• MINISTRY OF FINANCE

SERVICE TAX

Circular No. 130/12/2010-ST, Dated on 20.09.2010- Powers of adjudication of Central Excise Officers in Service Tax cases – instructions.

Attention is invited to Board's Circular No. 80/1/2005 – ST dated 10.05.2005 and No. 97/8/2007 dated 23.08.2007 (para12.2) which specifies uniform monetary limits for adjudication of cases under section 73 and section 83 A of the Finance Act, 1994. At present adjudication powers in Service Tax cases have been delegated upto the level of Assistant Commissioners and Superintendents were not vested with any authority to adjudicate cases. The Board has decided to confer the power of adjudication on Superintendents for cases involving service tax upto Rs. 1 lakh in a show cause notice, except in respect of issues relating to taxability of services, valuation of services and cases involving extended period. Accordingly the monetary limits for adjudication of cases has been revised vide Notification No. 48/2010 – Service Tax dated 8th September 2010.

Circular No. 129/11/2010 – ST – Dated on 21.09.2010 - New services notified through the Finance Act 2010 (14 of 2010) to fall under category (iii) of clause (3) of services listed in the Export of Services Rules 2005 and Taxation of Services (Provided from Outside India and Received in India) Rules, 2006 .

It has been brought to the notice of the Board that the service tax payers have raised doubts in determining the Export/Import of the new services introduced vide the Finance Act 2010(14 of 2010), as they have not been notified under the respective categories of services enlisted under the Export of Services Rules 2005 and Taxation of Services (Provided from Outside India and Received in India) Rules, 2006.

Notification No. 32/2010, Dated on 28.09.2010- Amendment to Notification No.6/2006-Central Excise vide number G.S.R.96(E), dated 01.03.2006 .

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.6/2006-Central Excise, dated the 1st March, 2006, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i) vide number G.S.R.96(E), dated the 1st March, 2006, namely:-

In the said notification, in the Table, against S.No.17, for the existing entry in column (2), the following entry shall be substituted namely:- "8471 70 or 8473 30 or 8523"

CBDT

Press Release From File No : 402/92/2006-MC (43 of 2010) Dated on : 07.09.2010 India Signs its First Tax Information Exchange Agreement TIEA with Bermuda and permits exchange of past information in criminal tax matters.

India and Bermuda signed a Tax Information Exchange Agreement (TIEA) on 11.10.2010 . The agreement was signed by Shri S. S. Palanimanickam, Minister of State for Revenue, on behalf of India and Dr. Ewart Brown, Premier, on behalf of Bermuda and the agreement is based on international standards of transparency and exchange of information, and also permits exchange of past information in criminal tax matters.

• MINISTRY OF POWER

Notification No : L-1/12/2010-CERC Dated on : 29.09.2010 Central Electricity Regulatory Commission (Terms and Conditions for recognition and issuance of Renewable Energy Certificate for Renewable Energy Generation) (First Amendment) Regulations, 2010.

Central Electricity Regulatory Commission (Terms and Conditions for recognition and issuance of Renewable Energy Certificate for Renewable Energy Generation) (First Amendment) Regulations, 2010 , amended the Central Electricity Regulatory Commission (Terms and Conditions for recognition and issuance of Renewable Energy Certificate for Renewable Energy Generation) Regulations, 2010.

• SEBI

Circular No : Cir./IMD/DF/13/2010 Dated on : 05.010.2010 Regulating measures relating to computation of Fees and Charges advised to Portfolio Managers

Under the SEBI (Portfolio Managers) Regulations 1993, the inter se relationship between the portfolio manager and client, mutual rights, liabilities and obligations relating to management of funds or portfolio of securities are specified in the agreement signed between the portfolio manager and the client. The contents of the agreement are laid out in Regulation 14 to be read with Schedule IV of the Regulations .

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No : 54/2010 Dated on : 05.10.2010 Indian Telecom Services Performance Indicator Report released for the Quarter ending June 2010.

The TRAI on 05.10.2010 released the “Indian Telecom Services Performance Indicator Report” for the Quarter ending June 2010. It provides a broad perspective of the Telecom Services and presents the key parameters and growth trends for the Telecom Services as well as Cable TV, DTH & Radio Broadcasting services in India for the period covering April to June 2010.

• RESERVE BANK OF INDIA

Press Release No : 2010-2011/444 Dated on : 29.09.2010 RBI releases 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: March 2010

The Reserve Bank of India on 29.09.2010 released its 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks March 2010' which contains data relating to deposits and credit of scheduled commercial banks including regional rural banks (RRBs) as on 31.03.2010 and based on Basic Statistical Return (BSR)-7 giving branch wise data, received from all scheduled commercial banks.

Circular No : IDMD/1557/08.02.033/2010-11 Dated on : 27.09.2010 Auction of Government of India Dated Securities to be conducted on October 1, 2010- Instructions

Government of India have offered to sell (re-issue) of (a) "7.17 percent Government Stock 2015 " for a notified amount of Rs.4,000 crore (nominal) through a price based auction using uniform price method vide Notification No.4(3)-W&M/2010 dated 27.09. 2010 (b) "8.08 percent Government Stock 2022" or a notified amount of Rs. 4,000 crore (nominal) through a price based auction using uniform price method vide Notification No.4(3)-W&M/2010(i) dated 27.09. 2010 and (c) "8.26 percent Government Stock 2027" for a notified amount of Rs. 3,000 crore (nominal) through a price based auction using uniform price method vide Notification No.4(3)-W&M/2010(ii) dated 27.09. 2010 auctions conducted at Mumbai by Reserve Bank Of India on 1.10.2010.