• MINISTRY OF COMMERCE AND INDUSTRY

Notification No. 15/33/2010-DGAD dated 03.11.2010-Initiation of Sunset Review Investigation of anti-dumping duty imposed against imports of Acrylonitrile Butadiene Rubber (NBR) originating in or exported from Chinese Taipei

Having regard to the Customs Tariff Act, 1975 vide this notification recommended imposition of provisional Anti Dumping Duty on imports of Acrylonitrile Butadiene Rubber (NBR) (hereinafter referred to as subject goods) originating in or exported from Chinese Taipei vide notification No 22/1/1999-DGAD dated 28th September 1999. The Authority issued final findings vide notification No 22/1/1999-DGAD dated 23rd February 2000. The Department of Revenue imposed definitive anti dumping duties on the subject goods, imported from subject country, vide notification dated 06.04.2000.

PRODUCT UNDER CONSIDERATION

The product involved in the original investigation as well as in 1st sunset review investigations was Acrylonitrile Butadiene Rubber (NBR), and covered all types and grades of NBR i.e. Low, Medium and High NBR. This being a sunset review investigation, the same product has been covered within the scope of this investigation

INITIATION

The Act and the Rules require the Authority to conduct review of anti dumping duty earlier imposed. Hon'ble Delhi High Court has also held in WP No. 16893 of 2006 that sunset review is mandatory in order to determine whether cessation of the existing duty is likely to lead to the continuation or recurrence of dumping and injury.

Country involved :

The country involved in this investigation is Chinese Taipei.

Period of Investigation :

The Period of Investigation (POI) for the purpose of the present review is 1st April 2009 to 31st March 2010 (12 months). However, injury analysis shall cover the years 2006-07, 2007-08, 2008-09 & POI. The data beyond POI may also be examined to determine likelihood of dumping and injury.

Procedure :

The Authority initiated investigations to review the need for continued imposition of duties in force and to examine whether cessation of Anti Dumping duty is likely to lead to continuation or recurrence of dumping and injury on imports of subject goods originating in or exported from China in accordance with the Customs Tariff (Amendment) Act, 1995 and the Customs Tariff (Identification, Assessment and Collection of Anti Dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995.

DGFT

Notification No. 10(RE-2010)/2009-2014 Dated 15.11.2010

The Central Government vide this notification, under Serial Number 65 for Tariff Item HS Code 1301 90 16 (Gum Karaya) has made the changes in column 5 and 6 respectively as under :

Column 5 - Export Policy i.e. from STE, now changes to 'Free'; and

Column 6 - Nature of restriction which earlier mentioned Export through the Tribal Cooperative Marketing Federation of India Limited (TRIFED), New Delhi, now to be read as - Registration with Tribal Co-operative Marketing Federation of India Limited (TRIFED) or Shellac & Forest Products Export Promotion Council (SHEFEXIL), Kolkata.

• MINISTRY OF FINANCE

CBEC - Customs (Non-Tariff)

Notification No. 97/2010 Customs (N.T.) Dated 15.11.2010

The Central Board of Excise and Customs has further amended the Notification No. 36/2001-Cus (N.T.) dated the 3rd August 2001. The amendment has substituted the table of the tariff values specified in column (4), in respect of the imported goods of the description specified in the corresponding entry in column (3) of the said Table and falling under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), namely Crude Palm Oil, RBD Palm Oil, Others - Palm Oil, Crude Palmolein, RBD Palmolein, Others - Palmolein, Crude Soyabean Oil, Brass Scrap (all grades) and Poppy seeds. In the column under the heading Tariff value US $(Per Metric Tonne), the corresponding figure has been mentioned. Incase the figure remains unchanged, it carries the statement "no change". Accordingly, the tariff value in respect of Brass Scrap (all grades) and Poppy Seeds has changed to 4241 and 3061 respectively.

Notification No. 96/2010 Customs (N.T.) Dated 12.11.2010

The Central Board of Excise and Customs has notified an amendment to further amend the Handling of Cargo in Customs Areas Regulations, 2009.

Firstly, the present amendment, for regulation 5, has substituted the following text :

"5. Conditions to be fulfilled by Customs Cargo Service provider - The Customs Cargo Service provider for custody of imported goods or export goods and for handling of such goods in a customs area shall fulfill the following conditions, namely:-

(1) Provide the following to the satisfaction of the Commissioner of Customs, namely :

(i) Infrastructure, equipment and adequate manpower for loading, unloading, stacking, handling, stuffing and de-stuffing of containers, storage, dispatch and delivery of containers and cargo etc., including:-

(a) standard pavement for heavy duty equipment for use in the operational and stacking area;

(b) free of cost or rent fully furnished office accommodation for Customs, Customs Electronic Data Interchange (EDI) Service Centre, with required amenities and facilities and residential accommodation and transportation facilities for customs staff;

(c) premises for user agencies with basic amenities and facilities;

(d) storage facility, separately for imported, export and transshipment goods;

(e) gate complex with separate entry and exit;

(f) adequate parking space for vehicles;

(g) boundary wall;

(h) internal service roads;

(i) electronic weigh-bridge and other weighing and measuring devices;

(j) computerized system for location and accountal of goods, and processing of documents;

(k) adequate air-conditioned space and power back up, hardware, networking and other equipment for secure connectivity with the Customs Automated system; and for exchange of information between Customs Community partners;

(l) facilities for auction, including by e-auction, for disposal of uncleared, unclaimed or abandoned cargo;

(m) facilities for installation of scanning equipment;

(n) security and access control to prohibit unauthorized access into the premises, and

(o) such other facilities as the Commissioner of Customs may specify having regard to the custody and handling of imported or export goods in a customs area;

(ii) safe, secure and spacious premises for loading, unloading, handling and storing of the cargo for the projected capacity and for the examination and other operations as may be required in compliance with any law for the time being in force;

(iii) insurance for an amount equal to the average value of goods likely to be stored in the customs area based on the projected capacity, and for an amount as the Commissioner of Customs may specify having regard to the goods which have already been insured by the importers or exporters.

(2) Undertake to bear the cost of the Customs officers posted, at such customs area, on cost recovery basis, by the Commissioner and shall make payments at such rates and in the manner prescribed, unless specifically exempted by an order of the Government of India in the Ministry of Finance;

(3) Execute a bond equal to the average amount of duty involved on the imported goods and ten per cent of value of export goods likely to be stored in the customs area during a period of thirty days and furnish a bank guarantee or cash deposit equivalent to ten per cent of such duty:

Provided that the condition of furnishing of Bank guarantee or cash deposit shall not be applicable to ports notified under the Major Ports Act, 1962 (38 of 1963) or to the Central Government or State Governments or their undertakings;

(4) Execute a separate bond for an amount equal to ten percent of value of export goods with a bank guarantee for an amount equal to ten percent of the value of the bond, towards the export goods transported from the customs area to any other customs area for export or transshipment, as the case may be;

(5) Undertake to comply with the provisions and abide by all the provisions of the Act and the rules, regulations, notifications and orders issued thereunder

(6) Undertake to indemnify the Commissioner of Customs from any liability arising on account of damages caused or loss suffered on imported or export goods, due to accident, damage, deterioration, destruction or any other unnatural cause during their receipt, storage, delivery, dispatch or otherwise handling.

Secondly, in regulation 6, in sub-regulation (3), after the words "publish and display", the words "at prominent places including website or web page of the Customs Cargo Service provider" has been inserted.

Notification No. 95/2010 Customs (N.T.) Dated 12.11.2010

In the amended Notification i.e. No. 15/2002-Customs (NT) dated 07.03.2002, relating to jurisdiction of the officers specified in column (3) of the Table, after the table as appearing therein, the following text has been inserted :

"2. Notwithstanding anything contained in the said notification, the officers specified in column (3) of the Table shall have jurisdiction over the whole of India for the purpose of adjudicating the cases as assigned to them by the Board."

Economic Affairs

Notification No. GSR882(E) Dated 03.11.2010

Central Government vide this notification, has further amended the Post Office Savings Account Rules, 1981 in exercise of the powers conferred by Section 15 of the Government Savings Bank Act, 1873 (5 of 1873) namely Savings Account (Amendment) Rules, 2010.

"Amendment of rule 4.--In the Post Office Savings Account Rules, 1981, in rule 4, in the Table under the heading "A. Individuals Accounts", against Serial No.1, relating to "Single Account", under column 2, the entry at clause (e) shall be deleted."

• RESERVE BANK OF INDIA

DBOD

Circular No. DBOD. Leg. BC. 61/09.07.005/2010-11 Dated 12.11.2010

This circular was issued in furtherance to Circular DBOD. No. Leg. BC. 86/09.07.005/2008-09 dated November 25, 2008, containing guidelines whereby banks were advised to ensure that all information relating to charges/fees for processing should be invariably disclosed in the loan application forms, and that banks must inform 'all-in-cost' to the customers, to enable them to compare the rates to be charged with other sources of finance.

In order to bring fairness and transparency, the banks vide present circular have been advised that they must transparently disclose to the borrower all information about fees/charges payable for processing the loan application, the amount of fees refundable if loan amount is not sanctioned/disbursed, pre-payment options and charges, if any, penalty for delayed repayments if any, conversion charges for switching loan from fixed to floating rates or vice versa, existence of any interest reset clause and any other matter which affects the interest of the borrower. Such information should also be displayed in the website of the banks for all categories of loan products. The banks must disclose 'all in cost' inclusive of all such charges involved in processing/sanction of loan application in a transparent manner to enable the customer to compare the rates/charges with other sources of finance and it should also be ensured that such charges / fees are non-discriminatory.

DBOD

Circular No. DBOD.Ret.BC. No. 62/12.06.031/2010-11 Dated 15.11.2010

Reserve Bank of India vide this circular has advised all Scheduled Commercial Banks that the name of "The Bank of Rajasthan Limited" has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD.No.PSBD/2866/16.01.056/2010-11 dated August 18, 2010, published in the Gazette of India (Part III - Section-4) dated September 11, 2010 - September 17, 2010.

IDMC

Circular No. IDMD. PCD.No. 1652/14.03.05/2010-11 Dated 11.11.2010

Vide circular IDMD.PDRD.No.19/03.64.00/2010-11 RBI/2010-11/142 dated July 27, 2010 standalone Primary Dealers (PDs) were advised to adhere to the exposure limits prescribed in paragraph 18 of the Notification DNBS.193 DG(VL)-2007 dated February 22 , 2007 updated till June 30, 2010 and issued vide the circular RBI/2010-11/18 DNBS (PD) CC No.178/03.02.001/2010-11 dated July 1, 2010 on Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

Based on review done thereupon, the present circular has been issued to enhance the exposure limits of the standalone PDs from 15 percent to 25 percent of their NOF to single borrower and from 25 percent to 40 percent of their NOF to group borrowers. This is to be effective from the date of present circular i.e. 11.11.2010, and has been done to facilitate market-making activities in corporate bonds.

UBD

Circular No. UBD. BPD (PCB) No. 20 /12.05.001/2010-11 Dated 12.11.2010

Various electronic payment products (RTGS, NEFT, NECS and the ECS variants), introduced by the Reserve Bank of India to facilitate electronic transfer of funds in a secure and efficient manner, rely extensively on technology for origination, movement, processing and ultimate settlement of payment instructions. In the CBS environment, customers of a bank can be uniquely identified by their account number across branches.

In furtherance to this, the present circular was issued advising all primary Urban Co-operative Banks to put in place appropriate systems and procedures to ensure compliance with the prescriptions contained in the referred circular i.e. circular DPSS. (CO). EPPD. No.863 / 04.03.01 / 2010-11 dated October 14, 2010.

Circular No.UBD.BPD.(PCB).Cir.No.22/09.18.201/2010-11 Dated 15.11.2010

The Reserve Bank vide this circular has proposed exemption to well capitalised Urban Co-operative Banks (UCBs) from the share linking to borrowing norm in its Second Quarter Review of Monetary Policy 2010-11. The relevant paragraph of the Review is reproduced below.

"Exemption from Share Linking to Borrowing Norm

It is mandatory for borrowers of UCBs to subscribe to the shares of the bank to the extent of 2.5 - 5.0 per cent of their borrowings. In order to provide flexibility to UCBs, which are already well capitalized, to extend loans without adding to capital, it is proposed to exempt UCBs which maintain a minimum CRAR of 12 per cent on a continuous basis from the mandatory share linking norms. "

This exemption would be effective from the date of this circular.

A.P. DIR (Series)

Circular No. A.P. (DIR Series) Circular No. 17 Dated 16.11.2010

Online Payment Gateways have emerged as a popular mode of facilitating e-commerce transactions. Some of these Online Payment Gateway Service Providers (OPGSPs) have also been facilitating cross-border transactions. RBI has recently reviewed the service model provided by these OPGSPs with reference to the provisions of the Foreign Exchange Management Act (FEMA), 1999. It was observed that a few OPGSPs have not only facilitated conclusion of the transactions but also allowed exporters to retain the export proceeds abroad without repatriation resulting in violation of the provisions of FEMA, 1999. Acknowledging however the importance of the services provided by the OPGSPs to the exporters, particularly in facilitating small value export transactions, it was considered necessary to issue a set of guidelines to cover such e-commerce arrangements.

Accordingly, it has been decided to allow the Authorised Dealer Category- l (AD Category-l) banks to offer the facility of repatriation of export related remittances by entering into standing arrangements with OPGSPs, subject to the following conditions, among others :

(i) The AD Category-I banks offering this facility shall carry out the due diligence of the OPGSP.

(ii) This facility shall only be available for export of goods and services of value not exceeding USD 500 (US Dollar five hundred).

(iii) AD Category-I banks providing such facilities shall open a NOSTRO collection account for receipt of the export related payments facilitated through such arrangements.

(iv) A separate NOSTRO collection account may be maintained for each OPGSP or the bank should be able to delineate the transactions in the NOSTRO account of each OPGSP.

(v) The following debits only will be permitted to the NOSTRO collection account opened under this arrangement :

(a) Repatriation of funds representing export proceeds to India for credit to the exporters' account;

(b) Payment of fee/commission to the OPGSP as per the predetermined rates / frequency/ arrangement; and

(c) Charge back to the importer where the exporter has failed in discharging his obligations under the sale contract.

• SECURITIES AND EXCHANGE BOARD OF INDIA

Notification No. LAD-NRO/GN/2010-11/19/26456 Dated 12.11.2010

Vide this Notification, Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2010, SEBI has carried out amendment in Regulation 2, 8, 9, 16, 26, 29, 34, 42, 43, 50, 54, 55A, 60, 72, and Schedules VIII and XIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Among other changes, 'insurance funds set up and managed by the Department of Posts, India' has been added to the list of QIB; retail individual investors limit has been enhanced to Rs 2 lacs; making public announcement in an English, Hindi and regional language daily has been made mandatory, disclosing to the public the filing of draft offer document; 'insurance company' has been added to the list of monitoring agencies like public financial institutions; and mode of payment by the investors has been specified.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. IRDA/L1FE/CIR/REF/179/11/2010 Dated 11.11.2010

This circular has been issued for the process of seeking grant of approval of Referral Company stipulated in Regulation 3 of Chapter II of the Regulations. In order to streamline the process and enable better control, a web portal has been designed wherein the insurers need to key in the data prior to sending the application for grant of approval of the Referral Company. The entire process of registration of a Referral Company has been divided into two stages viz., Application Stage and Agreement stage. User manual which will guide the insurers in this process is placed as an Annexure. The process should be completed by the Compliance Officer who is designated under Regulation 15. Members' Login and passwords would be communicated to the compliance officers separately.

Circular No. IRDA/F&I/CIR/EMT/ 183 /11/2010 dated 18.11.2010-Date of grant of 'certificate of registration' in Form IRDA/R3 under IRDA (Registration of Indian Insurance Companies) Regulations, 2000 to be the relevant date for the purpose of computing the first year of commencement of business.

Vide this notification the permissible limits for payment of commission or remuneration laid down under Section 40A of the Insurance Act, 1938 (the Act). In respect to any policy of life insurance issued in India by an insurer and effected through an insurance agent, in various lines/segments of life insurance business. The proviso to the said section permits life insurers, in the first ten years of business, to pay forty per cent of the first year's premium payable on the policy, towards commission.

It is clarified that the date of grant of 'certificate of registration' in Form IRDA/R3 under IRDA (Registration of Indian Insurance Companies) Regulations, 2000, by IRDA shall be the relevant date for the purpose of computing the first year of commencement of business where all life Insurers are directed to take note and ensure compliance.

• MINISTRY OF HOME AFFAIRS

Notification No. GSR780(E) Dated 24.09.2010

Central Government vide this notification has drafted rules to further amend the Registration of Foreigners Rules, 1992 which would be called as the Registration of Foreigners (Amendment) Rules 2010, where in Form "C" in the earlier Rules shall be substituted according to Rule 14 related to the 'Arrival Report of Foreigner in Hotel'.

• MINISTRY OF CORPORATE AFFAIRS

Press Release No. 8/2010 Dated 04.11.2010

Ministry of Corporate Affairs, after wide consultations with all stakeholders and regulators, has drawn up a clear roadmap for implementation of Indian Accounting Standards converged with IFRS. Converged Standards will have to be followed by Phase-I companies w.e.f. 01.04.2011. The Phase I group excludes banks, insurance companies and smaller companies. National Advisory Committee on Accounting Standards (NACAS) has almost finalized drafting of the converged accounting standards. Under the Converged Accounting Standards, the Schedule VI will have two parts viz. Part-A and Part-B. Part-A will be as per the existing notified accounting standards and Part-B will be based on converged accounting standards. The NACAS has also finalized and recommended Part-A and Part-B of the Schedule-VI.

One of the issues raised by stakeholders is the tax implications in following converged standards. ICAI had set up a Group for identifying tax issues arising on convergence. The group includes nominees from Ministry of Finance. The Group has prepared a draft report identifying certain options which could be adopted to achieve tax neutrality. Secretary, MCA held a meeting with members of the Group, and instructed it to come up in a time bound manner with a specific proposal which will be revenue neutral and acceptable to the Ministry of Finance, while also compatible with IFRS and meeting the needs of the Corporate sector. The implementation of converged accounting standards with IFRS will go on as per schedule.

• PRESS INFORMATION BUREAU

Release Dated 12.11.2010

India has been unanimously elected as Vice President at the UNCTAD Conference (Nov. 8 - 12, 2010) held at Geneva at the Sixth UN Conference to review Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practices.

The UN General Assembly had unanimously adopted the 'Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practices' in December 1980. Since then, these are reviewed once every five years, at such conferences, and this was the sixth such conference, also marking 30 years of the adoption of these Principles. The special focus of discussion this time was 'the role of competition policy in promoting economic development, in these troubled times'.

In his address, Chairman of the Competition Commission of India, Shri Dhanendra Kumar emphasized that, during these times, it is the common man who is affected the most, and therefore, the competition policies have to be reviewed and re-oriented to ensure the interest of the common man in view. Taking note of his views, the focus on the common man has been included in the draft resolution circulated in the Conference.

Release Dated 15.11.2010

The Union Minister for Food Processing Industries Subodh Kant Sahai, in this press release, has said that India is set to witness the next revolution in Food Processing Industry. Speaking after the meeting with the German Minister of Food, Agriculture and Consumer Protection H.E. Ilse Aigner, Shri Sahai stressed that investment can be made in Mega Food Parks that ensure value addition of agricultural commodities, including poultry, meat, dairy, fisheries and would facilitiate state-of-the-art processing technology, quality assurance through better processing control and capacity building. The sector is expected to grow by 20% and value addition to increase by 35% by 2015. Food Processing Industry is a potential source for driving the rural economy and is of great importance to an agrarian economy like India.

Germany is to Provide Food Processing Technologies for Mega Food Parks and Modern abattoirs in India and Centre set an investment target of Rs One Lakh crore by 2015 in the food processing sector. It is one of the leading producers of wine in the world, as well as a big importer of wine. Germany and India Grape Processing Board can collaborate in the field of grape processing technology. Germany can also provide technical assistance to National Meat and Poultry Processing Board, because that country is a leading producer of processed meat.

The German Minister H.E. Ilse Aigner said Germany and India have traditional bilateral cooperation in many fields. She said cooperation between the two countries in trade of processed food products would benefit mutually. The Minister also said Germany will provide technology for Mega Food Parks and modern abattoirs being set up in India. H.E. Ilse Aigner thanked Sh. Sahai for the warm hospitality extended to her and the accompanying German delegation and the fruitful conversations held. She also invited the Food Processing Industries Minister to pay an official visit to Germany.

Release Dated 18.11.2010-Five digit numbering scheme for trains to be Effective from 20.12.2010

Indian Railways are going to implement five digit numbers in place of the existing four digit numbers for all the trains. The details of the scheme are that the existing express trains' numbers shall largely continue unchanged but shall now be prefixed with first digit of "1". The passenger trains shall be first numbered as per the present four digit train numbering scheme. To this four digit number, a fifth digit shall be prefixed as digit "0" for special trains, digit "5", "6" and "7" for conventional passenger trains, MEMU and DEMU trains respectively. Suburban services in Kolkata shall begin with digit "3", in Mumbai with digit "9" and in other parts with digit "4".

It is now proposed to capture all passenger trains running over Indian Railways for various software applications by giving them a unique number. Thus, there is need to shift to 5-digit train numbering scheme from a 4-digit train numbering scheme as Indian Railways presently runs over 11,000 passenger carrying trains on an average per day while 4-digit scheme can have train numbers only upto 9,999. The 5-digit numbering scheme is to be made effective from 20th December, 2010.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 59/2010 Dated 16.11.2010

Vide this Press Release The Telecom Regulatory Authority of India (TRAI) had invited comments from the stakeholders by issuing a Consultation Paper on 'Certain Issues relating to Telecom Tariffs". The last date for receiving comments was fixed as 15th November, 2010 and for counter comments as 25th November, 2010.

Keeping in view the requests received from the stakeholders for further extension of time for sending their comments and also importance of the issues raised for consultation, the Authority has decided to extend the last date for submission of comments up to 29th November, 2010 and for counter comments up to 9th December, 2010.