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 manupatra roundup
Legislative and Regulatory
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[No.33]
Nov 30,
2002 |
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SEBI
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Primary Market Department
Circular No. RRTI Circular No. 2 (2002-2003) Dated 20.11.2002 : SEBI, in its endeavor, to make processing of application for registration/renewal simpler, speedier and effective, has reviewed the existing procedure in consultation with Registrar Association of India (RAIN).
Mutual Funds Division
Circular No. MFD/CIR/20/23230/2002 Dated 28.11.2002 : It has been decided in consultation with AMFI that all intermediaries engaged in selling and marketing of mutual funds units (distributors, agents, brokers, sub-brokers or called by any other name, whether individuals or of any other organisation structure) shall be registered with AMFI by March 31, 2003 and such registration shall be subject to passing of certification examination and adherence to guidelines as specified by SEBI and AMFI from time to time.
Circular No. MFD/CIR/19/ 22474 /2002 Dated 20.11.2002 : In order to make the transactions in Government Securities transparent without any scope of misuse, it has been decided in consultation with RBI to introduce a system of monthly reconciliation between RBI and mutual funds maintaining
SGL/CSGL Accounts in respect of Government Securities on an ongoing basis.
Depositories and Custodian
Circular No. D&CC/FITTC/CIR - 14/2002 Dated 15.11.2002 : As per the information provided by the Depositories 117 more companies have established connectivity with both the depositories. Out of these 83 companies, as specified, have established connectivity with both the depositories on or before July 31, 2002. It is therefore advised that these scrips shall trade in the normal rolling settlement mode of the stock exchanges with immediate effect.
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CBDT
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Circular No. 12/2002 Dated 22.11.2002 : It has been decided by the Board that in the cases of Sri Sathya Sai Central Trust, Sri Sathya Sai Medical Trust and Sri Sathya Sai Institute of Higher Learning,
Bangalore, the incomes by way of –
i) Interest other than ‘income by way of interest on securities’,
ii) Rent, and
iii) Income in respect of units of a Mutual Fund specified under section 10(23D) or of the Unit Trust of India
may be paid to these Institutions without deduction of income-tax at source for the Financial Year 2002-03 and 2003-04.
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Payment to Ramakrishna Math and Ramakrishna Mission, Kolkata, whose income is exempt under section 10(23C)(iv) of the Income-tax Act,
1961
Circular No. 11/2002 Dated 22.11.2002 : CBDT had allowed Ramakrishna Math and Ramakrishna Mission,
Kolkata, to receive incomes without tax deduction at source under sections 193, 194 A and 194 K. It is clarified that interest on all securities covered under Section 193 may be paid to Ramakrishna Math and Ramakrishna Mission without Tax Deduction at Source. These securities shall also include securities of Central and State Government already specified vide Circular No. 3/2002.
Notification No. 349/2002, No. 347/2002 and No. 346/2002 Dated 22.11.2002 : M/s Spice Communications Limited, M/s GMR Tambaram Tindivanam Expressways Pvt. Ltd and M/s Power Grid Corporation of India Ltd. have been Approved U/S10(23G)
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CBEC Excise Tariff
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Circular No. 67/676/2002 Dated 25.11.2002 : It has been clarified that exports may be allowed directly from the export warehouse to Nepal on payment of duty even when the transactions are done in Indian Rupees and no interest is liable to be paid on the duty paid on such export transactions. It has also been clarified that goods can be cleared directly from the job workers' premises to export warehouses of merchant exporters for export subject to fulfillment of procedure prescribed by the Commissioner.
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CBEC Excise NT
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Notification No. 40/2002 NT Dated 21.11.2002 : Central Government has directed that the whole of the duty of excise payable on recorded video cassettes in
U-matic and Betacam formats intended for television broadcasting, but for the
prevailing practice, shall not be required to be paid in respect of such recorded video cassettes on which the
duty of excise was not being levied during the specified periods in accordance with the said practice.
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CBEC Customs Tariff
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Circular No. 77/2002 Dated 27.11.2002 : It has been decided in modification of the instructions
issued earlier that as a general rule, FOB value of the exports shall remain the basis for extending the DEPB credit since FOB value is recognised as the basis of export transactions both in the EXIM Policy as well as in the Customs Act, 1962.
Notification No. 130/2002 Dated 20.11.2002 : In the said notification, in the Annexure, in List 24, after item number 12 and the entry relating thereto, the following shall be inserted, namely:
" 13. Mobile Switching Office (MSO)."
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Amendment to Notification No.13/98-Customs, dated the 28th April, 1998 and Notification No. 99/2000-Customs, dated the 11th July, 2000
Notification No. 129/2002 Dated 20.11.2002 : In the Notification No.13/98, after the TABLE the following paragraph has been inserted,
"2. This notification shall be in force upto and inclusive of the 20th day of February, 2003, unless the notification is revoked earlier.".
In the Notification No.99/2000, in paragraph 2, for the words and figures "20th day of November, 2002", the words and figures "20th day of February, 2003" have been substituted.
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Service Tax
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Circular No. 17/2002 Dated 21.11.2002 : The Central Government has exempted taxable service of any description as defined in clause (90) of sub-section (1) of section 65 of the Finance Act, 1994, provided to a developer or units of Special Economic Zone by any service provider for the purposes of development, operation and maintenance of Special Economic Zone, or for setting up Special Economic Zone unit or for manufacture of goods by the Special Economic Zone unit, from the whole of the service tax leviable thereon under section 66 of the said Act subject to certain conditions.
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RBI
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Circular No. A.P. (DIR Series) Circular No.57 Dated 27.11.2002 : It will now be in order for authorised dealers to accept the documentary evidence,
as indicated in paragraph 3 of the AP (DIR Series) Circular No. 15 dated September 9, 2002, from
autonomous bodies autonomous bodies, including scientific bodies/academic institutions, such as Indian Institute of Science/Indian Institute of Technology, etc. whose accounts are audited by the Comptroller and Auditor General of India (CAG),
together with a declaration from the auditor/CEO of these institutions that their accounts are audited by
CAG.
Circular No. A.P. (DIR Series) Circular No.56 Dated 26.11.2002 : The Central Board of Direct Taxes, have now issued Circular No.10/2002 dated October 9, 2002 (F.No.500/152/96-FTD) revising the format of undertaking and certificate to replace the undertaking and certificate as prescribed in CBDT’s circular No.759 dated November 18, 1997.
Circular No. A.P. (DIR Series) Circular No.55 Dated 26.11.2002 : It is clarified that the prohibitions placed on grant of rupee loans against
NRE/FCNR deposits for purpose of relending or carrying on agricultural/ plantation activities or for investment in real estate business shall also be applicable, to foreign currency loans granted in terms of AP (DIR Series) Circular No.24 dated September 25,2002.
Circular No. A.P. (DIR Series) Circular No.54 Dated 25.11.2002 : The authorised dealers may now allow remittance of foreign exchange for miscellaneous purposes as
specified and the Directions contained in the Annexure to this circular supercede the instructions contained in Part B and C of Chapter 8 of the Exchange Control Manual (1993 edition).
Circular No. A.P. (DIR Series) Circular No.53 Dated 23.11.2002 : Reserve Bank has issued Notification No.FEMA.74/2002-RB dated November 1, 2002 amending its Notification No.FEMA.10/ 2000-RB dated May 3, 2000 allowing a person resident in India to open, hold and maintain with an authorised dealer in India a foreign currency account to be known as Resident Foreign Currency (Domestic) Account out of foreign exchange acquired in the form of currency notes, bank notes and travellers
cheques.
Circular No. A.P. (DIR Series) Circular No.52 Dated 23.11.2002 : The Authorised Dealers have been informed that in terms of Regulation 4B of A.P.(DIR Series) Circular No.21 dated February 13, 2002, an Indian company may sponsor an issue of
ADRs/GDRs with an overseas depository against shares held by its shareholders at a price to be determined by the Lead Manager, subject to compliance with provisions of the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 and guidelines issued by the Central Government from time to time.
Notification No. DBS.FID.No. C-9 / 01.02.00/ 2002-03 Dated 25.11.2002 : All-India Term Lending and Refinancing Institutions have been informed that with a view to providing more flexibility for pricing, CDs may also be issued as a coupon bearing instrument now. In order to give additional choice to both investors and issuers, the FIs may issue CDs on floating rate basis provided the methodology of computing the floating rate is objective, transparent and market-based.
Circular No.UBD.DS.PCB.CIR. 26/13.01.00/2002-03 Dated 20.11.2002 : In line with the practice followed by commercial banks, it has been decided that the freedom to prescribe service charges should be left to the individual banks. Banks are advised that while fixing service charges for various types of services like charges for cheque collection, etc., they should ensure that the charges are reasonable and are not out of line with the average cost of providing these services. Banks should also take care to ensure that customers with low volume of activities are not
penalised.
Press Release No. 558/2002-03 Dated 28.11.2002 : Industrial Investment Bank of India Limited
(IIBI) will be taking over the servicing of the Government Guaranteed IIBI Bond
(SLR) issued upto September 1993 (upto Series 22) covering payment of interest and redemption proceeds, as also other services such as splitting/consolidation of bonds, etc., from the various public debt offices
(PDOs) of Reserve Bank of India (RBI) in whose books they are presently borne.
Press Release No. 534/2002-03 Dated 21.11.2002 : The Reserve Bank of India has rejected the licence application of The Pithapuram Co-operative Urban Bank Ltd., Pithapuram (Andhra
Pradesh) to carry on banking business.
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DGFT
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Import of Items like carpets, crockery, marble, Chandelier etc under the EPCG scheme by service providers
Circular No. 14/2002-2007 Dated 27.11.2002 : The Board had concluded that the service providers who actually require items like carpets, crockery, marble, chandeliers etc under the EPCG Scheme shall be given the same.
Trade Notice No. 15/2002 Dated 26.11.2002 : All the exporters whose DEEC Books are pending with the Customs are requested to submit their list to Joint
Commissioner of Customs so that their DEEC can be logged expeditiously or Customs can write to DGFT if there is any genuine reason for further delay.
Trade Notice No. 14/2002 Dated 20.11.2002 : It has been decided that, wherever the old Quantity Based/Value Based Advance Licence holders submits acknowledgement to prove that they have submitted the DEEC Books for logging, one time abeyance may be granted for a period of 3 months from the date of Customs Acknowledgement or upto 31.3.2003 whichever is earlier, without insisting for a letter from Custom Authorities. However, after 31.3.2003 procedures set out in Trade Notice No.13 dated 20.10.2002 would be observed.
Notification No. 19/2002-2007 Dated 18.11.2002 : Sl. No. 134 and 135 have been added at the end of Appendix III to Schedule 1 (IMPORTS) of ITC (HS) Classifications of Export and Import Items, 2002-2007.
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Department of Commerce
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Notification No. 14/19/2002-DGAD Dated 20.11.2002 and No. 34/1/2001-DGAD Dated 14.11.2002 : Preliminary Findings regarding Anti-Dumping Investigation Concerning Import of Float Glass Originating in or Exported from Peoples' Republic of China and Indonesia and Final Findings regarding Anti-Dumping Investigation Concerning Imports of Compact Fluorescent Lamps
(CFL) from China PR and Hong Kong, have been published.
Notification No. 14/34/2002-DGAD Dated 14.11.2002 Anti-Dumping Investigations have been initiated regarding Imports of Sodium Hydrosulphite from
Germany(EU) and Korea RP.
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Ministry of Environment and Forests
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Notification No. S.O.1211(E) Dated 18.11.2002 : In the notification in paragraph 1, for the words “for a period of five years and eleven months” the words “till further orders” has been substituted.
Notification No. SO1164(E) Dated 05.11.2002 : The draft of a notification to amend the notification of the Government of India in the Ministry of Environment and Forests number
S.O. 763(E) dated the 14th September, 1999, relating to restriction of excavation of top soil for manufacture of bricks and promoting the utilization of fly ash in the manufacture of building materials and in construction activity within a specified radius of coal or lignite based-thermal power plants which the Central Government proposes to issue, has been published for the information of all persons likely to be affected thereby, which will be taken into consideration on or after the expiry of sixty days from the date on which copies of the Gazette containing this notification are made available to the public.
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Ministry of Personnel, Public Grievances and Pensions
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Notification No. GSR779(E) Dated 21.11.2002 : Regulation 4A has been inserted which relates to Restoration of commuted portion of pension to Members of the All India Services who have commuted a portion of their pension and on 1st April, 1985 or thereafter have completed or will complete fifteen years from their respective dates of retirement.
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Press Information Bureau
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Dated 26.11.2002 : Shri Arun Shourie, Minister for Disinvestment and Commerce & Industry, has approved 41 proposals of foreign direct investment
(FDI) amounting to Rs.206 crore, on the recommendations of Foreign Investment Promotion Board
(FIPB).
Dated 25.11.2002 : The Labour Minister Dr. Sahib Singh told the Lok Sabha on 25.11.2002 that a comprehensive legislation on wages would be introduced in Parliament during the Budget session to rationalise the existing four legislations, viz., the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976.
Dated 21.11.2002 : The Ministry of Information and Broadcasting has issued guidelines for Foreign Direct Investment
(FDI) in Indian entities publishing newspapers and periodicals dealing with news and current affairs.
Dated 21.11.2002 : Owing to practical and administrative difficulties the proposal for grant of voting rights to non-resident Indians (that is those who are not ordinarily resident in India) has not been found feasible.
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Supreme Court
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Colgate-Palmolive has won 13 year old appeal filed by the company challenging the MRTPC order made on the complaint that the company resorted to unfair trade practices by launching the Trigard Family Good Habits Contest to popularise its toothbrush in 1984 which was prejucial the interest of the consumer generally whereas, the contentions of the company were that the contest was educative as well as fair in the sense the best slogan was to be chosen by eminent editors of respected weekly magazines.The
matter has accordingly been decided in favour of the company.
The Supreme Court dismissed the appeal against the order of the MRTP commission in favour of the respondents in the matter of R.D Goyal v Reliance Industries Ltd wherein a complaint was made to the effect that the issue of equity shares tied up with debentures made by Reliance Industries is a restrictive trade practice within the meaning of Sections 2(o)(ii), 33(1)(g) of the
M.R.T.P. Act. The core question in the appeal was as to whether shares or convertible debentures even before they are allotted can be considered to be ‘goods’ within the meaning of section 2(e) of the Monopolies and Restrictive Trade Practices Act, 1969. Is has been held that shares pending allotment could not be said to be goods hence the company never engaged in any Restrictive Trade Practice
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Bills
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The Securities and Exchange Board of India (Amendment) Bill, 2002
The Wild Life (Protection) Amendment Bill, 2002
The Suppression of Unlawful Acts Against Safety of Maritime Navigation and Fixed Platforms on Continental Shelf Bill, 2002
The Representation of the People (Amendment) Bill, 2002
The Emigration (Amendment) Bill, 2002
The Delhi Metro Railway (Operation and Maintenance) Bill, 2002
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Bill, 2002
The Negotiable Instruments (Amendment and Miscellaneous Provisions) Bill, 2002
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