• Ministry of Commerce

DGFT

Public Notice No. 02(RE-2012)/2009-14 Dated 05.06.2012 Induction of electronic Bank Realization Certificate (e-BRC) system

DGFT has introduced the electronic Bank Realization Certificate system and as per the new system banks will issue and transmit BRC's electronically to DGFT's server replacing the manual mode of obtaining and submitting BRC. The revised process flow with technical guidelines are available on the DGFT's website dgft.gov.in under the 'e-BRC' icon.

Public Notice No. 01 (RE-2012)/ 2009-2014 Dated 05.06.2012 Notifies Handbook of Procedures Vol.I updated as on 5th June,.2012

Director General of Foreign Trade has notified the Handbook of Procedures (Volume I) and the Appendices to the Handbook of Procedures (Volume I), updated as on 5th June, 2012.

Notification No. 01 (RE-2012)/ 2009-2014 Dated 05.06.2012 Notifies Foreign Trade Policy 2009-2014 as updated as on 5th June 2012

Director General of Foreign Trade has notified the Foreign Trade Policy, 2009-2014 as updated upto 5th June 2012 and incorporating the Annual Supplement, which come into force w.e.f. 5th June, 2012.

•  Ministry of Corporate Affairs

General Circular No. 13/2012 Dated 06.06.2012 Extension of time in Filing of annual return bv Limited Liability Partnerships (LLPs)

MCD has clarified that the time limit of 60 days shall be read as 90 days for filing of Form 11 by LLPs in respect of the Financial Year ending on 31.03.2012.

Notification Dated 05.06.2012 Companies Director Identification Number (Second Amendment) Rules, 2012

MCA has released the Companies Director Identification Number (Second Amendment) Rules, 2012 to amend the form DIN-1 to include entry after serial number 4 as " 4A Whether resident in India O Yes O No".

General Circular No. 12/2012 Dated 04.06.2012 Cost Accounting Records and Cost Audit - Clarifications

MCA has clarified that in case of companies engaged in production, processing, manufacturing or mining of multiple products/activities, if any of their products/activities are not covered under the industry specific Cost Accounting Records Rules, but are covered under the Companies (Cost Accounting Records) Rules, 2011 and wherein such products/activities are not covered under cost audit vide cost audit orders dated June 30, 2011 and January 24, 2012; such companies shall be required to file compliance report with the Central Government in accordance with the clarifications given vide para (a) of the MCA's General Circular No. 68/2011 dated 30th November, 2011.

• Ministry of Finance

CBEC Customs (SG)

Notification No. 3/2012-SG Dated 29.05.2012 Imposition of safeguard duty on the imports of Phthalic anhydride

Central Government after considering the Director General (Safeguard) finding that increased imports of Phthalic anhydride into India had caused and threatened to cause further serious injury to the domestic producers of Phthalic anhydride and it necessitated the imposition of safeguard duty on imports of Phthalic anhydride into India, has imposed a safeguard duty at the rate of 10% ad valorem on import Phthalic anhydride, when imported from the 17th day of January, 2012 to 16th day of January, 2013 (both days inclusive).

CBEC Customs (ADD)

Notification No. 31/2012-ADD Dated 04.06.2012 Imposition of provisional anti-dumping duty on the imports of Digital Offset Printing Plates originating in or exported from Peoples' Republic of China and Japan

Central Government, on the basis of the aforesaid preliminary findings of the designated authority, has imposed the anti-dumping duty on the imports of Digital Offset Printing Plates originating in or exported from Peoples' Republic of China and Japan, which shall be effective for a period not exceeding six months from the publication of this notification in the Official Gazette and shall be payable in Indian Rupees.

Service Tax

Notification No. 24/2012-ST Dated 06.06.2012 Service Tax (Determination of Value) Second Amendment Rules, 2012

CBEC has amended the Service Tax (Determination of Value) Rules, 2006 to incorporate provisions relating to determination of value of service portion in the execution of a works contract under rule 2A.

Notification No. 19/2012-ST Dated 05.06.2012 Appointed date of enforcement for S.143 (C), (F), (G) & (I) of Finance Act, 2012 notified as 01.07.2012

Central Govt has appointed 01.07.2012 as the date from which the provisions of S.143 (C), (F), (G) and (I) of Finance Act, 2012 shall come into force, thereby there shall be levied service tax at the rate of 12 per cent, on the value of all services, other than those services specified in the negative list.

Notification No. 18/2012-ST Dated 01.06.2012 Effective date for clauses (A) ,(B) ,(D) and (E) of section 143 of the Finance Act, 2012

Central Government appoints the 1st day of June, 2012 as the date from which the provisions of clauses (A), (B), (D) and (E) of the section 143 of the Finance Act shall come into force.

• Press Information Bureau

Dated 06.06.2012 New Department of Disability Affairs Created under the Ministry of Social Justice and Empowerment

Central Government has recently created a new Department of Disability Affairs which was earlier a part of the Ministry of Social Justice & Empowerment. Accordingly, the Government has created two Departments under the Ministry of Social Justice & Empowerment vide notification dated 12th May 2012, namely:-

(i) Department of Social Justice and Empowerment (Samajik Nyaya aur Adhikarita Vibhag)

(ii) Department of Disability Affairs.

Dated 01.06.2012 India Signs Agreement with Bahrain for Exchange of Information with Respect to Taxes

India has signed an Agreement with the Government of the Kingdom of Bahrain for the Exchange of Information with respect to taxes. The Agreement was signed by Minister of State for Finance (Expenditure and Financial Affairs) on behalf of Government of India and Minister for Transportation and Acting CEO of the Economic Development of Bahrain on behalf of Government of the Kingdom of Bahrain.

• RESERVE BANK OF INDIA

RBI DBOD

Circular No. DBOD.No. Leg.BC. 108 / 09.07.005/2011-12 Dated 06.06.2012 Strengthening the Regulatory Framework for Unclaimed Deposits

With a view to further strengthen the regulatory framework for inoperative accounts and unclaimed deposits, RBI has advised banks to put in place a Board approved policy on classification of unclaimed deposits; grievance redressal mechanism for quick resolution of complaints; record keeping; and periodic review of such accounts.

Circular No. DBOD. No. Dir. BC.107/13.03.00/2011-12 Dated 05.06.2012 Home Loans-Levy of fore-closure charges/pre-payment penalty

RBI has removed the foreclosure charges/prepayment penalty on home loans with floating interest rates after having observed that foreclosure charges levied by banks are resented upon by home loan borrowers especially since banks were found to be hesitant in passing on benefits of lower interest rates to existing borrowers in a falling interest rate scenario.

RBI RPCD

Circular No. RPCD.FLC.No.12452 /12.01.018/2011-12 Dated 06.06.2012 Financial Literacy Centres (Flcs) - Guidelines

With the objective of scaling up Financial Literacy efforts manifold, RBI has decided to modify the existing FLCC Scheme. While the existing FLCCs would continue to function with a renewed focus on financial literacy, Lead banks are advised to set up Financial Literacy Centres (FLCs) in each of the Lead District Manager (LDM) Offices in a time bound manner. In addition to the above, banks may consider setting up need based FLCs in other locations as well. Further, financial literacy activities will also be undertaken by all the rural branches of Scheduled Commercial Banks including RRBs.

• Securities and Exchange Board of India

SEBI SMD

Circular No. CIR/MRD/DSA/14/2012 Dated 30.05.2012 Exit Policy for De-recognized/ Non-operational Stock Exchanges

SEBI has revised the exit policy of De-recognized/ Non-operational Stock Exchanges. Accordingly, SEBI has listed out the norms for aforesaid exchanges to seek exit through voluntary surrender of recognition and related processes.