|
 manupatra roundup
Legislative and Regulatory
Update
_____________________________________________________________________ |
|
India Centric
Online Legal & Business Database
Bringing forth new efficiency and
unparalleled results to research
efforts. |
| In This Issue |
|
[No.23]
Aug 20,
2002 |
|
|
|
|
To
keep you informed about the latest Legislative and
Regulatory information manupatra.com
publishes this e-roundup highlighting the recent changes
brought about by the Notifications/Acts/Bills /Ordinances
etc.
About
manupatra.com
../
provides comprehensive and easy to use legal and related
information over the Internet .Our database covers Central
Laws , Judgments of Supreme Court and High Court (full
text of the judgments from 1950 onwards ), Orders of
Tribunals , Bills , Notifications, Circulars and
more
Key
features of manupatra are
 |
Content
is derived from reliable primary and secondary
sources |
|
Database
is updated on a daily basis |
|
Electronic
Ready Reckoner to view the judgments under a
particular section of an Act /
Subject |
|
Powerful
search engine with user friendly
interfaces |
|
Search
in any one court/year or multiple
courts/year |
|
Hyper-linking
of documents |
|
Updated
modules on WTO, Anti Dumping, Arbitration,
Investment Destinations Abroad, Capital Markets,
Taxation, Environment, Cyber & IT Laws, IPR,
Corporate Laws, Industrial Policies,
Foreign Trade,
Forex & Banking and
more
|
For
subscription to manupatra.com or for more details please
log onto ../
or call us at 0120 4531811 or send an email to : contact@manupatra.com
If
at any stage you wish to stop receiving the e-roundup
please click here to unsubscribe. | |
| SEBI |
|
Press Release No. PR 153/2002 Dated 13.08.2002 : The Committee constituted under the
convenorship of Pratip Kar, Executive Director, SEBI on "Delisting of Shares"
has finalised its Part I of the Report on August 13, 2002 in which it has recommended comprehensive provision
for delisting which includes exit price mechanism, setting up of central listing authority,
abolition of the concept of regional stock exchange etc.
|
| Department of Company Affairs |
|
Notification No. GSR 565(E) Dated 14.08.2002 : In the said Schedule, in part II, in section II,
in paragraph 1, after clause (C), the clause (D) relating to the remuneration of managerial
personnel not exceeding Rs. 2,40,00,000 per annum or Rs. 20,00,000 per month in respect of
companies in Special Economic Zones as notified by Department of Commerce from time to time, has
been inserted. |
| CBDT |
|
Notification No. 207/2002, No. SO852(E) Dated 13.08.2002 : In rule 21A, sub-rules (1) and (2)
relating to relief in case of assessment of income at a higher rate by reason of any portion of
an assessee’s salary being paid in arrears or in advance, have been substituted
Notification No. 199/2002 Dated 07.08.2002 : M/s BPL Mobile Cellular Limited, Coimbatore has been
approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act,
1961, for the assessment years 2002-2003, 2003-2004 and 2004-2005. |
|
CBEC Excise Tariff |
|
Notification No. 39/2002 Dated 13.08.2002 : The Central Government has exempted the excisable
goods specified in the Schedule to the Central Excise Tariff Act, 1985, when brought into a
special economic zone by a developer of special economic zone from factory of manufacture or
warehouse situated in other parts of India, for the purposes of development, operation and
maintenance of special economic zone, from the whole of the duty of excise and the additional
duty of excise leviable thereon subject to certain conditions specified.
Circular No. 44/653/2002-CX Dated 08.08.2002 : It has been clarified that the `Link Cartridge
Metallic Belt' would be classified under sub-heading 9306.00 and the `Charger' would be
classified under sub-heading 7320.00.
Circular No. 43/652/2002-CX.6 Dated 08.08.2002 : For bringing uniformity in the practice of
allotment of PAN based Registration Numbers, Board desires that the earlier system of referring
application for allotment of PAN based Registration Numbers in respect of multi-unit companies toDGICCE/Commissionerate may be continued.
Circular No. 42/651/2002-CX Dated 07.08.2002 : The Board has decided that in cases where duty
collected has been deposited with the Government, Section 11 D would not apply and this position
would not undergo any change if the money credit available with the manufacturer is utilised to
pay duty on any finished excisable product and this duty is collected from the buyer. Pending
cases would be finalized accordingly.
Circular No. 41/650/2002-CX Dated 07.08.2002 : It has been clarified that Modvat/Cenvat credit of
duty paid on the inputs contained in finished products on which duty remission has been granted
would be admissible but before granting
remission of duty on any finished products destroyed or damaged in fire, accident etc., it should
be ensured that the insurance amount claimed by the assessee does not include the duty element of
the inputs used in the manufacture of said goods taken as credit. |
|
CBEC Customs-Tariff
|
|
Circular No. 52/2002 Dated 14.08.2002 : Guidelines for duty free import/procurement of materials
for development, operation and maintenance of Special Economic Zones have been issued.
Notification No. 82/2002 Dated 13.08.2002 : Central Government has exempted goods when imported
into India or procured from a Public Warehouse or a Private Warehouse appointed or licensed, as
the case may be, under section 57 or section 58 of the Customs Act by a developer of special
economic zone for the purpose of development, operation and maintenance of special economic zone,
from the whole of the duty of customs and the additional duty subject to certain conditions
as specified.
Notification No. 78/2002 to No. 80/2002 Dated 13.08.2002 : Anti Dumping duty has been imposed on
Ferro Silicon imported from South Africa and Macedonia, Phenol from South Africa, Singapore and
European Union and Vitamin A Palmitate from European Union and Georgia.
Circular No. 51/2002 Dated 12.08.2002 : It has been clarified that in cases where the software
presented along with the main equipment or apparatus is not intended for use with such equipment
or apparatus, the classification would still remain under heading 85.24 except in situations
where the software accompanying the imported article or articles make up a set put up for retail
sale and where the software accompanying the imported article does not constitute a set up for
retail sale under GIR 3(b), they will have to be necessarily classified separately under their
own appropriate heading, namely, heading 85.24.
Circular No. 50/2002 Dated 12.08.2002 : 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
silver under the scheme “Export Against Supply by Foreign Buyer”, the duty rate on silver will be
taken at the rate of Rs. 500/- per kg.
Circular No. 49/2002 Dated 09.08.2002 : It has been decided that raw pearls, natural or cultured,
precious or semi-precious stones (other than rough diamonds) unset and uncut will be allowed the
benefit of exemption when imported against REP licences and GEM Replenishment licences issued
under paragraphs 8.2 and 8.38 of the Exim Policy 1997-2002
respectively under notification No. 60/2002-Cus, dated 7.6.2002 and whose validity has not expired.
Circular No. 48/2002 Dated 09.08.2002 : It is clarified that the date on which the payment of
duty is made is to be included in the period for calculating the interest on delayed payment
under Section 28AA/28AB or any other section of the Customs Act, 1962 or as the case may be,
under section 11AA/11AB or any other section of the Central Excise Act, 1944 and rules
made thereunder. |
| CBEC
Customs-Non Tariff
|
|
Notification No. 52/2002 NT Dated 16.08.2002 : Amendments have been made in the entries relating
to Crude Palm Oil, RBD Palm Oil, RBD Palmolein, Crude Palmolein and Brass Scrap (all grades) in
the Table of the notification.
|
|
RBI |
|
Circular No. AP (DIR Series) Circular No 11 Dated 14.08.2002 : Authorised dealers have been
advised to circulate to their constituents concerned the amendments made by the Notification No.
FEMA 51/2002-RB dated 27th February 2002 which seeks to amend schedule to Regulation 4 of
Notification No. FEMA 10/2000-RB dated 3rd May 2000, by substituting paragraph 1(1)(i) in
the Schedule, according to which inward remittances received through normal banking channels for
meeting specific obligations by the account holders will not be eligible for credit to their
EEFC accounts.
Circular No. AP (DIR Series) Circular No 10 Dated 14.08.2002 : It has now been decided that
authorised dealers may permit units in Special Economic Zones (SEZs) to dispatch export documents
direct to the consignees outside India subject to the conditions that (a) the export proceeds are
repatriated through the authorised dealer named in the GR/SDF/PP/SOFTEX form and (b) the
duplicate copy of the respective declaration form is submitted to the authorised dealer for
monitoring purposes by the exporters within 21 days from the date of shipment.
Circular No. AP (DIR Series) Circular No 9 Dated 13.08.2002 : It has been decided that authorised
dealers may open stand-by Letters of Credit on behalf of their constituents who are Independent
Power Producers, in cases involving assured supply of spare parts.
Notification No. DBS FID No C-5/01.02.00/2002-03 Dated 08.08.2002 : Banks have been permitted to
extend guarantees in respect of infrastructure projects in favour of other lending institutions
provided the bank issuing the guarantee takes a funded share in the infrastructure project at
least to the extent of five per cent of the project cost and undertakes normal credit appraisal,
monitoring and follow up of the project.
Notification No. DBOD AML BC 18/14.01.001/2002-03 Dated 16.08.2002 : Taking into account
recent developments, both domestic and international, it has been decided to reiterate and consolidate
the extant instructions in the form of Guidelines on "Know Your Customer" norms and
cash transactions.
Notification No. DBOD BP BC 17 /21.04.137/2002-2003 Dated 16.08.2002 : It is clarified that the
instructions in circular DBOD.No.Dir.BC.90/13.07.05/98 dated August 28, 1998 would not apply in
the case of bank finance to the successful bidders under the PSU disinvestment programme of
the Government. In case the advances against the PSU disinvestment is secured by the shares of the
disinvested PSUs or any other shares, banks should follow the extant guidelines on capital market
exposures on margin, ceiling on overall exposure to the capital market, risk management and
internal control systems, surveillance and monitoring by the Audit Committee of the Board,
valuation and disclosure, etc.
Notification No. EC CO PCD No 7/15.02.76/ 2002-03 Dated 08.08.2002 : . In order to enable the
Authorised Dealers (ADs) to have all the existing instructions on the subject of "Export of Goods
and Services" from India as on July 1, 2002, at one place, this Master Circular has been suitably
updated which consolidates the directions contained in the specified circulars, as on July 1,
2002.
Dated 15.08.2002 : The Reserve Bank of India has now decided to permit individual professionals
to keep up to 100 per cent of their foreign exchange earnings from consultancy and other services
rendered to persons or bodies outside India, in their foreign exchange earners’ foreign
currency (EEFC) account.
Press Release No. 171/2002-03 Dated 14.08.2002 : The Reserve Bank of India has cancelled the
licence of the Kalwa Belapur Sahakari Bank Ltd., Navi Mumbai, Maharashtra to carry on
banking business.
Press Release No. 157/2002-03 Dated 10.08.2002: The Reserve Bank of India has cancelled the licence of The Megacity Co-operative Urban Bank
Ltd.,Hyderabad, Andhra Pradesh to carry on banking business in India. |
| DGFT |
|
Notification No. 12/2002-2007 Dated 13.08.2002 : Under the heading “Fertilisers “ in Table B of
Schedule 2 of the ITC(HS) Classification of Export and Import items, 2002-2007, Item Code No.
3103 has been inserted by which the Policy for Import of Muriate of Potash has been restricted by
permiting the export under licence.
Public Notice No. 30/2002-07 Dated 12.08.2002 : The Director General of Foreign Trade has made
certain amendments/ corrections in the book titled "Schedule of DEPB Rates."
Circular No. 11/2002-2007 Dated 12.08.2002 : It has been clarified that for the purpose of
Paragraph 4.4.5(b) of Exim Policy, the calculation of the quantum of silver shall be done
excluding the weight of studding. |
| Department of
Commerce |
|
Notification No. 26/1/2001-DGAD Dated 06.08.2002 : The final findings on the Sunset Review
of Anti-Dumping Duty Concerning Imports of Acrylic Fibre Originating in or Exported from USA,
Korea (RP) and Thailand has been published.
Notification No.46/1/2001-DGAD Dated 06.08.2002 : The final findings on the
Anti-Dumping
Investigation Concerning Imports of Isopropyl Alcohol (IPA) from Singapore, USA, European Union
and China has been published |
|
Department of Industrial Policy |
|
Notification No. SO846(E) to SO848(E) Dated 12.08.2002 : ONGC, Chennai, Mumbai and Vadodara have
been exempted From Rule 31(2) for import of explosives as specified from S.R.C.
Technology Centre, USA |
|
Department of Health |
|
Notification No. GSR570(E) Dated 14.08.2002 : In Schedule D, item 6 relating to Drugs imported
for manufacture and export by units situated in “Special Economic Zones” as notified by the
Government of India from time to time, has been inserted. |
| Press
Information Bureau |
|
Dated 16.08.2002 : The President has given his assent to the General Insurance
Business (Nationalization) Amendment Bill, 2002, the Delhi Municipal Corporation (Validation of
Electricity Tax) Act and Other Laws (Repeal) Bill, 2002 and the Insurance (Amendment) Bill, 2002.
Dated 13.08.2002 : The Indian Post Office (Amendment) Bill, 2002 as introduced in Lok Sabha on 17
May, 2002, has been referred to Parliamentary Standing Committee on Information Technology headed
by Shri Somnath Chatterjee, M.P. for examination and report to the Parliament.
Dated 12.08.2002 : The Centre will set up five new Industrial Tribunal-cum-Labour Courts
at Delhi,
Chandigarh, Ahmedabad, Guwahati and Ernakulam. |
| Bills |
|
The Scheduled Castes And Scheduled Tribes Orders (Second Amendment) Bill, 2002 (As Introduced In
Lok Sabha - 2.08.2002 - Bill No. 62 of 2002)
The Supreme Court Judges (Salaries And Conditions Of Service) Second Amendment Bill, 2002
(As
Introduced In Lok Sabha – 02.08.2002 - Bill No. 64 of 2002)
The Constitution (Scheduled Castes) Orders (Second Amendment) Bill, 2002 (As Passed By Lok Sabha– 30.07.2002 - Bill No. 84-C of 2001)
The Salaries And Allowances Of Officers Of Parliament And Leaders Of Opposition In Parliament
(Second Amendment) Bill, 2002 (As Introduced In Lok Sabha - Bill No. 68 of 2002) |
|
|
|
Feedback |
|
Disclaimer |
|
(1) While all reasonable care has
been taken to ensure that the information provided in the "round
up" and on the website is fair and accurate the company and its
promoters and employees shall not in any way be responsible for
the consequences of any action taken on the basis of reliance
upon the contents of this "round up". |
| (2) This is not a
Spam mail. You have received this mail because you have either
requested for it or someone must have suggested your name under
our various referral programs. Since India has no anti-spamming
law, we refer to the US directive, which states that a mail
cannot be considered Spam if it contains the sender's contact
information, which this mail does. In case this mail doesn't
concern you, please unsubscribe from mailing
list.
| |
