it has been decided to allow Indian companies to avail of ECBs for repayment of Rupee loan(s) availed of from the domestic banking system and / or for fresh Rupee capital expenditure, under the approval route, subject to them satisfying the following conditions:- Only companies in the manufacturing and infrastructure sector will be eligible to avail of such ECBs; Such companies shall be a consistent foreign exchange earner during the past three financial years; Such companies are not in the default list/caution list of the Reserve Bank of India; and Such ECBs shall only be utilized for repayment of the Rupee loan(s) availed of for ‘capital expenditure’ incurred earlier and are still outstanding in the books of the domestic banking system and / or for fresh Rupee capital expenditure.
SEBI vide circular no CIR/MRD/DMS/12/2012 dated April 13, 2012 had issued broad guidelines for Business Continuity Plan and Disaster Recovery for Stock Exchanges and Depositories. 2. In this regard, Stock Exchanges and Depositories have sought guidance and clarifications regarding some of the provisions of the circular.
No Input Tax Credit claim shall be allowed unless the corresponding tax is paid by the selling dealer into the Government treasury. In the case of mismatch in the sales and purchases in electronic matching of annexure Jl and J2 of form 704, then to the extent of unmatched amount of tax, the ITC of the claimant dealer shall be denied.ITC claim shall not be allowed if the purchases are effected from hawala dealer and even though such hawala dealer has paid the taxes partially or fully as these are not genuine transactions.
Imposing fees on certain e-forms filed with ROC, RD or MCA (HQ) under MCA-21 where at present no fee is prescribed – General Circular No. 14/2012, dated 21-6-2012 – The Ministry of Corporate Affairs has decided that fees shall be applicable on the following forms at the rates indicated in the table below:-
Attention of the Authorised Dealer (AD) Category – I banks is invited to A. P. (DIR Series) Circular No.45 dated March 15, 2011 wherein, it was, inter-alia, stipulated that the annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year, to the Director, External Liabilities and Assets Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, C-8, 3rd floor, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051, by July 15 of every year.
Circular No. 4 of 2012 The Board has been apprised that in certain cases the assessees have disputed the figures of arrear demands shown as outstanding against them in the records of the Assessing Officer. The Assessing Officers have expressed their inability to correct/reconcile such disputed arrear demand on the ground that the period of limitation of four years as provided under sub-section (7) of section 154 of the Act has expired.
Circular No. 159/10/2012-ST A doubt has been raised whether service tax is leviable on the audit fees collected by the CAG for conducting directly, audit of corporations. Reportedly some field formations are inclined to take a view that such ‘audit fee’ collected by the CAG is leviable to service tax under the authority of the inclusive portion of the definition of practicing chartered accountant read with the relevant definition of the taxable service [Section 65(83) read with section 65(105)(s) of Finance Act, 1994].
Uploading of BRC data by banks can be done at any time and it should be electronically transmitted on a daily basis. Electronic issuance of BRC has started with effect from 05.06.2012. Physical submission of BRC would continue concurrently for one month from 05.06.2012. BRCs which have been issued manually after 01.04.2012 shall be converted in the digital (XML) format by the banks and uploaded on DGFT server.
The complaints received by SEBI against SEs and Depositories shall be electronically sent through SCORES. You are advised to view the pending complaints at http://scores.gov.in/admin and submit the Action Taken Report (ATR) along with supporting documents electronically in SCORES. Please note that updation of action taken shall not be possible with physical ATRs. Hence, submission of physical ATR shall not be accepted for complaints lodged in SCORES.
‘Orphan life insurance policies’for the purpose of these Guidelines, means the policies initially effected by an individual insurance agent whose services were subsequently terminated or removed or deleted from the rolls of the insurer excluding those policies to which the effecting agent is entitled to renewal commission under provisions of Section 44 of the Insurance Act. The policies that are considered eligible under section 40(2A) of Insurance Act also do not fall under the purview of this definition.
