• MINISTRY OF COMMERCE AND INDUSTRY

DGFT

Notification No. 67 (RE-2010)/2009-2014 dated 18.08.2011 - Export of Cotton [ITC (HS) Code 5201 & 5203] - Obtaining of Registration Certificate

The Central Government has amended Notification No.63(RE-2010)/2009-14 dated 4.8.2011 by deleting Para 2 of the Declaration / Undertaking as given in annexure 1. An exporter can now obtain more than one RC for export of cotton during current cotton year 2010-11 (up to 30th September 2011).

Policy Circular No. 38 (RE-2010)/2009-14 dated 10.08.2011 - Conditions and modalities for registration of contracts of cotton yarn with DGFT- relaxation of - 5% by weight in export of cotton yarn

As per the representations received from Trade Bodies seeking exemption from penalty and placing in defaulters list in case of variation in export weight due to various reasons a variation of - 5% in weight against Registration Certificates issued for export of cotton yarn shall be allowed. Thus a variation of - 5% in weight in exports of cotton yarn against registered contracts shall not be treated as default for the purpose of imposition of penalty or debarment from future registrations.

• MINISTRY OF CORPORATE AFFAIRS

Notification No. dated 11.08.2011 - Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2011 - w.e.f. 12.08.2011

In order to amend the Companies (Central Government's) General Rules and Forms, 1956 the central Government has made Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2011. These rules shall come into force with effect from the 12th day of August, 2011.

Circular No. 60/2011 dated 10.08.2011 - Applicability of Company Law Settlement Scheme, 2011 to Form 52

MCA has clarified that the Company Law Settlement Scheme, 2011 shall be applicable to Form 52 (filing of annual accounts by a foreign company) as foreign companies are included in the scheme.

• MINISTRY OF FINANCE

CBDT

Instruction No. 08/2011 dated 11.08.2011 - Instructions on process of filing appeals to ITAT

With a view to streamline the process of filing appeals to ITAT and in suppression of the existing Instructions on the subject in general, the CBDT has released the instructions on process of filing appeals to ITAT for compliance by all concerned.

CBEC Customs

Instruction from file No. 450/81/2011-Cus.IV dated 18.08.2011  - Installation of Weigh-Bridges at different ports-regarding

In order to fulfill the Customs Cargo Service provider (CCSP) for custody and handling of imported or export goods, it has been decided by the Board that CCSPs should have weigh bridges installed at their facilities preferably near the entry/exit gate.

Instruction from file No. 390/Misc./163/2010-JC dated 17.08.2011 - Reduction of Government litigation - providing monetary limits for filing appeals by the Department before CESTAT/High Courts and Supreme court

CBEC has issued the instruction putting in place the monetary limits below which appeal shall not be filed in the Tribunal, HC and the Supreme Court. The determinative element to ascertain whether a matter would be covered within the specified limits would be duty/tax under dispute.

CBEC Customs Non Tariff

Notification No. 57/2011-CUSTOMS (N.T.) Dated 12.08.2011 - Amendment to the Notification No. 36/2001-Cus (N.T.) dated, the 3rd August 2001

The Government of India in the Ministry of Finance (Department of Revenue), has amended Notification No.36/2001-Cus (N.T.) dated, the 3rd August 2001, by substituting the given Table in place of the earlier Table.

CBEC Customs

Circular No. 36/2011 dated 12.08.2011 - Waiver from the requirement of Bank Guarantee in respect of EOUs - Amendment to Circular No. 54/2004-Customs dated 13.10.2004

CBEC has clarified that the entitlement of bank guarantee exemption to 100% EOUs / EHTP / STP / BTP units shall be denied only in cases involving fraud/ collusion/ willful mis-statement/ suppression of facts, whether or not extended period for issue of SCN has been invoked.

• RESERVE BANK OF INDIA

RBI DBOD

Circular No. DBOD.No.BP. /21.06.001/2011-12 dated 10.08.2011 - Implementation of the Internal Rating Based Approaches (IRB) for Calculation of Capital Charge for Credit Risk

To enhance bank's capacity to adopt Basel-II norms, the RBI has released the draft guidelines on Internal Rating Based (IRB) Approach for calculating credit risk capital charge. Comments/feedback on the same are requested before September 9, 2011.