|
manupatra Round Up |
[No. 19 dated 10-07-02] |
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Mutual Funds Division
(Mutual Funds) (Second Amendment) Regulations, 2002
Circular No. MFD/CIR/ 07/213/2002 Dated 02.07.2002 : All Mutual Funds Registered with SEBI, Unit Trust of India and Association of Mutual Funds in India have been circulated a copy of Gazette Notification dated June 11, 2002 - SEBI (Mutual Funds) (Second Amendment) Regulations, 2002 regarding nomination facility for the unit holders, for information and implementation.
Depositories and Custodian Division
Tracking of underlying shares released on the conversion of depository receipts
Circular No. D&CC/FITTC/CIR – 09/2002 Dated 04.07.2002 : In order to ensure easy tracking of the underlying shares released on the conversion of the "depository receipts", it has been decided that all such shares shall mandatorily be credited to a separate Depository Receipts (DRs) account of the respective investor.
Foreign Exchange Management (Foreign Currency Accounts by a person Resident in India) (Third Amendment) Regulations 2002
Notification No. FEMA 63/2002–RB, No. GSR 465(E) Dated 21.06.2002 : Paragraph 6A relating to Foreign Currency Account of a Unit in a Special Economic Zone has been inserted after paragraph 6 of the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) regulations, 2000.
Ministry of Finance
Dividend Warrant-containing information on TDS
Circular No. 17/2002 Dated 05.07.2002 : A new format for dividend warrants to include information on TDS has been recommended to the companies for their adoption.
Notifications u/s 10(23C)(iv)
Notification No. 164/2002 Dated 04.07.2002 : Indian Chamber of Commerce, Kolkata, Friends of Moral Re-Armament (India), Mumbai, Indian National Trust for Art and Cultural Heritage, New Delhi and Swaminarayan Aksharpith, Ahmedabad, have been notified u/s 10 (23C) (iv)
Deduction of income-tax at source under sections 193, 194 A and 194 K of Income-tax Act — Payment to Ramakrishna Math and Ramakrishna Mission
Circular No. 3/2002 Dated 28.06.2002 : It has been decided that in the case of Ramakrishna Math and Ramakrishna Mission whose income is exempt under clause (iv) of section 10(23C) of the Income-tax Act, the incomes by way of i) interest on securities of the Central and State Governments, ii) interest other than ‘income by way of interest on securities’ and iii) income in respect of units of a Mutual Fund specified under section 10(23D) or of the Unit Trust of India may be paid to the Ramakrishna Math and Ramakrishna Mission without deduction of income-tax at source.
Notifications as specified to be amended further
Notification No. 37/2002 Dated 03.07.2002 : Explanation VII and Explanation IV regarding textile yarns have been inserted in Notification No. 14/2002 and 15/2002-Cenral Excise, dated 1st March, 2002, respectively.
Clarification of doubts under the new Valuation Rules
Circular No. 34/643/2002-CX Dated 01.07.2002 : The Board has received a number of references from the field formations as well as representations from the trade associations about certain doubts still persisting in the minds of the field officers, which have been clarified.
Anti Dumping duty on D (-) Para Hydroxy Phenyl Glycine Base
Notification No. 68/2002 Dated 05.07.2002 : The Central Government has imposed on D (-) Para Hydroxy Phenyl Glycine Base, D (-) Alpha Para Hydroxy Phenyl Glycine Base, D (-) Para Hydroxy Phenyl Glycine, Para Hydroxy Phenyl Glycine Base, Para Hydroxy Phenyl Glycine, D (-) P – Hydroxy Phenyl Glycine Base or D (-) P – Hydroxy Phenyl Glycine, imported from DSM Deretil S.A., Spain, Recordati, Italy and Other exporters from European Union an anti-dumping duty at a rate as specified.
Further amendments to Notification No. 21/2002 – Omission of S. No. 174A
Notification No. 67/2002 Dated 03.07.2002 : In the Table, S. No.174A and the entries relating thereto have been omitted.
Debiting the element of SAD in DEPB Scrips
Circular No. 39/2002 Dated 02.07.2002 : It has been clarified that in all cases where “let export date” is prior to 1.4.2002, such exports under DEPB Scheme would be governed by 1997-02 EXIM Policy and Customs Notification No. 34/97-Cus. In respect of such DEPB Scrips, exemption from SAD would be available without the requirement of debiting the element of SAD in DEPB Scrips.
New Exim Policy 2002-07 and Handbook of Procedures, 2002-2007 - Amendments in the Notifications relating to EOU/EPZ/ETHP/STP/SEZ schemes
Circular No. 38/2002 Dated 01.07.2002 : To implement the changes brought about by the new EXIM Policy & HOP, amendments have been made in the notifications governing duty free import/procurement of goods by the EOUs and units in EPZ/EHTP/STP/SEZ vide notification Nos. 64/2002-Cus. dated 24-6-2002 and 35/2002-CE, dated 24-6-2002.
Ministry of Law and Justice
Effective date for The Code of Civil Procedure (Amendment) Act, 2002 Notified – 01.07.2002
Notification No. SO604(E) Dated 06.06.2002 : The Central Government has appointed the 1st day of July, 2002, as the date on which the provisions of the Code of Civil Procedure (Amendment) Act, 2002 Act shall come into force.
Effective date for The Code of Civil Procedure (Amendment) Act, 1999 Notified – 01.07.2002
Notification No. SO603(E) Dated 06.06.2002 : The Central Government has appointed the 1st day of July, 2002, as the date on which all provisions [except clause (iii) of section 16, clause (iii) of section 18 so far as it relates to rules 9 and 10 of Order VII of the First Schedule to the Code of Civil Procedure, 1908 and section 30] of the Code of Civil Procedure (Amendment) Act, 1999 shall come into force.
Export of Goods and Services
Circular No. AP (DIR Series) Circular No 2 Dated 04.07.2002 : Manufacturer exporters of certain products having export contracts of Rs.100 crore and above in value terms in one year have been allowed a period upto 365 days from the date of shipment for the realisation and repatriation of full value of the exports of products specified. Now it has been decided to include products of aluminium, petroleum products, sugar and foodgrains as eligible products for exports with in the extended period of realisation as specified above.
Facilities to NRIs/PIOs and Residents
Circular No. AP (DIR Series) Circular No 1 Dated 02.07.2002 : With a view to further liberalising the Exchange Control Regulations and providing additional facilities to Non-Resident Indians/Persons of Indian Origin (NRIs/PIOs), it has since been decided that henceforth Authorised Dealers may allow the facility of repatriation of funds out of balances held by NRIs/PIOs in their Non-resident Ordinary Rupee (NRO) Accounts, for the purposes as specified.
Maintenance of foreign currency account abroad by a company/ firm/a body corporate registered or incorporated in India
Circular No. AP (DIR Series) Circular No 54 Dated 29.06.2002 : Remittances may be allowed by the authorised dealers for the purpose of normal business operations of the office (trading/non-trading)/branch or representative outside India as per the provisions of the Regulations in this regard subject to certain terms and conditions.
Draft guidelines for Consolidated Accounting and other quantitative methods to facilitate Consolidated Supervision
Notification No. DBOD No BP 2388/21.04.018/2001-02 Dated 24.06.2002 : All commercial banks have been requested to urgently furnish their comments/feedback on the draft guidelines on the proposed Consolidated Accounting and other quantitative methods to facilitate Consolidated Supervision as applicable to the specified institutions before July 15, 2002 to the Chief General Manager, Department of Banking Operations & Development.
Alteration in the name of bank in the Second Schedule to the Reserve Bank of India Act, 1934 "The Fuji Bank Ltd." to "Mizuho Corporate Bank Ltd."
Notification No. DBOD No BC 117 /12.06.108/2001-2002 Dated 22.06.2002 : The name of "The Fuji Bank Ltd." has been changed to "Mizuho Corporate Bank Ltd." in the Second Schedule to the Reserve Bank of India Act, 1934 with effect from 13 April 2002, i.e. the date on which the relative notification DBOD.IBS.1624/23.13.078/2001-2002 dated 1st April 2002 was published in the Gazette of India (Part III – Section 4).
Report of the Consultative Group of Directors of Banks / Financial Institutions (Dr. Ganguly Group) - Implementation of recommendations
Notification No. DBOD No BC 116/08.139.001/2001-02 Dated 20.06.2001 : In view of the importance of the recommendations made by the Consultative Group of Directors of banks and FIs set up by Reserve Bank of India to review the supervisory role of Boards, the Chairman & Managing Directors / Managing Directors of all scheduled commercial banks (excluding foreign banks, regional rural banks and local area banks) have been requested to place the Report as well as the list of recommendations before the Board of Directors of the bank for further recommendations.
Led by India and China, Asian region likely to show higher growth in 2002 and 2003, says Bimal Jalan
Press Release No. 29/2002-2003 Dated 08.07.2002 : Dr. Bimal Jalan, Governor, Reserve Bank of India, while reviewing current global developments has informed the central bank governors of major industrial and selected developing countries that the overall growth rate in Asia will increase to about 6 per cent in 2002 and will be slightly higher in 2003. This positive outcome was largely due to the anticipated better growth rate of 6 per cent in India and over 7 per cent in China.
Investment by Foreign Institutional Investors (FIIs) Under Portfolio Investment Scheme (PIS) - Infosys.
Press Release No. 13/2002-03 Dated 03.07.2002 : The Reserve Bank of India has advised that Foreign Institutional Investors (FIIs) can now purchase equity shares and convertible debentures of M/s. Infosys Technologies Ltd. up to 100% of its paid up equity capital, through primary market and stock exchanges, subject to the condition that the purchases of equity shares/ convertible debentures by a single FII/SEBI approved sub-account of a registered FII in the company should, not exceed 10% (Ten per cent) of the paid-up equity capital of company.
Ministry of Commerce and Industry
Amendments/Corrections in the Handbook of Procedures
Public Notice No. 21 /2002-07 Dated 01.07.2002 : The Director General of Foreign Trade has made amendments/corrections in the Handbook of Procedures, relating to Sub contracting under EOU/EPZ/ SEZ, DE benefits for supplies to EOU/EPZ/ EHTP/ STP and amendments relating to AEZ.
Fixation and modification of input and output norms
Public Notice No. 20/2002-07 Dated 01.07.2002 : The Director General of Foreign Trade has made amendments/modifications and additions in the Handbook of Procedures, Vol.2, 2002-2007, as specified.
Amendments in Conditionalities applicable for Export of Onions
Notification No. 9(RE-2002)/2002-2007 Dated 28.06.2002 : The Central Government has decided to make amendments in conditionalities applicable for export of onions
Anti Dumping Investigations
Notification No. 21/1/2001-DGAD Dated 26.06.2002 : Anti-Dumping Investigations Report concerning imports of Biaxially Oriented Poly Propylene Film (BOPP) imported from Taiwan, Hong Kong, Indonesia, Oman, UAE, Singapore And Thailand, Strontium Carbonate imported from People's Republic Of China, D (-) Para Hydroxy Phenyl Glycine Methyl Potassium Dane Salt imported from China PR And Singapore, Phenol from the European Union, Singapore and South Africa and Diclofenac Sodium imported from China.
Department of Industrial Policy
Exemptions from Rule 31(2)
Notification No. SO677(E) and No. SO678(E) Dated 28.06.2002, Notification No. SO690(E) to No. SO692(E) Dated 03.07.2002 : Initiating Explosives Systems India Limited, Gomia, ONGC, Chennai, Schlimberger Asia Services Limited, Chennai, Schlumberger Asia Services Limited and ONGC, Baroda have been exempted from the provisions of Rule 31(2).
Ministry of Petroleum and Natural Gas
Parliamentary Consultative Committee discusses Petroleum Regulatory Board Bill 2002
PIB Release Dated 03.07.2002 : The Parliamentary Consultative Committee attached to the Ministry of Petroleum & Natural Gas has discussed the Petroleum Regulatory Board Bill, 2002.
Officers to Exercise powers of search and Seizure – Under Cl 8 of the Lubricating Oils and Greases (Processing Regulation of Supply and Distribution Regulation) Order, 1987
Notification No. GSR 457(E) to GSR 463(E) all dated 27.06.2002 : Director General, Regional Directors, Deputy Directors and Assistant Directors to be the Officers authorized to Exercise powers of search and Seizure – Under Cl 4 of Naphtha (Acquisition, Sale, Storage and Prevention of use in Automobiles) Order, 2000, Under Cl 4 of Solvent Raffinate and Slop (Acquisition, Sale, Storage and Prevention of use in Automobiles) Order, 2000, Cl 9 of the Petroleum Products (Maintenance of Production, Storage and Supply) Order, 1999, Under Cl 4 of the Motor Spirit and High Speed Diesel (Regulation of Supply and Distribution and Prevention of Malpractices) Order, 1998, Under Cl 9 of the Kerosene (Restriction on use and Fixation of Ceiling Price) Order, 1993, Under Cl 13 of the Liquefied Petroleum Gas (Regulation of Supply and Distribution) Order, 2000 and Under Cl 8 of the Lubricating Oils and Greases (Processing Regulation of Supply and Distribution Regulation) Order, 1987
EPF Act being amended to introduce Multi-benefit Employees Insurance Scheme
Dated 08.07.2002 : The Central Board of Trustees (CBT) in a meeting held discussed the necessary amendments to the Employees Provident Fund & Miscellaneous Provisions Act, 1952 which include a proposal to introduce a Multi-benefit Employees Insurance Scheme by the Employees Provident Fund Organisation. The proposed Scheme will benefit those EPF beneficiaries who have lost their jobs as a result of the ongoing economic restructuring.
Evolving an Export Strategy for Natural Rubber Growers
Dated 08.07.2002 : The government have initiated a number of measures recently to protect the interest of natural rubber (NR) growers of Kerala and other States, which is to arrest the continuing decline in prices of NR in the domestic as well as international markets since 1999, which showed no signs of relief to the growers until March, 2002.
TRAI Releases Consultation Paper On Tariffs For Cellular Mobile Telephone Service
Dated 08.07.2002 : The Telecom Regulatory Authority of India (TRAI) today released a Consultation Paper on ‘Tariffs for Cellular Mobile Telephone Service". The Consultation Paper presents a framework and proposals in respect of tariffs for cellular mobile telephone service.
Prohibition of Foreign Investment in Lottery Business, Gambling and Betting
Dated 05.07.2002 : It has been clarified that both foreign investment and foreign technology collaboration in any form are completely prohibited in the lottery business, gambling and betting sector.
Revision of existing sectoral guidelines for FDI including investment by NRI and Overseas corporate bodies
Dated 05.07.2002 : As part of the ongoing liberalisation of the FDI regime, the Government, in partial relaxation of the extant policy which prohibits FDI in the agriculture sector, including plantations, has decided to allow FDI up to 100% in tea sector, including tea plantations.
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