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 manupatra roundup
Legislative and Regulatory
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[No.24]
Aug 30,
2002 |
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| SEBI |
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Secondary Market Division
Circular No. SMD/Policy/Cir-18/2002 Dated 28.08.2002 : It is observed that the time period provided for
Arbitration Proceedings
in the
bye-laws of the stock exchanges is too long which has led to the arbitration cases
being pending for a
long time and consequently the undue delay in the resolution of these cases. It has therefore
been decided that the a new clause relating to arbitration be incorporated in a suitable place in
the bye-laws of the stock exchanges.
Notification No. SO898 Dated 22.08.2002 : The SEBI has granted, recognition to OTC Exchange of
India, Mumbai under Section 4 of Securities Contracts (Regulation) Act, 1956 for one year ending
on the 22nd day of August, 2003, in respect of contracts in securities subject to the conditions
as may be prescribed or imposed.
Notification No. SO876(E) Dated 16.08.2002 : SEBI has directed the Governing Board of Madhya
Pradesh Stock Exchange to formulate rules and bye-laws, to ensure that the same is adopted by the
General Meeting of the Exchange and to forward the same to SEBI for approval within a period of two
months from date of this order.
Mutual Fund Division
Circular No. MFD/CIR/13/16799 / 2002 Dated 29.08.2002 : It has now been clarified that the
persons providing any type of professional service to the mutual fund, asset management company,
trustee company and the sponsors shall be considered as associate directors of AMCs or trustee
companies, as the case may be.
Circular No. MFD/CIR/ 12/ 16588 /02 Dated 28.08.2002 : All Mutual Funds have been advised to
refer to SEBI circular MFD/CIR/09/247/02 dated July 23, 2002 prescribing the format for New
Scheme Report in which Clause V has been slightly modified.
Circular No. MFD/CIR/11/16159/2002 Dated 22.08.2002 : It has been decided that the mutual funds
should round off NAVs upto four decimals in respect of index funds and all types of debt-oriented
schemes like liquid/money market, gilt, income, short term plan, fixed maturity plan, monthly
income plans, etc. and upto two decimals in case of equity-oriented and balanced fund schemes.
Press Release
Press Release No. PR168/2002 Dated 28.08.2002 : SEBI had constituted a Group on
"Corporatisation
and Demutualisation of Stock Exchanges in India" under the Chairmanship of Shri M. H
Kania,
former Chief Justice of India. The Group has submitted its Report to SEBI on August 28, 2002
which has been published.
Press Release No. PR163/2002 Dated 23.08.2002 : Comments on the recommendations of the Accounting
Standards Committee set up for the purpose of making the disclosure standards and accounting
practices in the country at par with the international practices, for the review of the
continuous disclosures requirements under listing agreement for the listed companies and for
providing inputs to ICAI for evolving new Accounting Standards and reviewing the existing
Accounting Standards etc., have been invited from public at large including
corporates,
participants in securities market, investors, etc. on or before September 15, 2002.
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| CBDT |
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Notification No. 228/2002, No. SO893(E) Dated 21.08.2002 : Rule 18AAAA relating to Prescribed
authority for the purpose of receiving separate accounts from trusts or funds or institutions for
providing relief to the victims of earthquake in Gujarat and Form 10AA, have been inserted.
Notification No. 208/2002 to No. 220/2002 all Dated 14.08.2002 : Certain specified institutions have
been exempted Under section 35AC of Income-tax Act, 1961. |
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CBEC Excise Tariff |
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Circular No. 46/655/2002-CX Dated 26.08.2002 : The net effect of the judgment in the case of
M.P. Tapes and the amendment made to section 11AB w.e.f. 11.5.2001 has given the
conclusion that the said section can be invoked only in respect of clearances affected after 28.9.96, irrespective of the date of
passing of the adjudication order.
Notification No. 43/2002 Dated 22.08.2002 : S. No. 136 relating to Polyester staple fibres has
been inserted and Condition 23A has been inserted in the Annexure.
Circular No. 45/654/2002 CX Dated 19.08.2002 : It has been informed that circular
No.591/28/2001-CX dated 16.10.2001 was issued to clarify the legal position at the relevant
period only and in terms of Rule 6,the assessee who has not maintained separate inventory and has
taken credit on common inputs to manufacture dutiable and exempted products [except in the cases
mentioned in the provisions contained in sub-Rule (3) (a)] has no option but to reverse 8 % of
the price of the exempted goods as per provisions of sub-rule (3)(b) of the said rule.
Notification No. 41/2002 Dated 19.08.2002 : In the Table S. No. 44A relating to all goods used
within the factory of production for the manufacture of goods falling under chapter 71, has been
inserted. |
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CBEC Customs-Tariff
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Notification No. 88/2002 Dated 28.08.2002 : Against S.No.1., in column(3) clause
(a) relating to
import under a certificate issued by the Sports Authority of India or by the Services Sports
Control Board, has been substituted. Certain amendments have also been made in the S.No.2.
Notification No. 87/2002 Dated 27.08.2002 : In the notification, the Proviso has been omitted.
Circular No. 54/2002 Dated 27.08.2002 : Customs authorities have been advised to take due care at
the time of processing export consignments under Drawback Scheme so as to ensure that in cases
where imports had taken place on availing the facility of customs notification No. 32/97, no AIR
of drawback is extended. For the purpose of ease of identification of export consignments where
benefit of customs notification No. 32/97 was taken at the time of import, it should be made
mandatory for the party to declare this fact on the body of the shipping bill alongwith details
of materials imported free of duty under 32/97.
Notification No. 86/2002 Dated 26.08.2002 : The Central Government has imposed anti-dumping duty
on Citric acid, falling under sub-heading 2918.14 of the First Schedule to the Customs Tariff
Act, imported from Indonesia and Thailand.
Circular No. 53/2002 Dated 20.08.2002 : The Ministry of Law has informed that Settlement
Commission has no jurisdiction to entertain the applications in cases involving default in export
obligation under Advance Licence/EPCG Schemes in view of Section 127B(1) of the Customs Act and,
therefore, the question of granting waiver of interest in such cases by the Settlement Commission
also does not arise.
Notification No. 84/2002 Dated 19.08.2002 : In the Annexure, in List 30, for S. No. (54) and the
entry relating thereto, the following S. No. and entry shall be substituted, namely:-
"(54) Automatic pocket welt sewing machine or Automatic pocket welting machine”. |
| CBEC
Customs-Non Tariff
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Notification No. 56/2002 NT Dated 26.08.2002 : Central Government has directed that the duties of
customs payable under the Customs Act and the Customs Tariff Act on the goods falling under
heading 47.07 of the First Schedule to the Customs Tariff Act imported for use in, or supply to,
a unit for manufacture of paperboard, but for the prevailing practice, would not be required to
be paid in respect of the said goods on which the duties of customs were not levied during the
specified period, in accordance with the said practice.
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SERVICE TAX |
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Circular No. 47/10/2002 ST Dated 21.08.2002 : Allocation of major head/minor head/sub-head has
been made for 10 new Services covered under the Tax net w.e.f. 16.08.2002.
Circular No. 46/09/2002 Dated 08.08.2002 : It is clarified that no service tax is leviable in
respect of ‘Inter-connection link charges', 'Rentals for junction links' and 'Port charges' both
for BTSP's and CMSP's. However, service tax is leviable w.e.f. 15.7.2001, on 'inter-connection
linked charges' recovered by BSNL from BTSP's as well as CMSPs.
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RBI |
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Circular No. AP (DIR Series) Circular No 12 Dated 28.08.2002 : According to A.P.(DIR Series)
Circular No. 5 dated August 27, 2001 a period of 360 days from the date of shipment was allowed
as a temporary measure from September 1, 2001 for realisation and repatriation of full value of
goods/software exported to the countries included in the list annexed to the above circular. On a
review, it has been decided to extend the facility for a further period of one year with effect
from September 1, 2002 for export of goods/software to the countries included in the list annexed
whereby from September 1, 2003, the exporters will be under obligation to realise full export
proceeds within the prescribed period of six months from the date of export.
Notification No. DBOD No BP BC 23 /21.01.002/2002-03 Dated 29.08.2002 : It has been decided, in consultation with Insurance Regulatory and Development Authority
(IRDA), to extend regulatory treatment to export credit covered by the BCS of NIA on par with the treatment available to advances covered by ECGC guarantee for export credit subject to certain conditions.
Notification No. DBOD No Dir BC 19/13.07.01/2002-03 Dated 19.08.2002 : It has been observed that
some of the banks are providing low/zero percent interest rates on consumer durable advances to
borrowers through adjustment of discount available from manufacturers/dealers of consumer goods.
RBI has advised that such loan schemes lack transparency in operations and distort pricing
mechanism of loan products. These products do not also give a clear picture to the customers
regarding the applicable interest rates and Banks are, therefore, advised to refrain from
offering such products.
Notification No. 56/2002, No. GSR575(E) Dated 18.03.2002 : In existing Regulation 5,
Sub-Regulation (a) has been numbered as "(a)(i)" and a new sub regulation has been inserted below
that which relates to guarantee in lieu of Bid Bond Guarantee, for bidding for a contract outside
India.
Notification No. 62/2002, No. GSR576(E) Dated 13.05.2002 :
1.In Regulation 2, after clause (ii), the following clause shall be inserted,
"(iii) 'Non-Resident Indian (NRI)' means a person resident outside India who is a citizen of
India."
2.In Regulation 4 for sub-regulation (1), the following sub-regulation have been substituted,
namely:-- "(1) A person specified in sub-regulations (2) and (3) may make remittance of assets through an
authorised dealer, to the extent specified in those sub regulations."
In sub-regulation (2), the words, " Rs.20 lakhs per calendar year" have been substituted with the
words, " US$ 1,00,000 (US Dollar One lakh only)per calendar year."
and a new sub-regulation 3 has been inserted whereas the existing sub-regulation 3 has been
substituted by a new sub-regulation 4.
3.Regulation 6 has been amended
Notification No. 66/2002, No. GSR579(E) Dated 27.07.2002 : In paragraph 6, a new proviso
relating to Contract by a Special Economic Zone, has been added.
Notification No. 65/2002, No. GSR578(E) Dated 29.06.2002 : Condition No. (ii) of clause (b) of
Regulation 6 has been deleted and the subsequent conditions (iii) and (iv) have been renumbered
as (ii) and (iii) respectively.
Notification No. 64/2002, No. GSR577(E) Dated 29.06.2002 : Sub-para (i) of para 3 of Schedule 1,
to RBI Notification No.FEMA.5/2000-RB dated 3rd May 2000, which relates to Refund of application
/ earnest money / purchase consideration made by the house building agencies / seller, has been
substituted
Press Release No.180/2002-2003 Dated 19.08.2002 : Reacting to a report in a section of the press
today, quoting unnamed official sources, the official spokesperson of the Reserve Bank of India
has said that at present there is no immediate proposal under consideration to cut Bank Rate by
0.5 per cent.
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| DGFT |
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Public Notice No. 32/2002-07 Dated 22.08.2002 : The DGFT has made certain amendments/ corrections
in Product Group Engineering and Chemicals and Allied Products in the book titled "Schedule of
DEPB Rates."
Notification No. 14(RE-2002)/2002-2007 Dated 21.08.2002 : The Central Government has decided to
make certain amendments in the condition for export of Bangalore Rose Onion/ Krishnapuram Onion
whereby Service charges to be levied by designated STEs as mentioned at ITC(HS) Code No.0703(b)
with respect to export of Bangalore Rose Onion and Krishnapuram Onion has been reduced to a
maximum of 2% of the invoiced value for issue of any fresh NOC to associate shippers with effect
from 28.6.2002 and to a maximum of 1% w.e.f. 1.4.2003.
Notification No. 13(RE-2002) 2002-2007 Dated 21.08.2002 : The DGFT has announced applicability of
All Industry Rate of duty drawback of Rs. 850/- per M.T. notified under notification no.
8(RE-2002) dated 20.6.2002 to the supply of furnace oil to domestic companies in Special Economic
Zones also.
Public Notice No. 31/2002-2007 Dated 19.08.2002 : The DGFT has made the changes on the above
subject whereby in Paragraph 2 of Public Notice No. 36 (RE-2000)/1997-2002 dated 4th September
2001, the condition “However, export obligation incurred by the MOU signatories in respect of
imports made upto 31/3/2001 shall be fulfilled by them within the stipulated period unless
extended by the Government for good & sufficient reasons” has been withdrawn. |
| Department of
Commerce |
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Notification No. 17/1/2001-DGAD Dated 19.08.2002, No. 36/1/2001-DGAD Dated 16.08.2002,
Notification No. 14/25/2002-DGAD Dated 14.08.2002 and Notification No. 43/1/2001-DGAD Dated
12.08.2002 : Anti-Dumping investigations have been initiated on import of Methylene Chloride
originating in or Exported from European Union, South Africa and Singapore, Partially Oriented
Yarn (POY) From Republic of Korea and Turkey, Vitamin-C originating in or Exported from USA and
Canada and Acrylic Fibre (below 1.5 denier) originating in or exported from Italy.
Notification No. 14/14/2002-DGAD Dated 14.08.2002 : Sunset Review on Anti-Dumping Investigations
Concerning Import of Vitamin-C Originating in or Exported from China PR and Japan has been
initiated |
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Department of Industrial Policy |
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PIB Release Dated 23.08.2002 : The Union Minister of Commerce & Industry, has announced a package
to help coffee growers which has been finalised in collaboration with the Reserve Bank of
India |
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Ministry of Consumer Affairs, Food and Public Distribution |
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Notification No. GSR584(E) Dated 19.08.2002 : The Central Government has made the Sugar
Development Fund (Second Amendment) Rules, 2002 to be effective from the date of their
publication in the Official Gazette.
Notification No. SO882(E), No. SO878(E), No. SO877(E) and No. GSR564(E) Dated 16.08.2002 : The
Central Government, has exempted all non-transferable specific delivery contracts in the
commodities as specified.
Notification No. SO881(E), No. SO880(E), No. SO879(E), Dated 16.08.2002 : The Central Government
has exempted the commodities specified, from certain provisions of Forward Contracts (Regulation)
Act, 1952 |
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Ministry of Labour |
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Notification No. SO887(E) Dated 19.08.2002 : The Central Government has prohibited the employment
of contract labour in the works or jobs of house keeping except sweeping, cleaning, dusting and
watching of building, food supply and associated services in the establishment of Indian Oil
Institute of Petroleum Management, Indian Oil Corporation Limited, Haryana with effect from the
date of publication of this notification in the Official Gazette. |
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Ministry of Personnel |
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Resolution No. 371/20/99-AVD-HI Dated 13.08.2002 : Paragraph 1.1 to 1.8 relating to the terms of
the appointment of Central Vigilance Commissioners and Vigilance Commissioners and the schedule
have been inserted after paragraph 1. |
| Press
Information Bureau |
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Dated 28.08.2002 : The Law Commission of India has taken up a comprehensive review of Insurance
Laws with a view to overhauling the outdated Insurance Laws and compressing them into a complete
new legislation that will give more teeth to the Insurance Regulatory Development Authority
(IRDA) and protect the interest of consumers especially the insurance policy holders.
Dated 26.08.2002 : The Representation of People (Amendment) Ordinance, 2002, promulgated by the
President on August 24, 2002, has been notified in the Gazette of India and numbered as Ordinance
No. 4 of the year 2002.
Dated 23.08.2002 : The President has given his assent to the National Cooperative Development
Corporation (Amendment) Bill, 2002. With this, this Bill as passed by the Parliament during its
Monsoon Session ending August 12, 2002, has been notified in the Gazette of India as Act No. 45
of the year 2002.
Dated 23.08.2002 : The President has given his assent to the Multi-State Co-operative Societies
Bill, 2002. With this, the Bill as passed during the Budget Session of Parliament ending May 17,
2002, has been notified in the Gazette of India as Act No. 39 of the year 2002.
Dated 22.08.2002 : The President has re-promulgated the Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Ordinance, 2002. Numbered as Ordinance No.
3 of the year 2002, it seeks to replace the similar Ordinance promulgated first on June 21, 2002.
Dated 19.08.2002 : The President has given his assent to the Delhi University (Amendment) Bill,
2002 and the Coast Guard (Amendment) Bill, 2001. With this, the two Bills have been notified in
the Gazette of India as Act nos. 43 and 44 respectively of the year 2002. |
| Ordinances |
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The
Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest (Second) Ordinance, 2002
The Representation Of The People (Amendment) Ordinance, 2002
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