• SECURITIES AND EXCHANGE BOARD OF INDIA

Circular No. CIR/IMD/DF/4/2011 Dated 09.03.2011 -SEBI supersedes all instructions regarding use of load accounts subsequent to circular dt 30.06.2009

In order to bring uniformity in usage of load balances SEBI has decided to segregate load balance into two accounts in the books of accounts of the scheme - one to reflect the balance as on 31.07.09 and the other to reflect accretions since 01.08.09 giving up more flexibility in use of accumulated exit load corpus

• DIRECTORATE GENERAL OF FOREIGN TRADE

Public Notice No. 38/(RE-2010)/2009-2014 Dated 09.03.2011 - Validity of Bank Guarantee has being harmonized with provisions of Customs Circular No.58/2004

DGFT amends the Appendix 25A of Handbook of Procedures Vol.I (Appendices and Aayat Niryat Forms) 2009-2014 making it mandatory to file Bank Guarantee for a minimum period of three years with an undertaking to keep it alive for the entire period of export obligation.(PN No.38/(RE-2010)/2009-2014)

Notification No. 31(RE-2010)/2009-2014 Dated 10.03.2011 - Quantity restriction of 720 million Kg on export of cotton yarn during 2010-11

The export of cotton yarn (Tariff Codes 5205, 5206 & 5207) was allowed under licence and as of now issue of export licences for cotton yarn will be subject to a limit of 720 million Kgs during the fiscal year 2010-11 (i.e. upto 31.03.2011).

Notification No. 32(RE-2010)/2009-2014 Dated 14.03.2011 - Quantity restriction of 55 lakh bales on export of cotton during Cotton Season, 2010-11

The cap on export during the Cotton Season, 2010-11 (01.10.2010 to 30.09.2011) will be 55 lakh bales or as notified by DGFT from time to time. However, export of 5,000 bales of Assam Comillas Cotton (Tariff Code 5201 00 12) is exempted from the cap, but not from registration.

• Ministry of Finance

Customs

Notification No. 29/2011 Dated 04.03.2011 Continuation of anti-dumping duty on imports of Polytetrafluoroethylene (PTFE) originating in, or exported from People's Republic of China

Central Government has decided to continue the anti-dumping duty imposed on imports of Polytetrafluoroethylene (PTFE) originating in, or exported from People's Republic of China till 25th July, 2011 and has accordingly amended the notification No. 42/2010-Customs, dated the 5th April ,2010.

Notification No. 28/2011 Dated 04.03.2011 Imposition of the anti-dumping duty on imports of Certain Rubber Chemicals (MBTS) originating in, or exported from, People's Republic of China

Central Government has decided to continue the anti-dumping duty imposed on imports of Certain Rubber Chemicals (MBTS) originating in, or exported from People's Republic of China till 25th July, 2011 and has accordingly amended the notification No. 87/2005-Customs, dated the 27th September,2005.

Notification No. 30/2011 Dated 04.03.2011 - Imposition of the anti-dumping duty on imports of Glass Fibre and articles thereof originating in, or exported from, People's Republic of China

Central government has decided to impose anti-dumping duty on imports of Glass Fibre and articles thereof originating in, or exported from, People's Republic of China and duty so imposed shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of the provisional anti-dumping duty, that is, the 14th July, 2010, and shall be payable in Indian currency.

Service Tax

Notification No. 18/2011 Dated 01.03.2011 - Point of Taxation Rules, 2011

Central Government has laid down Point of Taxation Rules, 2011 for the purpose of collection of service tax and determination of rate of service tax. The rules so issues determines point of taxation in case of associated enterprises, new services, continuous supply of service and has been made effective from the 1st day of April, 2011.

Excise

Circular No. 942/03/2011-CX Dated 14.03.2011 - Interest shall be recoverable when credit has been wrongly "taken", even if it has not been utilized

CBEC issues a circular informing Trade & Industry that the clarification issued by the Board vide circular No. 897/17/2009-CX dt 03.09.09 stands endorsed by the Apex Court judgment holding that credit becomes recoverable along with interest on the happening of any of the three circumstances.

Direct taxes

Notification No. 14/2011 Dated 9th March, 2011 - Income-tax (First Amendment) Rules, 2011

CBDT makes it mandatory for stock exchange to ensure that the transactions in respect of cash and derivative market once registered in the system are modified only in cases of genuine error and data regarding all such transactions is maintained and submitted in a monthly statement in Form No. 3BB.

• MINISTRY OF CORPORATE AFFAIRS

Circular from file No HQ/9/2002 Dated 09.03.2011 - Payment of MCA fees for MCA 21 services to be made only in electronic mode, if it is less than Rs.50,000

In order to improve service delivery time Ministry has decided to accept payments for MCA 21 services upto Rs.50,000 only in electronic mode w.e.f 27th March, 2011. However, for the payments of value above Rs. 50,000, stakeholders would have the option to either make the payment in electronic mode, or paper challan.

Circular No. 06/2011 Dated 08.03.2011 - Process of incorporation of Companies ( Form-1) and establishment of principal place of business in India by Foreign Companies ( Form-44) - Procedure simplified.

In order to speed up and simplify the process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies for reduction in time taken by Registrar of Companies, the below mentioned procedure have been recommended :

1.Only Form-1 shall be approved by the RoC Office. Form 18 and 32 shall be processed by the system online.

2.There shall be one more category, i.e., Incorporation Forms ( Form 1A, Form 37, 39, 44 and 68) which will have the highest priority for approval.

3.Average time taken for incorporation of company should be reduced to one (1) day only.

4.A Notification to notify minor changes in e-forms 18 and 32 to enable them to be taken on record through STP mode for aforesaid procedure is being issued separately.

Circular No. 05/2011 Dated 04.03.2011 - Din Process - Simplified -Reg

In order to speed up and simplify the process to obtain a DIN, the below mentioned procedure has been recommended by the Group constituted to examine the business process re-engineering under MCA-21

1. Application for DIN will be made on eForm ; No physical submission of documents shall be accepted and for this purpose Scanned documents along with verification by the applicant will be attached with the eForm. Only online fee payment will be allowed i.e. No challan payment

2. The application can also be submitted online by the applicant himself using his DSC.

3. DIN 1 eForm can be digitally signed by the professional who shall also confirm that he has verified the particulars of the Applicant given in the application.

4. Where the DIN 1 is verified by the professional, the DIN will be approved by the system immediately online.

5. In other cases the DIN cell will examine the application and same shall be disposed of within one or two days.

6. Companies (Directors Identification Number) Rules, 2006 are being amended on the above lines.

7. Penal action against the applicant and professional certifying the DIN application in case of false information / certification as per provisions of section 628 of the Act will be taken in addition to action for professional misconduct and revocation of DIN, allotted on false information

8. The above procedures is expected to enable allotment of DIN on the same day.

9. The above procedures applies to filing of DIN 4 intimating changes in particulars of Directors.

Circular No. 04/2011 Dated 04.03.2011 - Payment of commission to Non-Whole Time Directors of the company under section 309(4) (b) of the Companies Act, 1956

It has now been decided that a company shall not require approval of the Central Government for making payment of remuneration by way of commission to its Non- Whole Time Director(s) in addition to the sitting fee if the total commission to be paid to all those Non-Whole Time Directors does not exceed 1% of the net profit of the company if it has a Whole Time Director(s) or 3% of the net profit of the company if does not have a Managing Director or Whole Time Director(s).

• TELECOM REGULATORY AUTHORITY OF INDIA

Notification No. 322-8/2010-CA Dated 07.03.2011 Telecommunication Consumers Education and Protection Fund (Amendment) Regulations, 2011

TRAI has considered necessary to include a representative of Internet Service Providers Association of India (ISPAI) in the committee for Utilisation of Telecommunication Consumers Education and Protection Fund constituted under Regulation 8 of Telecommunication Consumers Education and Protection Fund Regulations, 2007. Accordingly, the relevant subclauses in regulation 8 of Telecommunication Consumers Education and Protection.