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Legislative and Regulatory Update
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In This Issue [No.39] Jan 30, 2003
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Press Releases
Securities and Exchange Board of India Signs MOU on Mutual Co-Operation with Securities and Exchange Commission, Sri Lanka
Press Release No. PR 33/2003 Dated 24.01.2003 : Securities and Exchange Board of India signed a Memorandum of Understanding (MOU) with its Sri Lankan counterpart, Securities And Exchange Commission on January 23, 2003 in Colombo. The MOU aims to strengthen communication channels and establish a framework for assistance and mutual cooperation between the two organizations.
Disqualification of Directors under Section 274(1)(g) of the Companies Act, 1956 – Clarification
Circular No. 5/2003 Dated 14.01.2003 : It has been clarified that default of privately placed bonds/ debentures/debt instruments by public financial institutions will not be considered as default to disqualify directors u/s 274(1)(g) of the Companies Act of 1956.
Debenture Redemption Reserve (DRR)- Clarification
Circular No. 4/2003 Dated 16.01.2003 : In continuation to the Department’s General Circular No. 9/2002 dated 18.4.2002, it is clarified that for Housing Finance Companies registered with the National Housing Bank under Housing Finance Companies (NHB) Directions, 2001, “the adequacy” of Debenture Redemption Reserve (DRR) will be 50% of the value of debentures issued through public issues and no DRR is required in the case of privately placed debentures.
Constitution of National Advisory Committee on Accounting Standards
Notification No. S.O.31(E) Dated 10.01.2003 : Central Government has constituted an Advisory Committee to be called the National Advisory Committee on Accounting Standards, to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the Companies Act, 1956.
Notifications under Section 35AC
Notification No. 16/2003 to No. 22/2003 Dated 22.01.2003 : Institutions specified, Mata Lachmi Rotary Charitable Society, Gujarat, Sterlite Foundation, Mumbai, Shree Sardhav Gram Vikas Mandal, Gujarat, Dalmia Bharat Seva Trust, Orissa, Mother Krishnabai Rural Development Trust, Kerala and Bhagwan Mahaveer Viklang Sahayata Samiti, Sawai Man Singh Hospital Rajasthan have been specified for Section 35AC of Income Tax Act, 1961.
Notifications under Section 194A(3)(iii)(f) and Section 10(23G)
Notification No. 14/2003 and No. 13/2003 Dated 15.01.2003 and No. 11/2003 Dated 10.01.2003 : Maulana Azad Education Foundation, New Delhi and Tourism Finance Corporation of India Limited, New Delhi have been Notified for Section 194A(3)(iii)(f) and M/s L&T Transportation Infrastructure Limited, Chennai has been approved U/S 10(23G) of Income Tax Act, 1961.
Central Sales Tax (Registration and Turnover) Amendment Rules, 2003
Notification No. GSR36(E) Dated 16.01.2003 : Proviso has been inserted at the end of clause (a) of sub-rule (10) of rule 12 which states that where the claim of the dealer relates to sub-section (8) of section 8, the dealer shall get the Form H duly countersigned and certified by the authority specified by the Central Government authorising the establishment of the unit in the Special Economic Zone,
Expenditure-tax (1st Amendment) Rules, 2003
Notification No. 12/2003 Dated 15.01.2003 : In rule 3, for the words “for the purpose of sub-section (2) of section 3 of the Act”, the words “for the purpose of clause (a) of sub-section (1) of section 3 of the Act”, have been substituted.
CE - Excise Duty on Steel Formers consumed captively in Induction Furnace - regarding
Circular No. 6/690/2003 Dated 20.01.2003 : Doubts have been raised regarding leviability of Central Excise Duty on "Steel Formers" consumed captively in the Induction Furnaces. Considering the nature of the product "Steel Former", which has a distinctive name, character and use, there is no doubt that it is an excisable commodity and its classification would be under heading 73.06, as a hollow profile.
Amendments to all Relevant Notifications in lieu of Customs Tariff (Amendment) Ordinance, 2003 under Section 3A, 8B and 9A
Notification No. 16/2003 to No. 19/2003 Dated 24.01.2003 : In each of the notifications issued under section 25(1), Section 3A, Section 8B and Section 9A of the Customs Tariff Act, 1975 , for any reference to the Chapter, heading or sub-heading of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), as the case may be, relating to any goods or class of goods, wherever occurring in the said notification, the corresponding reference to the Chapter, heading and sub-heading of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as amended by the Customs Tariff (Amendment) Ordinance, 2003 (1 of 2003) shall be deemed to have been substituted.
Case of misuse of Duty Drawback Scheme
Circular No. 5/ 2003 Dated 21.01.2003 : Customs field officers have been alerted about the case brought by Commissioner of Customs (Preventive), New Delhi for the misuse of Duty Drawback Scheme where the exporters tried to avail benefits of Drawback Scheme by misdeclaring export goods as ‘leather harness’ whereas on an actual examination the consignments were found to contain rags of leather hunters/whips on which no drawback is admissible.
Amendments to Notification No. 28/97 Dated 01.04.1997
Notification No. 14/2003 Dated 21.01.2003 : (i) in condition (2) for the proviso, the following provisos have been substituted, namely,
“Provided that where a sick unit notified by the Board for Industrial and Financial Reconstruction is subsequently taken over by another unit for revival, the export obligation may be fulfilled within a period of 12 years from the date of issue of said license;
Provided further that export obligation of a particular year may be set off by the excess exports made in the preceding years”;
(ii) in condition (6), the following proviso has been inserted, namely, –
“Provided that in respect of license having overall export obligation period of 12 years, further extension of overall export obligation period shall not be allowed.”
Duty drawback rates for Non-Alloy steel and Alloy steel forgings – regarding
Circular No 4/2003-Cus Dated 21.01.2003 : It has been clarified that in all the cases relating to SS Nos. 73.29 and 73.30 of the Drawback Schedule where the exporters have availed the Cenvat facility in respect of inputs other than steel, duty drawback should not be denied.
Anti-Dumping Duty on Graphite Electrodes
Notification No. 12/2003 Dated 20.01.2003 : Considering the request of the designated authority for further extention of the anti-dumping duty on Graphite Electrodes, pending the results of the review investigations, the Central Government has made the following amendment in the notification of the Government of India in the erstwhile Ministry of Finance (Department of Revenue), No.77/97-Customs, dated the 21st October, 1997,
In the said notification, for the second paragraph and the entries relating thereto, the following paragraph has been substituted,
“ 2.This notification shall be in force up to and inclusive of the 20th day of April, 2003, unless it is revoked earlier.”.
Customs Regulations under section 157 (Amendment) Regulations, 2003
Notification No. 8/2003 NT Dated 24.01.2003 : In each of the regulations made under section 157 of the Customs Act, 1962 (52 of 1962), for any reference to the Chapter, heading or sub-heading of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), as the case may be, relating to any goods or class of goods, wherever referred to in the said regulation, the corresponding reference to the Chapter, heading and sub-heading of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as amended by the Customs Tariff (Amendment) Ordinance, 2003 (1 of 2003) shall be deemed to have been substituted.
Customs Tariff Rules under section 5 (Amendment) Rules, 2003
Notification No. 7/2003 NT Dated 24.01.2003 : In each of the rules made under sub-section (1) of section 5 of the Customs Tariff Act, 1975 (51 of 1975), for any reference to the Chapter, heading or sub-heading of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), as the case may be, relating to any goods or class of goods, wherever referred to in the said rule, the corresponding reference to the Chapter, heading and sub-heading of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as amended by the Customs Tariff (Amendment) Ordinance, 2003 (1 of 2003) shall be deemed to have been substituted.
Re-export of Imported Goods (Drawback of Customs Duties) Amendment Rules, 2003
Notification No. 5/2003 NT Dated 21.01.2003 : In rule 4 of the Re-export of Imported Goods (Drawback of Customs Duties) Rules 1995, in clause (a), after sub-clause (iii) the following proviso has been inserted,
“Provided that if the Commissioner of Customs is satisfied that the exporter or his authorized agent has, for reasons beyond his control, failed to comply with the provisions of this clause, he may, after considering the representation, if any, made by such exporter or his authorized agent, and for reasons to be recorded, exempt such exporter or his authorized agent from the provisions of this clause.”
Classification of Services
Circular No. 51/13/2002 Dated 07.01.2003 : It has been clarified that any service (transaction) can be taxed only once, even if it appears to fall under two or more categories. Therefore, before levying service tax it is essential to determine under which category a particular service falls.
Debts Recovery Tribunal (Procedure) Amendment Rules, 2003
Notification No. GSR44(E) Dated 21.01.2003 : Central Government has issued Debts Recovery Tribunal (Procedure) Amendment Rules, 2003 to be effective from 21.01.2003.
Foreign Exchange Management (Current Account Transaction) (Amendment) Rules, 2003
Notification No. GSR33(E) Dated 15.01.2003 : In the Foreign Exchange Management (Current Account Transaction) Rules, 2000, after rule 6, the following rule has been inserted, namely:--
"7. Use of International Credit Card while outside India.--Nothing contained in rule 5 shall apply to the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India."
Appointment of the Board of Advisers for Specified Undertaking of UTI
Notification No. SO43(E) Dated 15.01.2003 : Central Government has appointed the following on the Board of Advisers to advise and assist the Administrator in carrying on the management of the specified undertaking of the Unit Trust of India.
1. Additional Secretary/Joint Secretary (Budget), Department of Economic Affairs, Ministry of Finance & Company Affairs (by designation)
2. Joint Secretary (CM & ECB), Department of Economic Affairs, Ministry of Finance & Company Affairs (by designation)
3. Shri A.N. Shanbhag, Investment Adviser, Mumbai
4. Shri M.G. Bhide, Chairman, National Institute of Bank Management, Pune.
Shri M. Damodaran Appointed as Administrator of Specified Undertaking of UTI
Notification No. SO42(E) Dated 15.01.2003 : Central Government has appointed Shri M. Damodaran, IAS (MT:71) as the Administrator of the specified undertaking of the Unit Trust of India, for a period of one year with effect from the appointed day, i.e., 1st February, 2003 or until further orders, whichever is earlier, for the purposes of taking over the administration and carrying on the management of the specified undertaking of the Unit Trust of India for and on behalf of the Central Government.
Appointed Day for Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002
Notification No. SO41(E) Dated 15.01.2003 : Central Government has notified 1st February, 2003 as the "Appointed Day" for the purpose of the provisions of Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002.
SBI, PNB, Bank of Baroda, LIC Notified as Subscribers to UTI Trustee Company Private Limited
Notification No. SO40(E) Dated 15.01.2003 : SBI, PNB, Bank of Baroda and LIC have been notified as the subscribers, in equal proportion, to the share capital of the specified company, namely, UTI Trustee Company Private Limited, in its capacity as trustee of the UTI Mutual Fund and this company has been notified as the Specified Company for the purposes of the Act.
Delhi High Court Order dated 22-1-2003 in Civil Writ Petition No:460 of 2003 - World Cup 2003- Remittance of foreign exchange
Circular No. A.P. (DIR Series) Circular No.74 Dated 24.01.2003 : Considering the order dated 22-1-2003 passed by the Hon’ble Delhi High Court in Civil Writ Petition No:460 of 2003, All Authorised Dealers have been directed not to release any foreign exchange to the above mentioned respondents 7 to 9 viz., – Pepsi Foods Limited, Hero Honda Motors Limited and LG Electronics India Pvt Ltd, in connection with the World Cup event, without prior clearance from the Reserve Bank of India having its Exchange Control Department at Central Office, Mumbai or at any of its Regional Offices, until further directions to the contrary in this behalf.
Credit Exposure Norms - Measurement of Credit Exposure of Derivative Products - Methodology for Measurement
Notification No. DBS.FID.No.C-12/ 01.02.00/2002-2003 Dated 20.01.2003 : . The FIs are encouraged to follow, with effect from April 1, 2003, the Current Exposure Method, which is an accurate method of measuring credit exposure in a derivative product, for determining individual / group borrower exposures. In case an FI is not in a position to adopt the Current Exposure Method, it may follow the Original Exposure Method. However, its endeavour should be to move over to Current Exposure Method in course of time.
Revised guidelines for compromise settlement of chronic Non-Performing Assets (NPAs) of public sector banks
Notification No. DBOD. BP. BC. 65 / 21.04.117/ 2002-2003 Dated 29.01.2003 : In consultation with Government of India, it has been decided to give one more opportunity to the borrowers to come forward for settlement of their outstanding dues. Hence fresh guidelines are now issued, which will provide a simplified, non-discretionary and non-discriminatory mechanism for compromise settlement of chronic NPAs below the prescribed value ceiling. All public sector banks should uniformly implement these guidelines, so that maximum realisation of dues is achieved from the stock of NPAs within the stipulated time.
Discounting / Rediscounting of Bills by banks
Notification No. DBOD.Dir.BC. 62/13.07.09/2002- 03 Dated 24.01.2003 : . The Working Group had examined in detail the suggestions of various banks, financial institutions and non-bank financial companies in regard to granting of freedom to banks in discounting of bills and banks evolving their own guidelines / safeguards for discounting of genuine trade bills. After considering the recommendations of the Working Group, it has been decided that in supersession of our Circular DBOD No. BC. 8/16.13.100/92-93 dated July 27, 1992, banks may adhere to the guidelines issued in this behalf while purchasing / discounting / negotiating / rediscounting of genuine commercial / trade bills.
Reserve Bank of India Occasional Papers : Monsoon and Winter 2000 Issue
Press Release No. 734/2002-03 Dated 13.01.2003 : The Reserve Bank of India has released the combined Monsoon and Winter 2000 issue of its Occasional Papers. The Occasional Papers is the research journal of the Reserve Bank. It contains contributions of the Reserve Bank’s staff and reflects the views of the authors. This combined Monsoon and Winter 2000 issue covers some important themes which are at the forefront of discussions worldwide.
RBI revises Rate Fixation Method for Back-Stop Facility
Press Release No. 765/2002-03 Dated 20.01.2003 : In the light of experience gained, the methodology for fixation of the rates for Back-stop Facility has been reviewed. It has now been decided that the back-stop rates will be fixed in future as detailed below :
(i) The rate will be 1.0 percentage point over reverse repo cut-off rate at which funds were injected earlier during the day in the regular Liquidity Adjustment Facility (LAF) auctions.
(ii) Where no reverse repo bid is accepted as part of LAF auction, the rate will be 2.0 to 3.0 percentage points over the repo cut-off rate of the day emerged in LAF as may be decided by the Reserve Bank of India. The exact mark-up will depend on the assessment of the liquidity conditions by the Reserve Bank.
(iii) On the days when no bids for repo or reverse repo auctions are received/accepted, the back-stop rate will be decided by the Reserve Bank keeping in view all relevant aspects including NSE-MIBOR, previous back-stop rates and assessment of liquidity conditions in the market.
Computation of DEPB rates with the incidence of SAD
Public Notice No 60/2002-07 Dated 21.01.03 : The Director General of Foreign Trade have made amendments in the Handbook of Procedures (Vol.1).
Initiation of Anti-Dumping Investigation
Notification No. 14/51/2002-DGAD Dated 16.01.2003 : Anti-Dumping Investigation Concerning Import of Titanium Dioxide Originating in or Exported from People's Republic of China has been initiated.
Findings regarding Anti-Dumping Investigations
Notification No. 14/39/2002-DGAD, No. 37/1/2001, No. 60/1/2001, No. 14/27/2002, No. 14/29/2002, No.14/11/2002-DGAD Dated 08.01.2003, 12.01.2003, 16.01.2003 and 17.01.2003 : Preliminary Findings regarding Anti-Dumping Investigation Concerning Imports of Caustic Soda from Chinese Taipei, Indonesia and EU(Excluding France), Concerning Imports of Non Brass Metal Flashlight Originating in or Exported from the China PR, Concerning Import of Para Cresol Originating in or Exported from People's Republic of China and Final Findings regarding New Shipper Review of Anti-Dumping Duty Imposed on Imports of Vitrified/Porcelain Tiles Requested by M/s. Nanhai Shangyuan Oulian Construction Ceramics Co. Ltd., China (Producer) and M/s Prestige General Trading, Dubai, UAE (Exporter), Anti-Dumping Investigation Concerning Imports of Graphite Electrodes-UHP Grade (of Diameters Upto and Including 24") Originating in or Exported from Poland and Brazil and Concerning Import of Citric Acid From Indonesia and Thailand, have been published.
Explosives (Amendment) Rules, 2003
Notification No. GSR37(E) Dated 17.01.2003 : 1. Clause (13a) in Rule 2 relating to marking agent and Clause (14a) explaining the meaning of Plastic Explosives, have been inserted.
2. Other amendments relating to Marking agent and Plastic Explosives have been made in the following rules.
Rule 6(2)(a), Rule 6 (ii)(j), Rule 9(3)(b) and Rule 89(2)(f) have been substituted and Rule 2(14)(a), Rule 9(1)(g), Rule 21(2)(c) and Rule 87(1)(a) have been inserted.
Sugar (Price Determination for 2002 – 2003 Production) Order, 2003
Notification No. GSR21(E) Dated 10.01.2003 : Central Government has issued Sugar (Price Determination for 2002 – 2003 Production) Order, 2003 to be effecive from 10.01.2003.
Minimum Price to be Paid by Owners for Sugar Cane Delivered at Gate
Notification No. GSR19(E)/Ess.Com./Sugarcane Dated 09.01.2003 : Central Government has fixed minimum price that shall be payable by the owners of the vacuum pan process sugar factory as specified or their agents for sugarcane delivered at the gate of the factory or any purchasing centre for the sugar year 2002-2003 ending the 30th September, 2003, subject to the rebates payable therefor under clause 3A of the Ministry of Consumer Affairs, Food & Public Distribution (Department of Food & Public Distribution ) Order.
Constitution of Committee Under Prevention of Cruelty to Animals Act, 1960
Notification No. SO32(E) Dated 10.01.2003 : Central Government on being satisfied that it is necessary for the purpose of controlling and supervising experiments on animals, has constituted a Committee consisting of persons from various departments of the Government as specified, as its members, with effect from the date of publication of this notification in the Official Gazette.
The Irrecoverable Taxes Compensation Scheme, 2002
Dated 16.01.2003 : The Government of India has made the The Irrecoverable Taxes Compensation Scheme, 2002 with retrospective effect from 1st day of April 2002, for compensating the oil companies for irrecoverable state taxes to facilitate smooth transition from the administered pricing regime to the market determined pricing regime.
Notified Stations for the Purpose of Removal of Good Without Delay
Notification No. SO34(E) Dated 13.01.2003 : Central Government, being satisfied that it is necessary that the goods booked by trains intended solely for the carriage of goods to any Railway Station should be removed without delay from such Railway Station and having regard to the factors specified in the first proviso to sub-section (1) of section 89 has declared the specified Railway Stations as 'Notified Stations' for the purpose of removal of goods without delay from such stations for a period of six months with effect from 01.02.2003.
Central Motor Vehicles (Draft Amendment) Rules, 2003
Notification No. GSR42(E) and No. GSR43(E) Dated 21.01.2003 : Central Government proposes to make Central Motor Vehicles (Draft Amendment) Rules, 2003 regarding which notice has been given that the draft rules would be taken into consideration after expiry of the period of forty-five days from the date on which the copies of this notification, as published in the Gazette of India, are made available to the public and that any objections or suggestions which may be received from any person with respect to the said draft rules within the expiry of the period specified above will be considered by the Central Government
Legislation in current financial year
Dated 29.01.2003 : During the current financial year, the Legislative Department drafted 106 Bills, out of which 93 Bills have already been passed by the Houses of Parliament. The number of Bills enacted is the highest for any year during the last 25 years and the third highest since 1947. The total number of legislations enacted during the last over three years of the Government would, thus, come to 210.
Law Against Cyber Crimes
Dated 28.01.2003 : The Centre is contemplating a comprehensive legislation to deal effectively with cyber crimes. In this connection, the Ministry of Law and Justice has taken preliminary steps to evolve a law against cyber crimes.
Necessary consultations with the Ministry of Communications and Information Technology, Home Affairs, Defence and Finance are afoot to evolve such a law, which is most needed as absence of such a law poses a threat to the country's defence, security, economics and other such vital fields of national importance.
President's assent to Wild Life (Protection) Amendment Bill
Dated 27.01.2003 : The President has given his assent to the Wild Life (Protection) Amendment) Bill, 2002. With this, the Bill, passed during the Winter Session of Parliament ending December 20, 2002, has been notified in the Gazette of India as Act No. 16 of the year 2003.
President's assent to two Bills
Dated 24.01.2003 : The President has given his assent to the Pre-Natal Diagnostic Techniques (Regulation and Prevention of Misuse) Amendment Bill, 2002 and the Money Laundering Bill, 2002. With this, these two Bills passed during the Winter Session of Parliament ending December 20, 2002, have been notified in the Gazette of India as Act Nos. 14 and 15 respectively of the year 2003.
Amendment of Arbitration and Conciliation Act
Dated 23.01.2003 : The Government is examining the recommendations of the Law Commission of India on the Arbitration and Conciliation Act, 1996, contained in its 176th report for a further amendment of the Act. In this connection, views of the chambers of commerce and other organizations, connected with the Arbitration Law and this mode of alternative dispute resolution intended to decongest courts, have been sought.
India signs Double Taxation Avoidance Convention with Slovenia
Dated 22.01.2003 : India and Slovenia have signed a Convention for the Avoidance of Double Taxation and for the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital. The Convention was signed by Shri Gingee N. Ramachandran, Minister of State for Finance (Revenue) and Mr. Darko Koncan, State Secretary in the Ministry of Finance on behalf of Government of Slovenia, in the Slovenian capital Ljubljana last week.
DGFT Allows Incidence of SAD for DEPB Rates
Dated 22.01.2003 : The Directorate General of Foreign Trade (DGFT) has issued Public Notice allowing incidence of special additional duty (SAD) on the inputs to be taken into account for calculation of DEPB (Duty Entitlement Pass Book) rates. The revised DEPB rates shall be notified shortly and shall cover the shipments where the date of order of "Let exports" is on or after 1/4/2002. This will benefit the exporters exporting under DEPB Scheme.
Export Promotion Council For EOUs Finally Set Up
Dated 22.01.2003 : With the issuance of Certificate of Registration by the Registrar of Societies, the Export Promotion Council for Export Oriented Units (EOUs) has been finally set up and come into force. Shri R. Veeramani, Chairman, EPC for EOUs and Shri Sharad Jaipuria, Vice-Chairman, EPC for EOUs on behalf of all EOUs and units in SEZs have welcomed the formation of EPC for EOUs as their long felt need of the EOUs for a separate Export Promotion Council has finally been fulfilled and the Council has started functioning with immediate effect.
Law Commission Takes Up Study Of Environmental Laws
Dated 22.01.2003 : The 16th Law Commission of India, headed by Shri Justice M. Jagannadha Rao, has taken up the study of environmental laws intended to set up environmental courts in the country. The study on the subject is in progress.
Steps For Cargo Facilitations
Dated 21.01.2003 : Trade is hereby informed that Customs has vide its notifications no. 55/2000- Customs, dated 30-6-2000; no. 67/2000- Customs, dated 17-8-2000; no. 22/2001- Customs, dated 17-4-2001, allowed the facility of congregation/ assimilation of LCL cargo at the inland ICDs / CFSs, ovement of this cargo from ICDs / CFSs to Hub points for further reworking and exports to destination ports.
Law Commission’s Report on Protection of Informers for Curbing Corruption
Dated 21.01.2003 : The Law Commission of India, in its 179th report on the Public Interest Disclosure and Protection of Informers, has recommended some measures to check the evil of corruption in the Government through enactment of a law titled "The Public Interest Disclosure (Protection of Informers) Bill".
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