An All India Conference of the Chief Commissioners and Directors General of Customs, Central Excise and Service Tax was held on 17-18 July, 2013 in New Delhi. The Conference was inaugurated by the Hon’ble Finance Minister Shri P. Chidambaram. Shri Jesudasu Seelam , the Hon’ble Minister of State for Finance (Revenue), Shri Namo Narain Meena , Hon’ble Minister of State for Finance (E&FS), Dr Parthasarathi Shome , Advisor to the FM and Shri Sumit Bose, Revenue Secretary graced the occasion.
Vide notification no.F.7/433/Policy-Ii/VAT/2012/472-483 dated 16.08.2012, the Department of Trade and Taxes has notified form Stock-1 and has made it mandatory for all dealers to submit online, Tax Rate Wise details of stock held on 3pt day of March every year in form Stock-1. This information is to be filed latest by the so” day of June ‘every year. However, the information relating to stock held as on 31st day of March 2012, is required to be submitted online up to 31stday of October, 2012.
With regard to calculation of indigenous sales turnover, it is clarified that the turnover will include the net sales after deducting the sales returns from the gross sales. It is also clarified that the turnover of the applicant only shall be taken into consideration and the turnover of group concerns/ sister concerns/ subsidiaries etc. shall not be counted for calculati.
Under para 4A.2.1 of the Foreign Trade Policy dealing with Export of Cut & Polished Diamonds for Certification/ Grading & Re-import following five additional authorized laboratories for certification/ grading of diamonds of 0.25 carat and above are added after Serial No. (x): (xi) GIA Hong Kong Laboratory Ltd., Hong Kong; (xii) Gemological Research (Thailand) Co. Ltd., Bangkok;
Companies based in Sikkim and the Andaman and Nicobar islands can now file offer documents for public issues of up to 500 crore rupees with SEBI’s Eastern Regional office in Kolkata, the market regulator said on Wednesday. This comes into effect for all draft offer documents for issues which are filed with SEBI on or after 27 August 2012. For offer sizes higher than 500 crore rupees, the documents need to be filed at SEBI’s main office in Mumbai.
A person who is a citizen of Pakistan or an entity incorporated in Pakistan may, with the prior approval of the Foreign Investment Promotion Board of the Government of India, purchase shares and convertible debentures of an Indian company under Foreign Direct Investment Scheme, subject to the terms and conditions specified in Schedule 1 of the Notification, ibid, provided further that notwithstanding anything contained in Schedule I of the Notification, ibid, the Indian company, receiving such foreign direct investment, is not engaged or shall not engage in sectors / activities pertaining to defence,spaceandatomicenergyand sectors/ activities prohibited for foreign investment.
Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening any other savings bank deposit account in that bank. If a customer has any other existing savings bank deposit account in that bank, he/she will be required to close it within 30 days from the date of opening a ‘Basic Savings Bank Deposit Account’.
The post of Indirect Tax Ombudsman has been created with the objective of enabling resolution of complaints relating to grievances against Customs, Central Excise and Service Tax Department and facilitating settlement of such complaints with satisfaction of the complainant. Para 10 (III) of ‘the Guidelines’ explains as to who can come up with complaint or grievance to the Ombudsman.
In terms of Regulation 15(iii) of the Notification ibid,an Indian Party is required to submit to the Reserve Bank through the Authorised Dealer every year within 60 days from the date of expiry of the statutory period as specified by the respective laws of the host country for finalization of the audited accounts of the Joint Venture (JV) /Wholly Owned Subsidiary (WOS) outside India or such further period as may be allowed by the Reserve Bank, an Annual Performance Report (APR) in Form ODI Part III in respect of each JV or WOS outside India set up or acquired by the Indian Party. Further, an Indian party is allowed to undertake overseas direct investments under the General Permission (Automatic Route) subject to compliance to the provisions under Regulation 6 (and Regulation 7, if applicable) of the Notification.Regulation 6(2)(iv) of the Notification requires that the Indian Party has submitted the APR in respect of all its overseas investments in the format given in Part III of the Form ODI.
In order to prevent unhealthy practices surrounding securitization viz; origination of loans for the sole purpose of securitization and in order to align the interest of the originator with that of the investors and with a view to redistribute credit risk to a wide spectrum of investors, it was felt necessary that originators should retain a portion of each securitization originated and ensure more effective screening of loans
