In exercise of the powers conferred by section 74 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following rules further to amend the Re-export of Imported Goods (Drawback of Customs Duties) Rules, 1995, namely: –
Reserve Bank of India Foreign Exchange Department, vide circular No. RBI/2009-10/445 A.P. (DIR Series) Circular No. 49 dated May 04, 2010 has notified change in pricing guidelines of equity shares, compulsorily convertible preference shares and compulsorily convertible debentures (Equity instruments) to be issued / transferred to a resident outside India. The guidelines are applicable to an Indian Company in sectors other than financial sector.
Various queries have been raised by insurers on who can be termed as customer(s) for the purposes of AML guidelines. Keeping the objective of the PMLA and AML guidelines in view, it is hereby clarified that details of the person who funds/pays for an insurance contract, either as beneficial owner or otherwise become relevant and important. Stipulations under clause 3.1 of the AML guidelines will therefore have to be applied to such persons. The term customers also refer to the Proposer/policyholder; Beneficiaries and Assignee for the purposes of AML guidelines.
The Government of India (GOI) had released a draft Direct Taxes Code (DTC) along with a Discussion Paper in August 2009 for public comments. Since then, a number of inputs on the proposals outlined in these documents have been received from a large number of organizations and individuals. These inputs have been examined and major issues on which various stakeholders have given their views have been identified.
Government has been receiving requests for shifting of units from one SEZ to another SEZ due to various reasons. These requests were considered but could not be acted upon as there are no specific provisions under the SEZ Rules for these shifts and also there are no rule prohibiting the shifts, with the consolidation of SEZs,
Notification No. 47/2010 In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –
S.O. (E) In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy – 2009-2014, the Central Government hereby amends Schedule – 1 (Imports) of the ITC(HS) Classifications of Export and Import Items, as under:
This refers to HS Code No. 1701 00 00 in the Schedule-2 of ITC(HS) Classification of Export and Import Items, 2009-2014 under which M/s Indian Sugar Exim Corporation Limited, New Delhi is the designated agency for export of Sugar to EU under Preferential Quota.
The government plans to relax the contiguity norms for special economic zones, a move that will benefit developers of zones such as Navi Mumbai SEZ in Maharashtra and Iffco Kisan SEZ in Andhra Pradesh. The existing guidelines, which stipulate continuity within SEZs, would have forced developers to invest in building bridges and flyovers over railway lines or water bodies falling within such zones, even if they are located in the non-processing areas where there is no production activity.
Market regulator SEBI has asked the mutual fund (MF) houses to submit reports, pertaining to compliance with a recent rule that dividends be paid only from realised gains and not premium income, by June 17.
