Dated 07.05.2002 : Amendment in Rule 11K
CBEC Excise- Tariff
Directions to amend or to further amend the Notifications as specified
Notification No. 26/2002 Dated 27.04.2002 : Amendment to Notification No. 9/96, dated 23.07.96, 6/2002, 8/2002, 9/2002, 10/2002, 14/2002 and 15/2002 all dated 01.03.02
Changes made in Advance License, DFRC, DEPB and EPCG Schemes vide Exim Policy 2002-07
Circular No. 24/2002 Dated 06.05.2002 : Changes have been carried out in the Advance License, DFRC, DEPB and EPCG Schemes vide Exim Policy 2002-07 on the demand of trade and in order to remove certain procedural bottlenecks being faced by the trade.
Anti-Dumping duty on vitrified and porcelain tiles
Notification No. 50/2002 Dated 02.05.2002 : The Central Government has imposed anti-dumping duty at the specified rate on vitrified or porcelain tiles imported from China or United Arab Emirates (UAE).
General Permission for release of imported Currency through Post – Instructions
Circular No. 23/2002 Dated 26.04.2002 : In view of the liberalizations made under Foreign Exchange Management Act (FEMA) 1999 RBI has enhanced the existing limit for the import of both Indian and foreign currencies received through ‘post’ by residents from Rs.1000/- to Rs.5000/- subject to the conditions mentioned in Board’s Circular 22/99-Cus dated 7.5.1999.
Amendments to Notifications as specified
Notification No. 49/2002 Dated 24.04.2002 : Amendments in Notification No. GSR 481(E) dated 5.06.95 111/95-Customs dated 5.06.95, GSR 184(E) dated 01.04.97 28/97-Customs dated 1.04.97, GSR 185(E) dated 1.04.97 29/97-Customs dated 1.04.97, GSR 365(E) dated 27.04.2000 49/2000-Customs dated 27.04.2000
Service Tax Department
Amendment to Notification No. 5/96-Service Tax [GSR 174(E)] dated 03.04.1996
Notification No. 4/2002, No. GSR325(E) Dated 03.05.2002 : Insertion of Clause (vi) in the proviso after clause (v) and S. No. 97 in the schedule.
Providing service of storage facility and charging rent for storage of liquid cargo in tanks – whether liable to service tax as C & F Agents
Notification No. 2/1/2002-ST Dated 24.04.2002 : Services rendered, in relation to storage of cargo and charging rent for storage of liquid cargo in tanks, cannot be considered to be in the nature of ‘clearing and forwarding’ and such agencies cannot be considered as “clearing and forwarding agents”, hence not liable to Service Tax.
Indian Direct Investment in Joint Ventures/ Wholly Owned Subsidiaries Outside India
Circular No. A.P. (DIR Series) Circular No.43 Dated 30.04.2002 : With a view to streamlining the monitoring mechanism for overseas direct investment by Indian parties, it has been decided that authorised dealers may designate select branches at different centres to undertake foreign exchange transactions in connection with overseas direct investment under Regulation 6 and 17B of Notification No.FEMA.19/RB-2000 dated May 3, 2000.
ACU – Funding of Nostro Account on ‘TOM’ basis
Circular No. A.P.(DIR Series) Circular No.42 Dated 30.04.2002 : It has been decided that authorised dealers desirous of availing the facility of booking ACU transactions on ‘Tom’ basis may submit their applications to Department of External Investments and Operations, Central Office, Reserve Bank of India, Mumbai upto 4 p.m. a day prior to the Value Date.
External Commercial Borrowings – Crystallisation of Liability
Circular No. A.P. (DIR Series) Circular No. 41 Dated 29.04.2002 : It has been decided to grant permission to banks to crystallise their foreign exchange liability in rupees, in select cases, where circumstances so warrant, keeping in view the status of the account of the borrower who had raised External Commercial Borrowing.
Investment in and Borrowing from Overseas Markets
Circular No. AP(DIR Series) Circular No. 40 Dated 29.04.2002 : It has been decided that banks may now invest up to twenty five per cent (as against the existing ceiling of fifteen percent) of their unimpaired Tier I capital or US $ 10 million whichever is higher in overseas money market instruments and/or debt instruments
Full convertibility of Deposit Schemes – Non-Resident Indians – NRNR accounts & NRSR accounts
Notification No. DBOD.Dir.BC. 93/13.01.09/2001-02 Dated 29.04.2002 : With a view to providing full convertibility of deposit schemes for non-resident Indians and rationalizing the existing non-resident deposit schemes, it has been decided to discontinue Non-Resident (Non-Repatriable) Rupee Account Scheme (NRNR) and the Non-Resident (Special) Rupee Account Scheme (NRSR) with effect from April 1, 2002.
Revised General Notification for issue of Government of India Dated Securities
Notification No. IDMC. 4859 /08.01.01/2001-02 Dated 07.05.2002 : Government of India have issued the revised General Notification F.No. 4(9)-W&M/2000 dated May 6, 2002 for issue of Government Stock in supersession of the earlier general notification F.No.4(2)-W&M/97 dated 01.04.97 as amended from time to time.
Sale of Government of India Dated Securities by Auction
Notification No. IDMC. 4723 / 08.02.30.01/2001-02 Dated 29.04.2002 : Government of India have offered to sell a new dated security of 10 years tenure for Rs.6,000 crore (nominal) vide notification F. No.4(9)-W&M/2002 dated April 29, 2002.
Housing Finance Allocation for the year 2002-2003
Notification No. IECD.No.22 /03.27.25/2001-02 Dated 06.05.2002 : It has been decided that for the current financial year, i.e., April 2002 to March 2003, each bank should continue to compute its share of the housing finance allocation at 3 per cent of its incremental deposits as on the last reporting Friday of March 2002 over the corresponding figure of the last reporting Friday of March 2001.
Interest rates on Export Credit in Foreign Currency
Notification No. IECD. No.21/04.02.01/2001-02 Dated 29.04.2002 : It has been decided to revise the ceiling rate on foreign currency loans for exports by banks to LIBOR plus 0.75 percentage point from the present ceiling rate of LIBOR plus 1.00 percentage point.
Monetary and Credit Policy for the year 2002 –2003 Interest Rates on advances
Circular No. UBD.No.DS.PCB.Cir.42/13.04.00/2001-2002 Dated 29.04.2002 : In order to provide greater flexibility to co-operative banks in a competitive environment it has been decided to withdraw the stipulation of Minimum Lending Rate for primary (urban) co-operative banks with immediate effect.
RBI follows Clean Note Policy : Installs New Machines for Faster Weeding out of Soiled Notes
Press Release No. 1220/2001-2002 Dated 04.05.2002 : The Reserve Bank of India is committing to the 'Clean Note Policy' for the citizens of this country and will command all its resources including technology for achieving the goal due to the nation
Investment by Foreign Institutional Investors-Zee Telefilms
Press Release No. 1218/2001-02 Dated 03.05.2002 : The Reserve Bank of India has notified that the aggregate net purchases of equity shares of Zee Telefilms Ltd., by FIIs in the primary/secondary markets has reached the limit of 28 per cent of its paid up equity capital and therefore no further purchases of equity shares of Zee Telefilms Ltd., will, therefore, be allowed on behalf of the FIIs without obtaining prior approval of the Reserve Bank.
RBI gives In Principle approval for one more Primary Dealer
Press Release No. 1212/2001-02 Dated 02.05.2002 : The Reserve Bank of India has given `in principle' approval to Citicorp Finance (India) Ltd. to set up a 100% subsidiary company for accreditation as Primary Dealer in the Government securities market subject to certain conditions.
RBI Governor announces Monetary and Credit Policy for the year 2002-03
Press Release No. 1196/2001-2002 Dated 29.04.2002 : Highlights of the Monetary and Credit Policy for the year 2002-03.
Ministry of Commerce and Industry
Amendments and Corrections in the Handbook [Vol. 1]
Public Notice No. 12/2002-2007 Dated 02.05.2002 : The Director General of Foreign Trade has made certain amendments in the Handbook of Procedures (Vol.1) as specified.
Amendments/ Corrections/ Additions and Deletion of entries in the Schedule of DEPB rates
Public Notice No. 11/2002-2007 Dated 02.05.2002 : The Director General of Foreign Trade has made corrections/amendments/additions in the “Schedule of DEPB Rates”, as specified
Fixation and Modification of Input and Output Norms
Public Notice No. 10/2002-2007 Dated 01.05.2002 : Director General of Foreign Trade has made amendments/ corrections/ deletions at appropriate places as mentioned in Annexure “A”, in the statement of Standard Input Output Norms as contained in the Handbook of Procedures, Vol.2, 2002-2007, as amended.
Amendments and Corrections in the Exim Policy
Notification No. 3/2002 Dated 01.05.2002 : The Central Government has amended/ corrected the Export and Import Policy, 2002-07
Procedure for import of certain items under the India-Nepal Treaty of Trade signed on 2-3-2002
Public Notice No. 9/2002-2007 Dated 30.04.2002 : The Director General of Foreign Trade has notified arrangements for import of vegetable fats, acrylic yarn, copper products and zinc oxide under the India-Nepal Treaty of Trade signed on 2-3-2002
Amendment to Notification No. 31/1/99-DGAD dated 01.06.2001 - Table in Para 41
Dated 02.05.2002 : Amendment in table given in para 41
Anti-Dumping investigations
Notification No. 65/1/2001-DGAD Dated 30.04.2002 : Preliminary Finding Report relating to Anti-Dumping investigations concerning imports of Vitamin A Palmitate from European Union, Singapore and Georgia
Department of Industrial Policy
Patents (Amendment) Rules, 2002
Notification No. SO495(E) Dated 07.05.2002 : Amendment in Chapter IIA
Ministry of Health and Family Welfare
Drugs and Cosmetics (3rd Amendment) Rules, 2002
Notification No. GSR311(E) Dated 01.05.2002 : Amendment in Rule 69, Rule 71, Rule 75 and Rule 76
Prevention of Food Adulteration (2nd amendment) Rules, 2002
Notification No. GSR310(E) Dated 01.05.2002 : Amendment in Appendix B
Ministry of Law, Justice and Company Affairs
Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2002
Notification No. GSR330(E) Dated 07.05.2002 : Amendment in Rule 20
Nidhi or Mutual Benefit Society -prudential norms for revenue recognition
Notification No. GSR309(E) Dated 30.04.2002 : The Central Government has directed that every company declared as a Nidhi or Mutual Benefit Society under section 620A of the Companies Act, 1956 shall adhere to the prudential norms for revenue recognition and classification of assets in respect of mortgage loans or jewel loans as specified.
Amendment to Notification No. GSR 555(E) dated 26.7.2001 relating to Regulation of Nidhi or Mutual benefit Society
Notification No. GSR308(E) Dated 30.04.2002 : Amendment in Clause (1)
Specification of minimum amount as remuneration of Cine worker
Notification No. GSR321(E) Dated 02.05.2002 : The Central Government has specified an amount not exceeding rupees eight thousand per month where such amount is paid monthly or an amount not exceeding one lakh rupees where it is paid by way of lumpsum or instalments; as remuneration of a cine worker for the purposes of Cine Workers Welfare Fund Act, 1981.
Press Information Bureau
Shri Justice B. N. Kirpal sworn in as new Chief Justice of India
Dated 06.05.2002 : The President, Shri K.R. Narayanan, administered the oath of affirmation to Shri Justice Bhupinder Nath Kirpal, a Judge of the Supreme Court, as the Chief Justice of India in terms of proviso to clause (6) of Article 124 read with Third Schedule (IV) of the Constitution of India.
Submission of Report by Constitution Review Commission
Dated 06.05.2002 : The National Commission to Review the Working of the Constitution has recommended that the issue of eligibility of only natural born citizens of India or those whose parents or grandparents were citizens of India to hold high offices such as President, Vice-President, Prime Minister and Chief Justice of India be examined in depth through a political process after a national dialogue.
Setting up of National Judicial Commission
Dated 03.05.2002 : The Government is committed to setting up of a National Judicial Commission to make recommendations for judicial appointments in the Supreme Court and High Courts
Release of book on Secretarial Standards and Monograph on Director’s Responsibilities
Dated 01.05.2002 : The Union Minister of Law, Justice and Company Affairs, Shri Arun Jaitley released a book on Secretarial Standard on General Meetings and a Monograph on Position, Duties and Liabilities of Directors, compiled by the Institute of Company Secretaries of India (ICSI)
NABARD now a Public Financial Institution
Dated 30.04.2002 : The Department of Company Affairs (DCA) has issued a notification including the National Bank for Agriculture and Rural Development (NABARD) as a public financial institution within the meaning of the Government of India Notification of May 8, 1978 under the Companies Act, 1956, with immediate effect.
The text of the following bills is now available on the site
The Homoeopathy Central Council (Amendment) Bill, 2002
Finance Bill 2002 (As Passed by Lok Sabha)
Full Text of the Notifications\Circulars\Acts\Bills\Other information is available on our site "www.manupatra.com."
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