A. P. (DIR Series) Circular No. 57 Shares of an Indian company held by the non-resident investor can be pledged in favour of an Indian bank in India to secure the credit facilities being extended to the resident investee company for bonafide business purposes subject to the following conditions : in case of invocation of pledge, transfer of shares should be in accordance with the FDI policy in vogue at the time of creation of pledge; submission of a declaration/ annual certificate from the statutory auditor of the investee company that the loan proceeds will be / have been utilized for the declared purpose; the Indian company has to follow the relevant SEBI disclosure norms;
It has been decided that non-retail investors i.e. Qualified Institutional Buyers and Non-Institutional Investors, making application in public/ rights issue shall mandatorily make use of ASBA facility. In this regard, disclosures shall be made in the offer document such as in issue procedure section as part of payment instructions. CIR/CFD/DIL/1/2011 , Dated- April 29, 2011
Circular No. 943/04/2011-CX Can credit of capital goods be availed of when used in manufacture of dutiable goods on which benefit under Notification 1/2011- CE is availed or in provision of a service whose part of value is exempted on the condition that no credit of inputs and input services is taken? Is the credit of only specified goods and services listed in the definition of inputs and input services not allowed such as goods used in a club, outdoor catering etc, or is the list only illustrative?
A.P. (DIR Series) Circular No. 54 It has now been decided to allow custodian banks to issue Irrevocable Payment Commitments (IPCs) in favour of the Stock Exchanges / Clearing Corporations of the Stock Exchanges, on behalf of their FII clients for purchase of shares under the PIS. Issue of IPCs should be in accordance with the Reserve Bank regulations on banks’ exposure to the capital market issued by the Reserve Bank from time to time. Further, AD Category – I banks may also comply with the instructions issued by our Department of Banking Operations and Development (DBOD) vide circular no. DBOD Dir. BC.46/13.03.00/2010-11 dated September 30, 2010.
A.P. (DIR Series) Circular No. 55 – It has been decided to enhance the FII investment limit in listed non-convertible debentures / bonds, with a residual maturity of five years and above, and issued by Indian companies in the infrastructure sector, where ‘infrastructure’ is defined in terms of the extant ECB guidelines, by an additional limit of USD 20 billion taking this limit from USD 5 billion to USD 25 billion (with this the total limit available to FIIs for investment in listed non convertible debentures / bonds would be USD 40 billion with a sub limit of USD 25 billion for investment in listed non-convertible debentures / bonds issued by corporates in the infrastructure sector). Further, such investment by FIIs in listed non-convertible debentures / bonds would have a minimum lock-in period of three years. However, FIIs are allowed to trade amongst themselves during the lock-in period. It has also been decided to allow SEBI registered FIIs to invest in unlisted non-convertible debentures / bonds issued by corporates in the infrastructure sector, provided that such investment is as per the aforementioned terms and conditions.
Presently, an AD category – I bank is required to obtain unconditional, irrevocable standby Letter of Credit (LC) or guarantee from an international bank, for an advance remittance exceeding US $ 1,00,000 or its equivalent, for imports of goods into India. With effect from 29 April 2011, RBI has enhanced the aforesaid limit to US $ 2,00,000.
CA has now permitted companies to send the Annual Report to the Shareholders through email subject to following conditions: The email address of the shareholder is registered with the Company; Company’s website has full text of the Annual Report and the same is easily accessible; Company has published a notice in local and English newspaper that the copies are put up on the website and are available for inspection; Physical copy would be sent to any member whose email address is not registered; Any member insisting for physical copy would be provided with the same free of cost.
That are in the nature of machine and equipments and are covered under Chapter 84 of ITC(HS), cannot be classified under Chapter 87 of ITC(HS). Therefore, Import Licensing Note No. 1 and 2 of Chapter 87 of ITC(HS) are not applicable to goods covered under Chapter 84 of ITC(HS).
CIR/MRD/DP/ 05 /2011 – It has been decided to modify the methodology of calculating the Annual Issuers charges. The annual issuer charges would be based on the average no. of folios (ISIN positions) during the previous financial year instead of the total number of folios (ISIN positions) as on 31st March of the previous financial year.
CIRCULAR NO. 2/2011-Income Tax The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax Act, 1961. References have been received by the Board
