• INDIRECT TAXATION

CUSTOMS

Custom Notification No. 127/2009 Dated 02.12.2009 - Imposition of provisional anti-dumping duty on all imports of ceramic glazed tiles originating in, or exported from, China PR

Designated Authority has decided to impose provisional anti-dumping duty on import of ceramic glazed tiles other than vitrified tiles originating in or exported from China PR upon conclusion that said subject goods had been exported to India from the subject country below its normal value; the domestic industry had suffered material injury and injury had been caused by the dumped imports from subject country.

SERVICE TAX

Service Tax Notification No. 43/2009-ST Dated 02.12.2009 - Exemption Of Service Tax To Business Auxiliary Services Provided During The Manufacture/ Processing Of Alcoholic Beverages By The Service Provider Between 1st September To 22nd September

The Central Government has granted exemption to service tax payable on taxable service, namely 'business auxiliary service' provided by the service provider to the service receiver, during the course of manufacture or processing of alcoholic beverages by the service provider, for or on behalf of the service receiver, for the period commencing from the 1st day of September, 2009 and ending with the 22nd day of September, 2009.

• MINISTRY OF ENVIRONMENT AND FORESTS

Notification No. SO2884(E) Dated 13.11.2009 - Notification No. S.O.1519(E) dated 23rd August, 2007 kept in abeyance till 31st March, 2010

Notification No. S.O.1519(E) dated 23rd August, 2007 regarding regulation of GM processed foods by the Food Safety and Standards Authority is kept in abeyance till 31st March, 2010 or until issue of further notification by the Ministry of Health and Family Welfare, whichever is earlier. 

• RESERVE BANK OF INDIA

RBI Circular No. DBOD.No.BL.BC.65 /22.01.001/2009-10 Dated 01.12.2009 - Relaxations in Branch Authorisation Policy

Reserve Bank of India permits domestic scheduled commercial banks (other than Regional Rural Banks) (RRBs) to open branches in Tier 3 to Tier 6 centres (with population upto 49,999 as per Census 2001) as well as in rural, semi-urban and urban centres in North Eastern States and Sikkim without having the need to take permission from Reserve Bank of India in each case, subject to reporting. However, opening of branches in Tier 1 and Tier 2 centres (with population of 50,000 and above as per 2001 Census) will continue to require prior permission of the Reserve Bank of India, except in the case of North Eastern States and Sikkim where the general permission would cover semi-urban and urban centres also.

RBI Circular No. IDMD.PDRD.No. 2424 / 03.64.00 / 2009-10 Dated 01.12.2009 - Waiver of trade confirmation in Government Securities transactions in OTC market

Reserve Bank of India has decided to dispense with the requirement to exchange written confirmation for (Over-the-counter) OTC trades in Government securities, in view of the reporting and confirmation of OTC trades on Negotiated Dealing System (NDS). The trade reporting on NDS should be followed meticulously as per the NDS regulations.

RBI Press Release No. 2009-2010/794 Dated 03.12.2009 - Issue of Rs.20 Denomination Banknotes without Inset Letter in both numbering panels in Mahatma Gandhi Series - 2005 bearing the signature of Dr. D. Subbarao, Governor

The Reserve Bank of India has decided to issue Rs.20 denomination banknotes without inset letter in both numbering panels in Mahatma Gandhi Series - 2005 bearing the signature of Dr. D. Subbarao, Governor.

• SECURITIES EXCHANGE BOARD OF INDIA

SEBI SMD Circular No. MRD/DSA/SE/CIR-18/2009 Dated 02.12.2009 - Limitation period for filing of Arbitration reference

While computing the limitation period of six months for reference of a complaint/claim/difference/dispute for arbitration, the time taken in amicable settlement of claims, complaints, differences and/or disputes through the Investors Grievances Redressal Committee mechanism of the Exchange is excluded. It has now been decided by SEBI that the limitation period of six months shall be computed from the end of the quarter during which the disputed transaction(s) were executed. Along with the exclusion mentioned above and subject to sufficient documentary proof, the period of one month from the date of receipt of complaint/claim/difference/dispute by the trading member or the actual time taken by the trading member from the date of receipt of complaint/claim/difference/dispute by the trading member to the date of receipt of the trading member's last communication by the investor, to resolve / counter the complaint / claim/ difference/ dispute, whichever ends earlier, shall also be excluded.

• PRESS INFORMATION BUREAU

PIB Dated 07.12.2009 - Expert Committee for winding-up of sick companies

An Expert Committee for giving recommendations for better efficiency in the conduct of liquidation and winding up proceedings of companies including sick companies in the Company Courts has been constituted. The Committee is mandated to suggest suitable amendments to the Companies (Court) Rules, 1959 towards reducing the timeframe for time consuming procedures for winding up matters.

PIB Dated 07.12.2009 - Mobile Number Portability

The government has decided to introduce Mobile Number Portability (MNP) in the country wherein subscribers can retain their existing telephone number in the same service area when they switch from one access service provider to another irrespective of mobile technology or from one technology to another of the same or any other areas service provider.