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manupatra Round Up |
[No. 15 dated 31-05-02] |
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Amendments of the Article of Association of Calcutta Stock Exchange Association Ltd.
Notification No. SO551(E) Dated 21.05.2002: Securities and Exchange Board of India has made the following amendments to the Articles of Association of CSE
1.Omission of the word "elected" appearing after the words "amongst the" and before the word "member" in clause (i) of Article 82E,
2.Addition of the proviso in clause (i) of Article 82 E, after the existing proviso - Prohibition of the broker member of the exchange to be an office bearer
Substitution of Existing Article 112 – U.P. Stock Exchange Association Ltd.
Notification No. SO535(E) Dated 20.05.2002: Substitution of the existing Article 112 of the Articles of Association of UPSE, by the new Article 112 - Election of president of the Stock Exchange from amongst the members of the Board of Directors within 10 days after the conclusion of the annual general meeting for a period of 1 year subject to conditions.
Decisions taken in the meeting of the Group on Risk Management Systems for Equity Markets
Circular No. SMD/Policy/Cir-12/2002 Dated 17.05.2002: It has been decided
1. To withdraw margins on the sale side applicable on the financial institutions, FIIs, banks and mutual funds.
2. To withdraw the price band of 10% as imposed earlier.
3. That for the collection of 10% upfront margin from clients only trades which would result in a margin of Rs 50,000 or more should be considered.
Draft Securities and Exchange Board of India (Procedure for Holding Enquiries and Imposing Penalties by Enquiry Officer) Regulations, 2000
Press Release No. PR96/2002 Dated 20.05.2002: SEBI is considering a proposal as suggested by its legal department to have a separate Regulations, namely SEBI (Procedure for Holding Enquiries and Imposing Penalties by Enquiry Officer) Regulations, 2002 specifying the procedure for holding enquiry and imposing penalties by Enquiry Officer against all the intermediaries similar to SEBI Adjudication Rules, 1995.
Report of Justice P. N. Bhagwati Committee
Press Release No. PR87/2002 Dated 09.05.2002: Justice P. N. Bhagwati Committee after deliberations has submitted report and draft amendments to the SEBI (Substantial Acquisition of Shares and Takeover) Regulations 1997 to SEBI on May 08, 2002.
Ministry of Finance
IDBI debentures in the nature of bonds as specified
Notification No. 113/2002, No. SO529(E) and No. 114/2002, No. SO530(E) : The Central Board of Direct Taxes has specified Certain IDBI debentures, in the nature of bonds.
Applicability of provision of Expl. 2(a) to Section 4A in cases where assessee declares two MRPs as specified
Circular No. 30/639/2002-CX Dated 24.05.2002: It has been observed that if more than one retail sale price is declared on a package, then the highest of the two prices will prevail as per the provisions of Explanation 2(a) to Section 4A of the Central Excise Act, 1944, even if one MRP is scored/crossed out on the package.
Supply of LSD and HSD Oil to Research Vessel
Circular No. 29/638/2002-CX Dated 22.05.2002: It has been clarified that if the research vessels are operating outside the territorial waters of India, then they will be eligible for duty free supply of fuel as it can be held that export of fuel has taken place.
Effective date of payment of Government dues by cheque
Circular No. 28/2002 Dated 24.05.2002: The CGA has clarified that collection of tax revenues is governed by Central Government Accounts (Receipt & Payment) Rules, 1983, and as per rule 20 of the same, government dues shall be deemed to have been paid in the case of cheques and drafts tendered to the bank on the date on which it is cleared and entered into the receipts scroll.
Anti Dumping duty
Notification No. 55/2002 Dated 22.05.2002 and No. 53/2002 Dated 21.05.2002: The Central Government has imposed anti-dumping duty on lead acid batteries, imported from Hong Kong, Singapore and Taiwan and on Vitamin AD3 500/100, imported from European Union and Singapore.
Amendment to Notification No. 21/2002-Customs as specified
Notification No. 54/2002 Dated 22.05.2002:
1.Insertion of S.No.212A relating to Dies for drawing metal
2.Insertion of Condition No. 28A in the Annexure relating to import of dies for drawing metal acquired in exchange within one year of the date of exportation of similar dies out of India for repairs and non payment of drawback of duty on their export.
Creation of Valuation Checking Cell in each Customs House regarding
Circular No. 27/2002 Dated 21.05.2002: All the formations have been directed to create a “Separate Valuation Checking Cell" in each Custom House if not already done and initiate necessary action to review the undervalued consignments so that remedial action is promptly taken
Wrong availment of DEPB benefit in respect of exports where imports were made without payment of customs duty under Notification No. 32/97 dated 1.4.97
Circular No. 26/2002 Dated 16.05.2002: Customs have been advised to take due care at the time of processing export consignments under DEPB Scheme so as to ensure that in cases where imports had taken place on availing the facility of customs notification No. 32/97, no DEPB benefit is extended.
Further Amendment to Notification No. 63/94-Customs NT as specified
Notification No. 30/2002 NT Dated 27.05.2002:
1.Insertion of clause (iv) in the first proviso - Appointing Land Route in respect of Shella Bazar Land Customs Station only for the propose of export of all goods from India.
2.Substitution of entries relating to "Land route from Pyrkan through Pharangkaruh (near B.P. No. 1231-S) to Bastola in Bangladesh" in the Table as specified.
Authorised Dealers to allow Remittances towards Premium for General Insurance Policies taken by units located in SEZs
Circular No. A.P (DIR Series) Circular No.47 Dated 17.05.2002: It has been decided to exempt units located in Special Economic Zones (SEZs) from the purview of the Notification No. FEMA.12/2000-RB dated 3rd May 2000 for the purpose of taking out general insurance policies. Accordingly, authorised dealers are free to allow remittances towards premium for general insurance policies taken by units located in SEZs from insurers outside India provided the premium is paid by the units out of their foreign exchange balances.
Compliance by banks with Accounting Standards (AS) - Applicability of AS 17,18,21 and 22
Notification No. DBOD.No.BP.BC. 109 /21.04.018/2001-02 Dated 29.05.2002: It has been decided that compliance with the following Accounting Standards be made optional for banks only for the financial year ended 31st March 2002:
AS 17 on Segment Reporting,
AS 18 on Related Party Disclosure,
AS 21 on Consolidated Financial Statements, and
AS 22 on Taxes on Income.
Income Recognition, asset Classification and provisioning norms on advances – treatment of projects under implementation involving time overrun
Notification No. DBOD.No.BP.BC.108 / 21.04.048 / 2001-02 Dated 28.05.2002: It has been decided to group the projects under implementation into three categories for the purpose of determining the date when the project ought to be completed:
Category I: Projects where financial closure had been achieved and formally documented.
Category II: Projects sanctioned before 1997 with original project cost of Rs.100 crore or more where financial closure was not formally documented.
Category: III: Projects sanctioned before 1997 with original project cost of less than Rs.100 crore where financial closure was not formally documented.
Risk Weight on Housing Finance and Mortgage Backed Securities
Notification No. DBOD No. BP. BC. 106/21.01.002/2001- 02 Dated 24.05.2002: Banks extending housing loans to individuals against the mortgage of residential housing properties have been permitted to assign risk weight of 50 per cent instead of the existing 100 per cent but the loans against the security of commercial real estate would continue to attract 100 per cent risk weight as hitherto.
Risk Management Systems in Banks - Country Exposure
Notification No. DBOD.BP. / 21.04.103/ 2001- 02 Dated 23.05.2002: The draft guidelines on country risk management have been furnished along with a 'Note for Discussion' on the subject, for obtaining the views/ comments of banks by 15 June 2002.
Transaction in Government Securities
Notification No. IDMC.PDRS No.5039/03.64.00/2001-02 Dated 20.05.2002: In the light of recent fraudulent transactions in the guise of Government securities transactions in physical format by a few co-operative banks with the help of some broker entities, it is now proposed to accelerate the measures under contemplation for further reducing the scope for trading in physical form.
Working Group on Operational and Prudential Guidelines on STRIPS
Press Release No. 1290/2001-2002 Dated 22.05.2002: A working group has been constituted under the Chairmanship of Shri M. R. Ramesh, Managing Director, Clearing Corporation of India Limited to suggest operational and prudential guidelines on Separately Traded Registered Interest and Principal Securities (STRIPS).
Indian Exporters allowed to receive Part Export Value in Shares in Start-up Companies
Press Release No. 1318/2001-2002 Dated 30.05.2002: It has been decided to permit Indian software exporters to receive equity upto 25 per cent of the value of their exports to overseas start-up companies that have initial liquidity constraints. Software exporters desirous of availing of this facility may approach the Reserve Bank of India through their authorised dealer for necessary permission.
Ministry of Commerce and Industry
Addition of Note 11 in the Handbook of Procedures Vol. 2, 2002-2007
Public Notice No. 13/2002-2007 Dated 20.05.2002: Addition of Note 11 after note 10 in the General Notes for All Export Product Groups - Disallowance of duty free import of natural rubber till further notice.
Insertion of Clause 5 in the import Licensing Note
Notification No. 5/2002-2007 Dated 20.05.2002: Insertion of Clause 5 at the end of Chapter – 87 of ITC(HS) Classification of Export & Import items, 2002-2007 - Exemption of the import of vehicles namely, Digital Satellite News Gathering Vans (DSNG van)/Outdoor Broadcasting Vans (OB Van) fitted with equipments for telecasting from the conditions specified.
Initiation of Sunset Review
Notification No. 17/9/2002-DGAD Dated 22.05.2002 and No. 28/1/2001-DGAD Dated 17.05.2002: Initiation of Sunset Review regarding Anti-Dumping duty imposed on Pure Terephthalic Acid (PTA) originating in or Exported from Indonesia, Korea RP and Thailand and Anti-dumping duty Imposed on Graphite Electrodes imports from USA, Austria, France, Germany, Italy, Spain, China P R and Belgium
Department of Industrial Policy
Amendment of Notification No. SO477 (E) Dated 25.07.1991 – as Specified
Notification No. SO533(B) Dated 20.05.2002: Amendments in Schedule III-
(a) Ommission of serial numbers 233, 240(E), 245, 307A, 310, 434, 450, 453, 454, 500, 509, 512, 513, 513B, 513C, 628, 637, 652, 732 to 760, 781, 783 and 783A and the entries relating thereto.
(b) Substitutions in Serial No. 32 A, 9 and 154
Ministry of Consumer Affairs, Food and Public Distribution
Delegation of Powers of Director of Legal Metrology to the Designated Authority as specified
Notification No. GSR370(E) Dated 16.05.2002: The Central Government has delegated all the powers of the Director of Legal Metrology in respect of the provisions of Rules 35. 36 and 37 of the Standards of Weights and Measures (Packaged Commodities) Rules, 1977 to the person for the time being holding the Office of the Controller of Legal Metrology in the Union Territory of Chandigarh, subject to the condition that the list of registrations done under the said provisions shall be sent to the Director of Legal Metrology, quarterly.
Ministry of Communications
Indian Post Office (3rd Amendment) Rules, 2002
Notification No. GSR381(E) Dated 24.05.2002: Amendment in Rule 1 and Rule 194 - Increase in the values as specified.
Effective date for Schedule I of Indian Post Office Act
Notification No. SO567(E) Dated 24.05.2002: The Central Government has appointed the 1st day of June, 2002 to be the effective date for the purpose of Section 156 of the Finance Act, 2002.
Ministry of Environment and Forest
Further Amendment to Notification No. SO114(E) dated 19.02.1991 as specified
Notification No. SO550(E) Dated 21.05.2002: Further amendments have been made to Notification No. SO114(E) dated 19.02.1991
Amendment to Notification No. SO884(E) dated 19.12.1996
Notification No. SO536(E) Dated 20.05.2002: Substitution of the words “five years and nine months” for “five years and six months” in paragraph 1.
Ministry of Law, Justice and Company Affairs
Amendments in Schedule VI of the Companies Act, 1956
Notification No. GSR376(E) Dated 22.05.2002: Substitution of Paragraph against the sub-heading “CURRENT LIABILITIES AND PROVISIONS” in Part 1 of Shedule VI - Dislosure of the name(s) of small scale industrial undertaking(s) to whom the company owe any sum together with interest outstanding for more than thirty days.
Provisions of the Minimum Wages Act, 1948 and Minimum Wages (Central) Rules, 1950 as specified not to apply to the Employees of CPWD
Notification No. SO563(E) Dated 23.05.2002: The Central Government has directed that the provisions of Section 2(h), Section 14 of the Minimum wages Act, 1948 and Rule 25 of the Minimum Wages (Central) Rules, 1950 shall not apply to the employees working in Work Charged Establishment and Regular Classified Establishment in CPWD under Ministry of Urban Development and Poverty Alleviation having regard to certain considerations.
Extension of duration of the Court of inquiry on accidents occurred in the colleries of Bharat Cooking Coal Ltd.
Notification No. SO555(E) Dated 22.05.2002: The Central Government has extended the duration of the Court of inquiry on accidents occurred in the colleries of Bharat Cooking Coal Ltd. for a further period of three months with effect from 28th May, 2002 to 27th August, 2002.
Shri S.C. Manchanda appointed as Employers’ representatives in the Central Advisory Board
Notification No. SO564(E) Dated 21.05.2002: Shri S.C. Manchanda, Adviser (IR) of the Ministry of Railways has taken over the charge from Shri Raj Kumar as the Employers’ representatives in the Central Advisory Board.
Bills passed and introduced during budget session of parliament
Dated 23.05.2002: Thirty-four Bills were passed, 37 Bills including 31 in Lok Sabha and 6 in Rajya Sabha introduced and three Bills withdrawn in Rajya Sabha during the Budget Session of Parliament, which ended on May 17, 2002.
States urged to expedite filling of vacancies in fast track courts
Dated 21.05.2002: The Centre has urged the States to fill expeditiously within three months the vacancies of Fast Track Courts to make all the 1734 such courts functional during the current financial year.
Allocation of additional family courts in states
Dated 21.05.02: The Government has planned to set up 34 additional Family Courts under the Family Courts Act, 1984, in various States on a 50:50 cost sharing basis during the current financial year 2002-2003.
New Legislation for recovery of Debts
Dated 20.05.2002: The Government has planned a new legislation titled the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Bill, 2002 to be introduced in the next Session of Parliament.
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