A person resident in India who proposes to transfer, by way of gift, to a person resident outside India any security including shares/convertible debentures is required to obtain prior approval of the Reserve Bank. However, the value of security to be transferred together with any security transferred by the transferor, as gift, to any person residing outside India which was not to exceed the rupee equivalent of USD 25,000 during a calendar year has been enhanced to USD 50,000 per financial year.
Non-Resident Indian (NRI), as defined in FEMA Notification No. 5, ibid, may be permitted to open NRE / FCNR(B) account with their resident close relative (relative as defined in Section 6 of the Companies Act, 1956) on ‘former or survivor’ basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder.
It has been decided that individuals resident in India may be permitted to include non-resident close relative(s) (relatives as defined in Section 6 of the Companies Act, 1956) as a joint holder(s) in their resident bank accounts on ‘former or survivor’ basis. However, such non- resident Indian close relatives shall not be eligible to operate the account during the life time of the resident account holder.
Circular No. 41/ 2011 – Customs, DGFT has issued three notifications on 9.9.2011 which modify the Export policy in respect of Non-Basmati Rice, Wheat and Onion with immediate effect. Notification No.71 (RE-2010)/2009-2014 dated 9.9.2011 makes Free the export of Non-Basmati Rice subject to it being made by private parties from privately held stocks and only through Customs EDI ports.
I am directed to invite your attention to the instructions contained in the Board’s letter F.No. 282/10/93-CX.9, dated 21.12.93, wherein, in supersession of earlier instructions, guidelines were issued for constitution of Regional Advisory Committee (RAC) for organized sector in each of the Central Excise Collectorate (since re-christened as Commissionerate). Attention is also invited to the Board’s instructions on the constitution of a separate RAC for small scale industries, issued vide letter F.No.282/34/73-CX-9, dated 22.12.75.
The Depositories shall: a) put in place a suitable mechanism to follow up with the DPs, wherever necessary; b) devise a system to levy penalty on DPs for any non-compliance with the requirements specified in para 3 above; c) update the status of the complaints in SCORES, at every stage, along with supporting documents; and d) ensure that the status of investor complaints disclosed on their websites is in conformity with the status updated in SCORES.
Circular No.40 / 2011 – Customs , – whenever any importer or exporter intimates to the proper officer in writing that he desires to pay voluntarily certain amount of duty of customs, at any time before finalization of the provisional assessment, the following may be drawn to his attention,
Policy Circular No. 40 (RE-2010)/2009-14, As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names and Port Codes of such Customs Ports where EDI facility would be available.
Circular No. 952/13/2011-CX Board has received several representations from Associations, Chambers of Commerce, Trade Bodies etc., about the divergent procedures followed by the field formations regarding examination and stuffing of export containers in the factory or warehouse under the supervision of Central Excise Officers.
In case of any request from these unitholders as detailed above for physical copies notwithstanding their registration of email addresses, AMCs shall provide the same without demur.
