• MINISTRY OF COMMERCE

DGFT

Public Notice No. 110 (RE-2010)/2009-14 Dated 07.05.2012 Indo - China Border Trade - Addition of 5 new items of import and 7 new items of export

DGFT has added five new items of import and seven new items of export to the existing list of tradable items under Indo - China Border Trade. Further, reiterated that except for adding the 5 new items for import and 7 new items for export, no other change is being made now.

Notification No. 115 (RE-2010)/2009-2014 Dated 07.05.2012 Amendment in paragraph 6.9 of FTP

DGFT has amended the paragraph 6.9 of the Foreign Trade Policy, 2009-2014 to amplify that EOUs cannot supply marble in Domestic Tariff Area under Paragraph 6.9 of FTP, except under Paragraph 6.9(c) of FTP.

Notification No. 113 (RE-2010)/2009-2014 Dated 04.05.2012 Permission for registration of contracts for export of cotton (Tariff Codes 5201 and 5203)

Central Government has deleted the Para 4 of Notification No. 106 (RE-2010)/2009-14 dated 12.03.2012 with immediate effect to allow further registration of contracts for export of cotton under Tariff Item HS code 5201 & 5203 [Sl. Nos. 197 & 199 of ITC(HS) Classification of Export & Import Items].

Policy Circular No. 61(RE-2010)/2009-14 Dated 01.05.2012 Clarification regarding withdrawal of provision of revalidation of RCs by RAs for export of cotton and cotton yarn

DGFT has clarified that the revalidation provision of Policy Circular No. 51(RE-2010)/2009-14 dated 28.12.2011 stands withdrawn as stated in Para 3 of Public Notice No. 102 dated 16.03.2012. Accordingly no revalidation will be granted to RCs for cotton and cotton yarn.

• MINISTRY OF FINANCE

CBEC Customs (ADD)

Notification No. 23/2012-ADD Dated 04.05.2012 Imposition of anti-dumping duty on imports of Viscose Filament Yarn originating in, or exported from, People's Republic of China

CBEC has imposed anti-dumping duty on imports of Viscose Filament Yarn originating in, or exported from, People's Republic of China for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of notification in the official Gazette and shall be payable in Indian currency.

CBEC Customs (ADD)

Notification No. 22/2012-ADD Dated 02.05.2012 Imposition of Anti Dumping Duty on imports of Partially Oriented Yarn originating in, or exported from, the People's Republic of China

On the basis of final findings of the designated authority, the CBEC has imposed anti-dumping duty on imports of Partially Oriented Yarn originating in, or exported from, the People's Republic of China for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of notification in the Official Gazette and shall be payable in Indian currency.

CBDT

Notification No. 16/2012 Dated 30.04.2012 Income-tax (5th Amendment) Rules, 2012

CBDT has released the Income-tax (5th Amendment) Rules, 2012 to insert rule 2F relating to "Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10" in the Income-tax Rules, 1962.

CBEC Customs

Circular No. 12/2012 Dated 01.05.2012 Classification of Micro / Mini SD Cards- Reg

CBEC has opined that in case of Micro / Mini SD Cards wherein the PCB is substituted by substrates, then such substrates fully comply with the definitions of printed circuits found in the Harmonized System and the qualifies as a printed circuit board and connecting pins qualifies as connecting sockets for purposes of Note 4(a) to Chapter 85. As such, Micro / Mini SD Cards are correctly classified in Sub-heading 8523.51 as Semiconductor media, solid-state, non-volatile data storage devices by application of General Rules for Interpretation of Import Tariff (GRIs) 1 (Note 4(a) to Chapter 85) and 6.

Circular No. 13/2012-Customs Dated 08.05.2012 Enforcement of Intellectual Property Rights on imported goods - Clarification on the issue of parallel imports - regarding

CBEC has directed the field formations to decide cases of import of 'parallel imports' on the basis of legal provisions of parent Acts, the provisions of Notification No. 51/2010-Customs(N.T.) dated 30.6.2010 and the clarifications given by the Department of Industrial Policy and Promotion which is nodal authority for all matters relating to (i) Trade Marks Act, 1999 (ii) Patents Act, 1970 and (iii) Designs Act, 2000.

• MINISTRY OF PERSONNEL PUBLIC GRIEVANCES AND PENSIONS

Memorandum No. 372/19/2012-AVD-III Dated 03.05.2012 Guidelines for checking delay in grant of sanction

Government has released the Guidelines for checking delay in grant of sanction for prosecution directing all Ministries/Departments shall henceforth ensure Strict compliance with the above procedure and timelines for sanctioning prosecution of public servants.

• RESERVE BANK OF INDIA

A.P. DIR (Series)

Circular No.119 Dated 07.05.2012 External Commercial Borrowings (ECB) Policy - Utilization of ECB proceeds for Rupee expenditure

RBI has decided that at the time of availing Loan Registration Number (LRN) from the Reserve Bank, borrowers should provide bifurcation of the utilization of the ECB proceeds towards foreign currency and Rupee expenditure in Form-83. As per the extant guidelines, ECB proceeds can be utilized for permissible foreign currency expenditure and Rupee expenditure.

Circular No.118 Dated 07.05.2012 Release of Foreign Exchange for Miscellaneous Remittances

With a view to further liberalizing the documentation requirements, the limit for foreign exchange remittance for miscellaneous purposes without documentation formalities, has been raised from USD 5000 to USD 25000 with immediate effect.

Circular No.117 Dated 07.05.2012 Transfer of Funds from Non-Resident Ordinary (NRO) account to Non- Resident External (NRE) Account

RBI has decided that henceforth NRI as defined in Foreign Exchange Management (Deposit) Regulations, 2000 contained in Notification No. FEMA.5/2000-RB dated 3rd May 2000, shall be eligible to transfer funds from NRO account to NRE account within the overall ceiling of USD one million per financial year subject to payment of tax, as applicable. Such credit of funds to NRE account shall be treated as eligible credit in terms of paragraph 3(j) of Schedule-1 of Notification No. FEMA.5/2000-RB dated 3rd May 2000.

DBOD

Circular No. DBOD.No.BP.BC-103/21.04.177/2011-12 Dated 07.05.2012 Revisions to the Guidelines on Securitisation Transactions

With a view to developing an orderly and healthy securitisation market and ensuring greater alignment of the interests of the originators and the investors, RBI has released the guidelines on securitisation transactions containing stipulations regarding transfer of standard assets through direct assignment of cash flows.

Press Release No. 2011-2012/1757 Dated 04.05.2012 RBI takes measures to ease foreign currency flows

On a review of developments in the global financial markets and current macro-economic conditions, the Reserve Bank has raised the interest rate ceiling on Foreign Currency Non-Resident [FCNR (B)] deposits of banks from 125 basis points (bps) above the corresponding LIBOR/Swap rates to 200 bps for maturity period of 1 year to less than 3 years, and to 300 bps for maturity period of 3 to 5 years. Further, ceiling rate on export credit in foreign currency which was constraining the availability of credit to exporters in foreign currency has been deregulated by allowing banks to freely determine their interest rates on such credit.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 84/2012 Dated 30.04.2012 TRAI issues Tariff Order and Interconnection Regulations for Digital Addressable Cable TV Systems

TRAI has released the Tariff Order and Interconnection Regulations for the Digital Addressable Cable TV Systems. While the Tariff Order has been issued as an amendment to the existing Tariff Order for addressable systems, dated 21st July 2010, the Interconnection Regulation is comprehensive one for the Digital Addressable Cable TV Systems.

Press Release No. 83/2012 Dated 30.04.2012 TRAI launches Telecom Consumers Complaint Monitoring System (TCCMS)

TRAI has launched the Telecom Consumers Complaint Monitoring System (TCCMS) portal to facilitate the telecom consumers in locating the "Consumer Care Number", "General Information Number" and contact details of the complaint centre and Appellate Authority of their service provider. The portal will also help TRAI in monitoring the status of redressal of complaints lodged by the consumers with the service providers.