• Directorate General of Foreign Trade

Policy Circular No. 80(RE-2008)/2004-2009 Dated 13.04.2009 - Clarification Regarding Extension of Export Obligation Period (EOP) Against Advance Authorisation - Regarding

It has been clarified by the DGFT that increased original Export Obligation Period (EOP) under the Advance Authorisation Scheme shall be available to all advance authorisations which are within 36 months from the date of issuance of the authorisation, as on 26th February 2009 or thereafter. The applicant applying for the extension shall be required to file their request on plain paper, without the need for any application in any specified format, or any composition fee, to the Regional Authority concerned. However, for authorisation issued from 26th February onwards, 36 months Original EOP endorsement on the Advance Authorisation shall be automatic.

Public Notice No. 172/(RE-2008)/2004-0009 Dated 09.04.2009 - Revised Indian Rupee Value of the special currency Basket for the specified purposes

The Reserve Bank of India have further revised the Indian Rupee Value of the Special Currency Basket in pursuance of the relevant provisions contained in the Deferred Payments Protocol dated the 30th April, 1981 and 23rd December, 1985 between the Government of India and the former USSR.

• DIRECT TAXATION

CBDT Notification No. 36/2009 Dated 13.04.2009 - Income-tax (Tenth Amendment) Rules, 2009

Central Board of Direct Taxes amends the Form No. 3CD prescribed by the Income-tax Rules, 1962 regarding Statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961.

Notification No. 35/2009 Dated 13.04.2009 - Corrigendum to the Notification No. 32/2009 Income Tax (9th Amendment) Rules, 2009 dated the 27th March, 2009

CBDT issues corrigendum to Income Tax (9th Amendment) Rules, 2009 issued vide notification No. dated the 27th March, 2009 , thereby making corrections to the Form. ITR-2, Form ITR-5.

• RESERVE BANK OF INDIA

A. P. (DIR Series) Circular No. 61 Dated 16.04.2009- Exim Bank's Line of Credit of USD 4.3 million to the Government of Suriname

A Line of Credit (LOC) of USD 4.3 million (USD four million three hundred thousand) for financing export of eligible goods and services including consultancy services from India has been provided to Government of Suriname vide an agreement between Exim Bank and Government of Suriname dated February 25, 2009. The goods from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement. The Credit Agreement under the LOC is effective from March 25, 2009 and the date of execution of Agreement is February 25, 2009.

RBI DBOD Circular No. DBOD.No.BP.BC. 122/21.04.048/2008-09 Dated 09.04.2009 - Prudential treatment in respect of Floating Provisions

Reserve Bank of India decides to defer the implementation of para (iv) of the circular dated March 25, 2009  pertaining to Floating Provisions. Accordingly, banks will have the choice between either deducting their existing floating provisions from Gross NPAs to arrive at net NPAs or reckoning it as part of Tier II capital subject to the overall ceiling of 1.25% of total Risk Weighted Assets.

RBI DBOD Circular No. DBOD.No.Leg.BC.123 /09.07.005/2008-09 Dated 13.04.2009 - Need for Bank Branches / ATMs to be made accessible to persons with disabilities

In order to make ATMs easily accessible to persons with disability Banks are advised to take necessary steps to provide all existing ATMs / future ATMs with ramps so that wheel chair users / persons with disabilities can easily access them and also make arrangements in such a way that the height of the ATM does not create an impediment in its use by a wheelchair user. Further, banks are required to make at least one third of new ATMs installed as talking ATMs with Braille keypads and place them strategically in consultation with other banks to ensure that at least one talking ATM with Braille keypad is generally available in each locality for catering to needs of visually impaired persons. Banks may also bring the locations of such talking ATMs to the notice of their visually impaired customers.

RBI RPCD Circular No. RPCD.CO.RF.BC.No.96/07.38.01/2008-09 Dated 13.04.2009 - Co-operative Banks (Nomination) Rules, 1985 - Acknowledgement of Nomination and indicating the Name of the Nominee in Pass Books / Fixed Deposit Receipts

RBI has advised the Banks to strictly comply with the provisions of Banking Regulation Act, 1949 and Co-operative Banks (Nomination) Rules, 1985 and devise a proper system of acknowledging the receipt of the duly completed form of nomination, cancellation and / or variation of the nomination. Such acknowledgement should be given to all customers irrespective of whether the same is demanded by the customers or not. When a bank account holder has availed himself / herself of nomination facility, the same may be indicated on the passbook.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. 52/15/IRDA/Health/SN/08-09 Dated 31.03.2009 Renewability of Health Insurance Policies

In compliance with recent court judgments and in pursuance of the recommendations of various committees and working groups constituted by the Authority , IRDA issues the following circular on renewability of health insurance policies as applicable to all general insurance companies. This circular shall be applicable to all health insurance policies issued or renewed on or after 1st June 2009.