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 manupatra roundup
Legislative and Regulatory
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[No.26]
Sep 20,
2002 |
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SEBI
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Secondary Market Division
Circular No. SMD/Policy/Cir- /02 Dated 17.09.2002 : It has been decided to make the
requirement of filing of specific documents / statements applicable to further 500 companies,
selected on the basis of market capitalization and turnover.These companies would be required to
upload all the Statements / Information as mentioned in the circular SMD/Policy/Cir-13/2002 dated
June 20, 2002, on the EDIFAR web site.
Notification No. SO1005(E) Dated 17.09.2002 : SEBI has granted, renewal of recognition to the
Coimbatore Stock Exchange Ltd for one year commencing on September 18, 2002 and ending on
September 17, 2003, in respect of contracts in securities subject to certain conditions.
Circular No. SMD/DBA–II/CIR-22/2002 Dated 12.09.2002 : In order to improve the standard of
information flow so as to enable SEBI to take an informed decision while processing applications,
certain norms relating to the following have been prescribed.
1.Application for Registration of Stock Brokers
2.Prior Approval for Sale of membership
3.Change of Name Applications for Brokers
It is also clarified that in case of corporate entities formed by converting partnership membership card of the
Exchange, in order to get benefit of clause I (4) of Schedule III of SEBI (Stock
Brokers and Sub-Brokers) Regulations 1992, all erstwhile partner(s) should be wholetime directors
in the corporate entity so formed, and the wholetime director shall individually ( in case there
is one wholetime director ) or jointly have to hold atleast 40% of the paid up equity capital of
the corporate entity formed for a period of atleast three years from the date of such conversion.
Notification No. SO954(E) Dated 09.09.2002 : The Board has issued the Securities and Exchange
Board of India (Substantial Acquisition of Shares and Takeovers) Second Amendment Regulations,
2002 to be effective from the date of their publication in the Official Gazette except for Para (i) of clause (a) of regulation 6 of these regulations which
would be effective from 1st date of October, 2002.
Notification No. SO955(E) Dated 09.09.2002 : SEBI has granted renewal of recognition to Mangalore
Stock Exchange Ltd for one year commencing on September 09, 2002 and ending on September 08,
2003, in respect of contracts in securities subject to specified conditions.
Mutual Funds Division
Circular No. MFD/CIR/14/18337/2002 Dated 19.09.2002 : As all mutual funds are required to
disclose full portfolios of their schemes on half-yearly basis as per the provisions of
Regulation 59A of SEBI (Mutual Funds) Regulations, 1996 in the format prescribed vide SEBI
circular MFD/CIR/ 9 /120 /2000 dated November 24, 2000, it is now decided, that disclosures
relating to Equity-oriented Schemes and Debt-oriented Schemes shall also be made by the mutual
funds while making half-yearly portfolio disclosures.
Notification No. SO956(E) Dated 09.09.2002 : In the Second Schedule, in clause I, para C relating
to Service Fees Payable by Mutual Funds has been substituted and in Eighth Schedule, the clauses
'6' and '7' have been renumbered as '7' and '8', respectively.
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Department of Company Affairs
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Notification No. GSR 650(E) Dated 17.09.2002 : In Part III, the Declaration regarding compliance
of all provisions of the Companies Act, 1956, and all the guidelines issued by the
Government or
by SEBI, given after the Note has been substituted.
Circular No. 21/2002 Dated 12.09.2002 : Circular No.6/2002 dated 2nd August, 2002
(F.No.133/1/2002-TPL) issued by the Ministry of Finance, Department of Revenue, Central Board of
Direct Taxes (TPL) Division) relating to threshold limits for TDS from income by way of dividends
and income from units has been intimated to all chambers of Commerce and Industry
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CBDT
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Notification No. 244/2002 to No. 262/2002 Dated 10.09.2002 : Angles' Educational Trust, Mumbai,
Spastic Society of Tamilnadu Chennai, Sankar Foundation Vishakapatnam, Sri Kanchi Sankara Health
and Education, Guwahati, Society For Mentally Retarded Rajkot, Care Indian Medical Society
Pune,
Ankur School For Mentally Retarded Children, Bhavnagar, Srikakulam Voyadhikula
Sangham, Srikakulam, Leprosy Mission Trust Indian, New Delhi, Lalaram Gupta Charitable Trust, Agra,
Gujarat Cancer Dardi Seva Trust, Ahmedabad, Children Welfare Centre Mumbai, Dr. Nihar Munshi Eye
Foundation Calculta, Kanoria Seva Kendra, Ahmedabad, Kailash Charitable Trust,
Noida, Poona Blind
Men's Association Pune, Yusuf Meharally Centre, Bombay, Maharogi Sewa Samiti Chandrapur and
SEWA—Rural, Bharuch, have been notified U/S 35AC.
Circular No. 9/2002 Dated 11.09.2002 : It has been clarified that the exemption under section
194A(3)(v) is available only to such members of a co-operative bank who have joined in
application for the registration in accordance with the bye-laws and rules. A member eligible for
exemption under section 194A(3)(v) must have subscribed to and fully paid for at least one share
of the co-operative bank, must be entitled to participate and vote in the General Body Meetings
and /or Special General Body Meetings of the co-operative bank and must be entitled to receive
share from the profits of the co-operative bank.
Notification No. 243/2002 Dated 10.09.2002 : The Central Government has specified "the Issue of
Foreign Currency Convertible Bonds and Ordinary Shares, (Through Depository Receipt Mechanism)
Scheme 1993" notified vide notification of the Government of India, Ministry of Finance,
Department of Economic Affairs No. GSR 700 (E) dated the 12th November 1993, as a Scheme for the
purposes of section 115AC of Income-tax Act, 1961 in respect of assessment year 2002-2003 and
subsequent assessment years.
Notification No. 242/2002 Dated 09.09.2002 : The Central Government has specified tax free Bonds
Series I-A of rupees one lakh each, tax free Bonds Series I-B of rupees one lakh each, tax free
bonds Series II A of rupees one thousand each and tax free Bonds Series II B of rupees ten
thousand each issued by Sardar Sarovar Narmada Nigam Limited carrying an interest of 9.20%,
9.50%, 9.20% and 9.50% per annum for a period of 5,7,5 and 7 years respectively for a total
amount of rupees 500 crores.
Notification No. 241/2002 Dated 09.09.2002 : The Central Government has specified the 7.85%
NHB-Priority Sector Bonds 2001-02 (tax-free) of rupees one lakh each carrying an interest of
7.85% per annum for a period of seven years for an amount of rupees seventy five crores only,
bearing distinctive numbers from E/00001 to E/07500 issued during 2001-2002 by the National
Housing Bank, for the purpose of section 10 of Income-tax Act, 1961. |
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CBEC Excise Tariff
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Notification No. 49/2002 Dated 16.09.2002 : In the opening paragraph, in clause (a), after
sub-clause (iii), in clause (b), after sub-clause (ii) and in paragraph (2), in clause
(i), in
sub-clause (b), the following has been inserted "by a manufacturer of dutiable and exempted final
products, after discharging his obligation in respect of said goods under rule 6 of the CENVAT
Credit Rules, 2002; or". |
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CBEC Customs-Tariff
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Circular No. 60/2002 Dated 13.09.2002 : Reserve Bank of India has informed that
under the provisions of para 3D.6 of erstwhile Exchange Control Manual,
there is a general permission given to Authorised Dealers to import currency
notes from their overseas branches/ correspondents for meeting their normal
banking requirements. In view of
this, no specific clearance is required from RBI for such imports.
Notification No. 98/2002 and No. 96/2002 Dated 12.09.2002 : The Central Government has rescinded
the notification of the Government of India in the erstwhile Ministry of Finance (Department of
Revenue), No. 131/2001-CUSTOMS, dated the 27th December, 2001, [G.S.R. 923(E), dated the 27th
December, 2001] and No. 4/2002-CUSTOMS, dated the 10th January, 2002 [G.S.R. 19(E), dated the
10th January, 2002], except as respects things done or omitted to be done before such rescission.
Notification No. 97/2002, No. 95/2002 Dated 12.09.2002 and No. 94/2002 Dated 09.09.2002 : Anti
dumping duty has been imposed on Partially Oriented Yarn (POY) imported from Turkey and Korea RP,
Acrylic Fibre imported from Italy and Vitamin AB2D3K imported from the European Union, the United
States of America, Thailand and Singapore.
Circular No. 59/2002 Dated 12.09.2002 : It has been instructed to alert the Customs Feild staff
of the modus operandi adopted for the Duty evasion by fabric importers in connivance with M/s.
Sweety International Pvt. Ltd. (SIPL), Surat under Advance Licence Scheme by showing high seas
sales transaction.
Circular No. 58/2002 Dated 12.09.2002 : The Chairman, CBEC and Secretary, Revenue have ordered
that since Sections 74/75 of the Customs Act clearly provide for grant of drawback on any customs
duty (which includes SAD) drawback on SAD should be allowed.
Circular No. 57/2002 Dated 10.09.2002 : It has been brought to the notice of the Department that
in certain instances the Customs authorities had not allowed the benefit of the customs duty
exemption against a certificate issued by CSO, Headquarters Eastern Command (Major General). As a
Major General in the Army is equivalent to a Joint Secretary in the Central Secretariat, it is
decided that it would not be appropriate for the officers in the field to reject certificates
signed by an officer of the rank of a Major General.
Circular No. 56/2002 Dated 09.09.2002 : As per the existing instructions the verification of the
present market value through market enquiries should be specifically assigned to the Special
Intelligence & Investigation Branch of the Customs House and the enquiry must be completed in 30
days except in certain circumstances and subject to extensions, if granted. As the existing
instructions pose a legal hurdle in investigation of DEPB frauds where the DEPB credit has
already been availed and in many cases even utilised, it is clarified that in respect of the
cases involving fraud/collusion/wilful mis-statement or suppression of facts, etc., the enquiry
can be opened at any stage within a period of 5 years and notice may be issued for recovery of
import duty involved. |
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Service Tax
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Circular No. 48/10/2002 Dated 13.09.2002 : In respect of cases where the grain agents legally
receive commission from the farmers and satisfy the other conditions mentioned in Board's letter
dt. 11.7.97, they would be considered as Clearing and Forwarding agents and be liable to pay
service tax on their commission and not in other cases.
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Department of Economic Affairs
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Notification No. F. 4(13)-W&M/ 2002 Dated 05.09.2002 : The Government of India, has notified the
issue of 7% Savings Bonds, 2002("the Bonds") from 1st October 2002 until further notice.
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RBI
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Circular No. AP (DIR Series) Circular No 23 Dated 17.09.2002 : Attention of authorised dealers is
invited to A.P. (DIR Series) Circular No.10 dated September 5, 2000, operationalising the
'Automatic Route' for ECBs up to USD 50 million. In terms of paragraph 3 of the circular under
the Automatic Route ECBs can be raised by any legal entity registered under the Company's Act,
Societies Registration Act, Co-operative Societies Act including proprietorship/partnership
concerns. It is clarified that individuals, Trusts and Non-Profit making Organisations are not
eligible to raise ECBs.
Circular No. AP (DIR Series) Circular No 22 Dated 17.09.2002 : The Reserve Bank has now decided
that, in supercession of earlier instructions, any borrower who has raised ECBs in accordance
with the prevalent Rules/ Regulations/Guidelines may prepay, the outstanding ECB upto an amount
of USD 100 million without prior permission from the Reserve Bank. It is clarified that this
liberalised automatic route is available to all category of borrowers irrespective of the
residual maturity or percentage of the outstanding loan, as long as the amount being prepaid does
not exceed USD 100 million.
Circular No. AP (DIR Series) Circular No 21 Dated 16.09.2002 : It has now been decided that
duplicate copies of export declaration forms viz. GR, PP and SOFTEX and Exchange Control copies
of the shipping bills together with related Statutory Declaration Forms (SDF) should not
hereafter be submitted to Reserve Bank along with the R-Returns. Instead, the duplicate copies of
the declaration forms duly certified after realisation of export proceeds, with Exchange Control
Copies of shipping bills and related SDF, should be retained by the authorised dealers.
Circular No. AP (DIR Series) Circular No 20 Dated 12.09.2002 : It is clarified that in view of
Rule 6(2) as contained in Government of India Notification No.S.O.301(E) dated March 30, 2001,
prior approval of the Reserve Bank is not required where remittance exceeding USD 100,000 is made
out of the funds held in Exchange Earners' Foreign Currency (EEFC) account.
Circular No. AP (DIR Series) Circular No. 19 Dated 12.09.02 : It has been decided that it will be
in order for the authorised dealers to allow remittances by a Non Resident Indian and Person of
Indian Origin an amount not exceeding USD 100,000 (US Dollar one lakh only) per calendar year,
out of the assets in India acquired by way of inheritance/legacy, on production of certain
documents.
Circular No. AP (DIR Series) Circular No 18 Dated 12.09.2002 : Major changes have been proposed
in the revised GIM relating to Scope of Memorandum, Reinsurance Arrangement, Remittance of
Reinsurance Premia by local brokers, Foreign currency accounts abroad and Settlement of claims in
foreign currency.
Circular No. AP (DIR Series) Circular No 17 Dated 12.09.02 : It has now been decided
that authorised
dealers may release foreign exchange upto USD 50,000/- or its equivalent for medical treatment
outside India, on the basis of a declaration from the applicant that he is buying exchange for
medical treatment outside India, provided the payment for purchase of foreign exchange is being
made by a cheque or debit to the applicant account or by demand draft.
Circular No. AP (DIR Series) Circular No 16 Dated 12.09.02 : With a view to provide hassle free
release of foreign exchange to the resident individuals for various purposes, it has been
decided that ADs may release an amount upto USD 500 or its equivalent for all permissible
transactions on the basis of a simple letter from the applicant containing the basic information,
viz., name and the address of the applicant, name and address of the beneficiary, amount to be
remitted and purpose of remittance.
Circular No. AP (DIR Series) Circular No 15 Dated 09.09.2002 : It has been decided to enhance
the amount of USD 5000 prescribed in paragraph 17(ii) & (iv) of the Annexure to
A.P. (DIR.Series)
Circular No.9 dated August 24, 2000 referred to above to USD 25,000 for all imports made into
India through Post or otherwise. Consequent upon this change, authorised dealers should ensure
rigorous follow-up for non-submission of documentary evidence as prescribed in paragraph
A.18.A(i) of the circular referred to above in respect of remittances involving foreign exchange
exceeding USD 25,000.
Circular No. AP (DIR Series) Circular No 14 Dated 09.09.2002 : It has been decided that,
submission of forms A1 and A2 as prescribed in paragraph 15(ii)(a) and (iii)(a) relating to
payments below the equivalent to Rs.5,00,000 for all types of transaction in foreign exchange to
Reserve Bank with R-Returns, may be discontinued.
Circular No. AP (DIR Series) Circular No.13 Dated 06.09.2002 : It has been decided in
consultation with the Bank for Foreign Economic Affairs of the USSR, Moscow (BFEA), to reduce the
period for lodging the reimbursement claims from 37 working days to 27 working days from the date
of expiry of LC, excluding the days on which Reserve Bank of India, Mumbai is closed.
Notification No. RPCD No SP BC 16 /09.01.01/2002-03 Dated 11.09.2002 : The Chairman /Managing
Director of all Scheduled Commercial Banks have been requested to furnish a copy of the review
note submitted to the board on implementation of IRDP/SGSY to the Central Office of RPCD
regularly for information and use (Please refer the Master Circular on SGSY
RPCD.SP.BC.
14/09.01.01/2001-02 dated August 17, 2001 and Annexure-1, Para 6 of DBOD circular
No.BP.BC.3/21.03.038/2000 dated July 14, 2000)
Notification No. RPCD SP BC 15 /09.01.01/2002-03 Dated 11.09.2002 : Government of India have
clarified that for availing Group Insurance coverage by the SGSY Swarozgaris, the maximum age of
Swarozgaris at the time of sanction of loan has to be kept at 60 years. The insurance coverage,
however, would be for five years or till the loan is repaid, whichever is earlier, irrespective
of the age of Swarozgaris at the time of sanction of loan (Please refer the Master Circular on
SGSY RPCD.SP.BC. 14/09.01.01/2001-02 dated 17 August 2001 and Para 4.36 of the SGSY guidelines).
Press Release No. 294/2002-2003 Dated 16.09.2002 : The Reserve Bank of India has further
liberalised the Automatic Route for prepayment of External Commercial Borrowings
(ECBs) whereby
any borrower who has raised ECBs in accordance with the prevalent Rules/ Regulations/ Guidelines
may prepay, the outstanding ECB upto an amount of US$100 million without prior permission from
the Reserve Bank.
Press Release No. 275/2002-03 Dated 09.09.2002 : The Reserve Bank has clarified that no documents
are required for remittance, as long as, the amount of remittance does not exceed USD500 and the
payment is being made by a cheque drawn on the applicant's bank account or by a demand draft.
Press Release No. 270/2002-2003 Dated 09.09.2002 : Dr. Rakesh Mohan took over as Deputy Governor
of the Reserve Bank of India for a period of three years.
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DGFT
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Notification No. 15/2002-07 Dated 13.09.2002 : A new sub paragraph 5.5.2 has been inserted
wherein a 12 Year EO Period for EPCG Licences is granted to AEZ units.
Public Notice No. 35/2002-07 Dated 13.09.2002 : In Product Group Engineering, S.No.570 relating
to Hypodermic needle (Disposable) with DEPB rate prescribed to be 3%, has been inserted.
Public Notice No. 34/2002-07 Dated 13.09.2002 : Certain amendments have been made in the Handbook
of Procedures whereby Soft Copy has been prescribed for Manual applications, Amendment has been
made in documentation for redemption under AL for DE and Four new AEZ's have been added. |
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Department of
Commerce
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Notification No. 13/1/2000-DGAD, No. 31/1/2001-DGAD Dated 11.09.2002, No. 47/1/2001-DGAD Dated
05.09.2002 and No. 14/27/2002-DGAD Dated 09.09.2002 : Anti Dumping Investigation has been
initiated Concerning Imports Of Polyester Film From Republic Of Korea And Indonesia, Review Of
Anti-Dumping Duty Imposed On Imports Of Thermal Sensitive Paper Originating In Or Exported From
EU, imports of Poly-Iso-Butylene Originating in or Exported From European Union, Brazil, Japan,
Korea R.P., Singapore And Thailand and imports into India of Non-Brass Metal Flashlights
originating in or Exported from China PR. |
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Department of Posts |
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Notification No. GSR637(E) Dated 11.09.2002 : In rule 30 sub-rule (3) relating to Renewal of
registration has been substituted. |
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Ministry of Peroleum and Natural Gas |
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Notification No. GSR644(E) Dated 12.09.2002 : The Central Government has directed that in the
States of Andhra Pradesh, Goa, Gujarat, Haryana, Karnataka, Maharashtra and in Union Territories of
Daman Diu, Dadra and Nagar Haveli, Chandigarh and Pondicherry, only 5 % ethanol blended petrol,
as per Bureau of Indian Standards specification No. 2796 shall be sold from the first January
2003. |
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Ministry of Road Transport and Highways |
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Notification No. SO998(E) Dated 13.09.2002 : The Central Government has appointed the 1st day of
October, 2002 as the date on which the Road Transport Corporations Act, 1950 shall come into
force in the State of Uttaranchal.
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Ministry of Chemicals and Fertilizers
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- Fixation of Ceiling Prices
Notification No. SO944(E) and No. SO945(E), dated 06.09.2002 and No. SO947(E) to No. SO950(E)
Dated 09.09.2002 : Ceiling Prices of Vitamin C Plain, Vitamin C Coated and Sodium
Ascorbate, lodochlorohydroxyquinoline, specified formulations,
Spironolactone, Multivitamin Syrup and drops
and Ceiling prices of Vitamin C Tablet, have been fixed.
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Press
Information Bureau
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Dated 19.09.2002 : The Constitution of India has been amended seven times during the last three
years of the Government. All the amendments effected are intended to improve social and economic
status of the people.
Dated 18.09.2002 : The President has given his assent to the Appropriation (Railways) No. 3 Bill,
2002 and the Appropriation (Railways) No. 4 Bill, 2002 and the same are notified in the Gazette of India as
Act Nos. 48 and 49 respectively of the year 2002.
Dated 15.09.2002 : Taking into account changes in external financial markets, requirements of
corporates and with a view to liberalising further the External Commercial Borrowings
(ECB)
approvals, the Government has decided to make certain changes in the ECB Guidelines
Dated 13.09.2002 : Alternative Disputes Resolution (ADR) system has been evolved in India to
decongest and avoid recourse to courts. The concept of ADR is an effort to design workable and
fair alternative to our traditional judicial system.
Dated 10.09.2002 : The Union Minister of Commerce & Industry has announced the setting up of a
3-member in-house Committee to reorient and further fine-tune the functioning of the DGFT in the
light of the present liberalised trade regime by simplifying and eliminating layers of decision
making, wherever required, in order to ensure greater transparency.
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