Dated 04.03.2002 : The Governing Board of the Bombay Stock Exchange in its meeting held on 25th February, 2002 has formulated new threshold limits for listing on the exchange. Category I is for companies with post issue capital of Rs. 10 crores and above and Category II is for companies with post issue capital of Rs. 5 crores and above but less then Rs. 10 crores

Recognition to the Capital Stock Exchange Kerala Ltd., Trivandrum-withdrawn

Notification No. SO174(E) Dated 07.02.2002 : As CSEKL could not fulfil the conditions mentioned in the Gazette Notification, the Recognition granted to The Capital Stock Exchange Kerala Ltd., has been withdrawn.

RBI

AP(DIR)Series

Full Convertibility of Deposit Schemes -Non-Resident Indians

Circular No. AP(DIR Series) Circular No. 28 Dated 04.03.2002 : With a view to providing full convertibility of deposit schemes for non-resident Indians and rationalising the existing non-resident deposit schemes, it has been decided to discontinue NRNR account and NRSR account schemes with effect from April 1, 2002.

Indian Direct Investment outside India

Circular No. AP(DIR Series) Circular No. 27 Dated 02.03.2002 : With a view to further liberalising and broadbasing the policy on overseas direct investment by Indian parties, the Reserve Bank has, vide Notification No. FEMA 53/2002-RB dated March 1, 2002 further amended the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000.

Application for prepayment of outstanding ECB out of EEFC Account

External Commercial Borrowings (ECBs) - Prepayment out of the EEFC Accounts

Circular No. AP(DIR Series) Circular No. 26 Dated 01.03.2002 : It has been decided to allow the corporates to credit higher than specified percentages of export proceeds to their EEFC account on a case by case basis to enable the corporates to take advantage of lower interest rates and prepay the ECBs

Setting up of Chairs in Educational Institutions Outside India

Circular No. AP(Dir Series) Circular No. 25 Dated 01.03.2002 : It has been decided to allow Indian corporates with proven track record to contribute funds from their foreign exchange earnings for setting up chairs in educational institutions abroad, and for other welfare measures, which are likely to benefit community outside India.

DBOD
Accounting Standard - 11 (Revised) on Accounting for the Effects of Changes in Foreign Exchange Rates

Circular No. DBOD No BP BC 69/21.04.018/2001-2002 Dated 02.03.2002 : Banks are advised to follow the guidelines contained in the circular dated June 5, 1996, for finalising the accounts for the year ended 31 March, 2002.

FEMA
Foreign Exchange Management (Transfer or Issue of any foreign security) (Amendment) Regulations, 2002

Notification No. FEMA 53/RB-2002 Dated 01.03.2002 : Foreign Exchange Management (Transfer or Issue of any foreign security) (Amendment) Regulations, 2002-Amendment in Regulation 6

Foreign Exchange Management (Deposit) (Amendment) Regulations, 2002

Notification No. FEMA 52/RB-2002 Dated 01.03.2002 : Foreign Exchange Management (Deposit) (Amendment) Regulations, 2002-Amendment in Regulation 5,Schedule 4 and Schedule 5

RPCD
Kisan Credit Cards

Circular No. RPCD PLFS BC NO/64/05.05.09 /2001-02 Dated 28.02.2002 : All Scheduled Commercial Banks have been advised to make all out efforts to reach the annual target, by March 2002 so as to attain the overall annual target of 33 lakh KCCs set by the Government for Commercial banks.

Enhancing credit flow to Minority Communities

Circular No. RPCD SP BC No 62/09.10.01/2001-02 Dated 04.02.2002 : All Scheduled Commercial Banks have been advised to initiate suitable steps to ensure enhancement of flow of credit to minority communities as per instructions issued from time to time.

Press Release
Sale of State Government Loans on tap

Press Release No. 1005/2001-02 Dated 08.03.2002 : The Governments of 26 States have offered to sell on tap 8.00 per cent State Development Loan, 2012 having a maturity of ten years.

Minimum Lending Rate of Co-operative Banks reduced to 12%

Press Release No. 1003/2001-2002 Dated 07.03.2002 : The Reserve Bank of India has decided to reduce the minimum lending rate of urban co-operative banks (UCBs) by one per cent - from 13 per cent to 12 per cent with effect from March 2, 2002.

Investments by FIIs/NRIs /PIOs - Monitoring of overall ceiling

Press Release No. 993/2001-02 Dated 05.03.2002. : The Reserve Bank of India on March 5, 2002 has notified that no further purchases of shares of State Bank of India should be made through stock exchanges in India on behalf of foreign institutional investors (FIIs)/ non-resident Indians (NRIs) and persons of Indian origin (PIOs) as the holdings by FIIs / NRIs and PIOs have reached the overall ceiling of 20 per cent of its paid up equity capital.

Inclusion of Euro as an Additional Intervention Currency

Press Release No. 986/2001-2002 Dated 04.03.2002 : The Government of India has issued a notification {S.O.235(E) dated February 27, 2002} providing Reserve Bank of India with the option to use euro as an additional currency for operation / intervention (in addition to US dollar).

Interest on Relief Bonds - Clarification

Press Release No. 985/2001-2002 Dated 04.03.2002 : It is clarified that interest rates under all relief bonds schemes will continue to be at the contracted rate upto the date of maturity.

NBFCs to frame Policy for Demand/Call Loans

Press Release No. 979/2001-2002 Dated 04.03.2002 : The Reserve Bank of India has announced that all non-banking finance companies (NBFCs) granting/intending to grant demand/call loans should lay down a policy duly approved by their board of directors covering certain aspects as specified.

Ministry of Finance
CBDT

Notification of the "National Rifle Association of India, New Delhi" for the purpose of section 10(23)

Notification No. 53/2002 Dated 28.02.2002 : The Central Government has notified the "National Rifle Association of India, New Delhi" for the purpose of clause (23) of section 10 of the Income tax Act, 1961, for assessment years 1994-95 to 1996-97 subject to certain conditions mentioned in the notification

Income-tax (Third Amendment) Rules, 2002

Notification No. 52/2002 Dated 28.02.2002 : The Central Board of Direct Taxes has made Income-tax (Third Amendment) Rules, 2002 rules further to amend the Income-tax Rules, 1962-Amendment in rule 7A

Auroville Foundation Bharat Nivas, Pondicherry approved for the purpose of section 35(1)(ii)

Notification No. 51/2002 Dated 26.02.2002 : The Central Government has approved Auroville Foundation Bharat Nivas, Pondicherry, 605 101 for the purpose of clause (ii) of sub-section (1) of section 35 of the Income tax Act, 1961, read with Rule 6 of the Income tax Rules, 1962 subject to certain conditions.

M/s Gujarat Power General Energy Corporation Ltd approved for the purpose of section 10(23G)

Notification No. 50/2002 Dated 26.02.2002 : The Central Government has approved M/s Gujarat Power General Energy Corporation Ltd., Ahmedabad,for their project, for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962 for the assessment years 2002-2003, 2003-2004 and 2004-2005 subject to certain conditions as mentioned in the notification.

CBEC Excise

Budget Notifications

Budget Notification No. 6/2002 to 21/2002 all Dated 1.03.2002

Valuation of goods under Section 4A of the Central Excise Act, 1944

Circular No. 625/16/2002 Dated 28.02.2002 : It is clarified that, in respect of all goods which are not statutorily required to print/declare the retail sale price on the packages, valuation will be done u/s. 4 of the C.E. Act, 1944, (or under section 3(2) of the Central Excise Act, 1944, if tariff values have been fixed for the commodity). The same notified commodity can be partly assessed on the basis of MRP u/s. 4A and partly on the basis of normal price (prior to 1.7.2000) or transaction value (from 1.7.2000), u/s. 4 of the C.E. Act, 1944.

Availment of MODVAT Credit as well as exemption under Small Scale Industries Exemption Notification

Circular No. 624/15/2002 Dated 28.02.2002 : It is clarified that provisions of Rule 6 of Cenvat Credit Rules, 2001 are not meant for the manufacturer availing benefit of full exemption under notification meant for SSI sector. If the manufacturer availing SSI duty exemptions uses cenvatable inputs to manufacture exempted goods, the option rests with the manufacturer to reverse the credit on the inputs so used or pay duty on the finished goods which are otherwise exempt.

CBEC Excise-Non Tariff

Budget Notifications

Budget Notification No. 4/2002 to 13/2002 all Dated 1.03.2002

CBEC Customs

General Permission for release of imported currency through post

Circular No. 16/2002 Dated 05.03.2002 : It has been decided that Customs can allow import of both Indian and foreign currencies received by residents through post without insisting on a NOC from RBI, provided the value does not exceed Rs.5000/- subject to certain conditions.

Budget Notifications

Budget Notification No. 21/2002 to 27/2002 all Dated 1.03.2002

CBEC Customs Non Tarrif

Amendment to Notification No. 30/97-Customs (N.T.) Dated 7.7.1997

Notification No. 18/2002-NT Dated 07.03.2002 : The Central Government has made further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 30/97-Customs (N.T.), dated the 7th July, 1997 with effect from the date to be notified by the Central Government in the Official Gazette.

Appointment of designated authority as specified

Notification No. 14/2002-NT to 17/2002 all Dated 07.03.2002 : The Central Government has appointed the Commissioner of Customs, Additional Commissioners or Joint Commissioners of Customs and Deputy Commissioners or Assistant Commissioners of Customs for the areas mentioned in the notification with effect from the date to be notified by the Central Government in the Official Gazette.

Amendment to Notification No. 12/97-Customs NT – Serial No. 11 relating to State of Tamil Nadu

Notification No. 13/2002-NT Dated 05.03.2002 : Amendment in serial No. 11 relating to the State of Tamil Nadu in the Table to the said notification,

Budget Notifications

Budget Notification No. 11/2002 and 12/2002 both Dated 1.03.2002

Service Tax

Notification No. 2/2002 Dated 01.03.2002: Amendment To the Notification NO. 12-2001, dated 20th December, 2001

Extention of the Provisions of Chapter V to Designated Areas in Continental Shelf and Exclusive Economic Zone

Notification No. 1/2002 Dated 01.03.2002 : The Central government has extended the provisions of Chapter V of the Finance Act (32 of 1994) to the designated areas in the Continental Shelf and Exclusive Economic Zone of India as declared by the Notification Nos. S. O. 429 (E) and S.O. 643 (E), with immediate effect.

Department of Economic Affairs

Kisan Vikas Patra (Amendment) Rules, 2002

Notification No. GSR164(E) Dated 01.03.2002 : Rules amending the Kisan Vikas Patra Rules 1988 -Amendment in Rule 12 and 13.

National Savings Certificates (VIII Issue) Amendment Rules, 2002

Notification No. GSR163(E) Dated 01.03.2002 : Rules amending the National Savings Certificates (VIII Issue) Rules, 1989 -Amendment in Rule 15 and 16

National Savings Scheme (Amendment) Rules, 2002

Notification No. GSR162(E) Dated 01.03.2002 : Amendment in Rule 6.

Post Office (Monthly Income Account) Amendment Rules, 2002

Notification No. GSR161(E) Dated 01.03.2002 : Rules amending the Post Office (Monthly Income Account) Rules, 1987- Amendment in Rule 8

Post Office Recurring Deposit (Amendment) Rules, 2002

Notification No. GSR160(E) Dated 01.03.2002 : Rules amending the Post Office Recurring Deposit Rules, 1981- Amendment in Rule 9

Post office Time Deposit (Amendment) Rules, 2002

Notification No. GSR159(E) Dated 01.03.2002 : Rules amending the Post Office Time Deposit Rules, 1981 -Amendment in Rule 7

Interest Rates on P.P.F Reduced to 9%

Notification No. SO271(E) Dated 01.03.2002 : The Central Government has notified the rate of interest applicable on the subscriptions made to the Provident Fund on or after the 1st day of March, 2002 to be at the rate of nine per cent per annum.".

Ministry of Commerce and Industry

DGFT

Port restrictions on import of natural rubber

Circular No. 28(RE-2001)/1997-2002 Dated 04.03.2002 : It is clarified that the port restrictions as per the Notification No. 41(RE-2001)/1997-2002 dated 19.12.2001, shall not be applicable on import of natural rubber made by units in SEZ.

Amendments to the "ITC(HS) Classifications of Export and Import Items, 1997-2002"

Notification No. 49(RE-2001)/1997-2000 Dated 05.03.2002 : Central Government has made certain amendments relating to quantitive ceiling in the "ITC(HS) Classifications of Export and Import Items, 1997-2002 (incorporating amendments made upto 31st August,1998)"

Non production of proof of realisation in DEPB

Trade Notice No. 20 Dated 04.03.2002 : All the exporters have been requested to submit the proof of realisation in the amended Format given in the notice

Non production of logged DEEC books

Trade Notice No. 19 Dated 04.03.2002 : The Exporters who have problem in logging the DEEC books are requested to submit the details of their problems alongwith date of submission and correspondence if any with Customs Department, the issue is taken up with the Customs Department directly for expeditious logging of DEEC books.

Amendments in the Handbook of Procedures, Vol.2, 1997-2002

Public Notice No. 72(RE-2001)/1997-2002 Dated 01.03.2002 : The Director General of Foreign Trade has made amendments/modifications and additions in the statement of Standard Input Output Norms in the Handbook of Procedures, Vol.2, 1997-2002, in the following areas,

1. Chemicals and allied Products

2. Engineering Products

3. Food Products

4. Textile Products

Department of Commerce

Export of Honey (Quality Control, Inspection and Monitoring) Rules, 2002

Notification No. SO277(E) Dated 04.03.2002 : In exercise of the powers conferred by Clause (d) of Sub-section 2 of Section 17 of the Export (Quality Control and Inspection) Act, 1963 (22 of 1963), the Central Government has made The Export of Honey (Quality Control, Inspection and Monitoring) Rules, 2002.

Development of Export trade of India – Subjection of honey to quality control and inspection prior to export

Notification No. SO276(E) Dated 04.03.2002 : The Central Government after consulting the Export Inspection Council has notified that honey shall be subject to quality control and inspection prior to export and also specified the type of quality control and inspection.

Ministry of Consumer Affairs, Food and Public Distribution

Grant of Recognition to the Bombay Commodity Exchange Ltd., Mumbai

Notification No. SO279(E) Dated 05.03.2002 : The Central Government has granted recognition to the Bombay Commodity Exchange Ltd., Mumbai for a period of five years from 1-4-2002 to 31-3-2007 in respect of forward contracts in Cottonseed Oil, Cottonseed Cake, Ricebran, Ricebran Oil, Ricebran Cake, Safflowerseed, Safflower Oil, Safflower Cake, Sesamumseed, Sesamum Oil and Sesamum Cake.

Grant of Recognition to National Board of Trade, Indore

Notification No. SO278(E) Dated 05.03.2002 : The Central Government has granted recognition to the National Board of Trade, Indore for a period of five years from 1-4-2002 to 31-3-2007 in respect of forward contracts in Refined, Bleached and Deodorised (RED) Palmolein.

Sale of 10% off Sugar to Central Government

Notification No. GSR157(E) Dated 01.03.2002 : The Central Government has directed that every domestic producer and importer of sugar shall sell ten per cent of the sugar produced or imported, as the case may be, with effect from the 1st day of March, 2002, to the Central Government or as directed by the Central Government under the Levy Sugar Supply (Control) Order, 1979, as amended from time to time.

Levy Sugar (Retail Issue Price) Order, 2002

Notification No. GSR156(E) Dated 28.02.2002 : Levy Sugar (Retail Issue Price) Order, 2002-Retail Issue Price of Levy Sugar distributed through the Public Distribution System has been fixed at Rs. 13.50 per kg

Ministry of Communications

Department of Post

Amendments to Notification No. SO646(E) dated 9.9.1997 – Para 1 and Substitution of Explanation

Notification No. SO171(E) Dated 04.02.2002 : The Central Government has made amendments in the notification of the Government of India in the Ministry of Communications (Department of Telecommunications), Licensing Group (Basic Service Cell) number S.O.646(E) dated 9th September, 1997.

Amendment to Notification No. SO383(E) Dated 24.5.1999 – Explanation substituted and Changes in Para 1

Notification No. SO170(E) Dated 04.02.2002 : The Central Government has made amendments in the notification of the Government of India in the Ministry of Communications (Department of Telecommunications), Licensing Group (Basic Service Cell) number S.O.382 (E) dated 24th May, 1999.

Ministry of Health and Family Welfare

Department of Health

Draft Drugs and Cosmetics (Amendment) Rules, 2002

Notification No. GSR86(E) Dated 06.02.2002 : Draft of Rules amending the Drugs and Cosmetics Rules, 1945 -Insertion of Serial Numbers 10 and 11.

Draft Drugs and Magic Remedies (Objectionable Advertisements) Amendment Rules, 2002

Notification No. GSR85(E) Dated 06.02.2002 : Rules amending the Drugs and Magic Remedies (Objectionable Advertisements) Rules, 1955 -Amendment to the Schedule.

Ministry of Law, Justice and Company Affairs

Department of Company Affairs

Use of Information Technology in cash transaction of listed companies for payment of dividends

Circular No. 05/2002 Dated 01.03.2002 : List of the Centres has been sent by the Reserve Bank of India where Electronic Clearing Service (Credit Clearing) is available at present with Reserve Bank of India and State Bank of India.

Compounding of offence under Section 621A of the Companies Act, 1956 - companies under liquidation - clarification.

Circular No. 06/2002 Dated 06.03.2002 : The Department has clarified that there is no legal bar for composition of an offence under Section 621A of the Act, provided the conditions specified in the Section and guidelines, if any, are fulfilled. It is also further clarified that the provisions of Section 446 of the Companies Act, 1956, does not bar criminal proceedings against the Directors of the company for any offences committed under the Companies Act and the offences are compoundable under Section 621A of the Act.

Ministry of Labour

Prohibition of employment of contract labour

Notification No. SO234(E) Dated 26.02.2002 : The Central Government, after consultation with the Central Advisory Contract Labour Board, has prohibited employment of contract labour in the work of 'Checking Assistant' in the establishment of the Metro Railways, Kolkata, with effect from the date of publication of this notification in the Official Gazette

Ministry of Personnel, Public Grievances and Pensions

Fundamental (Amendment) Rules, 2002

Notification No. GSR117(E) Dated 27.02.2002 : The President has made the Fundamental (Amendment) Rules, 2002 amending the Fundamental Rules-Amendment in Rule 56

Ministry of Petroleum and Natural Gas

Rate of Duty of Excise in Respect of Crude Oil

Notification No. SO259(E) Dated 28.02.2002 : The Central Government has specified the rate of duty of excise in respect of crude oil (being an item specified in the Schedule to the said Act) at the rate of rupees one thousand eight hundred per tonne.

Press Information Bureau

Empowerment of Lok Adalats

Dated 08.03.2002 : The Government has decided to amend the Legal Services Authorities Act, 1987 in order to remove the existing drawback by adding a new chapter, which will facilitate setting up of permanent Lok Adalats for providing compulsory pre-litigative mechanism for conciliation and settlement of cases relating to public utility services.

Government’s proposal to amend Persons With Disabilities Act, 1955

Dated 08.03.2002 : Government has proposed to amend the Persons with Disabilities Act 1995 to ensure three percent reservation of seats for physically challenged persons in government and state aided educational institutions.

Notification of Ten New Agri Export Zones

Dated 08.03.2002 : The office of the Directorate General of Foreign Trade (DGFT), Department of Commerce, has notified 10 new Agri Export Zones in the specified districts, blocks and mandals in the States of Andhra Pradesh, Tripura, Maharashtra, Jammu & Kashmir, Madhya Pradesh, Punjab and Uttar Pradesh.

Establishment of fast track Courts for speedy Trial

Dated 07.03.2002 : The 11th Finance Commission has recommended the establishment of 1,734 additional courts known as Fast Track Courts for speedy trial of sessions and other cases.

Foreign Direct Investment under new exploration licensing Policy

Dated 07.03.2002 : Foreign Direct Investment (FDI) flow in respect of New Exploration Licensing Policy (NELP) blocks in the year 2000-01 was Rs. 116 crore (US $ 23.67 million)

No Plan of Government to give more powers to Panchayats

Dated 07.03.2002 : The Government of India have no plans at present to review the Constitution of India to facilitate transfer of more powers to the Panchayats (Article 243 G of the Constitution)

Settling Investors Complaints

Dated 06.03.2002 : The Investors Protection Cell in the Department of Company Affairs (DCA) settled 1348 complaints of investors last year from January to December, 2001.

Mergers And Acquisitions Creating Shareholders Value

Dated 05.03.2002 : The Union Minister of Law, Justice and Company Affairs, Shri Arun Jaitley has said that now is the time for faster Mergers and Acquisitions (M&As) designed to create wealth for shareholders and investors and that the impact of takeovers on the value of shares and markets was automatic.

Progress Of Fast Track Courts

Dated 04.03.2002 : A total of 1015 Fast Track Courts have been set up through out the country as on January 31, 2002 since April 1, 2001

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

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Disclaimer: While all reasonable care has been taken to ensure that the information provided in the round up and on the website is fair and accurate the company and its promoters and employees shall not in any way be responsible for the consequences of any action taken on the basis of reliance upon the contents of this round up.

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