Circular No. 164/15/2012-ST Clarification has been sought in respect of levy of service tax on certain vocational education/training/ skill development courses (VEC) offered by the Government (Central Government or State Government) or local authority themselves or by an entity independently established by the Government under the law, as a society or any other similar body.
It is decided to allow partial fungibility of IDRs (i.e. redemption/conversion of IDRs into underlying equity shares) in a financial year to the extent of 25 % of the IDRs originally issued. Suitable instructions for modifying the existing legal framework governing IDRs, in order to implement the decision to allow redemption of IDRs into underlying equity shares and re-conversion of equity shares of a foreign issuer (which has already listed their IDRs) into IDRs, will be issued separately.
It has now been decided to allow a limited two way fungibility for IDRs (similar to the limited two way fungibility facility available for ADRs/GDRs) subject to the following terms and conditions:
With a view to achieve wider financial inclusion, encourage holding of demat accounts and to reduce the cost of maintaining securities in demat accounts for retail individual investors, it has been decided that all depository participants (DPs) shall make available a Basic Services Demat Account (BSDA) with limited services and reduced costs.
Considering the present role of sub-broker where he is not permitted to deal with funds and securities of the investors, in consultation with the major stock exchanges and stock brokers’ associations, it has been decided to rationalize the procedure for surrender of sub-broker registration, as follows
It has been decided with the approval of Competent Authority that a variation of (-) 5% in weight against Registration Certificates issued for export of sugar shall be allowed. Thus, a variation of (-) 5% in weight in exports of sugar against registered contracts shall not be treated as default for the purpose of imposition of penalty or debarment from future registrations.
Easing of business environment mandates extensive examination of regulations in different areas of root functioning such as financial reforms, governance reforms, liberalized policy framework, process reforms, etc.,. Thus there is a need to conduct an in-depth study into the entire gamut of regulatory framework and come out with a detailed road-map for improving the climate of business in India in a time bound manner. Such an exercise needs to be undertaken for periodical improvement in the ranking, leading to a situation where India gradually moves towards upward position with almost zero hassles.
Vide notification no.F.7/433/Policy-Ii/VAT/2012/472-483 dated 16.08.2012, the Department of Trade and Taxes has notified form Stock-1 and has made it mandatory for all dealers to submit online, Tax Rate Wise details of stock held on 3pt day of March every year in form Stock-1. This information is to be filed latest by the so” day of June ‘every year. However, the information relating to stock held as on 31st day of March 2012, is required to be submitted online up to 31stday of October, 2012.
Companies based in Sikkim and the Andaman and Nicobar islands can now file offer documents for public issues of up to 500 crore rupees with SEBI’s Eastern Regional office in Kolkata, the market regulator said on Wednesday. This comes into effect for all draft offer documents for issues which are filed with SEBI on or after 27 August 2012. For offer sizes higher than 500 crore rupees, the documents need to be filed at SEBI’s main office in Mumbai.
A person who is a citizen of Pakistan or an entity incorporated in Pakistan may, with the prior approval of the Foreign Investment Promotion Board of the Government of India, purchase shares and convertible debentures of an Indian company under Foreign Direct Investment Scheme, subject to the terms and conditions specified in Schedule 1 of the Notification, ibid, provided further that notwithstanding anything contained in Schedule I of the Notification, ibid, the Indian company, receiving such foreign direct investment, is not engaged or shall not engage in sectors / activities pertaining to defence,spaceandatomicenergyand sectors/ activities prohibited for foreign investment.
