Regarding clause 1.4, the approval from the compliance officer for carrying out a transaction of sale or purchase of a security by the access person shall be valid for one week to be in tandem with SEBI (Insider Trading) Regulations instead of the existing requirement of 10 calendar days.
These ad-hoc rates would be notified in the form of Public Notice and all the exporters utilising the ad-hoc DEPB rates would be required to furnish actual data of exports indicating Shipping Bills No., quantity and fob value of export actually made under DEPB within 4 months from the date of fixation of ad-hoc DEPB rates to enable this office to convert the ad-hoc the DEPB rates into permanent DEPB rates.
This office has come across cases wherein firms desirous of commencing production by availing of an EPCG licence have been unable to do so on account of non furnishing of Registration Cum Membership Certificate (RCMC) as a manufacturer exporter from the Export Promotion Councils. The Councils have been unable to issue such an RCMC on account of the unit not having commenced production and thus having only a provisional registration number (whether SSI or any other).
I am directed to say that a doubt has been raised regarding levy of service tax on storage of empty containers. The matter has been examined. It is clarified that the handling/storage and warehousing of empty containers would be covered within the scope of storage and warehousing services, as it is covered under the heading goods under section 65(87) of the Finance Act, 1994. The Service Tax would be levible on it
Change in name would not amount to change in status and constitution and hence no approval is required for the same. However, change in name must be intimated to SEBI within a week of the change in name along with the original certificate for record.
This circular is being issued in exercise of powers conferred by section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Advance Licences. In Civil Writ Petition No.808 of 2002 in the case of M/s. Narendra Udeshi V/s. Union of India, the Hon’ble High Court of Bombay vide its judgement dated 1st Oct., 2002 quashed and set-aside the ALC Circulars including Circular dated 3rd September, 2001 and Public Notice dated 20th May, 2002. The SLP filed before the Hon’ble Supreme Court against the judgement of the Bombay High Court has also been dismissed.
The Board, after considering the recommendations of the Committee and the public comments, has approved certain modifications to be incorporated in captioned Guidelines.
Attention is invited to ALC Circular Nos. 8/98-99 dated 20.2.99,1/2001-2002 dated 23.8.2001, 2/2001-02 dated 3.9.2001 and Public Notice No.13/2002-2007 dated 20.5.2002. Vide these Circulars and Public Notice, all Licensing Authorities were advised not to issue any duty free licence including DFRC, Advance Licence for deemed exports, Advance Intermediate Licence and Annual Advance Licence for import of natural rubber.
Subsequent to the above Notification, representations have been received from various Drug Manufacturers Associations requesting for exemption from registration requirements of the Drugs & Cosmetics Act for imports under the Advance Licensing Scheme. The requests have been considered and It has been decided that import of approved & unapproved drugs under the Advance Licensing Scheme will not be subjected to the Registration procedure and the imports will be permitted subject to the following conditions.
