The recent global slowdown has adversely impacted the Indian economy in general and more specifically the Micro and Small Enterprises (MSEs). The MSEs suffer the most in such situations especially from discontinuity of business, which they normally are not in a position to bear and become sick immediately.

Notification No.97/2012-Customs (N.T.), Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 2nd November, 2012 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

Notification No.96/2012 – Customs (N. T.) New Delhi, 31th, October, 2012             S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes [...]

As announced in the Second Quarter Review of the Monetary Policy Statement 2012-13 (para 77) and in exercise of powers conferred on Reserve Bank under the Repo in Corporate Debt Securities (Reserve Bank) Directions 2010, it has now been decided to permit scheduled Urban Cooperative Banks to undertake ready forward contracts in corporate debt securities subject to adherence to conditions prescribed by Urban Banks Department, Central Office, Reserve Bank of India, from time-to-time.

NOTIFICATION NO. 45/2012 It is hereby notified for general information that the organization National Institute of Ocean Technology, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 [said Act], read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2011-12 onwards in the category of “Scientific Research Association”, engaged in research in science subject to the following conditions, namely:-

NOTIFICATION NO 44/2012 In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section 54B sub-section (2) of section 54D sub-section (4) of section 54F sub-section (2) of section 54G and sub-section (2) of section 54GB of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme to amend the Capital Gains Account Scheme, 1988, namely:-

Instances have come to notice of the Board that clearance of some containers were allowed without filing of Bill of Entry and payment of Customs duty by using forged signatures of Customs officials on manual Out of Charge orders (gate passes) leading to substantial loss of revenue to the Government exchequer. These cases highlight the high propensity to commit fraud and duty evasion.

1. (1) These Regulations may be called the Companies (Amendment) Regulations, 2012. (2) They shall come into force with effect from the 15th October, 2012. 2. In the Companies Regulations, 1956, in regulation 2, in clause (d)- (i) for serial number (v) and the entries relating thereto, the following serial number and entries shall be substituted namely:-

IRDA (REGISTRATION OF INDIAN INSURANCE COMPANIES)(THIRD AMENDMENT) REGULATIONS, 2012 – AMENDMENT IN REGULATION 2 NOTIFICATION F.NO.IRDA/Reg/2/58/2012, DATED 16-10-2012 In exercise of the powers conferred by sections 114A of the Insurance Act, 1938 (4 of 1938) read with section 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation [...]

In continuation of the Ministry’s General Circular No. 16/2012 dated 06.07.2012, on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL ‘mode without any additional fee/ penalty has been extended up to 15th December,2012 or within 30 days from the date of Annual General Meeting of the company whichever is later. General Circular No. 34/2012, Dated 25.10.2012