The said guidelines shall be in addition to the provisions, if any, contained in respective regulations/ circulars issued by the Board from time to time regarding dealing with conflict of interest, in respect of such entities.
I am directed to invite your attention to notification No. 12/2012-Central Excise (S. Nos. 337&338), dated 17-03-2012, which provides exemption to machinery, instruments, apparatus and appliances etc. required for setting up of ultra-mega/ mega power projects.
SEBI vide circular SEBI/MRD/Policy/SE/15864/2003 dated August 21, 2003 advised stock exchanges to obtain an undertaking in the form of an affidavit from the members of the stock exchange stating that the members as well as their sub-brokers are using only authorized software.
During the audits conducted for the F.Y. 2008-09 various functional officers have given the feedback that in most of the cases, the buyers or sellers were able to reconcile sales and purchases when auditing officers had verified parameters in relation to cross-matching of annexure J2 with annexure J1.
The ceiling for FDI in ARCs has been increased from 49% to 74% subject to the condition that no sponsor may hold more than 50% of the shareholding in an ARC either by way of FDI or by routing through an FII. The foreign investment in ARCs would need to comply with the FDI policy in terms of entry route conditionality and sectoral caps.
Attention is invited to provisions of Handling of Cargo in Customs Area Regulations (HCCAR), 2009 which deals with the manner of receipt, storage, etc of import and export goods in a Customs Area.
Government of India and the Reserve Bank of India have been receiving several requests for clarifications on the operational aspects of the scheme of imports put in place in terms of the above circular. There have also been representations to change certain aspects of the scheme. Taking into account all these representations and in consultation with the Government of India, it has been decided to issue the following clarifications/modifications in supersession of all the earlier instructions:
On a review of the scheme, it has now been decided to reduce the existing limit of USD 200,000 per financial year to USD 75,000 per financial year (April – March) with immediate effect. Accordingly, AD Category – I banks may now allow remittance up to USD 75,000 per financial year, under the scheme, for any permitted current or capital account transaction or a combination of both.
As per circulars cited above, the norms for the spices are being fixed on the basis of Sample Analysis Report (SAR) furnished by the Spices Board of the samples drawn by the Customs. Norms in respect of applications under Para 4.7 of HBP are fixed by the Norms Committee solely on the basis of SARs being furnished by the Spices Board, Cochin. It has been felt that this procedure takes considerable time in ratification of norms leading to delays in redemption of licences.
At present, banks are required to include all Foreign Currency Non-Resident Bank [FCNR (B)] and Non-Resident (External) Rupee (NRE) deposit liabilities for computation of Net Demand and Time Liabilities (NDTL) and for maintenance of CRR and SLR.
