Vide Sl.No.2(II)(e)(ii) of the Import Licensing Notes to Chapter-87 of the ITC(HS) Classification, import of new vehicles for R & D purpose by vehicle manufacturers is exempted from all conditions laid down under Sl.No.(2)(II) of the said Licensing Notes. It is, hereby, clarified that in addition to these exemptions, import of new vehicles for R & D purpose also do not require to fulfill the condition of Right Hand Steering and controls. The importer will ensure that these vehicles are kept off the road and not registered under the Central Motor Vehicle Rules(CMVR), 1989.
It has now been clarified by the Ministry of Finance, Government of India that the cap of US $1.75 billion will be applicable to FIIs investment in dated Government Securities and T-bills only, both under 100% debt route and general 70:30 route.
SEBI has received a number of representations from stock exchanges, stock brokers and sub brokers, requesting for extension of the above deadline on account of significant software changes required, system constraints and other administrative reasons.
Based on consultations with Drugs Controller General of India and the Narcotics Control Division of the Department of Revenue, it has been decided to exempt Government Opium and Alkaloid Works (GOAW) Neemuch & Ghazipur and the Chief Controller of Factories (CCF) from the requirement of registration under the Drugs and Cosmetics Act, 1940 for import of Narcotics Drugs and Psychotropic substances.
It is reiterated that STP is mandatory for all institutional trades. However some institutions who directly settle their trades with the brokers and do not use custodians in the settlement process have raised questions on the mandatory applicability of STP for their trades. It is clarified that an institutional trade for the purpose of STP shall mean a trade which is settled through a custodian.
This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
Attention is invited to Para 4 of Policy Circular No 36 dated 3rd June 2004 wherein the last date for making application for renewal of the Status Holder certificate was 31.10.2004. Representations have been received from trade & industry that the said date may be extended to enable the applicants to file the renewal applications. The matter has been deliberated upon in this office and it has been decided to extend the last date for submission of such applications for renewal for Status recognition till 30th November 2004.
The matter was deliberated upon and accordingly it is clarified that wherever import of penicillin and its salts( ITC(HS) Code 29411010) is allowed under advance licence scheme, export obligation period of such licences shall be restricted to 3 months from the date of clearance of import of first consignment. No further export obligation period extension shall be allowed for such advance licences. An endorsement in the advance licence shall be made by the licensing authority to this effect.
Individual debt investment limits earlier allocated for 100% FIIs/Sub-Accounts will be realigned based on the remaining available limit of US$ 1550 million out of the overall cap of US $1.75 billion and the revised limits will be advised to the 100% debt FIIs/Sub-Accounts separately.
The Stock Exchanges shall set up a separate monitoring cell with identified personnel to monitor the compliance with the provisions of the revised Clause 49 on corporate governance.
