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manupatra Round Up |
[No. 20 dated 20-07-02] |
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Secondary Market Division
Renewal of recognition to Saurashtra – Kutch Stock Exchange Ltd.
Notification No. SO710(E) Dated 08.07.2002 : Securities and Exchange Board of India, has granted renewal of recognition to the Kutch Stock Exchange for a further period of one year commencing on the 10th day of July 2002 and ending on the 9th day of July 2003 in respect of contracts in securities, subject to certain conditions.
Electronic Data Information Filing and Retrieval system (EDIFAR)
Circular No. SMD/POLICY/Cir-17/02 Dated 03.07.2002 : 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.
Press Releases
Supersession of the Board of Directors of The Uttar Pradesh Stock Exchange Association Ltd (UPSE)
Press Release No. PR127/2002 Dated 12.07.2002 : SEBI has by Order issued under section 11 of the Securities Contracts (Regulation) Act, 1956 superseded the Board of Uttar Pradesh Stock Exchange Association Ltd (UPSE), with effect from July 12, 2002 and has appointed Shri M N Sabharwal, IPS (Retd) as the Administrator of the Exchange to exercise and perform all the powers and duties of the Board.
Invitation of views / comments on Bhave Committee’s Report
Press Release No. PR125/2002 Dated 09.07.2002 : SEBI had constituted a Committee under the chairmanship of Shri C. B. Bhave, Managing Director, National Securities Depository Limited, on "Reduction of cost to the Demat Investors" the report of which has been published for views or comments from those who are concerned.
Ministry of Finance
Income Tax (15th Amendment) Rules, 2002
Notification No. 173/2002 Dated 16.07.2002 : In sub-rule (i), in Rule 89 after the words "under the Life Insurance Corporation Act, 1956 (31 of 1956)", words "or any other insurer as defined in clause (28BB) of Section 2 of the Income Tax Act, 1961" have been inserted and in sub-rule (ii), after the words, "Life Insurance Corporation of India", the words "or any other insurer" have been inserted. In Rule 101 after the words "under the Life Insurance Corporation Act, 1956 (31 of 1956)", the words "or any other insurer as defined in clause (28BB) of Section 2 of the Income-tax Act, 1961" have been inserted.
Requirement of Tax deduction at source in case of entities whose income is exempt under section 10 of the Income tax Act.
Circular No. 4 Dated 16.07.2002 : It has been decided that in case of those funds or authorities or boards or bodies, whose income is unconditionally exempt under section 10 of the Income-tax Act and who are statutorily not required to file return of income as per section 139 of the Income-tax Act there would be no requirement for tax deduction at source since their income is anyway exempt under the Income-tax Act.
Income-tax (Fourteenth Amendment) Rules, 2002
Notification No. 169/2002 Dated 10.07.2002 : The new rule 5A relating to Form of report by an accountant for claiming deduction under section 32(1)(iia) has been inserted and the existing Rule 5A has been renumbered as Rule 5AA. In the Appendix II new Form 3AA has been inserted and the existing Form 3AA has been renumbered as Form 3AAA.
Notifications U/S 10 (23C)(V)
Notification No. 165/2002 to No. 168/2002 Dated 09.07.2002 : Shree Jain Swetamber Bhandar Tirth, Pawa Puri, Bihar , Dohnavur Fellowship, Dohnavur, Tirunelveli, Sri Sri Jagadguru Shankaracharya Mahasanathanam Dakshinamnaya Sri Sharda Peetham, Sringeri and Govindapuram Parthasarathi Kshethra Samrakshana Samithi, Calicut have been notified U/S 10 (23C)(V)
Admissibility of MODVAT/CENVAT credit on the input /capital goods which are written off being obsolete or unfit for use
Circular No. 36/645/2002-CX Dated 16.07.2002 : The Board has examined the issue of admissibility of credit taken on written off inputs/ capital goods including partial write off and has decided that,
(i) In cases, where unused inputs are fully written off, Board’s instructions dated 22.2.95 shall apply i.e. the credit availed must be paid back.
(ii) In cases where the value of the inputs is partially written off/reduced in the accounts of the company, but the inputs are still capable of and available for use in the manufacture of finished goods, there would be no question of payment of CENVAT credit availed.
(iii) In respect of capital goods viz. components, spare parts etc. which are written off before use and hence are not proposed to be used, the CENVAT credit availed will have to be paid back on the same lines as applicable to “inputs” as mentioned in (i) above.
Valuation of Computer Systems sold along with software – clarifications
Circular No. 35/644/02-CX Dated 12.07.2002 : It has been clarified that for the period prior to 1.7.2000 computer systems will be valued by including the value of the software already etched or burnt or loaded on the hard disc of the system and no distinction should be made between an ‘operating software’ or an ‘application software’ in this regard. If the computer is sold loaded with a software, the value of the software will be included in the value of the computer whereas any floppy, disc or tape containing any software supplied along with the computer system will, however, be assessed separately.
Excise Duty on Aviation Turbine Fuel
Notification No. 24/2002 NT Dated 15.07.2002 : The Central Government has directed that the whole of the duty of excise payable under Section 3 of the Central Excise Act, 1944 shall not be required to be paid in respect of Aviation Turbine Fuel on which the duty of excise was not levied during the specified period in accordance with the prevailing practice.
Amendment To Notification No. 21/2002-Customs, dated the 1st March, 2002
Notification No. 70/2002 Dated 11.07.2002 : Item No. 15 relating to Sipat STPP – 2640 MW shall be inserted in the Annexure in List 42, under heading “Thermal Projects".
Anti-Dumping on Polyester Staple Fibres (PSF)
Notification No. 69/2002 Dated 10.07.2002 : Anti-Dumping duty has been imposed on Polyester Staple Fibres imported from Korea, Malaysia, Taiwan and Thailand.
Baggage (Transit to Customs Stations) Amendment Regulations, 2002
Notification No. 43/2002 NT Dated 08.07.2002 : In the Regulations for the words "or Cochin", wherever they occur, the words, "Cochin, Ahmedabad, Goa, Calicut, Coimbatore, Lucknow or Amritsar" have been substituted. In regulation 2 for the words "air or by a passenger train", the words "air, a passenger train or trucks" have been substituted and a new clause (d) relating to goods to be transported by trucks has been inserted. In regulation 4 of the regulations, for the words "five rupees", the words "twenty rupees" have been substituted.
Credits to Non-Resident External Rupee (NRE) Accounts
Circular No. AP (DIR Series) Circular No 5 Dated 15.07.2002 : . It is clarified that authorised dealers may credit the current income like rent, dividend, pension, interest, etc. of NRIs to their Non-Resident (External) Rupee Accounts provided they are satisfied that the credit represents current income of the non-resident account holder and income tax thereon has been deducted/paid/provided for, as the case may be.
Deferred Payments Protocols dated 30th April 1981 and 23rd December 1985 between the Government of India and erstwhile USSR
Circular No. AP (DIR Series) Circular No 4 Dated 09.07.2002 : Authorised Dealers are advised that a further change has taken place on June 24, 2002 and accordingly the rupee value of the special currency basket effective from June 27, 2002 has been fixed at Rs.55.7981.
Branch/Project/Liaison Offices in India of person resident outside India
Circular No. AP (DIR Series) Circular No 3 Dated 06.07.2002 : It has been decided to permit Authorised Dealers to open term deposit account for a period not exceeding 6 months in favour of a branch/office of a person resident outside India provided the Authorised Dealer is satisfied that the term deposit is out of temporary surplus funds and the branch/office furnishes an undertaking that the maturity proceeds of the term deposit will be utilised for their business in India within 3 months of maturity. However, the facility is not to be extended to shipping/airline companies.
Capital Adequacy Norms - Half Yearly Statement of Capital to Risk-Weighted Asset Ratio (CRAR)- Discontinuance
Notification No. DBS FID No C1 / 01.10.00/2001-02 Dated 13.07.2002 : It has been decided that submission by FIs of half- yearly statements in respect of CRAR , to RBI would no longer be necessary.
Relaxation to trade and industry in the State of Jammu & Kashmir
Notification No. DBOD BP BC 4 / 21.04.012/ 2002- 2003 Dated 12.07.2002 : It has been decided that the concessions/ credit relaxations to borrowers/customers in the State of Jammu & Kashmir as laid down in the Circular No. DBOD. BP.BC. 143/ 21.04.012/ 92 dated 18 June 1992 will continue to be operative for a further period of one year i.e. upto 31 March 2003.
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 and existing paragraph 5 in the Schedule has been deleted.
Foreign Exchange Management (Insurance) (Amendment) Regulations, 2002
Notification No. GSR477(E) Dated 02.05.2002 : In Regulation 3, after the proviso, the proviso relating to prohibition against taking general insurance policy issued by an insurer outside India not to be applicable to a unit located in Special Economic Zone, has been inserted.
Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2002
Notification No. GSR476 Dated 29.04.2002 : In Regulation 4, in Sub-regulation (2), in clause (i), for the words "fifteen per cent", the words "twenty five per cent" have been substituted.
Foreign Exchange Management (Transfer Or Issue Of Any Foreign Security) (Amendment) Regulations, 2002
Notification No. GSR475(E) Dated 24.04.2002 : In Regulation 21, in Sub-regulation (1) clauses (a) and (b) relating to qualification shares have been substituted and in Regulation 16 proviso relating to the same has been inserted.
Normal Transit Period (NTP) for exports to Iraq under U.N. guidelines
Notification No. IECD No 3/04.02.02/2002-03 Dated 10.07.2002 : Based on the general experience of banks/exporters in respect of export of goods to Iraq in realising the proceeds in time, the issue has been re-examined and accordingly the NTP has been enhanced to a maximum of 120 days from the date of shipment of goods to Iraq under U.N. guidelines by duly amending the relevant rule vide their AR Circular No.04/2002 dated April 1, 2002.
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.
Swarnjayanti Gram Swarozgar Yojana (SGSY)- Central Level coordination Committee (CLCC) held on June 3 2002 at Hyderabad – Implementation of decisions
Notification No. RPCD SP BC 113 /09.01.01/2002-03 Dated 04.07.2002 : The meeting of Central Level Coordination Committee (CLCC) under the Swarnjayanti Gram Swarozgar Yojana (SGSY) was held on June 3, 2002 to review the performance under the SGSY scheme during 2001-02 which has taken certain decisions for implementation.
Credit Mobilisation target under Swarnjayanti Gram Swarozgar Yojana (SGSY) during the year 2002-03
Press Release No. 45/2002-03 Dated 11.07.2002 : The Reserve Bank of India has reiterated that non-banking non-financial companies need not submit to it the return of deposits.
Ministry of Commerce and Industry
Amendment in Handbook of Procedures
Public Notice No. 25/2002-07 Dated 17.07.2002 : Amendments have been made regarding exemption from RCMC, extension of export obligation for Advance Licence, modification in App 3 and direct negotiation of documents under DEPB/ DFRC.
Public Notice No. 3 dated 31.3.97 – condition of “No Sale Period – 5 years” on vehicle imported thereunder – Clarification regarding redemption of Bond within No Sale Period by RLAs
Circular No. 8/2002-2007 Dated 16.07.2002 : It is clarified that with regard to the bonds executed by eligible importers under the Public Notice dated 31.3.97, the concerned RLAs on receipt of request for redemption of bonds within No Sale Period of 5 years, may consider such requests and permit redemption before maturity of the said bond subject to the condition that a period of 2 years from the date of imports made has been completed and the vehicle has not been transferred during the intervening period.
Amendments in the ITC(HS) Classifications of Export and Import Items, 2002-2007
Notification No. 10 /2002-2007 Dated 12.07.2002 : A new import licensing note has been inserted at the end of Chapter-86 of the ITC(HS) Classification of Export & Import items, 2002-2007 relating to inclusion of “second hand marine containers” in the Exim entry under ITC(HS) Code No. 86090000.
Condonation of procedural lapse of not mentioning EPCG Licence No. and date on the shipping bills relating to exports effected for fulfillment of EO
Policy Circular No. 7/2002 Dated 11.07.2002 : In view of the representations received from various exporters for condonation of procedural lapse of not mentioning EPCG licence No. and date on the shipping bills relating to the exports for fulfillment of EO under EPCG Scheme, a decision has been taken in relaxation under para 2.5 of the Exim Policy that such procedural lapse may be condoned in relaxation of the existing policy provisions subject to submission/verification of certain documents.
Export of Mulbery Silk Waste not carded or combed made free without restriction
Public Notice No. 24/2002-2007 Dated 10.07.2002 : In Table B of Schedule 2 of ITC(HS) Classification of Export and Import Items, 2002-2007, the restrictions shown at Column 4 in respect of item at Code No. 5003 have been deleted whereby ‘Mulbery Silk waste not carded or combed’ is free for exports without any restrictions in so far as ITC(HS) Classification of Export and Import is concerned.
Amendment, corrections and additions of entries in the Schedule of DEPB Rates
Public Notice No. 23/2002-2007 Dated 09.07.2002 : The Director General of Foreign Trade has made amendments/ corrections in the book titled “Schedule of DEPB Rates.”
Shipment of Onion as per Not. 50 dtd 22.3.02 & PN 7 dtd 12.4.02 extended upto 31.03.03
Public Notice No. 22/2002-2007 Dated 09.07.2002 : Amendments have been made in conditions for export of onions whereby the unutilized balance quantity of onions released under quota to specified STEs vide Notification No. 50 (RE-2001)/1997-2002 dated 22.3.2002 and Public Notice No.7 (RE-2002)/2002-2007 dated 12.4.2002 may be allowed for shipment for export upto 31st March, 2003
Anti-Dumping Investigations-Final Findings
Notification No. 30/1/2001-DGAD Dated 08.07.2002, No. 14/19/2002-DGAD Dated 05.07.2002, No. 29/1/2001/DGAD Dated 02.07.2002 and No. 19/1/2001/DGAD Dated 01.07.2002 : Final Findings on Anti-Dumping Investigation Concerning Imports of Thermal Sensitive Paper Originating in or Exported from Peoples' Republic of China, Acrylic Yarn Originating in or Exported from Nepal and Vitamin AB2D3K Originating in or Exported from European Union, USA, Thailand and Singapore, have been published.
Initiation of Anti-Dumping Investigations
Notification No. 14/19/2002-DGAD Dated 05.07.2002 : Anti-dumping investigation concerning import of Float Glass from China and Indonesia has been initiated.
Secretariat of Industrial Approvals
Revision of existing sectoral guidelines for FDI, including investment by non-resident Indians and overseas corporate bodies
Press Note No. 6/2002 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 which would be subject to certain conditions.
Prohibition on foreign investment in lottery business, gambling and betting
Press Note No. 5/2002 Dated 05.07.2002 : In response to the various queries received in this respect, it is clarified that both foreign investment and foreign technology collaboration in any form are completely prohibited in the lottery business, gambling and betting sector.
Department of Industrial Policy
Explosives (Amendment) Rules, 2002
Notification No. GSR467(E) Dated 03.07.2002 : Sub-Rule (6A) relating to the meaning of Departmental Testing Station has been inserted in Rule 2, Rule 6 has been amended, Sub rule (1) of rule 176 has been substituted whereby the scrutiny fee for each proposal for inclusion of any explosive in the authorised list of explosives is specified as Rs. 50.00 and Rule 176A relating to Fees for testing at Departmental Testing Station has been inserted.
Ministry of Chemicals and Fertilizers
Extension of Validity of Notification No. 578(E) dated 13th July 1999 with immediate effect
Notification No. SO737(E) Dated 12.07.2002 : The National Pharmaceutical Pricing Authority had notified the norms for conversion cost, packing charges and process loss vide notification No. S.O. 578(E) dated 13th July, 1999 . In compliance with the requirement for Paragraph 7 of the Drugs (Prices Control) Order, 1995 the validity of the said notification has been further extended with immediate effect.
Ministry of Environment and Forests
Delegation of Power U/s 5 to Chairman, CPCB to issue directions on violation of standards and rules as specified
Notification No. SO730(E) Dated 10.07.2002 : The Central Government has delegated the powers vested in it under Section 5 of the said Act to the Chairman, Central Pollution Control Board to issue directions to any industry or any local or other authority for the violation of the standards and rules relating to hazardous waste, bio-medical waste, hazardous chemicals, industrial solid waste, municipal solid waste including plastic waste notified under the Environment (Protection) Act, 1986
Delegation of Power U/s 20 to Chairman, CPCB
Notification No. SO729(E) Dated 10.07.2002 : The Central Government has delegated the powers vested in it under Section 20 of the said Act to the Chairman, Central Pollution Control Board.
Environment (Protection) Third Amendment Rules, 2002
Notification No. SO489(E) Dated 09.07.2002 : In schedule 1 Serial No. 96. relating to emission standards for diesel engines - Engine rating more than 0.8 MW (800 KW) for power plant, Generator set Applications and other requirements, has been inserted.
Draft Recycled Plastics Manufacture and Usage Amendment Rules, 2002
Notification No. SO685(E) Dated 01.07.2002 : The draft of Recycled Plastics Manufacture and Usage Amendment Rules, 2002 has been published for the information of all persons likely to be affected thereby.
Prohibition of Employment of Contract Labour in American Express Bank Ltd. as specified
Notification No. SO706(E) Dated 05.07.2002 : The Central Government, having regard to the conditions of work and benefits provided for the contract labour and other relevant factors specified in sub-section (2) of section 10 of the said act, has prohibited employment of contract labour in the process, operation or work specified in the establishment of American Express Bank Limited, Travel Related Services, Gurgaon.
Ministry of Personnel, Pension and Public Grievances
Madhya Pradesh Administrative Tribunal (Salaries and Allowances and Conditions of Services of Chairman, Vice-Chairman and Members) Amendment Rules, 2002
Notification No. GSR485(E) Dated 09.07.2002 : In rule 12 in sub-rule (2), for the words “fifteen percent”, the words “thirty percent" have been substituted.
Ministry of Petroleum and Natural Gas
Solvent, Raffinate and Slop (Acquisition, Sale, Storage and Prevention of Use in Automobiles) Amendment Order, 2000
Notification No. GSR470(E) Dated 02.07.2002 : The Central Government has made the Solvent, Raffinate and Slop (Acquisition, Sale, Storage and Prevention of Use in Automobiles) Amendment Order, 2000 to amend the Solvent, Raffinate and Slop (Acquisition, Sale, Storage and Prevention of Use in Automobiles) Order, 2000.
Amendments to Hindu Marriage Act
Dated 19.07.2002 :The Government has planned to amend Section 19 of the Hindu Marriage Act, 1955 to enable woman in distress, especially divorced, deserted and estranged wife to file suits for maintenance or relief of any kind at a place of her residence.
Fast Track Courts in Andhra Pradesh
Dated 15.07.2002 : Out of the 86 Fast Track Courts earmarked for the State of Andhra Pradesh, 46 Fast Track Courts have been established by the State Government, so far. Out of them, 22 courts are already functioning and the remaining 24 Fast Track Courts are likely to be functional soon.
Presidents assent to Patents Amendment Bill
Dated 10.07.2002 : The President has given his assent to the Patents (Amendment) Bill, 2002. With this, the Bill as passed by the Parliament in its Budget Session ending May 17, 2002, has been notified in the Gazette of India as Act No. 38 of the year 2002.
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