Notification No. 15/2012-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
Considering the developments in the global financial markets and the fact that borrowers were experiencing difficulties in raising ECBs within the existing all-in-cost ceiling, the all-in-cost ceiling for ECBs with average maturity of three and up to five years was enhanced to 6 months Libor + 350 bps with effect from November 23, 2011 and was subject to review on March 31, 2012. On a review, it has been decided to continue with the enhanced all-in-cost ceiling for a further period of six months in respect of ECBs as under:
It has been decided that in case of bills drawn under LCs restricted to a particular UCB, and the beneficiary of the LC is not a borrower who has been granted regular credit facility by that UCB, the UCB concerned may, as per their discretion and based on their perception about the credit worthiness of the LC issuing bank, negotiate such LCs, subject to the condition that the proceeds will be remitted to the regular banker of the beneficiary of the LC. However, the prohibition regarding negotiation of unrestricted LCs for borrowers who have not been sanctioned regular credit facilities will continue to be in force.
Please refer to our circular DBOD.DIR.No.52/04.02.001/2011-12 dated November 15, 2011 relating to export credit in foreign currency. It has been decided that the prescriptions regarding ceiling rates on export credit in foreign currency and overseas line of credit as mentioned in the circular referred to above, will continue till September 30, 2012, subject to the same terms and conditions mentioned therein.
With the advent of technology and penetration of internet access, the need for printing and supplying of GR forms by Reserve Bank does not exist any more. It has therefore, been decided to discontinue supplying/selling printed GR forms across the counter by Regional Offices of Reserve Bank. Therefore, with effect from July 1, 2012, GR forms shall be available only online at Reserve Bank’s website www.rbi.org.in at the following link:
A detailed step by step guide for filling the online SCOMET application is available on the DGFT website (dgft.gov.in) under the ‘Help’ option. A link for ‘SCOMET Help’ guide has also been provided at the end of the ‘Guidelines’ given below. Exporters are encouraged to file ANF 2E applications online. Exporters will have the option to apply for SCOMET licence either by submitting a paper application to the DGFT(Hqrs.), Udyog Bhawan, New Delhi or by filing application online. This facility of applying either by a hard copy or online will cease on 30.06.2012.
In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the Regulations to amend the Securities and Exchange Board of India (Merchant Bankers) Regulations.
Circular No. 963/06/2012-CX Whether the FDR is required to be submitted to the jurisdictional officer in-charge of the Mega Power Project or to the jurisdictional officer in-charge of the factory from where the goods are cleared for supply to such project: It is clarified that the FDR is required to be submitted to the jurisdictional Deputy Commissioner or Assistant Commissioner, in-charge of the factory from where the goods are cleared in terms of this notification and not to the jurisdictional officer, in-charge of the Project.
Trade Notice 25 Facility for online filing of Aayat Niryat Form 2E (application form for SCOMET Licence) is being introduced by DGFT to reduce time and transaction cost for the exporters and facilitate faster processing of SCOMET applications. Online SCOMET application can be accessed on the DGFT website under the icon ‘ECOM Application’.
As you are aware, all the SLBC convenor banks have been advised vide circular RPCD.CO. LBS.HLC.BC. No. 56/02.19.10/2009-10 dated February 26, 2010, to maintain the SLBC websites where all instructions pertaining to the Lead Bank Scheme and Government Sponsored Schemes are made available and are accessible to the common man desiring any information relating to the conduct of meetings or State wise data/Bank wise performance.
