Cost Auditor to be furnished with the cost accounting records etc. – Without prejudice to the powers and duties the Cost Auditor shall have under sub-section (4) of section 233B of the Act, the company and every officer thereof, including the persons referred to in sub-section (6) of section 209 of the Act, shall make available to the cost auditor, such cost accounting records, cost statements, other books and documents, and Annexure to the Report, duly completed, as would be required for conducting the cost audit, and shall render necessary assistance to the cost auditor so as to enable him to complete the cost audit and submit his report within the time limit specified in rule 5.
CIRCULAR CIR/CFD/DIL/3/2011 a. SEBI has vide its circular dated June 3, 2011 issued in consultation with RBI provides restrictions on redemption of Indian Depository Receipts (IDRs) to their corresponding underlying equity shares. The SEBI Circular restricts the ability of IDR holders to freely redeem their IDRs into the underlying equity shares even after the expiry of the statutory lock-in period of one year.
It is clarified that ‘Declaration of Intent’ needs to be mentioned mandatorily on the free shipping bills for claiming Chapter 3 benefits . This declaration can be made in the product description column in the free shipping bills where sufficient space is available for this purpose. Instances have also been reported where free shipping bills bear only the name of the Chapter 3 scheme like FPS,FMS etc or the intention to claim Chapter 3 benefit has been mentioned manually on the shipping bills duly attested by customs. In such cases RA’s will accept these shipping bills for grant of Chapter 3 benefits.
Export of sugar is free subject to obtaining release order from the Chief Director(Sugar), Directorate of Sugar. But, the same is not required for export of Organic sugar with a ceiling of 10,000 MTs per annum and subject to certain conditions mentioned above.
In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, dated May 3, 2000 as amended from time to time, viz. : (a) in regulation 4 the word “Schedule” shall be amended to read as “Schedule-I, (b) in regulation 6 after sub-regulation (4) the following sub-regulation shall be added namely :—(4) An Authorized Dealer Category-I Banks in India may allow firms and companies who comply with the eligibility criteria stipulated in the Foreign Trade Policy of the Government of India, in force from time to time and the directions as may be issued by Reserve Bank of India, from time to time, to open, hold and maintain Diamond Dollar Accounts (DDAs) in India subject to the terms and conditions of the DDA Scheme specified in Schedule II.
Export of Organic Pulses was earlier exempted from the ban on export of pulses with a ceiling of 10,000 tonnes upto 31.03.2012 and subject to certain conditions. Now exemption on export of organic pulses and lentils will be per annum ; but with the ceiling of 10,000 MTs and subject to conditions mentioned above.
Prohibition on export of edible oils is upto 30.09.2011. But, the same will not apply to export of Organic edible oils (new addition now) in addition to other relaxations/exemption granted earlier; but with a ceiling of 10,000 MTs per annum and subject to certain conditions mentioned in para (3) above.
Till now Shipping Bills filed under Chapter 4 (including drawback), Chapter 5 or Chapter 6 schemes needed a ‘Declaration of Intent’ for claiming chapter 3 benefits. Now this ‘Declaration of Intent’ is required only on Free Shipping Bills for claiming Chapter 3 benefits.
A new EDI and user friendly format of ANF 3B has been introduced to facilitate easy filing of applications for grant of SFIS benefits. Earlier SFIS benefit was granted for services listed under Appendix 10 which has now been amended to Appendix 41 (vide Public Notice No.25 of 18th January 2011). Therefore applicants who have earned foreign exchange upto 31/12/2010 for the services listed in Appendix 10 and applicants who earn foreign exchange w.e.f. 1/1/2011 for services listed in Appendix 41, will file their applications for SFIS in this revised ANF 3B only.
CIRCULAR No. . CIR/MIRSD/2/2011 – Requirement of members of the stock exchanges and sub-brokers to obtain prior approval from SEBI for change in status or constitution has been done away with. However, the members of the stock exchanges would be required to take prior approval from SEBI for change in control.
