As you are aware, SEBI simplified the account opening process for investors vide Circular No. CIR/MIRAD/16/2011 dated August 22, 2011. Further, SEBI vide circular MIRSD/SE/Cir-21/201 1 dated October 05, 2011 issued guidelines for uniform KYC requirements for investors while opening accounts with any intermediary in the securities market.
Circular No. 53/2011-Cus, References have been received regarding divergent practices being followed by field formations regarding classification of Chlorinated Paraffins/Chloroparaffins. he matter has been examined by the Board. As regards classification of Chlorinated Paraffin Waxes (in solid form), the HSN Explanatory Note (B)(a) to Heading 27.12 of CTH clarifies that artificial waxes obtained by the chemical modification of lignite wax or other mineral waxes are classifiable under Heading 34.04. Also in the Budget, 2010, the specific sub heading 27122010 covering Chlorinated Paraffin Waxes has been deleted from the tariff. This item is therefore, classifiable under 340490 of Customs Tariff Act, 1975. Further, regarding classification of Chlorinated Paraffins / Chloroparaffins (in liquid form), the HSN Explanatory Notes (B) (9) under Heading 38.21 clarifies that Chloroparaffins in Liquid from are covered under the heading 3824.
As indicated in the Second Quarter Review of Monetary Policy in November 2010, a Sub-Committee of the Central Board of the Reserve Bank (Chairman: Shri Y. H. Malegam) was constituted to study issues and concerns in the MFI sector. The Committee submitted its report in January 2011. In the Monetary Policy Statement 2011-12, it was announced that the broad framework of regulations recommended by the Committee has been accepted by the Bank.
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 39 dated November 01, 2011, wherein the Rupee value of the special currency basket was indicated as Rs.69.09329 effective from September 20, 2011. AD Category-I banks are advised that a further revision has taken place on October 20, 2011 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.71.668914 with effect from October 25, 2011.
In partial modification of Para 1 of the Ministry’s Circular no. 57/2011 dated 28.07.2011, the last date for filing financial statements in XBRL mode without any additional fee due to delay by those Phase-I class of companies (excluding exempted class) whose Balance Sheet date for FY 2010-11 is on or after 31.03.2011, has been extended up to 31.12.2011 or within 60 days of their due date of filing, whichever is la
In connection with the recently issued circulars/notifications concerning cost accounting records and cost audit, following clarifications are issued: (a) That the companies covered under Companies (Cost Accounting Records) Rules, 2011 shall only file a simple compliance report as per the notified Form-B (copy enclosed) and no other details of cost records are required to be filed with the Government. If all the products/activities of a company, excluding the exempted categories, are covered under cost audit, then the company will not be required to separately file the compliance report.
That the Companies (Cost Accounting Records) Rules, 2011 are not applicable to: (i) Wholesale or retail trading activities. (ii) Banking, financial, leasing, investment, insurance, education, healthcare, tourism, travel, hospitality, recreation, transport services, business/professional consultancy, IT & IT enabled services, research & development, postal/courier services, etc. unless any of these have been specifically covered under any other Cost Accounting Records Rules.
Keeping in view the rapid technological developments in the Securities Markets should not overshadow the risks that these innovations pose to the efficiency and integrity of markets, SEBI vide circular no. MIRSD/DPS-III/ Cir-22 /2008 dated July 23, 2008, had mandated that exchanges shall conduct an annual system audit by a reputed independent auditor. Similar framework was also prescribed for depositories vide letter no. MIRSD/DPS-III/132833/2008 dated July 23, 2008.
Had stipulated incorporation of barcodes (1 D) encoding unique product identification code (GTIN), Batch Number, Expiry Date and Unique Serial Number on export consignments of pharmaceuticals and drugs with effect from 01.10.2011. It is clarified that the above barcoding requirement is applicable only in respect of finished pharmaceutical products i.e. medical formulations and not Bulk drugs/APIs/Intermediates.
IRDA/CAD/ GDL/AGN/016/ 02/2011, dated 11-2- 2011 regarding ‘Guidelines for Individual Agents for Persistency of Life Insurance Policies’. In partial modification to Clause III (e) of the said guidelines, it is clarified that the requirement of Insurers to endorse the record referred to in the said clause is now dispensed with. It may, however be noted that maintenance of records of policies sold and their persistency on a year to year basis needs to be complied by all agents and life insurers as stipulated. Circular no. IRDA/Life/CIR/AGN/257/11/2011, Date 25-11-2011
