CIRCULAR [NO. 12/2/2011-FOI], DATED 5-5-2011 It has been realised that while this stipulation would remain to be a guiding factor to operate E-visa regime in general, units bringing large amount of FDI in SEZs could be granted exemption from this stipulation for a few of their foreign employees who are specialists in their respective fields. Department of Commerce would like to send a proposal to this effect in consultation with industries particularly with SEZ for Ministry of Home Affair’s consideration.
CIRCULAR CIR/CFD/DIL/3/2011 a. SEBI has vide its circular dated June 3, 2011 issued in consultation with RBI provides restrictions on redemption of Indian Depository Receipts (IDRs) to their corresponding underlying equity shares. The SEBI Circular restricts the ability of IDR holders to freely redeem their IDRs into the underlying equity shares even after the expiry of the statutory lock-in period of one year.
It is clarified that ‘Declaration of Intent’ needs to be mentioned mandatorily on the free shipping bills for claiming Chapter 3 benefits . This declaration can be made in the product description column in the free shipping bills where sufficient space is available for this purpose. Instances have also been reported where free shipping bills bear only the name of the Chapter 3 scheme like FPS,FMS etc or the intention to claim Chapter 3 benefit has been mentioned manually on the shipping bills duly attested by customs. In such cases RA’s will accept these shipping bills for grant of Chapter 3 benefits.
CIRCULAR No. . CIR/MIRSD/2/2011 – Requirement of members of the stock exchanges and sub-brokers to obtain prior approval from SEBI for change in status or constitution has been done away with. However, the members of the stock exchanges would be required to take prior approval from SEBI for change in control.
CIRCULAR No. -CIR/OIAE/2/2011 All complaints pertaining to companies will be electronically sent through SCORES at http://scores.gov.in/Admin. The companies are required to view the complaints pending against them and submit ATRs alongwith supporting documents electronically in SCORES. Failure on the part of the company to update the ATR in SCORES will be treated as non redressal of investor complaints by the company. Submission of physical ATR will not be accepted for complaints lodged in SCORES. For complaints forwarded to companies on or before 20/05/2011, physical ATRs should be submitted.
MCA has issued criteria for qualification as Public Financial Institution. It should be a company or corporation established under Special Act or formed under the Companies Act 1956; It should be engaged in industrial / infrastructural financing; It should be in existence for at least 3 years and at least 50% of its income should be from financing activities; Its net worth should be at least Rs. 1,000 crores; The Company should be registered with Reserve Bank of India as Infrastructure Financing Company or as Housing Financing Company with National Housing Board ; These conditions shall not apply to Central or State PSUs.
Stock exchange regulator said late on Thursday it has decided to permit stock exchanges to introduce one or more liquidity enhancement schemes (LES) in the equity derivatives segments. The scheme can be introduced for securities where the average trading volume for the last 60 trading days on the stock exchange is less than 0.1 percent of the market capitalisation of company concerned, the Securities and Exchange Board of India said in a statement. CIRCULAR No. CIR/DNPD/5/2011
UBD.BPD.(PCB)CIR No. 50/13.05.000(B)/2010-11 As announced in the Monetary Policy 2011-12 [para 100 – appended], with a view to further expanding the outreach of UCBs and opening an additional channel for promoting financial inclusion, it has been decided to allow UCBs to lend to Self Help Groups (SHGs) and Joint Liability Groups (JLGs). UCBs may with the approval of their Board frame a policy in this regard based on the guidelines given in the Annex, before undertaking such activity.
In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, it has been decided that no request, whether oral, in writing or through e-forms, for recording any event based information / changes shall be accepted by the Registrar of Companies from such defaulting companies, unless they file their updated Balance Sheet and Profit & Loss Accounts and Annual Return with the Registrar of Companies.
Circular No. 946/07/2011-CX In the context of revision of the delegated powers to write off irrecoverable tax arrears, most of the Chief Commissioners did not recommend any enhancement of the existing monetary limits prescribed vide Board’s Circular dated 21.9.1990. On the other hand, the Chief Commissioners suggested adoption of a Committee system for deciding cases of write off of arrears as followed by the CBDT. It is seen that CBDT, while revising the delegated powers to write off arrears, has prescribed constitution of Committees at different levels for taking a decision to write off arrears in deserving cases.
