Circular No. 160/11/2012-ST There has been some doubt regarding the applicability of provisions of the Finance Act, 2004 relating to education cess and the Finance Act, 2007 relating to secondary and higher education cess as the concerned Acts make reference to section 66 of the Finance Act, 1994, which shall cease to have effect from July 1, 2012. In this connection, as also in general, you may kindly refer to the sub-section (1) of section 8 of the General Clauses Act, 1897 which reads as under:
In continuation of MCA’s General Circular No. 8/2012 dated 10th May, 2012, it has been decided that filing of Cost Audit Reports and Compliance Reports with the Central Government in the XBRL mode shall be allowed after 31st July, 2012. The Institute is requested to circulate this for the information of all concerned.
In continuation of this office O.M. of even number dated L03.2011 the undersigned is directed to say that Chairman, SEBI or his nominee shall also be the member of the Committee with immediate effect to formulate a policy document on Corporate Governance.
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 :
