Notification No. SO76 (E) Dated 17.01.2002 : SEBI has modified notification No. S.O. No. 2782-B dated August 31, 1957 to rename “the Stock Exchange, Bombay,” as “BSE”.

Mutual Fund Division

SEBI Investors Education Programme – Investments in Mutual Funds

Circular No.MFD/CIR No 13/370/02 Dated 16.01.2002 : In order to educate the investors to understand the basics of Mutual Funds and their operations, SEBI has prepared a brochure in question-answer format explaining the fundamental issues pertaining to mutual funds and it has advised all Mutual Funds registered with SEBI, Unit Trust of India & Association of Mutual Funds in India to circulate copies of the brochure among their distributors and agents and also the investors.

Regulations

Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2002

Notification No. SO75 (E) Dated17.01.2002 : Amendments have been made in Regulation 71 of the said Regulations.

Ministry of Finance

Central Board of Direct Taxes

Enterprise approved u/s 10(23C) of the Income Tax Act

Notification No. 6/2002 Dated 17.01.2002 : “Bala Mandir Kamaraj Trust, Chennai,” for the assessment years 1999-2000 to 2001-2002.

Organisation approved u/s 35(1)(ii) of the Income Tax Act

Notification No. 5/2002 Dated 16.01.2002 : “Inter-University Centre for Astronomy & Astrophysics, Pune,” from 01.04.2001 to 31.03.2004.

Provisions of Convention for avoidance of double taxation between India and Ukraine, given effect in India

Notification No. 4/2002 Dated 11.01.2002 : The Central Government directed that all the provisions of the Convention between the Government of Republic of India and the Government of Ukraine for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital that entered into force, on the 31st October, 2001 shall be given effect to in the Union of India.

Notification under section 10(15)(iv) – HUDCO Tax free bonds

Notification No.3/2002 Dated 07.01.2002 : The Central Government has specified 8.25% HUDCO Tax Free Bonds of rupees one lakh each, issued by Housing and Urban Development Corporation Limited, New Delhi during 2000-01, carrying interest of 8.25% per annum, for a period of 10 years for an amount of rupees one hundred crores only, under Series XVII-A, XVII-B and XVII-C.

Excise (Tariff)

Exciseability of Plant and Machinery assembled at site

Circular No. 58/1/2002-CX (Order Under section 37-B) Dated 15.01.2002 : The Central Board of Excise and Custom has issued instructions for the purpose of uniformity in connection with classification of goods erected and installed at site. The Board has clarified the position in respect of specific instances of Turn key projects like Steel Plants, Cement plants, Power plants etc, Huge tanks made of metal for storage of petroleum products in oil refineries or installations, Refrigeration/Air conditioning plants & Lifts and escalators.

Classification/Exciseability of pesticides for the purpose of levy of excise duty

Circular No. 611/2/2002-CX Dated14.01.2002 : After the 1996 and 1997 Budgets, pesticides in bulk form do not fall under heading No. 38.08 instead these fall either under chapters applicable to chemicals in general or under heading No. 38.23, depending on whether these are separately defined elements or compounds or not. As such the instructions contained in Board’s 37B order No. 40/2/95-CX dated 27.7.1995 which clarifies that Pesticide Chemicals and the formulations will both be classified under heading 38.08 of CETA, 1985, would no longer be valid and therefore be treated as withdrawn.

Customs (Tariff)

Anti Dumping Duty

Notification No. 8/2002 Dated 18.01.2002 : Anti Dumping duty imposed on Acrylonitrile Butadiene Rubber (NBR)

Notification No.7/2002 Dated 16.01.2002 : Provisional anti-dumping duty imposed on Poly-Iso-Butylene

Examination norms for export goods at port of export

Circular No. 6/2002 Dated 23.01.2002 : It has been decided by the Government to revise the examination norms keeping in view the quantum of incentive, value of export goods, the country of destination etc.

Amendment to Notification No. 17/2001 – Table, annexure and insertion of new list therein

Notification No.10/2002 Dated 21.01.2002 : A new Serial No. 337A has been added to the Table which deals with Goods specified in list 27A (the list has also been added by the said notification which contains list of 101 goods) imported by units in the Pharmaceuticals and Bio-technology sectors having export turnover of Rs.20 crores and above during the preceding financial year. A new condition No. 74A has also been added in the Annexure.

Collection of Overtime fee for the Customs officers

Circular No. 5/2002 Dated 17.01.2002 : It has been decided that henceforth, the practice of collection of overtime fee for the Customs officers posted at the gates of the docks for supervision of the movement of cargo shall be discontinued.

Time limit for market verification of the Present Market Value (PMV) under DEPB Scheme

Circular No. 4/2002 Dated 16.01.2002 : It has been decided that in case of frauds/wilful suppression of facts show cause notices challenging the PMV may be issued even beyond the period of 90 days. Here, mention may be made that as per Circular No.69/97-Customs & 79/98-Customs, the maximum period for challenging the Present Market Value (PMV) is 90 days, if not, the PMV shall be deemed to be accepted.

Customs (Non Tariff)

Customs Valuation (Determination of Price of Imported Goods) Amendment Rules, 2002

Notification No. 3/2002-NT Dated 24.01.2002 : The Central Government has notified the Customs Valuation (Determination of Price of Imported Goods) Amendment Rules, 2002, to further amend the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988.

Department of Economic Affairs

Establishment of Delhi Debt Recovery Tribunal No. 3

Notification No. GSR48 (E) Dated 18.01.2002 : The Central Government has notified the establishment of the Delhi Debts Recovery Tribunal No. 3. The said notification also lays down the Area of Jurisdiction of three Debts Recovery Tribunals.

Order of Moratorium in respect of the Benares State Bank Ltd.

Notification No. SO90 (E) Dated 22.01.2002 : The Central Government after considering an application made by the Reserve Bank of India made an Order of Moratorium in respect of the Benares State Bank Ltd., for the period from the close of business on the 22nd January, 2002 upto and inclusive of the 21st April, 2002 and stayed the commencement or continuance of all actions and proceedings against that banking company during the period of moratorium.

Reserve Bank of India

AP Dir Series

Export of goods & services –Extension of period of realisation

AP (DIR Series) Circular No 20 Dated 28.01.2002 : As per A.P. (DIR Series) Circular No. 12 dated September 9, 2000, cases where an exporter has not been able to realise proceeds of shipment within the prescribed period (i.e. within six months from the date of exports), for reasons beyond his control, the exporter is required to apply to Reserve Bank in form ETX for extension of period of realisation. It has now been decided that, without any reference to Reserve Bank, authorised dealer that has handled export documents may extend, after obtaining an application from the exporter, the period of realisation beyond six months from the date of export, where invoice value does not exceed US$ 1,00,000 subject to the fulfillment of certain conditions in this regard.

Risk Management and Inter-Bank Dealings

AP (DIR Series) Circular No19 Dated 24.01.2002 : Directions relating to forward exchange cover and other derivative products, Rupee Accounts of non-resident banks and inter-bank dealings, are contained in Part B and C of the Enclosure to the said series.

DBOD

Prudential norms on income recognition, asset classification and provisioning - agricultural advances

Circular No. DBOD BP BC 59/21.04.048/2001- 2002 Dated 22.01.2002 : It has been decided that the relaxed delinquency norm of two harvest seasons, not exceeding two half years, which is applicable only to short-term agricultural crop loans now, should be made applicable to all direct agricultural advances as listed at items 1.1, 1.1.2 (i) to (vii), 1.1.2 (viii)(a)(1) and 1.1.2 (viii)(b)(1) of Master Circular on lending to priority sector No. RPCD. PLAN. BC. 12/04.09.01/ 2001- 2002 dated 1 August 2001.

Ministry of Commerce and Industry

Directorate General Of Foreign trade

Procedure for import of various items under Tariff Rate Quota (TRQ)

Public Notice No. 62/1997-2002 Dated 22.01.2002 : The Director General of Foreign Trade notified the procedure for allocation of Tariff Rate Quota (TRQ) in respect of four items, namely, (1) Skimmed and whole milk powder, milk food for babies etc. (0402.10 or 0402.21) (2) Maize (corn), other (1005.90) (3) Crude sunflower seed or safflower oil or fractions thereof (1512.11) and (4) Refined rape, colza or mustard oil, other (1514.90).

Placement of quantity of 10,000 MTs of Raw Cane Sugar

Policy Circular No. 21(RE-2001)/1997-2002 Dated 22.01.2002 : It has been decided to allocate a quantity of 10,000 MTs (Ten Thousand MTs) of SPS Raw Cane Sugar for export to EU for refining for the fiscal year 2002. The Indian Sugar Exim Corporation Ltd. shall be the sole agency authorised to exports SPS raw cane sugar under above quota to EU.

Placement of quantity of 8500 MTs of Raw Sugar from the Freesale Quota of 2000-2001 for export to USA

Policy Circular No. 20(RE-2001)/1997-2002 Dated 22.01.2002 : It has been decided to allocate a quantity of 8500MTs (Eight Thousand Five Hundred MTs) of Raw Sugar out of free sale portion of 2001-2002 (October 1, 2001 to September, 2002) season’s production for export to USA as a Preferential Raw Cane Sugar Tariff Rate Quota for the fiscal year 2002 and place the same at the disposal of the Indian Sugar Exim Corporation Ltd.

Condition on import of textile and textile articles–Not applicable on import of samples

Policy Circular No.19 (RE-2001) 1997-2002 Dated 22.01.2002 : It has been decided that the condition regarding testing of textile articles, shall not be applicable on import of samples. However, this exemption shall be subject to certain conditions.

Department of Commerce

Purchase of excess or unauthorized tobacco by registered traders and conditions thereto

Notification No. SO88 (E) Dated 18.01.2002 : The Central Government authorised the Tobacco Board to admit, from the date of publication of this notification in the Gazette of India up to 28th February, 2002, the regular and registered traders and dealers of the Tobacco Board to purchase, at its auction platforms in Karnataka, the excess or unauthorized tobacco produced by the registered or unregistered farmers in the State of Karnataka subject to certain conditions.

Special Economic Zones - Scheme

Notification No. SO100 (E) Dated 24.01.2002 : The Central Government has made a scheme to develop, operate and maintain Special Economic Zones for the period beginning on the 1st day of April, 2001 for the Zones developed on or before 31.03.2006.

Ministry of Consumer Affairs, Food and Public Distribution

Renewal & Recognition – Forward contracts in GUR

Notification No. SO82 (E) Dated 18.01.2002 : The Central Government has granted renewal of recognition to Chamber of Commerce, Hapur for a period of five years from 1st April, 2002 to 31st March, 2007 (both days inclusive) in respect of forward contracts in gur.

Ministry of Environment and Forests

Environment (Protection) Amendment Rules, 2002

Notification No. SO54 (E) Dated 22.01.2002 : The Central Government notified Environment (Protection) Amendment Rules, 2002 to further amend the Environment (Protection) Rules, 1986.

Amendment to Homoeopathy Central Council Act

Notification Nos. SO95 (E) to SO97 (E) All Dated 23.01.2002 : Amendment to Second Schedule of Homoeopathy Central Council Act has been notified.

Ministry of Law, Justice and Company Affairs

Department of Company Affairs

Amendments to Schedule XIII – Managerial Remuneration

Notification No. GSR36 (E) Dated 16.01.2002 : The Central Government notified amendments in Schedule XIII of the Companies Act, 1956. The amendments have been made in Part II where Paragraph 1 has been substituted and three new Explanations have been added.

Ministry of Labour

Advisory Committee on Matters Arising out of Administration of Dock Workers

Notification No. SO89 (E) Dated 21.01.2002 : The Central Government reconstituted with effect from the date of the publication of this notification, the Advisory Committee constituted vide Gazette Notification No. S.O. 580(E) dated 13th August, 1997.

Ministry of Petroleum and Natural Gas

Authorities designated for search and seizure

Notification Nos. GSR41 (E) to GSR 47(E) All Dated 17.01.2002 : Authorities have been designated for search and seizure under various Orders.

General public invited to put forward objection – Matter of LPG pipelines through Vishakapatnam to Secunderabad

Notification No. SO49 (E) Dated 10.01.2002 : The Central Government declared its intention to acquire the right of user in the land under which the gas pipeline is to be laid from Vishakapatnam to Secunderabad in the State of Andhra Pradesh. In this regard any person interested in the land as described in the Schedule to this notification may, within twenty one days from the date on which the copies of the notification issued, as published in the Gazette of India are made available to the general public, object in writing to the acquisition of right of user therein for laying of the pipeline under the land to Competent Authority, Gas Authority of India Limited, Labbipeta , Bander Road, Vijayawada, Andhra Pradesh.

Notification No. SO48 (E) Dated 10.01.2002 : The Central Government declared its intention to acquire the right of user in the land under which the gas pipeline is to be laid from Vishakapatnam to Secunderabad in the State of Andhra Pradesh. In this regard any person interested in the land as described in the Schedule to this notification may, within twenty one days from the date on which the copies of the notification issued, as published in the Gazette of India are made available to the general public, object in writing to the acquisition of right of user therein for laying of the pipeline under the land to Competent Authority,Gas Authority of India Limited , Rajahmundry Camp Office , Room No. 39-10-1, Labbipeta, Veterinary Hospital, Vijayawada, Andhra Pradesh

Notification No. SO47 (E) Dated 10.01.2002 : The Central Government declared its intention to acquire the right of user in the land under which the gas pipeline is to be laid from Vishakapatnam to Secunderabad in the State of Andhra Pradesh. In this regard any person interested in the land as described in the Schedule to this notification may, within twenty one days from the date on which the copies of the notification issued, as published in the Gazette of India are made available to the general public, object in writing to the acquisition of right of user therein for laying of the pipeline under the land to Competent Authority,Gas Authority of India Limited, 10-1-17 , IV th Floor, Dana Chambers, Opposite Jawahar Lal Nehru University , Masab Tank, Hyderabad-500028.

PIB (Press Information Bureau) Release

Acceptance of fees by Department of Company affairs – additional branches of PNB

Dated 25.01.2002 : The Department of Company Affairs (DCA) has engaged the services of 15 additional branches of Punjab National Bank for acceptance of fees from companies in the National Capital Territory of Delhi and the State of Haryana for filing their Balance Sheet, other documents and Annual Return with the Registrar of Companies in Delhi. However, documents are to be filed in the office of Registrar of Companies on or before the prescribed last date. The additional branches of Punjab National Bank for payment of fees have been engaged in Delhi, Noida and Faridabad.

Clarification on acceptance of cheque dishonour cases by Courts – Section 138 of Negotiable Instrument Act

Dated 23.01.2002 : The Parliament has passed the Repealing and Amending Act, 2001, recently, which along with other Acts has also repealed the Banking, Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988. The parent Act of 1881, the Negotiable Instruments Act, providing for punishment of one year imprisonment for bouncing of cheques continues to be in the statute book. Accordingly, the dishonour of cheques for insufficiency, etc. of funds in the account continues to be an offence under Sections 138 to 142 (both inclusive) of the Negotiable Instruments Act, 1881.

Measures for expediting disposal of cases

Dated 22.01.2002 : The Department of Justice in the Ministry of Law, Justice and Company Affairs has requested all High Courts and State Governments recently to re-examine the annual vacations and working days in High Courts to expedite disposal of cases. The Government has taken various other steps to speed up the disposal of mounting arrears of cases. These include filling up of vacancies of judges, simplification of rules and procedures on the basis of advice and recommendations of expert bodies like the Law Commission of India and the Mallimath Committee. The Government has also sanctioned an amount of Rs. 502.90 crore for creations of 1734 Fast Track Courts for expeditious disposal of cases involving under trials on priority. So far, more than 900 Fast Track Courts have been set up all over the country.

Acts that received the President’s assent

1.The Constitution (Eighty Fifth Amendment) Act, 2001.

2. The Explosive Substances (Amendment) Act, 2001.

Secretarial Standard issued by ICSI

The Institute of Company Secretaries of India has issued Secretarial Standard -1 on “Meetings of the Board of Directors”. This Standard seeks to prescribe a set of principles for the convening and conduct of Meetings of the Board of Directors and matters related thereto. The principles enunciated in this Standard for meetings of the Board of Directors are equally applicable to meetings of Committees, unless otherwise stated herein or otherwise stipulated by any other applicable guidelines, Rules or Regulations. The Standard would be recommendatory and shall come into effect from 13th December 2001.

Full Text of the Notifications\Circulars\Acts\Bills\Other information is available on our site "www.manupatra.com."

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