In order to simplify the procedures and cut timelines, the Ministry has decided to notify section 8 of the Companies (Second Amendment) Act, 2002 (1) of 2003 thereby the work relating to confirmation of shifting of registered office from one state to another state and consequent alteration to Memorandum of Association of the company under section 17 of the Companies Act, 1956 shall be shifted from the jurisdiction of Company Law Board to the Central Government.
General Circular No. 49 /2011, In order to give ease to the corporate world to carry business in India, the Ministry of Corporate Affairs has been simplifying the procedures under the Companies Act, 1956. As another step in this direction, the Ministry is modifying the incorporation procedures to enable promoters to get their companies incorporated online within 24 hours.
The Name Availability Guidelines, 2011 and revised e-form 1A shall be implemented with effect from 24th July, 2011. A fee of Rs. 1,000/- shall be charged w.e.f. 24th July, 2011 for making an application for availability of name in revised e-form 1A as provided under Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2011 dated 14.07.2011.
In order to facilitate greater use of Indian Rupee in trade transactions, as announced in the Monetary Policy Statement for the year 2011-12 (para 85), it has been decided to allow non-resident importers and exporters to hedge their currency risk in respect of exports from and imports to India, invoiced in Indian Rupees, with AD Category I banks in India, as per details given in the Annex.
Circular No.30/2011-Customs Your kind attention is invited to the Circular No.11/2011-Customs, dated 24.02.2011, regarding procedure on refund of 4% CVD (SAD). The above Circular provides the facility of manual filing of Bill of Entry for utilizing the amount of re-credited 4% CVD refunds (SAD) for payment of duty in case of re-credited DEPB/ Reward Scheme scrips upto 30.06.2011.
Circular No. 949/10/2011-CX I am directed to refer to Board’s Circular No. 581/18/2001-CX dated 29th June, 2001 which, inter-alia, specifies conditions, procedures, class of exporters and places under sub-rule (2) of rule 20 of Central Excise Rules, 2002 for warehousing of excisable goods for the purpose of export. In paragraph 2(2) of the said Circular, the Board has specified places where warehouses may be established to store excisable goods for export. The Board has received representations from the trade to include Tijara Tehsil of Alwar District in the state of Rajasthan in the list of places mentioned in the said Circular.
CIRCULAR NO. 4/2011 References have been received by the Board regarding issuance of guidelines for granting of prior permission u/s 281 of the IT Act, 1961 to transfer or create a charge on the assets of the assessee. The Board has considered the matter and in order to have uniformity on the issue, it has been decided that:1. The taxpayers should apply in the prescribed form annexed hereto titled Application u/s 281 of the IT Act, 1961 which would be available on the departmental website, as well as with the Assessing Officers.
CIRCULAR NO. 144/13/2011-ST Dated: July 18, 2011 Representations requesting clarification on ‘completion of service’ as provided under the Point of Taxation Rules, 2011 and Service Tax Rules, 1994 have been received from certain sections of service providers that in many situations it is not possible to issue invoices within 14 days of the completion of the service since the exact date of completion of service is difficult to identify. Instances have been given where after the task of providing the service may be physically accomplished, but certain other formalities are required to be completed from the client’s end before an invoice can be issued.
Circular No. 29/2011-Customs Board clarifies that Commissioner of Customs, subject to his satisfaction, should not insist for residential accommodation for staff from CCSP in cases where concerned facility of CCSP is located in the city area. The underlying idea is to provide for residential facilities for staff deployment at Customs facilities located in far flung and remote areas where it is difficult to have appropriate residential facility and which can not be easily commuted by the officers.
CIR/MRD/DP/ 10 /2011 , Dated – July 18, 2011It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories. 2. The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to the following:
