• Director General of Foreign Trade

Circular No. 93(RE-08)/2004-2009 Dated, the 10th June, 2009- Foreign Trade Policy (RE-2008) regarding incentives for Fast Track Companies.

Incentives for Fast Track Companies will be provided to all cases for grant of redemption of EPCG Authorization issued on or after 1.4.1999 in respect of EPCG Authorization of CIF value of Rs.100 crores or more where export obligation is required to be fulfilled over a period of 12 years, and on or after 1.4.2001 for all other EPCG Authorizations. This will be subject to the condition that the Annual Average Export Obligation imposed on the EPCG Authorization, if any, has been completed in full and the Authorization holder has fulfilled 75% or more of additional Export Obligation in half or less than half of the original Export Obligation Period specified.

• INDIRECT TAXATION

Customs Instruction From File No. 528/5/2007-Cus.(TU) Dated 11.06.2009- Export of Edible Oil in branded packs of upto 5 Kg.

The DGFT has stated that vide their Notification No.60 dated 20.11.2008, export of edible oils in branded consumer packs of upto 5 Kgs. was allowed subject to a limit of 10,000 MTs upto 31st October, 2009. It has been decided by DGFT that presently Customs may allow export of consignments of edible oil in branded consumer packs of upto 5 Kgs. till 30th September, 2009.

EXCISE (NON TARIFF)

Notification No. 14/2009-N.T. Dated  10.06.2009 Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Amendment Rules, 2009

The Central Government has made rules to amend the Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2001.These rules may be called the Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Amendment Rules, 2009.in rule 6, for the words "Where the subject goods are not used", the words "The said Assistant Commissioner or Deputy Commissioner shall ensure that the goods received are used by the manufacturer for the intended purpose and where the subject goods are not used" shall be substituted. Also a new Annexure has been added under the head "Monthly Return in Rule 5".

Notification No. 13/2009-N.T. Dated 03.06.2009 Regarding excise duty on Agriculture grade Zinc Sulphate.

The Central Government has directed that the whole of the duties of excise payable under the Central Excise Act, 1944 , on Agriculture grade Zinc Sulphate ordinarily used as micronutrient but for the said practice, shall not be required to be paid in respect of such Agriculture grade Zinc Sulphate ordinarily used as micronutrient on which said duty of excise were not being levied .Provided that the benefit of this notification shall not be admissible unless the unit claiming the benefit of this notification pays an amount equivalent to the cenvat credit attributable to inputs and input services used in, or in relation to the manufacture of said goods, provided further that only a manufacturer who has paid the duty on said goods shall be eligible to claim refund under the provisions of sub-section(2) of section 11 C of the Act,and refund shall be paid accordingly.

CUSTOMS

Circular No. 19/2009 Dated 09.06.2009 Addition of data field regarding 'customs notification number' for transmission of data to DGCI&S

The format of the DTR ('Daily Trade Return') has been revised to collect, compile and process the data on imports into the country under Regional Trade Agreements (RTA) and Preferential Trade Agreements (PTA).The revised format of the DTR for imports, contains a new field in serial No.14 which need to be incorporated in the existing import DTR format.

Circular No. 18/2009 Dated 08.06.2009 Designation of customs clearance facilities as ICDs or CFSs - Clarification - regarding 

The legal provisions have been indicated to clarify the distinction between the functioning of Inland Container Depots (ICDs) and Container Freight Stations (CFSs) which have not been appreciated , leading to non-compliance of / or deficiency in adherence to the procedures prescribed for import/ export of goods, provisions of the Customs Act, 1962, and the rules and regulations.Section 4, 7 , 8 of the Customs Act has been discussed. Necessary changes have been made in section 2(12) and 7(aa) of the said Act, specifically incorporating the term 'Inland Container Depot' on par with other customs port / airport / Land Customs Station, etc. A port, an airport, a Land Custom Station or an Inland Container Depot is a customs station and each facility has to be treated at par with the other. ICDs are thus self sufficient customs stations and for all practical purposes a Custom House in the same way as any port or airport. On the other hand, a Container Freight Station is only a custom area located in the jurisdiction of a Commissioner of Customs exercising control over a specified custom port, airport, LCS / ICD.

• PRESS INFORMATION BUREAU 

Dated 15.06.2009 Government Notifies Delisting Rules

The Securities Laws (Amendment) Act enacted in 2005, incorporated section 21(A) in the Securities Contract Regulation Act (SCRA) to allow delisting of securities necessitating the creation of a delisting Framework. Rules have been provided to provide statutory backing for the delisting framework. Delisting Rules include provisions regarding (i) Grounds for Delisting of Securities by a Recognized Stock Exchange, (ii) Grounds for Voluntary Delisting. The grounds laid down for the Delisting Rules have to be read with the Regulations made under the Act by SEBI.

• RESERVE BANK OF INDIA

Circular No. UBD.BPD.No. 71/09.09.001/2008-09 Dated 16.06.2009 Credit delivery to the Micro and Small Enterprises Sector 

In view of the problems faced by the the Micro and Small Enterprises (MSE) sector, particularly with respect to rehabilitation of potentially viable sick units, the Reserve Bank had constituted a Working Group. Report submitted by it which were put up on the website of RBI which various comments and responses were recieved. The recommendations made by the Group need to be considered by Government of India, State Governments and commercial banks The recommendations relating to Government of India have been forwarded to them for consideration and necessary action. The recommendations relating to the State Governments have been forwarded to the SLBC Convenor banks for taking up the issue in the SLBC meetings. Other recommendations pertaining to SIDBI have been sent to them. Recommendations also have been made regarding the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Scheme. Guidelines vide Circulars I.UBD.BPD.Cir.No.36/09.09.001/2005-06 dated March 9, 2006,II. UBD.PCB.BPD.No. 53/13.05.000/2008-09 dated March 6, 2009, have been issued .

Circular No. A.P. (DIR Series) Circular No.68 Dated 17.06.2009  Exim Bank's Line of Credit (LOC) of USD 37.65 million to the Government of the Republic of Cameroon

Export-Import Bank of India (Exim Bank) concluded an Agreement dated April 20,2009 with the Government of the Republic of Cameroon making available to the latter, a Line of Credit (LOC) of USD 37.65 million (USD thirty seven million six hundred fifty thousand ).The goods and services including consultancy services 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 May 29, 2009 and date of execution of Agreement is April 20, 2009. No agency commission is payable under the above LOC. Shipments under the credit have to be declared on GR / SDF Forms as per instructions issued by Reserve Bank from time to time.

• SECURITIES EXCHANGE BOARD OF INDIA

Circular No. SEBI / IMD / CIR No.3 / 166386 / 2009 Dated 15.06.2009 Guidelines for Investment by Mutual Funds in Money Market Instruments

It has been clarified vide this circular that in case of the existing schemes where the investments in money market instruments of an issuer are not in compliance with the said notification, AMC shall ensure compliance within a period of 3 months from the date of notification. This circular has been issued to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Circular No. SEBI / IMD / CIR No. 2/166256/ 2009 Dated 12.06.2009 Valuation of debt securities by Mutual Funds

With a view to ensure that the value of debt securities reflects the current market scenario in calculation of net asset value, it has been decided that discretionary mark up and mark down shall be brought to the level as detailed in SEBI Circulars No. MFD/CIR/8/92/2000 dated September 18, 2000 and MFD/CIR No. 14/442/2002 dated February 20, 2002.Also according to this circular

(i) For valuation of securities purchased after the issuance of circular, the discretionary mark up or down limit, as detailed above, should be applied.

(ii) For cases where on the date of this circular, the increased discretionary mark up or down limit is being used, it should be brought back to the proposed levels as detailed above within a period of two months.

(iii) Chief Executive Officer (whatever his designation may be) of the Asset Management Company shall give prior approval to the use of discretionary mark up or down limit

Circular No. SEBI/CFD/DIL/IDR/1/2009/16/06 Dated 16.06.2009 Model Listing Agreement for listing of Indian Depository Receipts (IDRs) issued by issuing companies whose securities market regulators are signatories to the Multilateral Memorandum of Understanding (MMOU) of International Organization of Securities Commission (IOSCO)

To simplify the existing listing requirements for IDRs separate listing requirements for listing of IDRs of such issuing companies have been specified. A Model Listing Agreement containing these requirements have been brought out .The Model Listing Agreement has to be read in conjunction with the Companies (Issue of Indian Depository Receipts) Rules, 2004 and Chapter VIA of the SEBI (Disclosure & Investor Protection) Guidelines, 2000 or any statutory modification or re-enactment thereof. The Stock Exchanges have been advised to execute the Listing Agreement ,make necessary and consequential amendments, if any , to their bye-laws ,disseminate the same on their website and communicate to SEBI, the status of the implementation of the provisions of this circular in the Monthly Development Report.