• MINISTRY OF FINANCE

CBDT

Notification No. 49/2011 Dated 06.09.2011 Central Government notifies the allowances and perquisites for the purposes of section 10(45) of the Income-tax Act, 1961

Central Government has notified the specified allowances and perquisites paid to the Chairman or a retired Chairman or any other member or retired member of the Union Public Service Commission for the purposes of the clause (45) of section 10 of the Income-tax Act, 1961.

CBEC Custom

Circular No. 39/2011 Dated 02.09.2011 Self-Assessment in Customs

It is on record that faulty and indiscriminate targets have resulted in false hits and unnecessary interventions. To streamline the procedures and for effective implementation of self assessment using RMS, Board has decided that the facilitation target of 80% for Air Cargo Complexes, 70% for Seaports and 60% for ICDs should be achieved in the next six months.

CBEC Excise

Circular No. 952/13/2011 -CX Dated 08.09.2011 Stuffing of export containers under Supervision of Central Excise Officers

CBEC has reiterated that the facility/ option of examination and sealing of export containers by the Central Excise Officers at the place of dispatch is available to both manufacturer- exporters and merchant-exporter in respect of the goods exported in terms of Rule 18 or 19 of the Central Excise Rules, 2002. Such examination, stuffing and sealing of export containers by the Central Excise Officers are permitted at the factory or warehouse or any other approved premises.

• MINISTRY OF CORPORATE AFFAIRS

Circular No. 62/2011 Dated 05.09.2011 Clarification on notification no. S.O. 447 (E) dated 28.02.2011 on Revised Schedule VI (shall be effective from 01.04.2011)

MCA has clarified that the presentation of Financial Statements for the limited purpose of IPO/FPO during the FY 2011-12 may be made in the format of the pre-revised Schedule VI under the Companies Act, 1956. However, for period beyond 31st March 2012, they would prepare only in the new format as prescribed by the present Schedule VI of the Companies Act, 1956. Also the companies would ensure that it will prepare and file the Annual Accounts for the Financial Year 2011-12 as per revised Schedule VI of the Companies Act, 1956.

Circular No. 61/2011 Dated 05.09.2011 Online incorporation of companies within 24 hours

MCA has decided that since now companies are being incorporated with in 24-48 hours, on-line approval of incorporation forms i.e. STP mode of approval of e-forms 1, 18 and 32 on the basis of certification and declarations given by the practicing professional is not going to be implemented yet.

• MINISTRY OF COMMERCE

Directorate General of Foreign Trade

Notification No. 70 (RE-2010)/2009-2014 Dated 07.09.2011 Minimum Export Price of Onions

Minimum Export Price (MEP) of all varieties of onions including Bangalore Rose Onions and Krishnapuram Onions will be US$ 475 per Metric Ton F.O.B. It was US$ 300 per Metric Ton for general category onion as notified on 24.08.2011 and US$ 400 per MT F.O.B. for Bangalore Rose Onions and Krishnapuram onions as notified on 12.08.2011.

Notification No. 71 (RE-2010)/2009-2014 Dated 09.09.2011 Removal of ban on export of non-Basmati rice

DGFT has removed the ban on export of non-Basmati rice. Accordingly, all varieties of non-Basmati rice have been made free for export out of privately held stocks. Export shall be only through Custom EDI ports.

Notification No. 72 (RE-2010)/2009-2014 Dated 09.09.2011 Removal of ban on export of wheat

DGFT has removed the ban on export of wheat and Export of wheat has been made free. Exports shall be only through Custom EDI ports.

Notification No. 73 (RE-2010)/2009-2014 Dated 09.09.2011 Ban on export of Onions

The export of all varieties of onions is prohibited with immediate effect till further orders. But, transitional arrangements under para 1.5 of Foreign Trade Policy shall be allowed.

• RESERVE BANK OF INDIA

A.P. Dir

A.P. (DIR Series) Circular No.11 Dated 07.09.2011 External Commercial Borrowings - Simplification of Procedure

RBI has decided to delegate powers to the designated AD Category-I banks to approve the request from the ECB borrowers with respect to change in the recognized lender when the original lender is an international bank or a multilateral financial institution or a regional financial institution or a Government owned development financial institution or an export credit agency or supplier of equipment and the new lender subject to conditions specified therein.

A.P. (DIR Series) Circular No. 10 Dated 07.09.2011 Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

RBI has issued the directions to AD Category-I banks stating that further revision has taken place on August 17, 2011 and accordingly, the Rupee value of the special currency basket has been fixed at Rs. 66.9682 with effect from August 23, 2011.

Press Release

Press Release No. 2011-2012/359 Dated 06.09.2011 Banking Ombudsman Conference : Ten Action Points to improve Customer Service of Banks

RBI has issued the ten action points to improve Customer Service of Banks at the Annual Conference of Banking Ombudsmen held in the Reserve Bank of India, Mumbai on September 5, 2011, including directions to not to recover pre-payment charges in floating rate loans.