The Year 2000 problem poses a significant challenge for the securities market and other related activities. Failure to address this issue in timely manner would cause operational problems to all the institutions operating in the securities market, even to the extent of disruption of financial markets.
Similarly, in respect of turn key civil construction projects, deemed export benefits will be available only for supply of goods as was already clarified under Policy Circular No. 32 dated 20th August, 1998 provided the goods are manufactured in India and these benefits will be available only to the Manufacturer Exporter who manufacture and supply the goods. Policy Circular No. 32 had clearly stated.
We have taken note of the suggestions made by the custodians for modifications in the database. While these suggestions are being examined, the custodians may defer the submission of old FII investment data for the time being.
The existing threshold limit followed by the exchanges for purpose of levying margins would be reduced to Rs. One crore for the purposes Gross Exposure and Rs.50 lakhs for Net Exposure. There would not be any change for exchanges where these limits are already less than the limits mentioned above i.e. Rs. One crores and Rs.50 lakhs respectively.
The matter has been examined and it has been observed that for drawback entitlement, the FOB value, inclusive of the foreign agents commission, is taken into account. It has therefore been decided that the total FOB value inclusive of foreign agents commission (upto the specified limit prescribed by RBI) be taken while calculating DEPB entitlement also.
Stock exchanges which have not established connectivity with the depository for dematerialised trading may continue to accept delivery in physical form for the scrips announced for compulsory delivery by all investors in dematerialised form, till such time the exchange establishes connectivity with the depository or July 1, 1999, whichever is earlier.
I am directed to refer to representations made by various Associations and the commitment by the Government in the Parliament for extending the benefit of self-certification to the exporters having clean track record. In the light of the above, the the following further orders are issued
Please refer to our circular no. SMD-I/22532 dated October 19, 1993 whereby codes were allotted to different Stock Exchanges. As you are aware that SEBI has recently recognised Inter Connected Stock Exchange(ICSE). Accordingly ICSE has been allotted Code No. 24 and the members will be issued registration number beginning with INB24.
In order to examine the procedures involved in clearance of export and import cargo at the Air Cargo Complexes, the 16th Meeting of Export promotion Board was held at International Cargo Terminal, IGI Airport, New Delhi on 23rd October, 1998. It was presided over by the Cabinet Secretary. The Export Promotion Board visited the cargo handling area with a view to see the various processes
Central Board of Direct Taxes vide its notification dated October 09, 1998 (copy enclosed) has made it mandatory for every person to quote his/her PAN/GIR in all documents pertaining to any contract of a value exceeding ten lakh rupees for sale or purchase of securities as defined in Clause (h) of Section 2 of the SCRA.
