The matter has been examined. Underwriting service is taxable by virtue of section 65 (105) (z) of the Finance Act, 1994. In the definition of taxable service, two technical terms are mentioned, namely underwriting and underwriter. The term underwriting [section 65 (117) of the Finance Act, 1994] has the meaning assigned to it in clause (g) of rule 2 of the Securities and Exchange Board of India (Underwriters) Rules, 1993, which reads as follow
In consultation with the stock exchanges, it has been decided to streamline the arbitration mechanism available at stock exchanges for arbitration of disputes (claims, complaints, differences, etc.) arising between a client and a member (Stock Broker, Trading Member and Clearing Member) across various market segments.
In continuation to this Ministry’s earlier circular no. 2/2010 dated 26.05.2010 on the subject cited above, it has been decided that in the case of 100% Government companies, if no Board is in existence, an officer not below the rank of Deputy Secretary of the concerned administrative Ministry may be authorized to enter his name and other details in Form EES, 2010 and in Annexure A, B and C in place of name and other details of the directors and also to sign the said documents before filing.
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P. (DIR Series) Circular No. 44 dated March 29, 2010 in terms of which Indian companies were allowed to buyback their Foreign Currency Convertible Bonds (FCCBs) under the approval route, up to June 30, 2010, subject to the issuers complying with all the terms and conditions of buyback/ prepayment of FCCBs.
Attention of Authorised Dealer Category – I banks is invited to paragraph 5 (i) of A.P. (DIR Series) Circular No.24 dated December 30, 2009 wherein it was stipulated that the Annual Activity Certificates (AACs) as at the end of March 31, shall be submitted by the Branch Office / Liaison Office (BO/ LO), on or before April 30 every year, to the designated AD Category-I bank and a copy to the Directorate General of Income Tax (International Taxation), New Delhi.
Attention is invited to Notification No.13/2010-Customs dated 19.2.2010 granting exemption from customs duty on specified goods imported into India for the purpose of organizing the Commonwealth Games to be held in October, 2010 in New Delhi. In this regard, references have been received from field formations as well as the Organizing Committee Commonwealth Games, 2010 Delhi (OC, CWG) regarding difficulties faced in interpretation of notification and clearance of goods imported for the Games and requesting that a suitable clarification may be issued by the Board in this regard.
In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/37/2009, no single entity shall be allocated more than Rs.100 cr. of the government debt investment limit. ii. In partial amendment to clause 3 (c) and 3(d) of the aforesaid circular IMD/FII &C/ 37/2009, the minimum amount which can be bid for shall be Rs.50 cr. and the minimum tick size shall be Rs.50 cr.
“As you may be aware, the export and import of currency notes of Government of India and Reserve Bank of India of denominations of above Rs.100 is not allowed to and from Nepal and Bhutan in terms of Notification No. FEMA 6 / RB-2000 dated 3.5.2000 issued under Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 by the Reserve Bank of India.
Circular No. MRD/DP/23/2010, dated 5-8-2010- At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this purpose, the listed companies shall obtain a certificate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange/s. However, if an issuer-company does not have a separate RTA, it may obtain a certificate in this regard from a practicing company Secretary/Chartered Accountant and submit the same to the stock exchange/s.
The Consulate General of India in Hong Kong has brought to the notice of the Board that the divergent practices are being followed at different airports in India for allowing free allowance under the Baggage Rules, 1998, as amended, for the passengers coming from Hong Kong Special Administrative Region (SAR), P.R. China. At some airports, the passengers from Hong Kong are being given full free allowance of Rs.25,000/- while at some other airports, they are allowed only Rs.6,000/- as free allowance. It was, therefore, requested that the Board should issue suitable clarification in this regard.
