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manupatra Round Up |
[No. 18 dated 30-06-02] |
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Secondary Market Division
Compliance with the Four Accounting Standards Optional For Banks as specified
Circular No. SMD/Policy/Cir-16 /2002 Dated 26.06.2002 : Reserve Bank of India after considering the difficulties expressed by the banks in complying with the requirements of the new Accounting Standards, has decided to make the compliance with the following four Accounting Standards optional for banks for the financial year ended March 31, 2002:
1.AS-17 on Segment Reporting.
2.AS-18 on Related Party Disclosure.
3.AS-21 on Consolidated Financial Statements, and
4.AS-22 on Taxes on Income
Claims against the defaulter member for compensation from the IPF/ CPF
Circular No. SMD/Policy/Cir-15/2002 Dated 26.06.2002 : It has been clarified that in case of the default of the member broker, the clients of the registered sub-brokers would also be eligible for the claims against the defaulting member broker for compensation from the IPF/CPF. The stock exchanges have been advised to take note of the same and entertain legitimate claims of the clients of the registered sub-broker of the defaulting member broker for compensation from the IPF/CPF.
Electronic Data Information filing and Retrieval (EDIFAR)
Circular No. SMD/POLICY/Cir-13/02 Dated 20.06.2002 : SEBI in association with National Informatics Center (NIC) has set up an Electronic Data Information Filing And Retrieval (EDIFAR) to facilitate filing of certain documents/statements by the listed companies on line on the web site to be maintained by NIC.
Mutual Funds Division
Code of Conduct for Intermediaries of Mutual Funds
Circular No. MFD/CIR/ 06/210/2002 Dated 26.06.2002 : AMFI has prescribed a code of conduct for the mutual funds intermediaries i.e. agents and distributors and has advised all distributors and agents of mutual funds units to follow the code of conduct strictly.
Mutual Funds to implement guidelines as specified
Circular No. MFD/CIR/05/432/2002 Dated 20.06.2002 : It has been decided that all mutual funds shall take steps to implement the guidelines relating to,
1.Transactions of mutual funds in Government Securities in dematerialised form.
2.Treatment and disposal of illiquid securities/NPAs at the time of maturity/ closure of the scheme.
3.Applicability of Insider Trading Regulations
Ministry of Finance
Scheme of Bulk filing of returns by salaried employees, 2002
Notification No. 160/2002, No. SO661(E) dated 24.06.2002 : The Central Board of Direct Taxes has framed the Scheme of Bulk filing of returns by salaried employees, 2002, which shall be applicable to all eligible employers and their eligible employees assessed to tax at Ahmedabad, Bangalore, Baroda, Bhopal, Chandigarh, Chennai, Delhi,Gandhinagar, Hyderabad, Jaipur, Jabalpur, Kolkata, Mumbai, Nagpur, Pune, and Thane.
Income-tax (Thirteenth Amendment) Rules, 2002 - Form 1, 2, 2D, 3
Notification No. 159/2002, No. SO659(E) Dated 24.06.2002 : (1) A new proviso relating to option of filing the income tax return in Form No.2D SARAL has been inserted after sub-clause (iii), in clause (b), in sub-rule (1) of rule 12. (2) Amendments have been made in Form 1, Form 2 and Form 3 in Appendix II.
Income-tax (Twelfth Amendment) Rules, 2002 - Amdt. in Form 15G, 15H, 15I
Notification No. 158/2002, No. SO658(E) Dated 21.06.2002 : New item relating to dividend/interest on securities/interest other than “interest on securities” has been inserted in Form No. 15G, Form No. 15H and Form No. 15I of Income Tax Rules in Appendix II.
HDFC specified as Financial Institution Us 80E
Notification No. 157/2002, No. SO657(E) Dated 21.06.2002 : The Central Government has specified the Housing Development Financial Corporation Limited as a financial institution for the purpose of Section 80E of the Income-tax Act, 1961.
Notifications u/s 10(23C) and u/s 10(10C)(viic)
Notification No. 155/2002 and No. 156/2002 Dated 20.06.2002, No. 148/2002 Dated 17.06.2002 and No. 153/2002 Dated 19.06.2002 : Bhopal Memorial Hospital Trust, Bhopal, Shree Nasik Panchavati Panjrapole, Mumbai and Foundation Aga Khan, New Delhi have been notified Us 10(23C) and International Corps Research Institute for the Semi-Arid Tropics notified U/s 10(10C)(viic).
Amendment to Notification No. SO709(E) dated 20.08.1998 - Cost Inflation Index
Notification No. 154/2002, No. SO647(E) Dated 19.06.2002 : S. No. 22 for the year 2002-2003 having Cost Inflation Index of 447 has been notified.
Income-tax (Eleventh Amendment) Rules, 2002 - Rule 7B
Notification No. 152/2002 Dated 19.06.2002 : Sub rule (1) of Rule 7B has been substituted by Sub-rule (1) and (1A) relating to Income derived from the sale of coffee.
Income-tax (Tenth Amendment) Rules, 2002 - Rule 2BA
Notification No. 151/2002 Dated 19.06.2002 : Clause (viia) relating to an institution, having importance throughout India or in any State or States as specified, has been inserted in Rule 2BA.
Income-tax (Ninth Amendment) Rules, 2002 - Rule 114D
Notification No. 150/2002 Dated 19.06.2002 : New Rule 114D relating to the time and manner in which persons referred to in sub-rule (2) of rule 114C shall intimate the details of transaction to the Director of Income-tax (Investigation) has been substituted for the old Rule.
Income-tax (Eighth Amendment) Rules, 2002
Notification No. 149/2002 Dated 19.06.2002 : Amendment has been made in clause (e) of Rule 114B whereby every person has to quote his Permanent Account Number or General Index Register Number in all documents pertaining to a contract of a value exceeding one lakh rupees (substituted for "ten lakh rupees") for sale or purchase of securities. After clause (h) of the rule 114B, clause (i), (j) and (k) have been inserted.
Export warehousing –Extension of facility in Kancheepuram District of Tamil Nadu
Circular No. 33/642/2002 Dated 26.06.2002 : In consideration of the representations received from the trade as well as from field formations to include Kancheeppuram District in Tamil Nadu in the list of places mentioned in the said Circular wherein the warehouses for storing excisable goods for the purpose of export may be set up, it has been decided to amend paragraph 2(2) of the Circular No. 581/18/2001-CX dated 29th June 2000 to include Kancheepuram District of Tamil Nadu in the said list.
Payment of NCCD on stuff exported under bond
Circular No. 32/641/2002 Dated 26.06.2002 : It has been clarified by the Board that no National Calamity Contingent Duty leviable under Section 129 of Finance Act, 2001 is to be paid on the goods exported under bond. If export does not eventually take place the good would be subject to all duties of excise including NCCD as applicable.
Central Excise duty concession on cars for physically handicapped persons
Circular No. 31/640/2002-CX Dated 24.06.2002 : It is clarified by the Board that the concessional rate of duty should not be denied in respect of any motor vehicle with special features (like auto transmission) which is capable of being used by a handicapped person and for which necessary certificate from the Ministry of Industry is produced in this regard.
Amendment to Notification No. 29/2002 – Insertion of Explanation
Notification No. 34/2002 Dated 21.06.2002 : After the Table annexed the Explanation relating to the exemption under the notification to be available if such goods are removed under bond, without payment of the duties of excise specified in column (2) of the said Table, from any of the refineries specified against clauses (a) to (d), to a warehouse and subsequently removed from the said warehouse on payment of fifty percent. of such duties, has been inserted
New EXIM Policy 2002-2007 and Handbook of Procedures, 2002-2007
Circular No. 37/2002 Dated 28.06.2002 : Certain changes have been introduced in the provisions relating to Gem and Jewellery Export Promotion Schemes in the new EXIM Policy & HOP.
Export Against Supply by Foreign Buyer – Clarification Regarding the Amount of Bank Guarantee to be Furnished under the Scheme
Circular No. 36/2002 Dated 28.06.2002 : To bring down the transaction cost of exports, it has been decided that for the purpose of calculation of bank guarantee amount in case of import of gold under the Scheme, the duty rate on gold will be taken @ Rs. 250/- per 10 gms.
Amendment to Notification No. 39/96 as specified
Notification No. 66/2002 Dated 26.06.2002 : In the Table annexed, in S. No. 18, in column (3) in the Explanation, for the words “1st day of July 2002”, the words “1st day of July 2006”, have been substituted and S.No. 21 relating to import of Capital Equipment required for setting up of facilities for manufacture of SU-30 MKI aircraft by M/s. Hindustan Aeronautics Limited (H.A.L.) has been inserted.
Standard set of guidelines for appointment of custodian of Sea Ports and Air Cargo Complexes
Circular No. 34/2002 Dated 26.06.2002 : A set of guidelines for appointment of custodians of ports/Air cargo Complexes have been issued, which needs to be applied while appointing a custodian of port or Air cargo Complexes.
Leviability of customs duty on fuel and other stores consumed on board during extension flights in domestic sector
Circular No. 33/2002 Dated 25.06.2002 : It has been clarified by the Board that Circular No. 65/2001-Cus. dated the 19th November, 2001 is applicable only for domestic extension flights which ply between two Indian airports without a trip to a foreign airport on their voyage. The Circular does not intend to levy duty on stores consumed in a foreign going aircraft during its flight between two Indian airports only on the ground that the flight number or IGM number changes when flying between two Indian airports.
Benares State Bank Ltd., (Amalgamation With Bank of Baroda) Scheme, 2002
Notification No. SO649(E) Dated 19.06.2002 : In the Table, against serial number 8 relating to the Sate of Maharashtra, against item (9) occurring in column (3) relating to Jaigad, in column (4), new entry relating to Loading of Molasses and Bauxite Ore goods for export has been substituted.
Department of Economic Affairs
Benares State Bank Ltd., (Amalgamation With Bank of Baroda) Scheme, 2002
Notification No. SO648(E) Dated 19.06.2002 : The Central Government has sanctioned the Benares State Bank Ltd., (Amalgamation with Bank of Baroda) Scheme, 2002 on and subject to the terms and conditions specified.
Use of Credit Cards
Circular No. AP (DIR Series) Circular No 53 Dated 27.06.2002 : It has been clarified that International Credit Cards can be used on internet for any purpose for which exchange can be purchased from an authorised dealer in India.
Exim Bank’s Line of Credit of US $ 10 million to Banco de Comercio Exterior de Colombia, S.A. (Bancoldex), Colombia
Circular No. AP (DIR Series) Circular No 52 Dated 25.06.2002 : Export Import Bank of India has concluded an agreement with the Banco de Comercio Exterior de Colombia, S.A. (Bancoldex), Colombia on February 5, 2002, making available to the latter, a line of credit upto an aggregate sum of US $ 10 million (U.S. Dollar Ten Million only) subject to the fulfillment of certain conditions.
Indian Direct Investment in Joint Ventures (JV)/Wholly Owned Subsidiaries (WOS) outside India
Circular No. AP DIR Series Circular No 51 Dated 24.06.2002 : With a view to further streamlining the procedure for reporting overseas direct investments in JV/WOS, it has been decided to dispense with the requirement of forwarding of form ODA along with the prescribed documents to Reserve Bank for investments made under the automatic route by Indian parties.
Auction for Sale (Re-issue) of ‘7.55 per cent Government Stock, 2010
Notification No. 4(9)-W&M/2002 and No. 4(7) – W&M/2001(1) Dated 28.06.2002 : Government of India has notified sale (reissue) of ‘7.55 per cent Government Stock, 2010’, Floating Rate Bonds Auction for Sale of Government of India Floating Rate Bonds 2017
Reliance on Call/Notice Money Market: Prudential Norm
Notification No. MPD 217 /07 01 279/2001-02 Dated 27.06.2002 : As per the policy announced earlier, and after further consultations with bankers, it has been decided to stipulate prudential limit on the exposure of commercial banks in call/notice money market in two stages as specified.
RBI develops a Short-Term Liquidity Forecasting Model
Press Release No. 1410/2001-2002 Dated 24.06.2002 : The Reserve Bank of India has developed the generic form of a short term model for liquidity assessment to evaluate the short term interaction of financial markets and monetary policy measures.
Amalgamation of the Benares State Bank Ltd. with Bank of Baroda
Press Release No. 1401/2001-2002 Dated 20.06.2002 : The Scheme of Amalgamation of the Benares State Bank Ltd. with Bank of Baroda has been sanctioned by the Central Government in terms of Sub-Section (7) of section 45 of the banking Regulation Act, 1949 vide Notifications F.No.15/2/2000-BOA(i) and F.No.15/2/2000-BOA(ii) dated 19 June 2002. The Scheme of Amalgamation shall come into force with effect from June 20, 2002.
MInistry of Commerce and Industry
Deemed Exports Benefits
Circular No. 6/2002-2007 Dated 27.06.2002 : The following Deemed Exports Benefits have been considered by DGFT 1) Application by branch office of Registered exporters for Deemed export benefits 2) Endorsement by RLA’s for automatic extension of Status upto 31.03.2004 for Golden Certificate and other status holders 3) Retrospective effect to certain changes in the Exim Policy 2002-07
Indo-USSR deferred payments protocol
Public Notice No. 19/2002-07 Dated 24.06.2002 : It is informed that in pursuance of the relevant provisions contained in the Indo-USSR deferred payments protocol dated the 30th April, 1981 and 23rd December, 1985 between the Government of India and the erstwhile USSR, the Reserve Bank of India have further revised the Indian Rupee Value of the Special Currency Basket to Rs. 54.1262 Effective from 09.05.2002
Export of 10,000 MTs of White Sugar under preferential quota to EU for the year 2002-2003
Circular No. 5(RE-2002)/2002-2007 Dated 21.06.2002 : It has been decided to allocate a quantity of 10,000 MTs (Ten Thousand MTs) of White Sugar under preferential quota out of free sale portion of 2001-2002 season’s production for export to EU for the year 2002-03
Extension of All Industry rate of duty drawback for furnace oil
Notification No. 8(RE-2002)/2002-2007 Dated 20.06.2002 : The Director General of Foreign Trade has announced extension of All Industry Rate of duty drawback of Rs. 850/- per M.T. for furnace oil supplied by domestic oil companies to EOU/EPZs under deemed export scheme as notified under Notification No. 33 dated 12.10.2001, beyond 31-3-2002 until further orders.
Preliminary Findings
Notification No. 14/11/2002-DGAD Dated 14.06.2002 : Report on Anti-dumping investigation concerning imports of Citric Acid into India originating in or exported from Indonesia and Thailand.
Department of Industrial Policy
ONGC, Nazira-Exempted from the Provisions of Rule 31(2)
Notification No. SO595(E) Dated 03.06.2002 : The Central Government has exempted the Oil and Natural Gas Corporation Limited, ERBC, Well Logging Section, Assam from the provisions of sub-rule (2) of rule 31 of the Explosives Rules, 1983, for import of Cartridges, Oil Well and Igniters from the Jet Research Centre, Halliburton Energy Services Inc., 8432, South IH35, West Alvarado, Texas, United States of America, at Kolkatta Airport.
Ministry of Consumer Affairs, Food and Public Distribution
Sugar Development Fund (Amendment) Rules, 2002
Notification No. GSR443(E) Dated 21.06.2002 : (1) CHAPTER-IX relating to defraying expenditure on internal transport and freight charges to the sugar factories on export shipments of sugar has been inserted after CHAPTER-VIII (2) FORM-VI - Application form for Reimbursement of Expenditure on Internal Transport and Freight Charge, has been inserted after FORM-V.
Effective date for enforcement of Sugar Development Fund (Amendment) Act, 2002
Notification No. GSR442(E) Dated 21.06.2002 : The Central Government has appointed the 21st day of June, 2002 as the date on which the Sugar Development Fund (Amendment) Act, 2002 shall come into force.
Ministry of Environment and Forests
Amendment to Notification No. SO 60(E) dated 27.01.1994
Notification No. SO632(E) Dated 13.06.2002 : New proviso relating to the non requirement of Environmental Impact Assessment report in case of Pipeline Projects has been inserted in sub-para I, after clause (a), in Paragraph 2.
Ministry of Health and Family Welfare
Drugs and Magic Remedies (Objectionable Advertisements) Amendment Rules, 2002
Notification No. GSR447(E) Dated 25.06.2002 : Changes have been made in the Schedule (relating to entries of Asthma and Aids).
Prevention of Food Adulteration (6th Amendment) Rules, 2002
Notification No. GSR439(E) Dated 19.06.2002 : In rule 55, in the table, item no. 16 relating to Ready to serve beverages has been substituted and clause 3A relating to Packaging materials has been inserted in item A-32 in Appendix B.
Prevention of Food Adulteration (4th Amendment) Rules, 2002
Notification No. GSR438(E) Dated 19.06.2002 : Amendments in Appendix 'B'
1. Item No.A.08.03 relating to Coffee has been substituted.
2. Item No.A.08.05 relating to Instant Coffee has been substituted.
3. In Item A. 19 clause (vi) has been deleted.
Prevention of Food Adulteration (Fifth Amendment) Rules, 2002
Notification No. GSR437(E) Dated 19.06.2002 : in rule 55, in the Table for serial no. 21, S.No.21 relating to Pickled meat and bacon, 21.A, relating to Corned beef and 21.B relating to Luncheon Meat have been substituted, in rule 72-A in the Table, in column 1, item No. 18. relating to Ascorbic Acid / Iso Ascorbic Acid and its Salts Singly or in Combination and item. No. 19 relating to Phosphates (Naturally present and added) expressed as P2 O5 have been inserted and in Appendix B, item No. A 34 relating to Meat and Meat Products has been inserted.
Ministry of Law, Justice and Company Affairs
Reports of Board of Directors of Companies – Statement showing details of employees drawing remuneration beyond the prescribed limits
Circular No. 16/2002 Dated 25.06.2002 : A decision has been taken that Directors’ Reports annexed to the Balance Sheets, the financial year in respect of which has closed on 31.3.2002 may include details of employees on the basis of revised limits as circulated by General Circular No: 10/2002 dated 26.4.2002.
Gujarat State Handloom Development Corporation Limited and the Gujarat State Handicrafts Development Corporation Limited (Amalgamation) Order, 2002
Notification No. GSR653(E) Dated 19.06.2002 : The Central Government has made the Gujarat State Handloom Development Corporation Limited and the Gujarat State Handicrafts Development Corporation Limited (Amalgamation) Order, 2002 Order to provide for the amalgamation of M/s Gujarat State Handloom Development Corporation Limited with M/s Gujarat State Handicrafts Development Corporation Limited.
Railway Services (Revised Pay) Amendment Rules, 2002
Notification No. GSR433(E) Dated 18.06.2002 : In the First Schedule below note 5, Sub-para (ii) relating the number of posts to be operated in the revised scale S-15 (Rs. 8,000 – 13,500) has been substituted.
The text of following Acts/Ordinances are available on the site.
Patents Amendment Act 2002 (38 of 2002)
The Securitisation And Reconstruction of Financial Assets And Enforcement of Security Interest Ordinance, 2002
Delimitation Act 2002
All India Institute of Medical Sciences Amendment Act 2002 (24 of 2002)
Code of Civil Procedure (Amendment) Act, 2002 (22 of 2002)
Constitution Scheduled Castes Order (Amendment) Act, 2002 (25 of 2002)
Indian Succession (Amendment) Act, 2002 (26 of 2002)
Institutes Of Technology (Amendment) Act, 2002 (16 of 2002)
Inter State Water Disputes (Amendment) Act, 2002 (14 of 2002)
Jute Manufacturers (Amendment) Act, 2002 (13 of 2002)
Legal Services Authorities (Amendment) Act, 2002 (37 of 2002)
National Institute of Pharmaceutical Education and Research Amendment Act 2002 (28 of 2002)
Passports (Amendment) Act, 2002 (17 of 2002)
Salaries and Allowances of Officers of Parliament (Second Amendment) Act, 2002 (31 of 2002)
Salaries and Allowances of Officers of Parliament and Leaders of Opp in Parliament (Amdt.) Act, 2002 (29 of 2002)
Salary, Allowances and Pension of Members of Parliament (Amdt.) Act, 2002 (34 of 2002)
Sugar Development Fund Amendment Act 2002 (30 of 2002)
Tea Districts Emigrant Labour Repeal Repealing Act 2002 (27 of 2002)
Vice-President's Pension Amendment Act 2002 (23 of 2002)
Law Minister Releases Cd-Rom On Financial Profiles Of More Than Two Lakh Companies
Dated 28.06.2002 : The Union Minister of Law, Justice and Company Affairs, Shri Arun Jaitley released a CD-ROM "First Source" containing a large database on key financial statistics of 2,45,366 registered companies, both public limited and private limited, developed jointly by the Department of Company Affairs (DCA) and the Centre for Monitoring Indian Economy (CMIE),
Networking of Department of Justice with Courts and Law Departments of States
Dated 26.06.2002 : The Department of Justice of the Ministry of Law, Justice and Company Affairs, has taken up computerized networking of the Department with the Supreme Court, all High Courts and Law Departments of State Governments at a cost of Rs. 10 lakhs which shall enable the Department of Justice to get online access to the detailed data relating to pendency of cases maintained by the High Courts and the Supreme Court
President promulgates Ordinance for recovery of debts
Dated 24.06.2002 : The President has promulgated an Ordinance titled "The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002" which shall come into force with immediate effect.
New Industrial Policy for Jammu & Kashmir – Package for Incentive Notified
Dated 20.06.2002 : The government has notified a comprehensive package of incentives for the State of Jammu & Kashmir as part of a New Industrial Policy for the State.
Workshops on Environmental Management at IIMs
Dated 20.06.2002 : The Ministry of Environment and Forests, in association with the All India Council of Technical Education (AICTE) is sponsoring Orientation Workshops on Integrating Environmental management in the curriculum of Management Schools for the faculty of AICTE approved institutions.
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