• DIRECT TAXATION

Notification No. 30/2009 Dated 25.03.2009 - Income-Tax (Seventh Amendment ) Rules, 1962

CBDT introduce a new provision pertaining to details that are to furnished by the person responsible for making the payment to a non-resident, not being a company, or to a foreign company, after obtaining a certificate from an accountant Vide Income-tax (Seventh Amendment) Rules, 2009. Consequently, Form No. 15 CA has been prescribed for the purpose of furnishing details  under of Section 195(6) of the Income-tax Act, 1961 relating to remittance of payments to a non-resident or to a foreign company.

• MINISTRY OF CORPORATE AFFAIRS

Notification No. GSR183(E) Dated 20.03.2009 -Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2009

Central Government in exercise of the power conferred under Companies Act substitutes forms provided by the Companies (Central Government's) General Rules and Forms, 1956 vide Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2009. Accordingly, forms mentioned below stands amended:- FORM 1 AA- Particulars of person (s) or director (s) charged or specified for the purpose of clause (f) or (g) of section 5

FROM 23C -Form of application to the Central Government for appointment of cost auditor

FROM 24 - Form of application to the Central Government for increase in the number of directors of the company

FORM 1 AD - Application for confirmation by Regional Director for change of registered office of the company within the state from the jurisdiction of one Registrar to the jurisdiction of another Registrar

• INDIRECT TAXATION

CBEC Customs Notification No. 26/2009 Dated 23.03.2009 - Imposition of provisional safeguard duty on imports of Aluminium Flat Rolled Products and Aluminium Foil into India from People's Republic of China

In order to preserve domestic industry, Central Government has imposed provisional safeguard duty on imports of Aluminium Flat Rolled Products and Aluminium Foil into India from People's Republic of China. As increased imports of Aluminium Flat Rolled Products and Aluminium Foil into India from People's Republic of China had caused and threatened to cause market disruption to domestic industry of Aluminium Flat Rolled Products and Aluminium Foil. The safeguard duty thus imposed shall be effective upto and inclusive of the 8th October, 2009.

CBEC Customs Notification No. 25/2009 Dated 23.03.2009 - Imposes provisional safeguard duty on imports of Dimethoate Technical

With the purpose of protecting domestic industry provisional safeguard duty on imports has been imposed on diemethoate technical by the Central Government. The said duty shall be imposed at the rate of 28 per cent ad valorem and will be effective upto and inclusive of the 8th October, 2009.

Service Tax Notification No. 10/2009-ST Dated 17.03.2009 -Service Tax (Amendment) Rules, 2009

Service Tax Rules, 1994 has been amended by the Service Tax (Amendment) Rules, 2009, thereby amending Form ST-3. The Entry relating to Service Tax Return Preparer (STRP) has been inserted in the said Form.

CBEC Customs Circular No. 13/2009 Dated 23.03.2009 -Handling of Cargo in Customs Areas Regulations, 2009-Regarding

This circular deals with the salient features of the Handling of Cargo in Customs Areas Regulations, 2009 issued vide Notification No.26/2009-Customs (N.T.) dated 17.3.2009. The above mentioned regulation provide for the manner in which the imported goods/ export goods shall be received, stored, delivered or otherwise handled in a customs area. The regulations also prescribe the responsibilities of persons engaged in the aforesaid activities.

CBEC Excise Circular No. 884/04/2009-CX Dated 26.03.2009 - Export Warehousing- extension of facility to for inclusion of Thiruvallur district in the state of Tamilnadu -regarding

CBEC has decided to include the district of Thiruvallur in the state of Tamil Nadu in the list of places where warehouses may be established in line with the provisions of the rule 20 of Central Excise Rules, 2002 for warehousing of excisable goods for the purpose of export.

CBEC Excise Circular No. 883/3/2009-CX Dated 26.03.2009 - Levy of cess on sugar manufactured out of cess paid raw material/ input- regarding

The Ministry of Public Distribution and Consumer Affairs has exempted the levy of cess on sugar, collected as a duty of excise under of the Section 3(1) of Sugar Cess Act, 1982, on any sugar "manufactured from such other sugar" on which cess, has been paid already. While replying to the representation of the manufacturers that both the raw material and final product fall under the same tariff heading and as cess is already paid on raw material viz., sugar they are not required to pay sugar cess on products as it amounts to double taxation,

• DIRECTORATE GENERAL OF FOREIGN TRADE

Policy Circular No. 74 (RE-2008)/2004-2009 Dated 26.03.2009 -Guidelines for import of Marble by EOUs

The Board of Approval decides to not to allow EOUs for DTA sale of marble under para 6.9(b) of FTP. Since, DTA sale of marble by EOUs at concessional rate of duties as well as full duties under FTP paras 6.8(a) and para 6.8(h) respectively, are not allowed. At the same time it has been decided to make it mandatory for EOUs to mention quality of marble i.e. colour, type and name etc. in the relevant documents to be submitted at the time of both import as well as export of marble, in order to ensure that no clandestine DTA sale of imported marble is done by EOUs.

Policy Circular No. 72 (RE-2008)/2004-2009 Dated 24.03.2009 -Importability of Alternative inputs allowed as per SION under DFIA Scheme

It has been clarified that as the objective of SION is to allow duty free import of the inputs which are actually used or are capable of being used in the export product, the exporter has the flexibility to import the alternative input / product mentioned in the SION.

• RESERVE BANK OF INDIA

A. P. (DIR Series) Circular No. 60 Dated 26.03.2009 - On-line downloading of GR Forms

RBI has decided to make the GR Forms available on-line on the Reserve Bank's website Consequently, the exporters have the option to use the GR Forms available on-line in addition to the facility of purchasing the GR Forms from the Regional Offices of the Reserve Bank. The exporters are required to ensure to use 'Legal' size paper while downloading the GR-Forms. Further, both the printer (printing preference) and the paper size in the page setup option have to be set to legal size before printing. The GR number will be automatically allotted when the document goes to the print queue.

A. P. (DIR Series) Circular No. 59 Dated 24.03.2009- Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

RBI has decided to revise the rupee value of the special currency basket. Consequently, it has been fixed at Rs. 67.2425 in place of the current value of Rs. 65.0272. The revised value shall be effective from March 05, 2009.

RBI DBOD Circular No. DBOD.No.BP.BC. 118 /21.04.048/2008-09 Dated 25.03.2009 Prudential treatment of different types of Provisions in respect of loan portfolios

RBI has laid down the guidelines with regard to the prudential treatment of different types of provisions in respect of loans portfolios. Wherein the guidelines elaborately deals with the provisions pertaining to Additional Provisions for NPAs at higher than prescribed rates, Excess Provisions on sale of Standard Asset/NPAs, Provisions for diminution of fair value and Floating Provisions.

RBI DBOD Circular No. DBOD.Dir.(Exp).BC.No. 117 /04.02.01/2008-09 Dated 25.03.2009 - Rupee Export Credit Interest Rates

RBI has decided to extend interest subvention of 2% on export credit for a further period of six months i.e. from April 1, 2009 till September 30, 2009 to the same sectors and on the same terms and conditions.

DGBA.CDD No. H- 8217/13.04.137/2008-09 Dated 24.03.2009 -Repayment of 8 % Savings (Taxable) Bonds, 2003

In reference to the issue of 8 % Savings (Taxable) Bonds, 2003 issued in terms of Government of India Notification No. F. 4 (10) - W&M / 2003 dated March 21, 2003 maturing for repayment from April 21, 2009 onwards according to the date of individual investments, RBI prescribes the procedure to be strictly adhered by the Agency banks in connection with the repayment of the bonds held under Bond Ledger Accounts (BLAs).

• SECURITIES EXCHANGE BOARD OF INDIA

SEBI Derivatives Circular No. SEBI/DNPD/Cir-45/2009 Dated 24.03.2009 -Revised Position Limits for Exchange Traded Currency Derivatives

SEBI revises the position limit based on the recommendations of the RBI-SEBI Standing Technical Committee. Consequently, the client level and nonblank trading member level position limits for Exchange Traded Currency Derivatives stand modified. For Client level the gross open position of a client across all contracts shall not exceed 6% of the total open interest or 10 million USD, whichever is higher, in place of 6% of the total open interest or 5 million USD prescribed previously. In case of Non-bank Trading Member level the gross open position of a Trading Member, who is not a bank, across all contracts shall not exceed 15% of the total open interest or 50 million USD whichever is higher in place of 15% of the total open interest or 25 million USD, as provided previouly.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. IRDA/F&A/CIR/49/Mar-09 Dated 24.03.2009-Creation of Reserve for Unexpired Risk (URR) by the Non-life Insurance Companies

IRDA while responding to the request of the insurers, provides for the limited relaxation extended to the non life insurers with respect to the health segment for the financial year 2008-09, after taking into account the peculiar nature of the health segment. The requirement of providing for the Reserve for Unexpired Risks in the health segment on the 1/365 day method basis by the non-life insurance companies stands waived only with respect to the health segment for the year 2008-09 , as requirement for the said reserve being not less than as required under Section 64V(1)(ii)(b) of the Act. The conditions and disclosure requirements to be complied with by insurer creating the Reserve for Unexpired Risks on the basis of 1/365 method in the health segment are provided therein.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 33/2009 Dated 20.03.2009 -TRAI releases the Regulation to revamp the standards of Quality of Service of Basic Telephone Service (wireline) and Cellular Mobile Telephone Service

The Standards of Quality Of Service Of Basic Telephone Service (Wireline) And Cellular Mobile Telephone Service Regulations, 2009 has been released by the TRAI. The said regulation intends to provide standard for objective, measurable and verifiable that are important to ascertain the quality of service being maintained by the service provider. While, setting the standards for quality of service, the parameters and benchmarks have been made meaningful to the consumers for enabling them to make an informed choice and also on the level of quality that they are getting.