The requirement of obtaining registration from AMFI after obtaining certification, as per the Circular dated November 28, 2002, would continue.
It may kindly be recalled that as part of the proposals contained in the Budget for 2010-11, Finance Minister had announced the imposition of Clean Energy Cess as a duty of excise on coal, lignite and peat. This cess is to come into force on a date to be notified by the Central Government after the enactment of the Finance Bill, 2010.
It has been represented to the Board that certain units are undertaking the process of pickling and oiling in addition to process of de-coiling, cutting and slitting and whereas by circular No 811/08/2005-CX dated 02.03.2005 it has been clarified that processes of de-coiling, cutting and slitting do not amount to manufacture.
The rules have been amended to make the time limits prescribed for making various applications/claims of drawback under the Rules more exporter friendly, to liberalize granting of extensions in case of delays and to delegate greater powers in that regard to the field officers at the level of the Assistant/Deputy Commissioner of Customs. These are trade facilitation measures. The notifications are available on CBEC website and may be perused for details. The important changes that have been made in the Rules are as discussed below.
All the registered dealers are expected to file the returns under the Maharashtra Value Added Tax Act, 2002 (MVAT Act) and Central Sales Tax Act, 1956 as per the applicable periodicity, based on the tax liability or refund entitlement for the previous year. The principles regarding the periodicity have been explained in the trade Circular No 26T of 2009 dated 1st October 2009. For the ease and convenience of the dealers, the periodicity has been generated through the automated system and displayed on the department’s web site for the year 2010-11 also.
The Reserve Bank of India, having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of its powers conferred under sections 45K, 45L and 45W of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, hereby gives to the agencies dealing in securities and money market instruments, the following directions for issuance of Non-Convertible Debentures (NCDs) of original or initial maturity up to one year.
Of late, certain serious concerns have been expressed in different quarters and by the Debt Recovery Tribunals over the manner compromise settlements have been effected by banks. One of the DRTs had also observed that banks adopted different parameters to different borrowers, and agreed for a lesser amount as against claimed amount, despite availability of ample securities and by ignoring RBI guidelines.
The issue of the additional duty of Customs (CVD) on import of readymade garments on the basis of the Maximum Retail Price (M.R.P.) / Retail Sale Price (R.S.P.) has been under the consideration of the Board for quite some time. Representations have been received from the trade and industry as well as the field formations seeking a clarification in the matter.
This circular is issued in exercise of powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to protect the interests of Investors in securities and to promote the development of and to regulate the securities market.
CBN Circular No. 1 1. Service Providers are made application users of CBN Application Software. Service Providers will access CBN database of Income Tax Department through Personal Computer (PC) installed in their premises and connected to Bharti network. 2. Service Providers will connect CBN Application as application users by running appropriate link in Internet Explorer.
