• CORPORATE AFFAIRS

Corporate Affairs Notification No. SO329(E) Dated 01.05.2008 -Central Government declares Specified Companies to Be Nidhis under 620A of the Companies Act, 1956

The Central Government has declared 24 Companies to be as Nidhis and directed for the applicability of prudential norms for revenue recognition and Regulation of Nidhi or Mutual benefit Society on Companies declared to be Nidhis.

• INDIRECT TAX

Customs

CBEC Customs Notification No. 67/2008 Dated 10.05.2008- Rescinds Notification No. 22/2008-Customs, dated the 1st March, 2008

The Central Government rescinded the Notification No.22/2008-Customs, dated the 1st March, 2008. The notification rescinded provided exemption to the goods specified therein from the whole of the National Calamity Contingent duty leviable under sub-section (1) of section 134 of the said Finance Act , 2003

CBEC Customs -Non Tariff Notification No. 43/2008-Customs (N.T.) Dated 13.05.2008 Central Government specifies "Fake Indian Currency Notes" as prohibited goods under Customs Act, 1962

The Central Government in exercise of the section 135(1) of the Customs Act, 1962 specified "Fake Indian Currency Notes" as the goods falling under the category of prohibited goods for the purposes of the section 135(1) of the Customs Act, 1962.

Excise

CBEC Excise Circular No. 869/07/2008-CX Dated 16.05.2008 - Procedure Relating to Sanction and Post-audit of Refund/Rebate Claims-Reg

To ensure parity and uniformity in the procedure of pre-audit and post audit of refund/rebate claims instructions has been issued. All refund/rebate sanction orders must necessarily be issued as an Order-in-Original. However, no Order-in-Original need be passed in cases of refund/rebate claims involving an amount upto Rs. 50,000/- sanctioned in full. The Orders-in-Original shall also be subjected to review as per the provisions of section 35E of the Act

All refund/rebate claims involving an amount of Rs. 5 lakh or above should be subjected to pre-audit at the level of Deputy/Assistant Commissioner (Audit) in the Commissionerate Headquarter Office. Nevertheless, All refund/rebate claim papers should be sent by the Divisional Deputy/Assistant Commissioner to the Commissionerate Headquarters [Deputy/Assistant Commissioner (Audit)] for post-audit within a week of payment thereof, irrespective of the amount involved. For the purpose of post-audit/pre-audit of refund/rebate claims, a cell may be constituted comprising of Deputy/Assistant Commissioner (Audit), one Superintendent and Inspectors as required,

Service Tax

Service Tax- Circular No. 101/4/2008-ST Dated 12.05.2008 - Filing of claim for refund of Service Tax paid under Notification No. 41/2007-ST dated 6/10/2007 - reg

The Merchant exporter as stipulated by the Notification No. 41/2007-ST dated 6.10.2007 was to file the claim of refund to the Assistant Commissioner/Deputy Commissioner of Central Excise having jurisdiction over the registered office or the head office. In general, a merchant exporter is not required to be register with the department, and therefore, the condition of filing a refund claim at the location of head office/registered office has been stipulated in the notification. In case a premises or an office of a merchant exporter is registered with the department under service tax law, the merchant exporter can, at his option, file refund claim with the jurisdictional office where he is registered. The circular clarified that refund claims can be filed from any premises / office of a merchant exporter, if same is registered for service tax purposes under the Finance Act, 1994 or rules made thereunder. In case no premises or offices of merchant exporter is registered with the department, a merchant exporter should file a declaration and file the claims with the jurisdictional Assistant Commissioner/Deputy Commissioner as stipulated

Service Tax- Notification No. 18/2008 Dated 10.05.2008 - Provisions on levy of service tax as per powers conferred by clauses (A) and (B) of Section 90 of the Finance Act, 2008 to be effective from 16.05.2008

Central Government has in exercise of the power conferred by clauses (A) and (B) of section 90 of the Finance Act, 2008, Appoints 16th day of May, 2008 as Appointed date from which provisions related to service tax provided in the Act shall come in to force.

• RESERVE BANK OF INDIA

RBI RPCD - Circular No. : RPCD.CO.RF.BC.No. 69 / 07.06.00 / 2007-08 Dated 13.05.2008 -Customer Charges for Use of ATMs for Cash Withdrawal and Balance Enquiry

The Reserve Bank of India has provided a framework of service charges that would be implemented by all banks by virtue of which, use of own ATMs for any purpose and use of other bank ATMs for balance enquiry is made free. use of other bank ATMs for cash withdrawals is proposed to made free with effect from April 1, 2009 and Banks charging more than Rs. 20 per transaction are directed to reduce the charges to a maximum of Rs. 20 per transaction with immediate effect.

Circular No. UBD (PCB) BPD Cir No: 45 /13.01.000/2007-08 Dated 12.05.2008 - Settlement of Claims in Respect of Missing Persons

In case a claim is received from a nominee / legal heirs for settlement of claim in respect of missing persons , the settlement of claims in respect of missing persons by Urban co-operative banks (UCBs) would be governed by the provisions of Section 107 / 108 of the Indian Evidence Act, 1872. The nominee / legal heirs have to raise an express presumption of death of the subscriber under Section 107/108 of the Indian Evidence Act before a competent court and if the court presumes the same, then the claim in respect of a missing person can be settled on the same basis. At the same time UCBs are advised to formulate a policy enabling them to settle the claims of a missing person after considering the legal opinion and taking into account the facts and circumstances of each cases.

• PRESS INFORMATION BUREAU

PIB Release dated 15.05.2008 on Implementation of Forest Rights Act - Procedure for Filing and Verification of claims

Implementation of the Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act has been accorded by the central government. The State Governments have been asked to publicise provisions of the Act and train the official and constitute relevant committees. The Gram Sabha is the basic unit for the implementation of the Act

Specifically provides for the procedure for filing the claims for forest rights by Gram Sabha, their determination and verification by the Forest Rights Committee has been

• TELECOM REGULATORY AUTHORITY OF INDIA (TRAI)

Press Release No.48/2008 Dated 12.05.2008 -TRAI Releases Consultation Paper on Relaxing Restrictive Provisions of Internet Telephony

TRAI has issued a consultation paper on the "Issues Related to Internet Telephony". Internet telephony is one of the IP based service, which has attracted attention of policy makers, regulators and end users. The consultation paper discusses about the need and timing to liberalise present regulatory restriction as applicable to Internet telephony in existing Internet Service Providers (ISPs) licensing regime. In order to understand current scenario in other countries International experiences on this aspect have also been discussed vide this consultation paper.