Circular No. 15 /2012 In order to have better understanding of the circular, it is clarified that the time limit of 60 days shall be read as 122 days for filing of Form 11 by LLPs in respect of the Financial Year ending on 31.03.2012. This circular shall be effective from 30.06.2012.
A.P. (DIR Series) Circular No. 138 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated March 29, 2012 with the Government of the Republic of Zambia, making available to the latter, a Line of Credit (LOC) of USD 50 million (USD Fifty million) for financing eligible goods, services, machinery and equipments including consultancy services for the purpose of pre-fabricated health posts in the Republic of Zambia.
The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India has been updating/notifying the FDI policy through issue of Consolidated FDI Policy Circular. Accordingly, Government has notified the latest FDI policy changes vide FDI Policy Circular 1 of 2012 dated April 10, 2012 and the same is available at Government website www.dipp.gov.in. In order to bring uniformity in the sectoral classification position for FDI as notified under the Consolidated FDI Policy Circular with the FEMA Regulation, the revised position on Annex A and Annex B of Schedule 1 to Notification No. FEMA 20/2000-RB dated 3rd May 2000, has been suitably revised and is enclosed.
The Reserve Bank of India (RBI), vide its circular dated June 25, 2012 has decided to enhance the existing limit for investment by SEBI registered Foreign Institutional Investors (FIIs) in Government debt by a further amount of USD 5 billion taking the overall limit for FII investment in Government debt from USD 15 billion to USD 20 billion.
On a review, it has been decided to rationalize the Form-83 submitted to the Reserve Bank for obtaining Loan Registration Number (LRN) to reflect the liberalization and rationalization measures that have been carried out over a period of time. Accordingly, borrowers desirous of obtaining Loan Registration Number (LRN) with effect from July 01, 2012 may submit Form-83 in the revised format (Annex I). An illustration of calculation of average maturity period is provided at Annex II for guidance.
Keeping in view the difficulties pointed out by the Members of Bar Associations CESTAT as also of the Departmental Representatives, the Hon’ble President has been pleased to partially modify the Circular dated 30/3/2012 to the extent indicated below:- It is directed that Appeals Stay and Misc. Applications received by hand in the Registry, if not under objection, shall be listed before the Respective Benches latest by the fourteenth day of the receipt of Appeals, Stay and Misc. Applications after issued notice to the Parties.
Government Securities -i) The limit of USD 15 billion for FII investment in Government securities stands enhanced with immediate effect by USD 5 billion to USD 20 billion. It has also been decided to rationalize the conditions governing the investments under this scheme by making the residual maturity of the instrument at the time of first purchase by FIIs and SEBI registered eligible non- resident investors in IDFs and foreign Central Banks to be at least three years for a sublimit of USD 10 billion. Accordingly, the existing and new sub limits and attendant conditions are summarized as follows :
it has been decided to allow Indian companies to avail of ECBs for repayment of Rupee loan(s) availed of from the domestic banking system and / or for fresh Rupee capital expenditure, under the approval route, subject to them satisfying the following conditions:- Only companies in the manufacturing and infrastructure sector will be eligible to avail of such ECBs; Such companies shall be a consistent foreign exchange earner during the past three financial years; Such companies are not in the default list/caution list of the Reserve Bank of India; and Such ECBs shall only be utilized for repayment of the Rupee loan(s) availed of for ‘capital expenditure’ incurred earlier and are still outstanding in the books of the domestic banking system and / or for fresh Rupee capital expenditure.
SEBI vide circular no CIR/MRD/DMS/12/2012 dated April 13, 2012 had issued broad guidelines for Business Continuity Plan and Disaster Recovery for Stock Exchanges and Depositories. 2. In this regard, Stock Exchanges and Depositories have sought guidance and clarifications regarding some of the provisions of the circular.
No Input Tax Credit claim shall be allowed unless the corresponding tax is paid by the selling dealer into the Government treasury. In the case of mismatch in the sales and purchases in electronic matching of annexure Jl and J2 of form 704, then to the extent of unmatched amount of tax, the ITC of the claimant dealer shall be denied.ITC claim shall not be allowed if the purchases are effected from hawala dealer and even though such hawala dealer has paid the taxes partially or fully as these are not genuine transactions.
