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[No.68]
November 20, 2003 |
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Cases
Source:
Westlawinternational.com
Separate punishments for possession of a firearm or knife during the commission
of a felony when multiple felonies are committed in a single course of criminal
conduct are permissible only to the extent that each possession offense is
committed against any individual victim or when the possession offense is
committed in the course of burglary of a building or vehicle, theft from a
building or of a motor vehicle, or offenses involving illegal drugs. In granting
certiorari review in two cases where multiple sentences for possession offenses
were imposed, the Supreme Court rejected the analysis of some federal decisions
that the applicable unit of prosecution was for each predicate felony committed.
Rather, the applicable unit of prosecution was for the possession during the
commission of the enumerated felonies. Therefore, in one case where an attempted
robbery and aggravated assault involved a single victim, the two convictions for
possession of knife during the commission of a felony merged. However, a
separate conviction for the possession of a knife during the commission of
felony was permissible with respect to the conviction for burglary that was
committed in the same course of conduct. Similarly, in the second case, separate
punishments for the possession of a firearm during the commission of multiple
predicate felonies committed in the same course of conduct were permissible only
to the extent they involved three separate victims, and where the predicate
felonies were burglary and motor vehicle hijacking.
State v. Marlowe
In North Dakota, the crime of conspiracy to commit arson for the purpose of
collecting insurance for the loss requires only that the actor start a fire with
intent to destroy or damage his property for the purpose of collecting insurance
for the loss. There is no statutory requirement that there actually be
insurance. Thus, the offense can be committed even though, unknown to the
conspirators, their insurance has lapsed.
State v. Beciraj
The nationwide class action certification of antitrust action filed by large
scale purchaser of copper against defendants who allegedly manipulated the price
of copper on metal exchanges, was not proper in view of conflict of law issues
among the various states. These conflicts included differences in standing rules
for indirect purchasers in antitrust cases, whether extraterritorial application
was allowed for certain states' antitrust statutes, and what different
limitations periods applied for state antitrust actions. Conflicts also existed
as to differences in types of "pass-on" defenses to antitrust actions,
and different damages rules, such as whether treble damages were allowed.
J.P. Morgan & Co., Inc. v. Superior Court
A service utilizing Voice over Internet Protocol (VoIP), which allowed those
with access to a high-speed Internet connection to make and receive computer-
to-computer and computer-to-phone voice calls, was an "information
service" rather than a telecommunications service under the
Telecommunications Act. Thus, a state utility regulatory commission could not
subject the marketer of the VoIP service to state laws regulating telephone
companies. The marketer, which was not an internet service provider (ISP) and
had never provided phone- to-phone IP telephony, was a user rather than a
provider of telecommunications services.
Vonage Holdings Corp. v. Minnesota Public Utilities Com'n
A cease-and-desist letter sent to a competitor by an alleged trademark owner,
threatening legal action for competitor's failure to comply with its demand to
stop use of its trademark, did not form a sufficient basis for the exercise of
personal jurisdiction over the competitor in the forum. The competitor filed an
action for declaratory judgment and a motion to dismiss in the absence of the
alleged trademark owner's prima facie showing of sufficient facts to support
personal jurisdiction. The alleged trademark owner failed to show that the
competitor's declaratory judgment action arose out of or resulted from its
cease-and-desist letter to the competitor, as was required to support the claim
that the exercise of personal jurisdiction over the competitor was warranted
under the requirements for specific jurisdiction, because the subject matter of
the actual controversy in the declaratory action was whether the owner had
intellectual property rights that were infringed by the competitor, and not what
was said about those rights in the letter.
Elima Biotronics, LLC, Light Entertainment, Inc. v. Fuente Cigar Ltd.
News
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Massachusetts Supreme Court in a 4-3 ruling
stated that States ban on same sex marriage is unconstitutional and has given
the state legislature 6 months to come up with a solution that would allow
gay couples to marry. The ruling was criticized by many, the Massachusetts'
governor said that he would work for a constitutional amendment to overturn it.
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U.S
District judge Alan Kay, Honolulu, Hawaii upheld the admission policy of
Kamehameha Schools admitting only Hawaiian and part-Hawaiian students. A
complaint had been filed in June by an unidentified non-Hawaiian
student, who claimed that such a policy violated
his civil rights. The judge held that the private schools required to be scrutinized
from a different angle as they received no federal funding. The decision was
welcomed by the trustees of the school and several hundred Hawaiian activists. However
the student's attorney, Eric Grant of Sacramento, California, said he will
appeal.
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Arrest warrant has been issued against
Micheal Jackson, 45-year-old pop singer, on multiple counts of child molestation
by the Santa Barbara County. In a press conference Sheriff Jim Anderson said
"Mr. Jackson has been given the opportunity to surrender himself to the
Santa Barbara Sheriff's Department within a specified period of time." In
case charges are proved against the singer he could face up to a minimum of 3
years and maximum of 8 years imprisonment for violating a state law, prohibiting
lewd or lascivious acts with a child under age 14.
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French Parliament has approved new Asylum laws,
which reduces the time limit from an average two years to two months for which
people have to wait for a decision. The whole process is being streamlined,
including the creation of new offices to deal with requests faster. Asylum
applications in France have sharply risen in the recent past from 23,000
in 1998 to 52,000 in 2002. In future, people applying for asylum will classified
into one of three groups i.e. Subsidiary protection, Internal asylum, Political
asylum.
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A former postal worker, known as the
"Puffy Cheek Bandit" was sentenced to thirteen years of imprisonment
by a U.S. District Court. Cazzie L. Williams pleaded guilty in April to robbing
four banks in New Jersey, and admitted robbing 23 more in Pennsylvania, Ohio,
Maryland and Virginia in a period beginning September 19, 1998, in Newark and
continuing regularly until June 19, 2000. He had been nicknamed "the Puffy
Cheek Bandit" by FBI agents as he held air in his cheeks as he robbed
banks.
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SEBI
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Secondary Market Division
Notification No. SO1276(E)
Dated 06.11.2003 : The Securities and Exchange Board of India, on being
satisfied that it would be in the interest of the trade and also in the public
interest so to do, has granted, in exercise of the powers conferred by Section 4
of the Securities Contracts (Regulation) Act, 1956, renewal of recognition to
the Exchange under Section 4 of the said Act for a further period of one year
commencing 8th day of November, 2003 and ending on the 7th day of November, 2004
in respect of contracts in securities.
Mutual Funds Division
Circular No. SEBI/IMD/CIR No.
9/20306/03 Dated 12.11.2003 : With a view to strengthen the investment norms and
enhance transparency in investments by Mutual Funds, it is advised that pending
deployment of funds, the investments in short term deposits should be reported
to the trustees along with the reasons for the investment which, interalia,
would include comparison with the interest rates offered by other scheduled
commercial banks.
Further, the AMCs shall ensure
that the reasons for such investments are recorded in the manner prescribed in
SEBI Circular MFD/CIR/6/73/2000 dated July 27, 2000.
Press Releases
Press Release No. PR 276/2003
Dated 18.11.2003 : Having regard to the Secondary Market for Corporate Debt
Securities, a draft listing agreement has been prepared which is proposed to be
applicable for listing of all debt securities irrespective of mode of issuance (i.e
through public issue or private placement).
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Department of Company Affairs
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Circular No. 33/2003 Dated
14.11.2003 : It has been clarified that companies incorporated after the
Companies (Amendment) Act, 2000, who have not contributed toward the paid-up
capital as per the requirements of Section 3 (1)(iii) and 3 (1)(iv) can also
avail Simplified Exit Scheme if other requirements are fulfilled
Circular No 32/2003 Dated
10.11.2003 : It has been decided that it is not possible to review the Companies
(Auditor's Report) Order, 2003 which came into force on 1st July, 2003 , or
postpone the effective date as issued, for accounts prepared in respect of
financial year ending on the 1st July, 2003 or thereafter. However, keeping in
view the difficulties of the companies as well as the professionals involved, it
has also been decided that while companies to whom the Order is applicable,
should make serious efforts to comply with the new Order from the effective
date, cases of non compliance for accounts pertaining to financial year which
closed on 31st December, 2003 or earlier, Government would take a lenient view
provided the accounts at least carry MAOCARO Report, if required.
However, accounts in respect of
financial years ending on 1st January 2004 or thereafter, will have to strictly
follow CARO, 2003. Companies and professionals who do not comply with the Order
will be liable for action as per law.
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CBDT
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Notification No. 292/2003 Dated
13.11.2003 : In the Income-tax Rules 1962, after the rule-19AD, the following
rule 19-AE has been inserted, namely:-
"19-AE. The report of the
accountant, which is required to be furnished by the assessee under sub-section
(3) of section 80-LA shall in Form No.10-CCF."
Also, in Appendix-II, after
Form No. 10CCE, a new "FORM NO. 1CCF" has been inserted.
Instruction No. 15/2003 Dated
06.11.2003 : With a view to improve taxpayer services, the Board have decided to
simplify the procedure for issue of refunds by discontinuing the system of
sending advice Note to the Bank separately in cases of refunds up to Rs. 9999/-.
In present procedure for issue of refunds upto Rs. 999/- has been extended to
refunds upto Rs. 9999/-. Further it has also been decided that, there would be
no separate refund books for refunds upto Rs. 9999/- and refunds of Rs. 10,
000/- and above. The revised Refund Book in 1+3 from will be used for all
refunds, irrespective of the monetary limits.
As far as the procedure for
issue of refunds upto Rs. 9999/- is concerned, it is identical to the existing
procedure for issue of refunds upto Rs. 999/-. However, the existing procedure
for issue of refunds amounting to Rs. 10, 000/- and above will continue without
any change.
Instruction No. 14/2003 Dated
06.11.2003 : The Board have revised the prescribed monetary ceilings for
write-off of irrecoverable dues of Direct Taxes by the various income-tax
authorities. At the same time, the Board have reviewed and modified the existing
structure of the Committees for recommending write-off.
Instruction No. 13/2003 Dated
31.10.2003 :Procedure for selection of cases of Corporate Assessees being
assessed with the Directorates of International Taxation during the current
financial year 2003-2004 has been stated. Accordingly, cases are to be selected
on random basis from the list of companies as contained in the Return Registers.
These cases may be seggregated into two categories :-
(i) companies whose paid up
capital exceeds Rs. 1 crore;
(ii) companies having a paid up
capital of Rs. 1 crore and below
Instruction No 12/2003 Dated
30.10.2003 : Having regard to the matter of delegation of powers for
acceptance/rejection of applications/requests for condonation of delay under
section 119(2)(b) of the Income-tax Act, 1961, the Board has decided to vest the
CCIT with the powers of acceptance/rejection of such applications/requests
involving refund claims upto Rs. 5,00,000,/- and the decision of the CCIT would
be final. The CIT will have the powers of acceptance/rejection in cases
involving refund claims up to Rs. 1,00,000/-. However, cases involving refund
claims exceeding Rd. 5,00,000/- would continue to be processed by the central
Board of Direct Taxes, both for acceptance and rejection.
It has also been decided that
cases where delayed claims of refunds are being considered would be taken up for
scrutiny.
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CBEC Excise Tariff
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Circular No 762/78/2003-CX
Dated 11.11.2003 : Having regard to the cases that have been remanded by the
appellate authorities for denovo adjudications, it has been clarified by the
Board that :
i) For cases where the
appellate authority remand the case with the direction mentioning specifically
the level of officer who has to adjudicate the case, then those cases should be
adjudicated by the level of officer specified in the said appellate order and
the revised level of monetary limit of adjudication is not applicable for those
cases; and
ii) for cases where the
appellate authority remand the case for denovo adjudication without specifically
mentioning the level of officer who has to adjudicate the case, then those cases
should be adjudicated by the proper officer as per the revised monetary limit
prescribed vide Circular No.752/78/2003-CX dated the 1st October, 2003.
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CBEC Customs Tariff
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Circular No. 97/2003 Dated
14.11.2003 : With a view to remove difficulties in the implementation of para
3(a)(i) of Circular No.83/2003 dated 18th September, 2003, it has been clarified
that, the exporters may be asked to furnish the purchase invoice as to the
procurement of the raw hides/wet blue leather. They should also furnish a
certificate from the Chartered Accountant/Cost Accountant as to the consumption
and cost of processing chemicals used for its processing and other incidental
overhead charges incurred. The purchase price of raw hides/wet blue leather
along with these processing costs and charges should be reckoned for the
purposes of computing duty drawback element on the finished/lining leather by
applying the All Industry Rates of Duty Drawback.
Circular No. 96/2003 Dated
14.11.2003 : It has been decided that for the sake of harmony, the readymade
garments (knitted/woven) manufacturer-exporters shall also be paid drawback
merely on the basis of a self-declaration as to the non-availment of CENVAT
facility.
However, in order to safeguard
revenue and to rule out the possibility of any mis-declaration by the exporters,
it is considered necessary that the declarations given by the exporters be
selectively picked up and sent to the jurisdictional Central Excise field
formations for random verification. Commissioner of Customs may kindly devise a
suitable procedure for selection of such declarations and forwarding of the same
to the Central Excise field formations. Any instances of mis-declaration
noticed pursuant to the Central Excise verification reports should be dealt with
stringently and exemplary punishment should be meted out.
Notification No. 168/2003 Dated
14.11.2003 : Anti Dumping Duty has been Imposed On Sodium Hydroxide From
European Union (Excluding France), Indonesia And Chinese Taipei
Notification No. 167/2003 Dated
13.11.2003 : Anti Dumping Duty has been Imposed On Metallurgical Coke From Japan
Notification No. 166/2003 Dated
12.11.2003 : The Central Government has rescinded the notification except as
respects things done or omitted to be done before such rescission.
Notification No. 165/2003 Dated
12.11.2003 : Anti Dumping Duty has been Imposed On Float Glass From China RP and
Indonesia
Notification No. 164/2003 Dated
11.11.2003 : In the notification, in the Table, against S. No. 267A, for the
entry in column (3), the following entry has been substituted, namely:
"High speed cold-set web
offset rotary double width four plate wide printing machines with a minimum
speed of 70,000 copies per hour".
Notification No. 163/2003 Dated
07.11.2003 : Anti Dumping Duty has been Imposed On Plastic Ophthalmic Lenses
From China PR and Taiwan
Circular No. 95/2003 Dated
06.11.2003 : With a view to avoid grievance to trade, the board has clarified
that unless goods have been notified under section 123 of the Customs Act, 1962,
the burden of proving that the goods are smuggled goods lies on the department.
It has, therefore, been desired by the Board that utmost care should be taken by
field formations in effecting the seizure of imported goods and where the goods
are accompanied by genuine import/duty paying documents, seizures should not be
effected.
Notification No. 162/2003 Dated
04.11.2003 :The Central Government has rescinded the notification except as
respects things done or omitted to be done before such rescission.
Notification No. 161/2003 Dated
04.11.2003 : In the notification, in the Table, against S.No. 285, for the entry
in column (3), the following entry has been substituted, namely:-
"The following goods,
namely:-
(1) Mono or Bi polar Membrane
electrolysers and parts thereof including secondary brine purification
components, jumper switches, filtering elements for hydrogen filters and any
other machinery, required for,-
(i) modernization by using
membrane cell technology, of an existing caustic soda or
(ii) capacity expansion of an
existing caustic soda unit using membrane cell technology or
(iii) setting up of a new
caustic soda unit using membrane cell technology
(2) Membranes and parts thereof
for replacement of worn out membranes in an industrial plant based on membrane
cell technology."
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CBEC Customs Non Tariff
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Notification No. 102/2003-N.T.
Dated 14.11.2003 : In the notification, for the Table given earlier has been
substituted by the new table.
Notification No. 101/2003-N.T.
Dated 10.11.2003 : In Annexure I to the Customs Tariff (Identification,
Assessment and Collection of Anti-dumping Duty on Dumped Articles and for
Determination of Injury) Rules, 1995 in paragraph 8, after sub-paragraph (3),
the following sub-paragraph has been inserted, namely :-
"(4) Notwithstanding anything
contained in sub-paragraph (2), the designated authority may treat such country
as market economy country which, on the basis of the latest detailed evaluation
of relevant criteria, which includes the criteria specified in sub paragraph
(3), has been, by publication of such evaluation in a public document, treated
or determined to be treated as a market economy country for the purposes of
anti-dumping investigations, by a country which is a Member of the World Trade
Organisation."
Notification No. 100/2003-N.T.
Dated 10.11.2003 : In the Annexure to the notification, after S. No. 14 thereto,
the new S.No. 15, and the entries related to it has been inserted.
Notification No. 99/2003-N.T.
Dated 07.11.2003 : The Central Board of Excise and Customs has appointed the
Commissioner of Customs, Kolkata (Airport), to act as Commissioner of Customs,
Kolkata (Port), Commissioner of Customs, Chennai (Airport and Air Cargo) and
Commissioner of Customs, Bangalore, for the purposes of adjudicating the matters
relating to Show Cause Notice pertaining to M/s. Bata India limited, 6A, S. N.
Banerjee Road, Kolkata, issued vide F.No. DRI. F. No. 75/KOL/APP/2003, dated the
7th July, 2003, by the Assistant Director, Directorate of Revenue Intelligence,
Kolkata Zone Unit, Kolkata.
Notification No. 98/2003-N.T.
Dated 07.11.2003 : In the notification, for the words and letters "Commissioner
of Customs, Air Cargo Complex, IGI Airport, New Delhi", the words, letters and
brackets "Commissioner of Customs (Import and General), New Custom House, IGI
Airport, New Delhi" have been substituted
Notification No. 97/2003-N.T.
Dated 07.11.2003 : The Central Board of Excise and Customs has appointed the
Commissioner of Customs, Kandla, to act as Commissioner of Customs (Export
Promotion), New Custom House, Ballard Estate, Mumbai, Commissioner of Customs,
Mangalore, and Commissioner of Customs, Ahmedabad, for the purposes of
adjudicating the matters relating to Show Cause Notice pertaining to M/s. Adani
Exports Limited, Adani house, Navarangpura, Ahmedabad and Others, issued vide
F.No. DRI/AZU/INV-14/98-PT.IV dated, the 20th March, 2003, by the Additional
Director General, Directorate of Revenue Intelligence, Mumbai.
Notification No 96/2003-N.T
Dated 06.11.2003 : In the Table to the notification, against serial number 4
relating to the State of Gujarat, after entry (vi) in column (3) and the
corresponding entries relating thereto in column (4) , a new entry (vii) "Ankleshwar"
in column (3) with decription "Unloading of imported goods and loading of
export goods" in column (4) has been inserted.
Notification No 95/2003-N.T.
Dated 06.11.2003 : In the Courier Imports and Exports ( Clearance ) Regulations,
1998;
(i) in regulation 2, in
sub-regulation (2), in clause (d), sub-clause (v) has been omitted ;
(ii) in regulation 5, in Clause
(1), in sub-Clause (a), for the words " on-board courier" , the words "
on-board courier, Authorised Courier" has been substituted
Notification No. 94/2003-N.T.
Dated 04.11.2003 : In the notification, in the Table, for S.No. 4 and entries
relating thereto, the new S.No. and entries has been substituted.
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Service Tax
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Circular No. 67/16/2003-ST
Dated 10.11.2003 : With a view for the removal of doubts regarding levy of
Service Tax on ship repair during the dry docking
by the person duly authorised in this behalf by port authorities it has been
clarified that Port services means any service
rendered by port or any person authorised by them, in any manner, in relation to
a vessel or goods, Thus, all such services
rendered, including during dry dock and repairs to the ship, are taxable which
should include not only the minor repairs provided by ship
chandlers but also the dry dock facilities and any repairs carried out to the
vessels.
Circular No. 66/15/2003-ST
Dated 05.11.2003 : It has been clarified that the services provided in the
nature of the activity of Mutual Fund Distribution are
primarily in nature of the services of commission agent in relation to clause
(ii) and (iv) of the category of services mentioned
in the definition of Business Auxiliary Services and hence should be leviable to
service tax under this category. It has been
further clarified that this activity does not get covered under exemption
Notification No 13/20003-ST dt 20.6.2003 as this is not in
relation to sale or purchase of goods. The exemption provided under Notification
13/2003-ST is applicable only for commission
agents dealing in goods.
Circular No. 64/13/2003-ST
Dated 28.10.2003 : Havind regard to the leviability of Service Tax under the
category of Advertising Agency Services in
respect of persons agencies engaged in canvassing for advertisements for which
they get commission from the publishers,
it has been clarified that if the canvassing is limited to space selling then
such services would not be liable to any service
tax. However, if canvassing is involving receiving the text of advertisement,
estimating the space that such advertisement would occupy
in the newspaper/periodical/magazine, negotiating the price, forming the general
layout of the advertisement that would
finally appear in the newspaper then such activity would be liable to service
tax under the category of Advertising Agency Services.
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Department of Economic Affairs
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Notification No. SO1282(E)
Dated 10.11.2003 : The Central Government has specified certain housing finance
companies registered under Sub-section (5) of Section 29 A of National Housing
Bank Act, 1987 and with Tier 1 capital of Rs. 10 crore (Rupees ten crore) or
above as per their audited balance sheet for the year ended 31st March, 2003 to
be treated as "financial institution" for the purpose of the
sub-clause (iv) of clause (m) of Sub-section (1) of Section 2 of the
Securitisation and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002.
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RBI
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Circular No. A.P.(DIR Series)
Circular No. 37 Dated 15.11.2003 :Through Notification No. FEMA 22/2000-RB dated
May 3, 2000 it was cleared that the foreign entities intending to set up Project
Offices were required to submit an application in Form FNC-1 to the concerned
Regional Office of the Reserve Bank and such approvals would be granted by the
Reserve Bank on a case-to-case basis. With a view to liberalising and
simplifying the procedures for establishment of Project Offices, the Reserve
Bank has issued Notification No. FEMA 95/2003-RB dated July 2, 2003 amending
certain provisions of Notification No. FEMA 22/ 2000-RB and granting general
permission to a foreign entity for setting up a Project Office in India subject
to the certain conditions.
The Reserve Bank has also
issued Notification No.96/2003-RB dated July 2, 2003 amending the provisions of
Regulation 6 (iii) of Notification No. FEMA 13/2000-RB dated May 3, 2000
granting general permission to foreign entities to remit the surplus on winding
up/completion of projects through Authorised Dealers.
Circular No. A.P.(DIR Series)
Circular No. 36 Dated 14.11.2003 :Revisions have been made in the existing ECB
Policy for a temporary period, until further review. Amendments made under the
heads viz. Eligibility of borrowers , Guarantees , Revisions in all-in-cost
ceiling , End use , hedging and Parking of ECB proceeds overseas. The amendments
to ECB Policy has come into force with immediate effect.
Circular No. A.P.(DIR Series)
Circular No. 35 Dated 14.11.2003 : With a view to provide single window
clearance to Indian Asset Management Companies (AMCs) , it has been decided that
AMCs may issue units, remit dividend and redeem the units in off-shore funds
issued abroad to the overseas investors, once SEBI's approval is obtained for
launching off-shore funds, subject to reporting requirements at the end of each
quarter in the specific format.
Circular No. A.P.(DIR Series)
Circular No. 34 Dated 14.11.2003 : With a view to liberalising the foreign
investment policy, Government of India has issued Press Note No.3 (2003 Series)
dated July 29, 2003, in terms of which issue of equity shares against Lump-sum
fee, Royalty and External Commercial Borrowings (ECBs) in convertible foreign
currency already due for payment/repayment has been permitted, subject to
meeting all applicable tax liabilities and compliance with the procedures
prescribed. The issue of shares against lump-sum technical know-how fee, royalty
and ECB due for payment/repayment, whether under automatic route or SIA/FIPB
route, is subject to the pricing guidelines of Reserve Bank/SEBI.
It has been clarified by the
Government that the words 'import payables' appearing in the Press Note refer
only to payables towards import of technical know-how and other items mentioned
earlier. Import dues by Indian companies, which are deemed as Trade (buyers'/suppliers')
Credit or ECBs in terms of Reserve Bank guidelines, are not permitted for
conversion into equity shares.
Circular No. A.P.(DIR Series)
Circular No. 33 Dated 13.11.2003 : Authorised Dealers have already been
permitted to allow remittances upto USD 100,000 each for various purposes viz. (i)
employment abroad (ii) emigration (iii) maintenance of close relatives abroad
and (iv) education abroad. They were also permitted to allow remittance upto USD
1 million per project, towards consultancy services procured from outside India
subject to the applicant furnishing documents to the Authorised Dealers'
satisfaction.
Notification No. DBS.FID No.
C-9 / 01.02.00/2003-04 Dated 15.11.2003 : It has been decided that, with effect
from the year ending March 31, 2006, an asset should be classified as NPA if the
interest and / or instalment of principal remain overdue for more than 90 days.
As regards the additional provision arising as on March 31, 2006 on account of
the modification in the norms, the FIs would have the option to phase out the
required provisioning over a period of three years beginning from the year
ending March 31, 2006, subject to at least one fourth of the additional required
provision being made in each year. All other instructions regarding asset
classification and provisioning would remain unchanged.
Notification No. DBOD. BP.BC.
44/21.04.141/2003-04 Dated 12.11.2003 :In order to contain the risks arising out
of non-SLR investment portfolio of banks, in particular through private
placement, the draft guidelines with rgard to Banks' Investment in Non-SLR
Securities have now been finalized. These prudential guidelines come into force
with immediate effect and address the areas viz. Coverage, Regulatory
requirements, Listing and rating requirements, Fixing of prudential limits,
Internal assessments, Role of Boards, Disclosures, and Trading and settlement in
debt securities.
Notification No. DBOD. No.
IBS.BC. 46/16.13.100/2003-04 Dated 06.11.2003 : It has been decided that foreign
banks operating in India may remit net profits/surplus (net of tax) earned in a
quarter year in the normal course of business arising out of their Indian
operations on a quarterly basis, to their Head Offices without prior approval of
RBI provided the accounts of the bank are audited on a quarterly basis and
appropriate transfer to statutory reserves are made as per the provisions of
Section 11(2)(b)(ii) of the Banking Regulation Act, 1949 and the other relevant
provisions of the Banking Regulation Act, 1949 and directions issued by RBI in
this regard are complied with. In the event of excess remittance, Head Office of
foreign banks should immediately make good the shortfall
Notification No. GSR881(E)
Dated 21.10.2003 : In the Foreign Exchange Management (Foreign Exchange
Derivative Contracts) Regulations, 2000 in Schedule III, in paragraph 1, after
the words 'engaged in export-import trade' the words,' or as permitted by the
Reserve Bank', have been added.
Notification No. GSR880(E)
Dated 21.10.2003 : In the Foreign Exchange Management (Foreign Exchange
Derivative Contracts) Regulations, 2000 Schedule I and Schedule II have been
amended.
Circular No.
MPD.BC.239/07.01.279/2003-04 Dated 13.11.2003 : It has been decided that the
exemption for rupee funds raised under Reciprocal Line Facility from the
prudential limits specified for call/notice money transactions would be phased
out from the fortnight beginning February 7, 2004. Accordingly,
lending/borrowing in call/notice money market including transactions under
Reciprocal Line Facility from the fortnight beginning February 7, 2004 should
not exceed the prudential limits specified for this purpose.
Notification No.
RPCD.No.Plan.BC.42/04.09.22/2003-04 Dated 03.11.2003 : Having regard to the
issues related to Micro- Finance, it has been proposed that:-
I.Banks should provide adequate
incentives to their branches in financing the Self Help Groups (SHGs) and
establish linkages with them, making the procedures absolutely simple and easy
while providing for total flexibility in such procedures to suit local
conditions.
II. The group dynamics of
working of the SHGs may be left to themselves and need neither be regulated nor
formal structures imposed or insisted upon.
III.The approach to
micro-financing of SHGs should be totally hassle-free and may include
consumption expenditures.
Press Release No. 2003-2004/633
Dated 17.11.2003 : The Reserve Bank of India has released its Report on Trend
and Progress of Banking in India, 2002-03. The Report gives a detailed account
of the performance of and policy developments relating to commercial banks,
co-operative banks, financial institutions and non-banking financial companies
during 2002-03. The Report is divided into seven Chapters and contains detailed
statistical tables on various parameters for banks and financial institutions.
Press Release No. 2003-2004/624
Dated 13.11.2003 : The Government of India has passed an Order of Moratorium
under Section 45(2) of the Banking Regulation Act, 1949, which will remain in
force from the close of business on November 13, 2003 up to and inclusive of
February 12, 2004. During the period of moratorium, the bank is permitted to
make only payments as have been specified in this regard in the order of
moratorium.
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DGFT
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Trade Notice No. 07 / 2003
Dated 14.11.2003 : It has been requested to the exporters to enter full details
of inputs and export products while filing online applications as to make RLAs
convenient to issue licences. The reason being the transmission of the same
forms to the the concerned Regional Licensing Authority (R.L.A.) as well as to
ALC at Hdqrs. There RLAs will not be able to issue licences if complete details
of items of imports and exports are not entered by exporters while filing online
applications and it is also very important for ALC at Hdqrs. to know complete
details of items of Imports and Exports, for the purpose of ratification of
licences issued by RLAs
Public Notice No.
33(RE-03)/2002-07 Dated 14.11.2003 :The Director General of Foreign Trade has
made the amendments in Handbook of Procedures (Vol. I), accotding to which all
exporters filing applications for actual user DEPB pending realization of export
proceeds or a transferable DEPB subsequent to realization of export proceeds, in
respect of shipments where the date of order of "Let Export" is prior to
01.04.2002, shall be required to do so latest by 31.3.2004.
Notification No. 22/(RE
2003)/2002-2007 Dated 14.11.2003 : The Central Government has made the following
amendments in the ITC (HS) Classifications of Export and Import Items, 2002-2007
published on 31st March, 2002 as amended from time to time, namely:-
"The conditions listed at
S No. (2) (iii), (2) (iv) and (2) (v) of the Import Licensing Notes to Chapter
-1 of ITC (HS) Classifications of Export & Import items shall stand
deleted."
Circular No. 20
(RE-2003)/2002-2007 Dated 14.11.2003 : With the view to simplify the procedure
and ensure speedy disposal of EPCG nexus cases within the stipulated time limit
of two months, it has been decided to decentralise the nexus certification
exercise, after issuance of EPCG licences in terms of para 5.3, to the concerned
RLAs. Where the duty saved amount is upto Rs.50 crores and licenses have been
issued on or after 1.10.2003, the RLA shall not forward such cases to DGFT(HQ)
for nexus fixation. The process of nexus fixation in respect the above cases
shall be done by the RLA themselves. Further, where the duty saved amount is
more than Rs.50 crores, EPCG applications shall also be submitted to the
concerned RLA with a copy to DGFT(HQ). In such cases, necessary instructions
shall be issued by the DGFT(HQ) to the concerned RLA for issuance of licences
after fixation of nexus within the prescribed time of two months. All Regional
Licensing Authorities (RLAs) are therefore, advised to keep certain guidelines
in view, while processing the cases for nexus fixation.
Trade Notice No. 06 / 2003
Dated 13.11.2003 : With a view to streamline functioning of the Counters, the
timings for submission of applications /receipt of licenses at the Counters has
been rescheduled. The new timings will take effect from 24th November 2003.
Public Notice No.
32(RE-03)/2002-07 Dated 12.11.2003 : Director General of Foreign Trade has made
certain addition / correction / amendment in the book titled " Schedule of
DEPB Rates".
Circular No: 19
(RE-2003)/2002-2007 Dated 11.11.2003 : It has been clarified that the second
hand Photocopier Machines, Air Conditioners, Diesel Generating Sets, etc., are
covered under the definition of "Second Hand Goods" and their import is
governed by the Provisions of Para 2.17 of EXIM Policy, 2002-07. In view of
this, Second Hand Photocopier Machines, Air Conditioners, Diesel Generating
Sets, etc., can not be permitted for import under EPCG Scheme under the
provisions of Para 5.1 of EXIM Policy even if these are less than ten years old
and even for Service Providers.
However, import of new Personal
Computers (PCs) /Laptops, Photocopier Machines, Air Conditioners, Diesel
Generating Sets, etc., may be permitted under EPCG Scheme provided these are
required for manufacturing of goods or rendering services.
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Department of Commerce
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Notification No. 14/3/2003-DGAD
Dated 06.11.2003 : Anti-dumping Investigation Concerning Imports of Chloroquine
Phosphate Originating in or Exported from China PR. - Preliminary Findings
Notification No.
14/13/2002-DGAD Dated 05.11.2003 : Anti-Dumping Investigations Concerning Sunset
Review of Anti-Dumping Duty on Imports of Metallurgical Coke from China
PR--Final Findings
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Department of Industrial
Policy
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Notification No. SO1268(E)
Dated 04.11.2003 : For the import of certain explosives, viz. Charges, Shaped,
Articles Explosives, N.O.S., Igniters, Cord, Detonating and Detonators,
Electric, the Central Government has exempted the Oil and Natural Gas
Corporation Limited, Assam from the provisions of sub-rule (2) of rule 31 of the
Explosives Rules, 1983
Notification No. SO1267(E)
Dated 04.11.2003 : For the import of certain explosives, viz. Charges, Shaped
and Fuzes Detonating, the Central Government has exempted the Niko Resources
Limited, Baroda from the provisions of sub-rule (2) of rule 31 of the Explosives
Rules, 1983.
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Department of Agriculture and Cooperation
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Notification No. S.O.1300(E)
Dated 12.11.2003 : The Central Government has declared the laboratory of Central
Institute of Cotton Research (CICR), Indian Council of Agricultural Research (ICAR),
Nagpur as the Central Seed Laboratory to carry out the functions of ascertaining
the presence or absence of Cry. 1 AC gene in Cotton seeds under the Seeds Act,
1966
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Department of Consumer Affairs
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Order No. SO1266(E) Dated
03.11.2003 : The Central Government has permitted M/s Shanker Wire Products, B-Deoghar,
814112, to manufacture the non-standard weights exclusively, subject to certain
conditions, for export purposes for a period of one year from the date of
publication of this Order in the Official Gazette
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Ministry of Labour
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Notification No. GSR868(E)
Dated 03.11.2003 : For sub-para (4) of para 79 C of Employees' Provident Funds
Scheme, 1952, the following has been substituted :
"(4) The employer shall be
the Chairman of the Board of Trustees. In the events of equality of votes, the
Chairman may exercise a casting vote."
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Ministry of Legal Affairs
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Notification No. SO1284(E)
Dated 10.11.2003 : The Central Government has notified all such broadcasting
media, which are owned or controlled or financed wholly or substantially by
funds provided to them by the Central Government, to be the electronic media.
Notification No. SO1283(E)
Dated 10.11.2003 : In the Conduct of Elections Rules, 1961, after Part VII, a
new Part VIIA, namely, "Contributions report, equitable sharing of time on
electronic media and material to be supplied to recognized political
parties" ,has been inserted.
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Ministry of Personnel,
Public Grievances and Pension |
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Notification No. GSR879(E)
Dated 10.11.2003 : In the Residents of Jammu and Kashmir (Relaxation of Upper
Age Limit for Recruitment of Central Civil Services and Posts) Rules, 1997, in
rule 1, in sub-rule (3), for figures "2003", the figures
"2005" has been substituted.
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Department of Post |
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No.808-26/2003-VAS Dated
11.11.2003 : The Government, in the public interest in general and consumer
interest in particular and for the proper conduct of telegraphs and
telecommunications services, has decided to move towards a Unified Access
Services Licensing regime. And as a first step, as recommended by TRAI, Basic
and Cellular services shall be unified within the service area. In pursuance of
this decision, the Governemnt has released thr broad Guidelines for the Unified
Access Services License.
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Ministry of Power |
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The Central Electricity
Regulatory Commission (CERC) has ordered that all transmission service providers
in the country including Powergrid shall provide non-discriminatory open access
for inter-State transmission to any distribution company, trader, generating
company, captive plant or any permitted consumer with immediate effect. this
will facilitate competition in the power generation industry and thereby create
conditions for development of market in generation. The Commission has
categorized the open access customers into two broad categories; (i) Short Term
Customers, who intend to avail of transmission service up to one year and (ii)
Long Term Customers, who intend to avail of the transmission access for 5 years
or more.The Commission has also ordered that the nodal agency for long term
access shall be the Central Transmission Utility (CTU), which is POWERGRID at
present.It will be mandatory for all open access inter-State Transmission
customers to provide special energy meters with requisite communication facility
as per the requirement of RLDC/CTU and these meters shall have to be tested and
maintained in good condition. |
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Ministry of Road and Transport |
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Notification No. GSR883(E)
Dated 12.11.2003 : The Central Government has issued the National Highways
Tribunal (Procedure for appointment as Presiding Officer of the Tribunal) Rules,
2003 to be effective from the date on which the National Highways (Land and
Traffic) Act, 2002 comes into force.
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Press Information Bureau
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Dated 18.11.2003 : The Union
Finance Minister, Sh. Jaswant Singh has approved 23 proposals recommended by the
Foreign Investment Promotion Board (FIPB) in its meeting held on November 10,
2003. The approvals amount to Rs. 40.755 crore. The major investment proposals
pertain to the sectors of Food Processing Industries, manufacture of engineering
components, wholesale trading of hi-tech mail and document management systems
etc., and Software Development.
Dated 12.11.2003 : The
Government has revised the existing External Commercial Borrowings (ECBs) Policy
for a temporary period until further review
All ECBs shall be subject to
the following revised maximum spreads over six month LIBOR, for the respective
currency in which the loan is being raised or the applicable benchmark(s), as
the case may be:
(i) Type of projects Existing
New (Basis points)
(all-in cost) (all-in cost)
Normal Projects- 300 150
Infrastructure- 400 250
Long term- 450 300
(ii) ECBs for meeting rupee
expenditure under automatic route to be hedged unless there is a natural hedge
in the form of uncovered foreign exchange receivables, which will be ensured by
Authorized Dealers (ADs).
(iii) ECBs exceeding USD 50
million would be permitted for the following end uses only (a) Financing import
of equipment and (b) Foreign exchange needs of infrastructure projects.
(iv) No financial intermediary
(viz. a bank, DFI, or NBFC) will be either allowed access to ECBs or to provide
guarantees. However, this will not apply to Textile and Steel restructuring
packages which have already been announced by the Government in consultation
with RBI.
Dated 12.11.2003 : The Indian
Audit and Accounts Department, Office of the Accountant General (Accounts &
Entitlement), Tamil Nadu, Chennai has launched Interactive Voice Response System
(IVRS) and website information for the state government employees of Tamil Nadu
from November 12, 2003. Government servants who are subscribers to the General
Provident Fund can now access information about their subscriptions
electronically It will help Government Servants including those who are in
distant towns and villages and also those who do not know English or who are not
computer savy.
Dated 05.11.2003 : India and
the United States have agreed to increase their cooperation in various aspects
of climate change such as renewable energy and energy efficiency, climate
modeling and integrated environment strategy. This was decided at a meeting
between the visiting US delegation which included Mr. David Garman, Asstt.
Secretary, US Deptt. of Commerce, Dr. Harlan Watson, Senior Climate Change
Negotiator and Mr. Dennis Leaf from Environment Protection Agency and the
Minister of Environment & Forests, Shri T.R. Baalu.
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Supreme Court |
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Batch of Appeals were
filed before Hon'ble Supreme Court challenging the Employees' Provident
Funds & Miscellaneous Provisions (Amendment) Act, 1996 and the
Employees' Pension Scheme, 1995, as unreasonable, arbitrary and
discriminatory in as much as existing benefits from the Provident Fund
have been depleted to a great extent by diversion of 8.33% employer's
share and pension payable under the new scheme is far below the
accruals in the pension fund.
Apex Court held that
if the legislation were not patently arbitrary, this Court would not
monitor implementation of such policy unless the same is discriminatory
or arbitrary, since the scheme is for the welfare of employees, the
same cannot be held to be violative of the Constitution. Unless this
Court can definitely say that there is a great difference between the
contributions made by the employees and the return to their families,
which will amount to a kind of deprivation. It cannot be stated that
each and every employee must get back not only what he contributes and
the contributions of the employees and the Government put together
because the scheme provides for provision in relation to employees
dying before retirement or before attaining the age of 60 years or in
certain cases when an employee sustains injuries or is otherwise not
employed. Thus, the grievance of discrimination or arbitrariness on
account of attracting the wrath of Article 14 cannot be sustained and
hence, Apex Court refrained from interfering with the Scheme framed by
the Government.
The Apex Court while
dismissing Unions petition said that matter pertaining to those
organisations, which have better pension schemes, as compared to the
Government scheme, would be examined separately. In conclusion Apex
Court upheld the validity of controversial Government pension scheme by
which a certain percentage of an employer's contribution to the
provident fund is diverted for pension purposes.
Vs. Cement
Corporation Of India Ltd.
An appeal was filed in
the Hon'ble Supreme Court for determining whether an employee as a
result of cessation of employment would lose his right to continue as a
member of the trade union.
The Apex Court was of
the view that if a trade union accepts that once a member would always
continue to be a member, there is nothing in the Act, which mitigates
against it. A trade union may provide in its constitution the
circumstances under which a member would lose the membership. It was
held that there is no provision in the Act on the Constitution of the
trade union providing for automatic cessation of membership on
cessation of employment In view of the provisions in the Constitution
of the trade union and in absence of any provision providing for
cessation of membership as a result of cessation of employment, it
cannot be held that an employee would cease to be a member of the trade
union on termination of his employment. - Appeal Allowed.
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