Ref:IRDA/ F&A/CIR/SOLP/195/08/2011 – The Circular clarified the position related to the retrocession of premium received from the TP Pool and excluded it from the calculation for the RSM, the position related to treatment of share of claim retro ceded from the pool remained unclear. The interpretation of the above Circular is taken differently by different companies. As a result, the insurers are following different approach in calculation of Solvency Margin in respect of Motor TP Pool.
Notification No.59/2011- Customs (N.T.) In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner or Additional Commissioner of Customs, Custom House, Near Balaji Temple, Kandla, to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on- (i) Joint Commissioner or Additional Commissioner of Customs, Custom House, Kandla;
Circular No.37/2011-Customs, In view of growing concern amongst Customs administrations about the threat posed through misuse of channels of import and export, there is a need to ensure security in global supply chain in international movement of goods. Keeping this in view, CBEC has finalized the ‘Authorized Economic Operators’ (AEO) programme for implementation to secure supply chain of imported and export goods.
In view of the standardisation of rating symbols and definitions for credit rating agencies by Securities Exchange Board of India (SEBI), the Reserve Bank of India has issued an amendment Direction, i.e., Issuance of Non-Convertible Debentures (Reserve Bank) (Amendment) Directions, 2011, inter alia, revising the symbol of minimum rating required for issuing NCDs of maturity up to one year.
Trade Notice No. 17 dated 23rd August, 2011 All Export Promotion Councils / Commodity Boards / Authorities are aware that an ‘on-line ‘ uploading facility of RCMC has been initiated in DGFT since August, 2010.2. The purpose of uploading the RCMC data on DGFT’s server is to reduce Transaction Cost for exporters as this would avoid submission of copy of RCMC by exporters every time under various applications filed by them.
Notification No. 79 /2011-Customs G.S.R. (E). – Whereas in the matter of imports of Caustic Soda (hereinafter referred to as the subject goods), falling under Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Thailand, Chinese Taipei and Norway (hereinafter referred as the subject countries) and imported into India, the designated authority in its final findings vide notification No. 14/1/2010-DGAD, dated the 30th June, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 30th June, 2011, has come to the conclusion that –
There has been advancement in the technology in the field of manufacture of ‘Briefcases/Suitcases/Beautycases’. Due to advancement in the technology, the Poly Carbonate (PC) is being used in place of ABS/other polymers, to provide higher impact strength. These amendments enable import of required raw materials for exports of ‘Briefcases/Suitcases/Beautycases’ made up of Poly Carbonate. Public Notice No. 73/(RE-2010)/2009-2014
CIR/MIRSD/16/2011 With a view to simplify and rationalize the account opening process, we have reviewed, consolidated and updated all the documents/requirements prescribed in respect of account opening process over the years, in consultation with major stock exchanges and market participants. The simplification includes replacement of all client-broker agreements with the ‘Rights and Obligations’ document, which shall be mandatory and binding on the existing and new stock brokers (including trading members) and clients. Accordingly, SEBI (Stock Broker and Sub-Broker) Regulations, 1992 have been amended suitably vide notification No. LADNRO/GN/201 1-12/19/26273 dated August 17, 2011.
. It has been represented to SEBI that distributors incur expenditure on traveling and incidentals for reaching investors and procuring business for Mutual Funds. Distributors are also required to set up appropriate infrastructure for servicing investors as well as incur certain expenses while marketing the units of Mutual Funds. In order to enable people with small saving potential and to increase reach of Mutual Fund products in urban areas and smaller towns, it has been decided that a transaction charge per subscription of Rs. 10,000/- and above be allowed to be paid to the distributors of the Mutual Fund products from the date of this circular. However, there shall be no transaction charges on direct investments. The transaction charge shall be subject to the following:
CIRCULAR NO. 145/14/2011-ST It is well known that in our country, Chambers of Commerce, Export Promotion Councils (EPC), some Trade Associations have been authorised by the Government to issue COOC to the exporters. General practice followed is that the exporter makes an application to the Chamber or any authorised agency for issuance of COOC, in the prescribed form, along with a copy of commercial invoice and other documents and pays the prescribed fees. On the basis and verification of the information provided in the application for COOC and the supporting documents with reference to the goods sought to be exported, the Chamber or the authorised agency issues a COOC.
