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In This Issue [No.30]                                                                        Oct 30, 2002 SEBI DCA CBDT CBEC Excise Tariff CBEC Excise NT CBEC Customs Tariff Department of Economics Affairs RBI Ministry of Chemicals and Fertilizers DGFT Department of Commerce Department of Industrial Policy Department of Consumer Affairs Department of Information Technology Ministry of Environment and Forests Ministry of Labour Ministry of Health and Family Welfare PIB Miscellaneous Ordinances Site Links Roundup Archives Free Trial Contact us   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 Primary Market Division SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 {Regulations} - Post offer public anouncement and standard formats on the website Circular No. RMB Circular No 2 (2002-2003) Dated 18.10.2002 : In order to ensure more dissemination of information to the shareholders about the post offer details, it has been decided that once the offer formalities have been completed in terms of the Regulations including payment of consideration to all the shareholders whose shares have been accepted, the Acquirer through the Merchant Banker shall make a public announcement in all the newspapers in which the original public announcement was made.  Mutual Funds Division Appointment of Independent Directors Circular No. MFD/CIR/17/21105/2002 Dated 28.10.2002 : It has now been decided after discussions in the meeting of SEBI Mutual Fund Advisory Committee that the AMC/Trustee Company must appoint independent director(s) in place of the resigning director(s) within a period of 3 months from the date of resignation. Where a mutual fund is unable to meet this time limit, it should report to SEBI explaining the reasons for non-compliance.  Department of Company Affairs Cost Accounting Records (Telecommunications) Rules, 2002  Notification No. GSR689 and No. GSR686(E) Dated 08.10.2002 : Central Government has issued the Cost Accounting Records (Telecommunications) Rules, 2002 and Cost Accounting Records (Petroleum Industry) Rules to be effective from 08.10.2002. CBDT Amendment in Notification No. S.O. 732(E) Dated 31.07.2001 Notification No. 306/2002 Dated 22.10.2002 : In Schedule-I, for S.No. 15 relating to Commissioner of Income-tax, Muzaffarpur,  S.No. 16 relating to Commissioner of Income-tax. Bhagalpur and  S.No. 119 relating to Commissioner of Income-tax, Mumbai and the entries relating thereto, have been substituted Approval U/S 35AC and U/S 35(i)(ii) Notification No. No. 295/2002, No. 296/2002 Dated 09.10.2002 and 297/2002 Dated 11.10.2002 : M/s Zandu Foundation for Health Care and M/s Dabur Research Foundation have been approved U/S 35(i)(ii) and Specified Institutions have been approved U/S 35AC. CBEC Excise Tariff Exemption to Goods falling under Chapter 24 of the First Schedule to the Central Excise Tariff Act, 1985 Notification No. 52 /2002 Dated 17.10.2002 : The Central Government has exempted all goods falling under Chapter 24 of the First Schedule to the Central Excise Tariff Act, 1985 manufactured in a factory and used within the factory of production in or in relation to the manufacture of final products from the whole of the duty of excise and additional duty of excise and national calamity contingent duty leviable thereon, which is specified in the respective Schedules to the said Tariff Act and the said Special Importance Act and the Finance Act.  CBEC Excise NT Enforcement Date of Notification No.14/2002-Central Excise (N.T.) Notification No 35/2002 NT Dated 24.10.2002 : The Central Board of Excise and Customs has notified 1st day of November, 2002 to be the effective date for notification No.14 / 2002-Central Excise (N.T.) dated the 8th March, 2002. CBEC Customs Tariff Amendments to Notifications Specified Notification No. 116/2002 Dated 28.10.2002 : Amendments have been made to Notification No. 111/95-Customs, dated the 5th June, 1995, No. 29/97-Customs, dated 1st April 1997, 49/2000-Customs, dated 27th April, 2000 and No. 44/2002-Customs, dated 15th April, 2002. Warehousing - Applicability of interest on warehoused goods under Section 61 of the Customs Act, 1962 - Clarification thereto Circular No .68/2002 Dated 24.10.2002 : It is informed that the rate of interest of 15% p.a. has been fixed vide Notification No. 28/2002-Customs (NT), dated 13.05.2002, for the specific purpose of Section 47 of Customs Act, 1962. It is further clarified that in respect of warehoused goods, the rate of interest of 24% p.a. fixed vide Notification No. 10/2001-Customs (NT), dated 01.03.2001, would continue to remain in force.  Department of Economic Affairs Post Office Savings Account (Third Amendment) Rules, 2002 Notification No. GSR722 Dated 24.10.2002 : In the Post Office Savings Account Rules, 1981, in rule 6, in sub-rule (9), in clause (b), for the words “fifty thousand rupees”, the words “the maximum balance specified for single account in column (3) of the Table below rule 4”, has been substituted. National Savings Certificates (VIII Issue) Second Amendment Rules. 2002 Notification No. GSR711 Dated 17.10.2002 : In rule 16 in clause (iii) of sub-rule 4, for the Table, the new Table relating to Amount payable inclusive of interest depending on Period From date of the certificate to the date of its encashment, has been substituted. National Savings Scheme (Second Amendment) Rules, 2002 Notification No. GSR. 710 Dated 17.10.2002 : In the National Savings Scheme Rules, 1992, in rule 5, sub-rule (4) has been inserted,  "(4) No deposits shall be made under the scheme on or after the 1st day of November, 2002." Regulations Notification No. IRDA/Reg./10/2002 Dated 16.10.2002 : The Central Government has issued the following regulations Insurance Regulatory and Development Authority (Obligations of Insurers to Rural Social Sectors) Regulations, 2002 Insurance Regulatory and Development Authority (Licensing of Insurance Agents) (Amendment) Regulations, 2002 Insurance Regulatory and Development Authority (Protection of Policy Holders Interests) (Amendment) Regulations, 2002 Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002 Insurance Regulatory and Development Authority (Manner of Receipt of Premium) Regulations, 2002 Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002 RBI Cross-currency Derivative Products - Submission of Report Circular No. AP (DIR Series) Circular No 32 Dated 21.10.2002 : ADs are advised that in place of sending a separate report for each transaction for cross-currency derivatives, they may consolidate the data and a half-yearly report in the format given, which may be forwarded to the Chief General Manager, Exchange Control Department, Forex Markets Division, Central Office, Mumbai.  Release of Exchange for Private Travel Circular No. AP (DIR Series) Circular No 31 Dated 18.10.2002 : With a view to ensuring that applications received in the Regional Offices of the Reserve Bank, for release of Exchange for Private Travel, are disposed of on the same day, a Nodal Officer has been nominated in each Regional Office .It is, further, clarified that applications for release of foreign exchange exceeding USD 5,000 for private visits may be forwarded to the Regional Office by either fax or e-mail.  Exim Bank's Line of Credit of USD 10 Million toBanca Comerciala Romana(BCR), Romania Circular No. AP (DIR Series) Circular No 30 Dated 11.10.2002 : Export-Import Bank of India (Exim Bank) has concluded an agreement with the Banca Comerciala Romana S.A.,(BCR) on June 25, 2002, making available to the latter, a line of credit upto an aggregate sum of USD 10 million (U.S.Dollar Ten Million only).  Certification of Borrower's Account by Chartered Accountants  Notification No. DBOD.No.BP.BC. 33 /21.04.018/2002-03 Dated 21.10.2002 : It has been decided that Boards of each bank may fix a suitable cut off limit with reference to the borrowing entity's overall exposure on the banking system, over which audit of accounts of borrowers by Chartered Accountants would be mandatory. Prime Minister's Rozgar Yojana (P M R Y) Notification No. RPCD No PLNFS. BC 25/09.04.01/2002-03 Dated 14.10.2002 : Reserve Bank of India has, periodically issued instructions/directives to banks with regard to operationalisation of the PRIME MINISTER’S ROZGAR YOJANA scheme. To enable the banks to have current instructions at one place, a Master Circular incorporating all the existing guidelines/instructions/directives on the scheme has been prepared and appended to this notification..  RBI Governor announces Mid-term Review of Monetary and Credit Policy for the year 2002-03  Press Release No. 445/2002-03 Dated 29.10.2002 : The Governor, in a meeting with Chief Executives of major commercial banks has presented the Mid-term Review of Monetary and Credit Policy for 2002-03. Governor after reviewing macroeconomic and monetary development indicated that RBI will continue the monetary policy stance for 2002-03 as announced in April 2002 for the remaining part of the year.  Review Report on LAB Scheme submitted  Press Release No. 438/2002-03 Dated 26.10.2002 : The Reserve Bank of India had, in July 2002, appointed a Review Group under the Chairmanship of Shri G. Ramachandran, former Finance Secretary, Government of India to study and make recommendations on the Local Area Bank (LAB) Scheme. The Review Group has since submitted its report on which the recommendations have been invited.  Website Negotiated Dealing System - Trade Data on RBI  Press Release No. 429/2002-03 Dated 24.10.2002 : The Reserve Bank of India has decided to disseminate the data on trades in Government Securities and other data captured by the Negotiated Dealing System (NDS) through its website. The information could, from October 25, 2002 be accessed either from the home page of RBI’s main website (www.rbi.org.in) or through a special URL (ww.nds.rbi.org.in).  RBI cancels licence of Mother Theresa Hyderabad Co-operative Urban Bank Ltd.  Press Release No. 428/2002-03 Dated 24.10.2002 : The Reserve Bank of India has cancelled the licence of The Mother Theresa Hyderabad Co-operative Urban Bank Ltd., Narayanaguda, Andhra Pradesh to carry on banking business.  Advisory Committee on WMA to State Governments  Press Release No. 418/2002-03 Dated 22.10.2002 : The Reserve Bank of India has constituted an Advisory Committee on Ways and Means Advances (WMA) of State Governments with Shri C. Ramchandran, former Secretary (Expenditure), Government of India as Chairman, Shri Suman Bery, Director-General, National Council of Applied Economic Research as member and Shri H. R. Khan, Chief General Manager, Internal Debt Management Cell as Member-Secretary. e-Gold Violative of Indian Rules  Press Release No. 409/2002-03 Dated 21.10.2002 : The Reserve Bank has clarified for the information of public that "e-gold" is not a currency of any sovereign state. Use of "e-gold" in any transaction is violative of current regulations in force in India. Members of the public, banks, money changers and other financial institutions have, therefore, been cautioned against the use of "e-gold" as a currency in their transactions. Ministry of Chemicals and Fertilizers Modification of Resolution No. 23/2/93 Dated 21.03.1994  Notification No. 12(2)/99-DPEA Dated 10.10.2002 : In partial modification of the Resolution No. 23/2/93-PI-I dated the 21st March, 1994 of the Ministry of Chemicals & Fertilizers read with Resolution No. 7(l)/99-DPEA dated the 29th March, 2000 constituting a Three Member Committee for the purpose stated therein, the Government has revised the terms of reference of the said Committee DGFT Issue of Clarifications Trade Notice No. 13/2002 Dated 18.10.2002 : Clarifications have been issued by the DGFT regarding Third party Exports under Export Import Policy, Pendency of Logging of DEEC Books related to Adv. Licences.Documentation Amendment/ Addition in SION Public Notice No. 44/2002-2007 Dated 18.10.2002 : In the statement of Standard Input Output Norms as contained in the Handbook of Procedures, Vol.2, 2002-2007, as amended, amendments/ corrections/ deletion at appropriate places as specified have been made. Amendment in Handbook of Procedures Public Notice No. 43/2002-2007 Dated 18.10.2002 : Amendments have been made regarding Deemed export benefits for supply of cupro nickel coins, reduction in penalty for delay in submission of IEC modification and imports under EOU/EPZ etc. Department of Commerce Final Findings on Anti-Dumping Investigations Notification No. 48/1/2001-DGAD Dated 08.10.2002 and No. 56/1/2001-DGAD Dated 16.10.20002 : Final findings have been issued regarding Anti-Dumping Investigations Concerning Imports Of Pentaerythritol From the Canada, Japan And Taiwan and Concerning Import of Vitamin AD3 500/100 From China PR.  Initiation Of Anti-Dumping Investigation Notification No. 14/39/2002-DGAD Dated 08.10.2002 : Anti-Dumping Investigation Concerning Imports Of Caustic Soda From Chinese Taipei. Indonesia And EU Excluding France has been initiated. Department of Industrial Policy Exemption to ONGC for Import of Specified Explosives  Notification No. SO1095(E) Dated 17.10.2002 : Central Government has exempted the Oil and Natural Gas Corporation Limited, from the provisions of sub-rule (2) of rule 31 of the Explosives Rules, 1983, for import of Flammable Solid, Organic and Igniters (explosives) from the Baker Oil Tools, Division of aker Huges, United States of America, at Kolkata Airport.  Department of Consumer Affairs Specification of Day for Sugar Year 2002-2003  Notification No. SO1096(E) Dated 18.10.2002 : Central Government has specified, having regard to the agro-climatic conditions prevailing or likely to prevail, the quantity of cane available or likely to be available for crushing and other relevant factors, the Appointed Day for the sugar year 2002-2003 as 30th November, 2002 or 15th December, 2002 as the case may be, for specified states. Department of Information Technology Cyber Regulations Appellate Tribunal (Salaries Allowances and Other Condition of Service of Other Officers and Employees) Rules, 2002  Notification No. GSR717(E) Dated 22.10.2002 : Central government has issued the Cyber Regulations Appellate Tribunal (Salaries Allowances and Other Condition of Service of Other Officers and Employees) Rules, 2002 to be effective from 22.10.2002. Ministry of Environment and Forests Declaration of Coastal Stretches as Coastal Regulation Zone Notification No. S.O.1100(E) Dated 19.10.2002 : Central Government has made amendments in the Notification No. S.O. 114(E), dated the 19th February, 1991 relating to Declaration of Coastal Stretches as Coastal Regulation Zone Amendment to Noise Pollution ( Regulation and Control) Rules ,2000 Notification No. SO1088(E) Dated 11.10.2002 : In rule 5, sub rule (3) relating to grant of permission to use loud speakers or public address systems during night hours (between 10.00 p.m. to 12.00 midnight) on or during any cultural or religious festive occasion of a limited duration not exceeding fifteen days in all during a calendar year, has been inserted. Amendment to Wild Life (Protection) Act,1972 Notification No. SO1085(E) Dated 30.09.2002 : Central Government, has made amendments in Part I relating to Mammels and Part II relating to Birds of Schedule I and Part II of Schedule II of the Wild Life (Protection) Act,1972, by inserting certain entries, with effect from the date of publication of this notification in the Official Gazette Ministry of Labour Emigration (Amendment) Rules, 2002 Notification No. GSR713(E) Dated 18.10.2002 : Amendments have been made in Rule 7 and 9A whereby for the words ' five hundred rupees', the word 'two thousand rupees' have been substituted. A new sub-rule (3) and Rule 15A regarding bank draft to accompany applications has been inserted in Rule 11. In clause (g) of sub-rule (1) of rule 15 and in sub-rule (1), of rule 18, for the words "rupees one hundred", the words "rupees two hundred" have been substituted. Ministry of Health and Family Welfare Rules for Combined Medical Service Examination  Notification No. A-12011/1/2002-DHS-I Dated 12.10.2002 : The rules for a Competitive Examination--Combined Medical Services Examination--to be held by the Union Public Service Commission in 2003 for the purpose of filling vacancies in the specified services/posts are with the concurrence of the Ministries/Departments concerned and the Municipal Corporation of Delhi, have been published for general information. Press Information Bureau Model Family Courts rules framed  Dated 29.10.2002 : The Government in the Department of Justice has formulated Model Family Courts Rules in consultation with the States and the High Courts and circulated them to all the State Governments, Union Territory Administrations and High Courts to ensure uniformity in the Family Courts Rules framed by various State Governments.  Delhi Milk Scheme to continue as a public utility service  Dated 24.10.2002 : The Central Government has declared services in Delhi Milk Scheme (DMS) as a public utility service under the Industrial Dispute Act, 1947 for another six months with immediate effect.  Industrial production grows by 4.9% in April-August 2002  Dated 22.10.2002 : The index for industrial production for the period April-August 2002 has registered an overall industrial growth at 4.9% which is higher than 2.4% in April-August 2001. Law Commission takes up study of judicial arrears  Dated 21.10.2002 : The Sixteenth Law Commission of India, headed by Shri Justice M. Jagannadha Rao, has taken up a study of judicial arrears. This will explore how effectively collection of judicial statistics will be useful to policy makers in understanding the problem better apart from suggesting steps for reducing backlog of cases and expediting disposal of cases in general. Emigration fee revised and certain new fees introduced Dated 21.10.2002 : The emigration fee to be paid by an emigrant while seeking clearance to take employment abroad has been doubled. Each worker will have now to pay Rs.200/-. The government has also introduced a new fee of Rs.100/- for all those seeking clearance for going abroad for non-employment purposes like tourism, business, study etc. This fee would also be applicable to registered agents seeking clearance. Miscellaneous Task Force on Indirect Taxes The Task Force has released the consultation paper in which the discussions made with large cross section of trade and industry, importers and exporters and individual tax payers, has been published . It also had wide ranging consultations with tax administrators and tax planners. The objective was to address the terms of reference and arrive at long term sustainable solution to enhance transparency, reduce transaction costs, promote growth, improve tax compliance and thus to increase tax to GDP ratio through world class fiscal regime. Ordinances The following ordinances have been promulgated by the President The Securities Exchange Board of India (Amendment) Ordinance, 2002 The Unit Trust of India (Transfer of Undertaking and Repeal) Ordinance,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. 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