These representations have been examined. Subsequent to CBEC Circular No. 109/03/2009 dated 23.02.2009, temporary transfer or permitting the use or enjoyment of, any copyright defined in the Copyright Act, 1957 (14 of 1957), except the rights covered under sub-clause (a) of clause (1) of section 13 of the said Act were made taxable w.e.f. 01.07.2010 under the sub-clause (zzzzt) of Sec 65(105) by the Finance Act of 2010. Also, for the words ‘operational assistance for marketing’, the words ‘operational or administrative assistance in any manner’ were substituted in the clause (104c) of Sec 64 of the Act by the Finance Act, 2011, w.e.f. 01.05.2011.
CIRCULAR NO. 6/2011, DATED 24-8-2011 Section 200A of The Income-Tax Act, 1961 – Deduction Of Tax At Source – Processing Of Statement Of Tax Deducted At Source – Procedure For Regulating Refund Of Excess Amount Of TDS Deducted And/or Paid – Modification Of Circular No. 2/2011, Dated 27-4-2011
CIRCULAR NO. CIR/MIRSD/17/2011, Henceforth all complaints to SEBI shall be forwarded electronically through SCORES only. You are hereby directed to view the pending complaints at http://scores.gov.in/admin and submit the ATR along with supporting documents electronically in SCORES. Please note that updation of action taken would not be possible with physical ATRs. Hence, submission of physical ATR will not be accepted for complaints lodged in SCORES.
Circular No.38/2011-Customs Representations have been received in the Board to grant reasonable opportunities to persons qualified under Regulation 9 of the erstwhile CHALR, 1984 but not granted CHA Licence at par with that currently available to applicants for passing examination under CHALR, 2004. The matter has been examined in the Board. In this regard, it is felt that the intention of allowing these applicants to appear in the examination for additional subjects such as (a) The Patents Act, 1970 and Copyright Act; 1957 (b) Central Excise Act, 1944 (c) Export promotion schemes, (d) Procedure on appeal and revision petition, (e) Prevention of Corruption Act, 1988, (f) Online filing of electronic Customs declarations, (g) Narcotic Drugs and Psychotropic Substances Act, 1985 and (h) Foreign Exchange Management Act, 1999 was to ensure that they have working knowledge in these subjects as prescribed under CHALR, 2004. However, restriction on providing one time opportunity to qualify the examination for additional subjects for grant of CHA licence does not appear to be justified and needs re-consideration.
Circular No.37/2011-Customs, In view of growing concern amongst Customs administrations about the threat posed through misuse of channels of import and export, there is a need to ensure security in global supply chain in international movement of goods. Keeping this in view, CBEC has finalized the ‘Authorized Economic Operators’ (AEO) programme for implementation to secure supply chain of imported and export goods.
CIR/MIRSD/16/2011 With a view to simplify and rationalize the account opening process, we have reviewed, consolidated and updated all the documents/requirements prescribed in respect of account opening process over the years, in consultation with major stock exchanges and market participants. The simplification includes replacement of all client-broker agreements with the ‘Rights and Obligations’ document, which shall be mandatory and binding on the existing and new stock brokers (including trading members) and clients. Accordingly, SEBI (Stock Broker and Sub-Broker) Regulations, 1992 have been amended suitably vide notification No. LADNRO/GN/201 1-12/19/26273 dated August 17, 2011.
. It has been represented to SEBI that distributors incur expenditure on traveling and incidentals for reaching investors and procuring business for Mutual Funds. Distributors are also required to set up appropriate infrastructure for servicing investors as well as incur certain expenses while marketing the units of Mutual Funds. In order to enable people with small saving potential and to increase reach of Mutual Fund products in urban areas and smaller towns, it has been decided that a transaction charge per subscription of Rs. 10,000/- and above be allowed to be paid to the distributors of the Mutual Fund products from the date of this circular. However, there shall be no transaction charges on direct investments. The transaction charge shall be subject to the following:
CIRCULAR NO. 145/14/2011-ST It is well known that in our country, Chambers of Commerce, Export Promotion Councils (EPC), some Trade Associations have been authorised by the Government to issue COOC to the exporters. General practice followed is that the exporter makes an application to the Chamber or any authorised agency for issuance of COOC, in the prescribed form, along with a copy of commercial invoice and other documents and pays the prescribed fees. On the basis and verification of the information provided in the application for COOC and the supporting documents with reference to the goods sought to be exported, the Chamber or the authorised agency issues a COOC.
IRDA (Protection of Policyholders’ Interests) Regulations, 2002 – Point of sale issues, free look provision, time-limits for underwriting and servicing matters including claims etc.
Guidelines on NAV Process -Note: In supersession of earlier provisions issued vide Circular No. 24/IRDA/ACTL/2009-10, Dt. 5th Aug, 2009 with respect to calculation of NAV, the NAV shall, henceforth, be computed without appropriation/expropriation price as required under the said Circular under Unit Pricing Methodology. The same shall be applicable for all existing policies effective from the date immediately following the date of issue of this Circular.
