Please refer to our circular No. UBD.BPD.AD.CIR.No. 4/13.01.000/2011-12 dated November 24, 2011 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close of business in India as on May 4, 2012, the interest rates on FCNR(B) Deposits will be as under:
Policy Circular No.64 (RE-2010) /2009-14 Director General (Systems) have accorded SEZ port codes to the following 58 SEZs which have been uploaded on DGFT’s website
Policy Circular No. 63 (RE-2010)/2009-14 (i) The application for issue of RC can be for an amount upto a maximum quantity of 25,000 MT (Twenty five thousand metric tons). Earlier this limit was 10,000 MT per RC. [Please refer Para 3 of Policy Circular No. 62(RE-2010)/2009-14 dated 14.05.2012].
Based on various queries received from Authorised Dealers, it is clarified that the conversion of the EEFC balances into rupee balances will only be applicable to available balances in the EEFC account which may be arrived at by netting off earmarked amounts on account of outstanding forward / option contracts booked before May 10, 2012.
On requests received from various Corporates & Professionals and difficulties experienced by the stakeholders in filing Form No.8 and Form No.10 (for modification of charges under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFESI), it has now been decided to accept filing of the followings Forms:-
It is clarified that the activity ‘leasing and finance’, which is one among the eighteen NBFC activities wherein FDI up to 100 per cent is permitted under the automatic route, subject to minimum capitalisation norms, covers only ‘financial leases’ and not ‘operating leases’, in so far as the NBFC sector is concerned.
SEBI (Merchant Bankers) Regulations, 1992 have been amended vide notification no. LAD-NRO/GN/201 1-12/40/7335 dated March 29, 2012, a copy of which is available on SEBI website www.sebi.gov.in. With the said amendment, merchant bankers are required to submit a periodic report in such manner as may be specified by the Board from time to time. Further, in terms of SEBI Circular No. MIRSD/DPS-2/MB/Cir-16/2008 dated May 06, 2008, merchant bankers are required to submit half-yearly report in electronic form.
Policy Circular No. 62 (RE-2010)/2009-14 As per Notification No. 117 (RE-2010)/2009-14 dated 14.05.2012 export of sugar has been made Free subject to registration of export contracts with DGFT for ITC(HS) Code 17010000. Procedure for registration of contracts is described below.
Insurers are aware that the Insurance Information Bureau (IIB) which acts as insurance data repository of the Authority has been engaged in collecting, collating and compiling inter alia motor insurance data which are useful to the stakeholders.
It has been decided by the Ministry of Corporate Affairs to mandate the cost auditors and the companies to file Cost Audit Reports (Form-I) and Compliance Reports (Form-A) for the year 2011-12 onwards (including the overdue reports relating to any previous year) by using the XBRL taxonomy. These reports, required to be filed in the XBRL format, would be based on the Taxonomy on XBRL being developed for the formats (Form-I & Form-A) given in the following Rules :
