• RESERVE BANK OF INDIA

RBI-IDMC

Circular No. IDMD/5153/08.02.32/2009-10 Dated 24.05.2010 - Guidelines on auction of Government of India dated securities

Government of India has offered to sell (re-issue) of (a) "7.38 percent Government Stock 2015" for a notified amount of Rs.4,000 crore (nominal) through a price based auction, (b) "7.80 percent Government Stock 2020" for a notified amount of Rs.5,000 crore (nominal) through a Price based auction, and (c) "8.32 percent Government Stock 2032" for a notified amount of Rs.3,000 crore (nominal) through a price based auction. All the auctions will be conducted using uniform price method and RBI will conduct the auctions on May 28, 2010.

• CENTRAL BOARD OF DIRECT TAXES

Notification No. 38/2010 Dated 21.05.2010 - Income-Tax (Fifth Amendment) Rules, 2010

CBDT has issued the Income-tax (5th Amendment) Rules, 2010 further to amend the Income-tax Rules, 1962, amending rule 18C, substituting the figures "2009" to "2011".

• Insurance Regulatory and Development Authority

Notification No 34/2010 Dated 19.05.2010 - Jeevan Akshay-VI Plan of Life Insurance Corporation of INDIA FILED WITH IRDA

Central Government has specified the Jeevan Akshay-VI Plan of the Life Insurance Corporation of India filed with the Insurance Regulatory and Development Authority for the assessment year 2008-09 and subsequent years.

• Directorate General Of Foreign Trade

Notification No. 45/2009-2014 Dated 21.05.2010 - Export of Stone Aggregate to Maldives for the Year 2010-2011

Central Government has amended Schedule 2 (Export Policy) of the ITC (HS) Classifications of Export and Import Items, amending Chapter 25 in relation to export licensing note regarding export to Maldives.

DGFT Notification No. 40/ 2009-2014, dated 12.05.2010 - Prohibition on Export of Wheat and Wheat products

Central Government has Prohibited Export of wheat and Wheat products under Notification No. 33 (RE-2007)/ 2004-2009 dated 08.10.2007. The prohibition on Export of wheat was not applicable to Export of wheat to (subject country) by Food Corporation of India.

• INDIRECT TAXATION

Excise

Excise Circular No. 921/11/2010-CX, dated 10.05.2010 - Education Cess and Higher Education Cess under compound levy scheme on S.S. Patta/Patti and Aluminium Circles

References have been received from field formations on the issue of levy of Education Cess and higher Education Cess on the Central Excise duty determined under Notification No. 17/2007-Central Excise dated 1st March, 2007 under compound levy scheme on S.S. Patta/Patti and Aluminium Circles. It was clarified that Education cess and Higher Education cess was required to be paid on S.S. Patta Patti and Aluminium Circles.

Excise Notification No. 22/2010-(N.T) dated 18.05.2010 - Rebate of duty paid on Unmanufactured Tobacco on Exportation out of India

Central Government in exercise of its powers has granted rebate of duty paid on the Excisable goods on exportation from out of India to the country except Nepal and Bhutan, under Rule 18 of the Central Excise Rules, 2002 read with Rule 14 of the Chewing Tobacco and Unmanufactured Tobacco Packing Machines.

Excise NT

Notification No. 23/2010-(N.T) Dated 20.05.2010 - Amendments in the First Schedule to the Central Excise Tariff Act, 1985

Central Government has made the amendments in the First Schedule to the Central Excise Tariff Act, 1985 with respect to Chapter 29 in various headings.

Customs

Notification No. 2/2010- Customs Notification No. 58 /2010, dated 03.05.2010 - Assessment and collection of Antidumping Duty and Rescission of

Central Government of India has rescinded the Notification of the Government of India in the Ministry of Finance (Department of Revenue) No.2/2010-Customs, dated the 11th January, 2010 it was published in Gazette of India except as respect things done or omitted has been done before Recission.

Customs

Notification No. 59/2010, dated 10.05.2010 - Exemption of Raw Cotton from levy of Customs Duty

Central Government has Exempted Raw cotton falling under Heading No. 16 of the Second Schedule to the Customs Tariff Act, 1975 (51 of 1975)which was exported from out of India, from so much of the duty of Customs leviable.

• Press Information Bureau

GOI granted Maharatna Status to NTPC - Dated 20.05.2010

Government of India has conveyed grant of Maharatna status to NTPC apart from three other Central Public Sector Enterprises (CPSEs). The exercise of Maharatna powers would be subject to the same conditions and guidelines as laid down by the Government in respect of Navratna CPSEs.