Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector, where “infrastructure” is as defined under the extant guidelines on External Commercial Borrowings (ECB), to import capital goods by availing of short term credit (including buyers’ / suppliers’ credit) in the nature of ‘bridge finance’, under the approval route, subject to the following conditions:-
As per extant guidelines, repayment of existing Rupee loans is not a permissible end-use for ECB. Considering the specific needs of the infrastructure sector, the existing ECB policy has been reviewed in consultation with the Government of India and it has been decided to allow Indian companies which are in the infrastructure sector,
Consequential amendments to be carried out in Clause 35 of the Listing Agreement, pursuant to SAST Regulations 2011 are given in Annexure – 1 to this circular. Stock Exchanges are advised to carry out the said amendments in their Listing Agreement and confirm compliance of the same in the next monthly development report.
Circular No. 43/2011-Customs The Board had informed vide said Circular dated 14.09.2011 that export of ONION is prohibited vide Notification No.73(RE-2010)/2009-2014 dated 09-09-2011. Now DGFT vide Notification No.75(RE-2010)/2009-2014 dated 20/09/2011 amended the said notification and lifted the ban on export of Onion with immediate effect. Export of Onions is now allowed subject to Minimum Export Price of $475.00 per MTS or as notified by DGFT from time to time. The field formation may take note of this change and strictly monitor the conditions of the said Notification.
Circular No. – 42 / 2011-Cus – As in previous years, the drawback rates have been determined on the basis of certain broad parameters including, inter alia, the prevailing prices of inputs, Standard Input Output Norms (SION), share of imports in the total consumption of inputs, FOB value of export goods and the applied rates of duty. The incidence of duty on HSD/Furnace Oil has been factored in the drawback calculations. The incidence of service tax paid on taxable services which are used as input services in the manufacturing or processing of export goods has also been factored. The Commissioners may ensure that the exporters do not avail of the refund of this tax through any other mechanism while claiming the All Industry Rates of duty drawback.
Circular No. 146/15/2011 – Service Tax – Audit of the accounts of M/s Bharat Sanchar Nigam Ltd, Tiruchirapalli – Issue of eligibility or otherwise of Notification No.03/1994 – ST dated 30.6.1994 in case of telephone services for local calls provided through Village Panchayat Telephones – regarding.
Reference has been received from the Chief Commissioner, Central Excise, Coimbatore, wherein, a clarification has been requested for uniformity in assessment as regards levy of service tax on telephone services rendered by M/s BSNL through Village Panchayat Telephone (VPT) with local call facility, after M/s BSNL have become a public sector unit
related to Compliance of the provisions of Companies Act, 1956 and Rules made thereunder effective from 25th September, 2011
Attention of all the Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to A.P.(DIR Series) Circular No.66 dated May 20, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies.
Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as amended from time to time. Non-compliance with the guidelines would attract penal provisions of the Acts concerned or Rules made there under.
