CIRCULAR NO. DNBS(PD).CC. NO. 219/03.10.42/2010-11 The Chairman of UN Security Council’s 1267 Committee has issued a note on March 24, 2011 regarding changes made in the consolidated List of Individuals and entities linked to Al-Qaida and Taliban (copy enclosed).
Circular No. 945/06/2011-CX Exemption is limited to pipes needed for delivery of water from its source to the water treatment plant and from there to the first storage point and that the duty concession was not available for pipes required to supply the treated water from its storage place to the place of consumption. This was the correct reflection of the scope as it existed at the relevant time. However, the scope of this notification was widened by inserting entry (3) to this notification thereby extending the benefit of excise duty exemption also to the pipes of outer diameter exceeding 20 cm when such pipes are integral part of water supply projects by amendment vide Notification No. 6/2007 dated 1-3-07 and subsequently vide Notification No. 26/2009 dated 4-12-09, the outer diameter exceeding 10 cm was prescribed for exemption.
The phrase Minimum Export Price(MEP) of US$ 600 per Metric Ton F.O.B. or as notified by DGFT from time-to-time as appearing in para 2(b) of Notification No 36(RE – 2010)/2009-2014 dated 23.03.2011 for the item described at Serial Number 44.02 is replaced by the phrase Minimum Export Price(MEP) of US$ 350 per Metric Ton F.O.B. or as notified by DGFT from time-to-time.
In view of the representation received from the industry associations and as AS 30/32 standards are yet to be notified by the Ministry of Corporate Affairs, it has been decided to amend the eligibility criteria for the users of cost reduction structures as contained under para B I (1)(v) of A.P. (DIR Series) Circular No. 32 dated December 28, 2010 as indicated below:
Consequent upon the enhancement in gratuity limits following the amendment to Payment of Gratuity Act 1972, RRBs have approached us for the amortisation of the enhanced expenditure resulting therefrom. The additional liability on account of enhancement in gratuity limits should be fully recognised and charged to Profit and Loss Account for the financial year 2010-11.
CIR/CFD/DIL/2/2011, Dated – May 16, 2011 it has been decided to allow investors eligible for differential pricing in public issues to make payment at a price net of discount, if any, at the time of bidding itself, and in this context, it is clarified that – Merchant Bankers shall ensure that appropriate disclosures are given in the offer document / application forms to the effect that investors eligible for discount can make payment after adjusting the discount, if any. It shall be disclosed that such investors shall in the relevant column indicate the bid price before adjusting for discount, if any. Further, it shall be clearly disclosed under what circumstances application would be liable for rejection in case of errors, if any, in this regard.
CIRCULAR NO. 141/10/2011-TRU, DATED 13-5-2011 – Circular No.111/05/2009-ST was issued on 24th February, 2009 on the applicability of the provisions of the Export of Services Rules, 2005 in certain situations. It had clarified on the expression “used outside India” in Rule 3(2)(a) of the Export of Services Rules, 2005 as prevalent at that time. The condition specified in Rule 3(2)(a) has since been omitted vide Notification 06/2010-ST, dated 27-2-2010. In the context of the stated Circular an issue has been raised, whether for the period prior to 28-2-2010 the requirement that the service should be “used outside India” invariably means the location of the recipient?
Those interested in making presentation to the Committee or submitting their views in person are welcome. Necessary date & time for an interactive session will be announced on our website. Individual e-mails can be sent by those interested to attend the session by conveying so at vkgupta99@nic.in or lb.singhal@nic.in.
The Intellectual Property regime in India underwent significant changes after India’s accession to WTO in 1995. After an intense national debate a number of safeguards were included in amendments to the Patents Act made in 1995, 2002 and 2005. These safeguards were designed to prevent evergreening of patents and included a higher threshold for inventive step and a prohibition from patenting new forms of known substances which do not result in the enhancement of the know efficacy of these substances. We have also opposed the provision of data exclusivity and patent linkage. Such a stance has been consistent with our obligations under TRIPS and seeks to meet our developmental objectives specially relating to ensuring the availability and affordability of essential medicines. When concern was raised by various quarters about the Indian stand in various Free Trade Agreements, especially in the context of the Indian Pharma products, the Prime Minister firmly directed that the Indian side shall not take on any obligation beyond TRIPS/ Domestic Law. This stand, that we shall not exceed TRIPS/Domestic law in respect of Patents, has now been decisively ingrained in our IPR policy.
CIRCULAR NO. DNPD/4/2011, DATED 13-5-2011 – With regard to the newly created category of self-clearing member, in the currency derivatives segment of a Stock Exchange, communicated vide Notification No. LAD NRO/GN/2011-12/01/11486, dated April 6, 2011, it is clarified that such self-clearing member shall have a minimum net worth of Rs. 5 crore.
