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Legislative and Regulatory Update
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In This Issue [No.28] Oct 10, 2002
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Secondary Market Division
Fees payable by Stock Brokers
Circular No. SMD/Policy/Cir- 25/2002 Dated 30.09.2002 : Some issues involving methodology of computation for purpose of levy of turnover fees on certain type of transactions such as compulsory carry forward transactions, reversal transactions pertaining to institutional trades routed through the custodians as also the methodology for computation of fees for the years for which turnover data is not available with the Exchange etc. which were represented by the Exchanges as well as the brokers in their individual as well as representative capacities were examined by SEBI and clarifications have accordingly been issued.
Mutual Funds Division
Risk Management System
Circular No. MFD/CIR/15/19133/2002 Dated 30.09.2002 : AMFI in association with Pricewaterhouse Coopers as a part of Indo-US Financial Institutions Reforms and Expansion Project, has undertaken a detailed study on risk management practices followed by all the mutual funds. They have made certain recommendations to ensure a minimum standard of due diligence or risk management system for all the mutual funds in various areas of their operations like fund management, operations, customer service, marketing and distribution, disaster recovery and business contingency, etc.
Regulations
Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002
Notification No. SO1045(E) Dated 27.09.2002 : SEBI has issued the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 to be effective form 27.09.2002.
Depositories and Custodian Division
Two-Way fungibility of ADRs/GDRs.
Circular No. D&CC/FITTC/CIR- 11/2002 Dated 03.10.2002 : RBI has clarified the following regarding Operative Guidelines on the two-way fungibility under the issue of "Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993 :
1. Certificate regarding non-breaching of sectoral caps to RBI/SEBI in terms of clause (e) of the Operative Guidelines shall be submitted by the custodians on monthly basis. This monthly certificate shall be submitted by the custodians by 10th of every month.
2. Monthly report in terms of clause (q) of the Operative Guidelines shall be submitted by the custodians to RBI/SEBI in the enclosed format. This monthly report shall be submitted by the custodians both in hard copy as well as soft copy by 10th of every month.
Amendment to Schedule XIII – Part I in clause (e)
Notification No. GSR670(E) Dated 30.09.2002 : In the said schedule, in Part I, in clause (e) -
(i) the word “Explanation –” has been re-numbered as “Explanation I.-”
(ii) after the Explanation so re-numbered, the Explanation relating to non applicabilty of condition to the companies in Special Economic Zones has been inserted.
Amendment to Notification No. SO 1280(E) Dated 28.12.2001
Notification No. SO1047(E) Dated 30.09.2002 : In the said Notification, Serial Nos. 1, 2, 3, 4, 5 and 13 and entries relating thereto, have been substituted,
Clarification on the applicability of Section 43A(2A) on the erstwhile deemed public companies
Circular No.23/2002 Dated 30.09.2002 : The Registrar of NCT of Delhi and Haryana has sought a clarification on the applicability of Section 43A(2A) on the erstwhile deemed public companies, to those public companies which are subsidiaries of foreign body corporates. The matter has been examined in the Department and it is accordingly clarified that after amendment of the erstwhile Section 43A, since the provisions of Section 4 of the Companies Act are independent, a private company, being a subsidiary of a foreign body corporate, which, if incorporated in India, would not be a public company. As such, these deemed public companies are entitled to revert back to their initial status of private limited companies as the effect of Section 43A has been nullified by the amendment referred to.
Report of the Expert Group on Transfer Pricing Guidelines
Dated 25.09.2002 : The Central Government had constituted an Expert Group to recommend transfer pricing guidelines for companies for pricing their products in connection with the transactions with related parties and transactions between different segments of the same company. The group has accordingly submitted its report.
Income tax (25th Amendment) Rules, 2002
Notification No. 294/2002, No. SO1062(E) Dated 04.10.2002 : 1. in rule 26A, in sub-rule (2) of clause (b), the following clause shall be substituted, namely:--"(b) Form No. 12BA, if the amount of salary paid or payable to the employee is more than one lakh and fifty thousand rupees, which shall accompany the return of income of the employee.";
2. In rule 30 and rule 31,in the heading, for the words "tax deducted at source", the words, "tax deducted at source or tax paid under Sub-section (1A) of Section 192", shall be substituted.
3. In rule 30 Clause (ia) relating to All sums paid under Sub-section (IA) of Section 192, has been inserted.
4. Form NO.12BA has been inserted in Appendix II.
Income-tax (24th Amendment) Rules, 2002
Notification No. 291/2002 Dated 27.09.2002 : In the Income-tax Rules, 1962, for Appendix I relating to Table of rates at which depreciation is admissible, new Appendix I has been substituted
Notifications u/s 10(23c)
Notification No. 273/2002 to No. 278/2002 Dated 23.09.2002, No. 280/2002 to No. 290/2002 Dated 25.09.2002 and No. 292/2002 and No. 293/2002 Dated 30.09.2002: Shri Satyabhamaji Mandir Trust, Bet, Foundation for Universal Responsibility of His Holiness The Dalai Lama, New Delhi, Veerayatan, Rajgir, Bihar, Jawaharlal Nehru Memorial Fund, New Delhi, Hind Kusht Nivaran Sangh, New Delhi, Khelaghar, Palm Avenue, Kolkata, Shri Laxmiji Mandir Trust, Bet, Shri Radhikaji Mandir Trust, Bet, Shri Dwarkadhishji Mandir Trust, Bet, Centre for High Technology, New Delhi, Action for Food Production (AFPRO), New Delhi, Society of the Franciscan Servants of Mary, Salem, Delhi Society for Mentally Retarded Children, New Delhi, Liberation Movement for Women, Tamil Nadu, Indian Institute of Public Administration, New Delhi, Indian International Textile Machinery Exhibition Society, Mumbai, Sports Authority of Andhra Pradesh, Hyderabad, Punjab Calamity Relief Fund, Punjab, Chandigarh and Poona District and Metropolitan Badminton Association, Pune have been Notified u/s 10(23C)
Non-payment of interest in refund/ rebate cases which are sanctioned beyond three months of filing
Circular No. 61/670/2002 Dated 01.10.2002 : Board would like to stress that the provisions of section 11BB of Central Excise Act, 1944 are attracted automatically for any refund sanctioned beyond a period of three months. The jurisdictional Central Excise Officers are not required to wait for instructions from any superior officers or to look for instructions in the orders of higher appellate authority for grant of interest.
Allotment of 15 digit PAN based Registration Numbers
Circular No. 60/668/2002-CX Dated 30.09.2002 : All the Chief Commissioners and Commissioners of Central Excise and Customs have been intimated that with reference to Board’s Circular No.662/53/2002-CX dated 17.9.2002 on Central Excise Registration which details the new procedure for Registration providing inter alia for automatic generation of temporary 15-digit Registration Number for the assessees not having PAN, the new temporary number would be automatically generated by the system on 1.10.2002.
Exemption from Central Excise Duty on Goods Manufactured from Duty Paid Goods
Circular No. 58/667/2002 Dated 26.09.2002 : Board’s Circular No. 125/36/95-CX dated 15th May, 1995 has been modified in view of the law now laid down by the Constitution Bench of the Hon’ble Supreme Court. Consequently, whenever an exemption is subject to the condition that appropriate duty of excise has been paid on the inputs, the exemption will not be available if the inputs are exempted from excise duty or are subject to nil rate of excise duty. The same considerations will apply to additional duty of customs also.
Exemption to parts of air conditioning machines- reg
Circular No. 57/666/2002 Dated 25.09.2002 : It has been clarified by the Board
(i) that a sub-assembly or an assembly, which does not have the essential characteristics of the complete machine, will be classified as a ‘part’ of an air conditioning machine and will be eligible for concessional rate of duty under the exemption notification (now Notifn.No.6/2002-CE dt.1.3.2002 - Sl.No.197).
(ii) that the assembly or sub-assembly which has the essential characteristics of the complete machine will be classified (even in CKD/SKD form) as the whole machine itself.
Cenvat Credit on Capital Goods Used in Intermediate Products Exempt From Duty Under the New Set of Rules
Circular No. 665/56/2002-CX Dated 25.09.2002 : It is, clarified that cenvat credit should not be denied on the capital goods used in manufacturing of intermediate goods exempt from payment of duty which are used captively in the manufacture of finished goods chargeable to duty.
Notification No. 14/2002 NT to come into effect w.e.f. 25.10.2002
Notification No. 34/2002 NT Dated 01.10.2002 : The Central Board of Customs and Excise has notified that Notification No. 14/2002-Central Excise (N.T.) dated the 8th March, 2002 shall come into effect on and from the 25th day of October, 2002.
Clarification Regarding Levy of Excise Duty U/S 3 on Jute Products
Notification No. 33/2002 NT Dated 30.09.2002 : The Central Government has directed that the duty of excise payable on the jute intermediates, consumed captively in the same factory for the further manufacture of jute products, but for the practice prevailing, shall not be required to be paid in respect of such jute intermediates on which the said duty of excise was not levied during the specified period, in accordance with the said practice.
Permission to send out goods for job work by EOUs / EPZ/ STP/ EHTP /SEZ Units
Circular No. 65/2002 Dated 07.10.2002 : Having regard to the difficulties being faced by the EOUs/EPZ/SEZ/STP/EHTP units as also taking revenue interests into account, it has been decided to streamline the procedures relating to sub-contracting / job-work in DTA as specified.
Duty free import of embellishments required in the manufacture of shoe uppers and other parts of leather footwear under 3% Scheme
Circular No. 64/2002 Dated 07.10.2002 : Exporters of leather footwear have, represented that since Sr. 167A only covers complete leather footwear, exporters of leather shoe uppers and other components of leather footwear are facing difficulty in obtaining duty free clearance of embellishments required by them under the aforesaid scheme. The issue is examined by the Board and it is clarified that the description given in Sr. No. 167A and condition No. 21A of Customs Notification No. 21/2002 covers the entire range of export products which are covered under the sub-sectors specified therein.
Amendment in Notification No. 156/2000
Notification No. 103/2002 Dated 07.10.2002 : In the said notification, in the Table, S. No. 1 and the entries relating thereto have been deleted.
Clarification Regarding Import of Thermal Sensitive Paper
Notification No. 102/2002 Dated 07.10.2002 : The Central Government has imposed on the TSP falling under sub-heading 4809.10 or heading 48.11 or heading 48.16 of the First Schedule to the Customs Tariff Act, originating in, or exported from, the European Union, and when exported by M/s Papierfabrik August Koehler AG, Germany, M/s Jujo Thermal Ltd. Finland and All other exporters of European Union and imported into India, an anti-dumping duty at the rate specified.
Amendment to Notification No. 65/2001 Dated 25.06.2001
Notification No. 101/2002 Dated 04.10.2002 : In the notification, in the Table, against Sl. No. 1, in column (3), for the words “(i). M/s. Oscol Electrometallurgical Combinat (OEMK)”, the words “(i) M/s. Oscol Electrometallurgical Combinat (OEMK), manufacturer and M/s. Salzgitter International GmbH, Germany, the exporter” have been substituted.
Market verification for ascertaining the present market value under DEPB Scheme and admissibility of DEPB credit
Circular No. 63/2002 Dated 27.09.2002 : It is clarified that Market verification should be undertaken only in suspect cases and especially where there is blatant export of sub-standard goods. Market verification can also be initiated in select cases in respect of consignments entered for export to sensitive destinations, wherein there are reasons to believe that the acceptance of the declared value would result in accrual of substantial unintended DEPB benefits.
Import of consumer items like carpets, crockery, marble, chandelier etc. under EPCG Scheme by service providers
Circular No. 62/2002 Dated 26.09.2002 : It has been decided that service providers who actually require consumer items like carpets, crockery, marble, chandeliers etc. shall be allowed EPCG benefit. Chairman, CBEC has ordered that the rider appearing in DOR Circular No. 39/2000-Customs may, therefore, be deemed to be deleted. Import of these consumer items should also be allowed wherever DGFT authorities have issued EPCG Licences for these items and the same is valid to cover imported goods.
Public Provident Fund (Amendment) Scheme, 2002
Notification No. GSR679(E) Dated 04.10.2002 : In the Public Provident Fund Scheme, 1968, in Form A, for para (iv) appearing under the Head "Account In The Name Of Self/Minor(s)/HUF/Association", a new paragraph has been inserted.
Opening, holding and maintaining Foreign Currency Account in India by Unit in Special Economic Zones (SEZs)
Circular No. AP (DIR Series) Circular No 28 Dated 03.10.2002 : Authorised Dealers have been advised to bring to the notice of their constituents to Notification No.FEMA.37/2001-RB dated February 27, 2001 relating to Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) Regulations, 2000 which has been amended by Notification No. FEMA.63/2002-RB dated June 21, 2002
Income Tax Clearance Certificate/No Objection Certificate
Circular No. AP (DIR Series) Circular No 27 Dated 28.09.2002 : Authorised dealers have been advised that they may accept an undertaking made in accordance with the Notification dated November 18, 1997, in lieu of an ‘Income Tax clearance Certificate’ or a ‘No Objection Certificate’ as prescribed in the respective Notifications and related circulars issued under Foreign Exchange Management Act, 1999 and allow remittance of foreign exchange.
(a) Remittance of Current Income by Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs) No Objection Certificate (b) Repatriation of NRNR Deposits
Circular No. AP (DIR Series) Circular No.26 Dated 28.09.2002 : 1. It is clarified that for remitting current income credited to NRO A/c, as well as for crediting current income to NRE Account of the NRI in terms of clarifications given in A.P. (DIR Series) Circular No. 5 dated July 15, 2002, requirement of submission of income-tax declaration/ Chartered Accountant’s certificate stating that the income-tax thereon has been deducted /paid/provided for, is applicable.
2. It is also clarified that proceeds of the NRNR deposit on maturity may be allowed to be repatriated outside India in case the accountholder does not maintain NRE account.
Imports into India - Short term credit
Circular No. AP (DIR Series) Circular No 25 Dated 27.09.2002 : It has now been decided that uniform Regulations and procedures be made applicable to both categories of the short term credit, that is Suppliers' Credit as well as Buyers' Credit, with immediate effect till further notice. Accordingly, the Authorised Dealers may approve proposals received in Form ECB for short term credit for financing, by way of either Suppliers’ Credit or Buyers’ Credit, of import of goods into India subject to certain conditions.
Amendment in Notification No.DFC.39/DG(H)- 77 dated June 20, 1977
Notification No.DNBS. 162/CGM(CSM)-2002 Dated 01.10.2002 : In sub-paragraph (1), in Paragraph 13, the following item (g) shall be inserted, "(g) that the deposits solicited by it are not insured."
Amendment in Notification No.DFC.55/DG(O)-87 dated the 15th May 1987
Notification No. DNBS. 161/CGM(CSM)-2002 Dated 01.10.2002 : For sub-paragraph (2) of paragraph 6, a new paragraph relating to conditions to be complied by every residuary non-banking company has been substituted.
Amendment in Notification No. DFC. 119 / DG (SPT) / 98 dated January 31, 1998
Notification No. DNBS. 160/CGM(CSM)-2002 Dated 01.10.2002 : 1. For clause (iv) in sub-paragraph (3), Paragraph 1, the following has been substituted,
"(iv) These directions except the provisions of Paragraph 13A shall not apply to an NBFC being a Government company as defined under section 617 of the Companies Act, 1956 (1 of 1956)."
2. After paragraph 9B, a new paragraph 9C relating to Transactions in Government securities has been substituted.
3. After paragraph 13, new paragraphs 13A relating to Information in regard to change of address, directors, auditors, etc.to be submitted by NBFCs not accepting/holding public deposit and paragraphs 13B relating to Exposure to Capital Market has been inserted.
Amendment in Notification No. DFC. 118 / DG (SPT) / 98 dated January 31, 1998
Notification No. DNBS. 159/CGM(CSM)-2002 Dated 01.10.2002 : 1. In the chart relating to "Approved Credit Rating Agencies" appended to paragraph 4, in sub-paragraph (1), under the column relating to the minimum investment grade rating, the symbol of rating of "Ind BBB -(BBB Minus) against the Fitch Ratings India Private Ltd., has been substituted by "tA-(ind)(FD)".
2. In sub-paragraph (13) of Paragraph 4, after item (h) the following item (i) has been inserted:
"(i) that the deposits solicited by it are not insured."
3. For Paragraph 6 relating to conditions to be complied by every non-banking financial company has been substituted.
Non-Banking Financial Companies - Amendments to Regulations
Notification No. DNBS PD CC No 21/02.01/ 2002-03 Dated 01.10.2002 : Amendments concerning the following have been made
(i) Transactions in Government Securities
(ii) Particulars to be furnished in the Advertisement for soliciting public deposits or statement in lieu thereof
(iii) Exposure of NBFCs to the Capital Market
(iv) Information in regard to change of address, directors, auditors, etc. to be submitted by non-public deposit taking NBFCs
Special Financial Package for large value exports - Rupee credit interest rates
Notification No. IECD No 8/04.02.01/2002-2003 Dated 28.09.2002 : A special financial package was drawn in consultation with the Government of India, for large value exports of select products, which are internationally competitive and have high value addition for a period of one year upto September 30, 2002. It has been decided to extend the validity period of the financial package for a further period of one year upto September 30, 2003.
GOI announces sale (re-issue) of two dated securities through price-based auctions
Press Release No. 356/2002-03 Dated 03.10.2002 : The Government of India (GOI) has announced the sale (re-issue) of "7.27 per cent Government Stock 2013" for a notified amount of Rs.4,000 crore (nominal) through a price based auction using multiple price auction method. The Government of India has also announced the sale (re-issue) of "7.95 per cent Government Stock 2032" for a notified amount of Rs.3,000 crore (nominal) through a price based auction using uniform price auction method.
Procedure and Documentation Simplified for Release of Foreign Exchange
Press Release No. 335/2002-2003 Dated 27.09.2002 : With a view to ensuring that authorised dealers are able to provide absolutely hassle free service to resident individuals, the Reserve Bank advised authorised dealers on September 12, 2002, that for release of foreign exchange upto USD 500 to resident individuals, no document need be called for at all.
Procedure for import of various items under Tariff Rate Quota(TRQ)
Public Notice No. 38/2002-2007 Dated 04.10.2002 : The DGFT has notified the procedure for allocation of Tariff Rate Quota (TRQ) for the year 2002-03.
Amendment/ Addition in SION
Public Notice No. 37(RE-2002)/2002-2007 Dated 03.10.2002 : The DGFT has made amendments / modifications and additions in the Handbook of Procedures, Vol.2, 2002-2007, as amended.
PMV declaration as prescribed in Hand of Para 4.41
Trade Notice No . 11/2002 Dated 25.09.2002 : A trade notice has been issued concerning :
1.PMV declaration as prescribed in Hand of Para 4.41.
2.Request for change of co-licensee in an advance licence after waiver of bond condition.
3.Issue of Advance licences for Deemed Exports for Supplies to EOUs /EPZs/EHTPs/ STPs
4.Acceptance of Shipment Certificate in lieu of EP Copies of Shipping Bills –Which could not be generated under Custosm EDI System- Regarding
Anti Dumping Investigations
Notification No. 41/1/2001-DGAD Dated 30.09.2002 : Final Findings on Anti-Dumping Investigation Concerning Imports of Flexible Slabstock Polyol of Molecular Weight 3000 to 4000 Originating in or Exported From USA, Japan, Singapore and European Union, have been published.
Initiation Of Anti-Dumping Investigations
Notification No.14/18/2002-DGAD Dated 25.09.2002 : Anti-Dumping Investigations Concerning Imports Of Hot Rolled Coils, Sheets, Plates And Strips Originating In Or Exported From South Africa, Romania, Venezuela, Saudi Arabia, European Union, Australia, Canada, And Singapore, have been initiated.
Draft Patents Rules, 2002
Notification No. SO1018(E) Dated 20.09.2002 : The draft of the Patents Rules, 2002 which the Central Government proposes to make has been published as required by sub-section (3) of that section, for the information of all persons likely to be affected thereby and notice is given that the said draft shall be taken into consideration on or after the expiry of a period of thirty days from the date the copies of the Gazette containing the notification are made available to the general public.
Amendments to Standards of Weights and Measures (Packaged Commodities) Rules, 1977
Notification No. GSR666(E) Dated 25.09.2002 : In rule 6, in sub-rule (1),
(1) in clause (d), the proviso relating to Applicability of Prevention of Food Adulteration Act to packages containing food articles, 1954 and the rules made there under have been be inserted.
(2) in proviso (A), clauses (i) to (v) have been omitted.
(3) in proviso (B), the following has been inserted,
"Provided that the said provision shall not apply to the packages containing food products, where the "Best before or Use before" period is ninety days or less from the date of manufacture or packing."
(4) in proviso (C), clauses (i), (ii), (iv), (v) and (vi) have been omitted.
Amendments to the Standards of Weights and Measures (General) Rules, 1987
Notification No. GSR665(E) Dated 25.09.2002 : (a) In rule 13, for the words, "in heading B", the words and letters, "in headings B to F" has been substituted,
(b) In the seventh schedule, after Heading D and the entries relating thereto, Heading E relating to Automatic Gravimetric Filing Instruments has been inserted.
Delegation of Powers of Director, Legal Metrology to Person Appointed as Specified
Notification No. GSR664(E) Dated 25.09.2002 : The Central Government has delegated with the consent of the State Government of West Bengal to the person for the time being holding the Office of the Controller of Legal Metrology in the State Government of West Bengal, all the powers of the Director of Legal Metrology as respects of the provisions of rules 35, 36 and 3 7 of the Standards of Weights and Measures (Packaged Commodities) Rules 1977 made under the said Act, subject to conditions.
Amendment To Central Motor Vehicles Rules, 1989
Notification No. GSR669(E) Dated 27.09.2002 : For sub-rule (3), the following sub-rule has been substituted,
"(3) In a motor vehicle, in which seat-belts have been provided under rule 125 or rule 125 (1A) or rule 125A, as the case may be it shall be ensured that the driver, and the person seated in the front seat or the persons occupying front facing rear seats, as the case may be, wear the seat belts while the vehicle is in motion."
Government to enforce Apprentices Act strictly against defaulting establishments
Dated 09.10.2002 : Government will enforce Apprentices Act more forcefully against those establishments who do not engage apprentices as per the fixed quota. The State Apprenticeship Advisers have been urged not to hesitate taking legal action against defaulting establishments.
Inflation Rate falls but Consumer Price Index for Industrial Workers rise
Dated 08.10.2002 : The rate of inflation based upon the Consumer Price Index for Industrial Workers continued to witness a downward trend with a marginal fall of 0.03 percentage point during August, 2002. It went down from 3.89% in July, 2002 to 3.86 per cent in August 2002. In August, 2001 the inflation rate was 5.19%.
Privatization of ancillary functions of Courts
Dated 07.10.2002 : The Centre in consultation with the Chief Justices of High Courts has decided to privatize certain ancillary functions of courts to introduce element of speed, efficiency and maintenance of the equipment in courts.
Transfer of Amounts of Unpaid Dividend Accounts to IEPF to be Monitored Stringently
Dated 07.10.2002 : The Department of Company Affairs has clarified that all amounts remaining unpaid for a period of 7 years in "Unpaid Dividend Account" on or after 31.10.1995 should be transferred to Investor Education and Protection Fund forthwith, unless already transferred.
Income Tax Appellate Tribunals in New States
Dated 04.10.2002 : The Centre is contemplating to set up Benches of the Income Tax Appellate Tribunal (ITAT) in the three newly created States of Chhattisgarh, Jharkhand and Uttaranchal.
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