CBDT makes Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013 & it comes into force since 15.01.2013

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

[CENTRAL BOARD OF DIRECT TAXES]

NOTIFICATION

New Delhi, the 15th January 2013

S.O. 169 (E).— In exercise of the powers conferred by sub-section (2) of section 200A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following scheme for centralised processing of statements of tax deducted at source, namely:—

CBDT clarifies the Issues relating to export of computer software & its benefits under Direct Taxes

Circular No. 01/2013

The Indian Software Industry has been the beneficiary of direct tax incentives under the provisions like Sections 10A, 10AA & 10B of the Income -tax Act, 1961 in respect of their profits derived from the export of computer software. These provisions prescribe incentives to "units" or "undertakings", established under different schemes, which are/were deriving profits from export of computer software subject to fulfilling the prescribed conditions.

2.    It has been represented by the software companies that several issues arising from the above mentioned provisions are giving rise to disputes between them and the Income-tax authorities leading to denial of tax benefits and consequent litigation and, therefore, require clarification. Various issues highlighted by the Software Industry have been examined by the Board and the following clarifications are hereby issued -

MCA extends Due Date upto 15.02.2013 for Filing of Balance Sheet and Profit and Loss A/c in XBRL mode for the financial year commencing on or after 01.04.2011

In continuation of Ministry’s General Circular Nos: 16/2012 dates 06.07.2012, 34/2012 dated 25.10.2012 and 39/2012 dated 12.12.2012 on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended upto 15^th February 2013 or within 30 days from the due date of AGM of the company, whichever is later.

CBEC notifies Rate of exchange of conversion of each of the foreign currency with effect from 18th January 2013

Notification No. 05/2013-Customs (N.T.)

S.O.  (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.1/2013-CUSTOMS (N.T.), dated the 3^rd January, 2013 vide number S.O.37(E), dated the 3^rd January, 2013, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and  Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 18^th January, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

CG amends Notification No.92/2012-Customs (N.T.), dated the 4th October, 2012 to Determine the rate of Drawback

Notification No.  04/2013 - Customs (N.T.)

G.S.R.  25 (E). – In exercise of the powers conferred by sub-sections (2) and (3) of section 75 of the Customs Act, 1962 (52 of 1962), sub-sections (2) and (2A) of section 37 of the Central Excise Act, 1944 (1 of 1944), section 93A and sub-sections (2) and (3) of section 94 of the Finance Act, 1994 (32 of 1994), read with rules 3, 4 and 5 of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, the Central Government, hereby makes the following amendments in the notification of  the Government of India in the Ministry of  Finance (Department of Revenue), No. 92/2012- Customs (N.T.), dated the 4^th October, 2012 published vide number G.S.R. 742 (E), dated the 4^th October, 2012, namely:-

CBEC Notifies Tariff Value of Palm Oil, Palmolein, Soyabeen Oil, Brass Scarp, Poppy seeds, Gold and Silver

S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3^rd August, 2001, namely:-

DVAT - System Assisted Assessment on the basis of 2A and 2B data mismatch for the Tax periods Second Quarter, 2012-13 and July, August, September 2012

The Department intends to frame assessment of all monthly and quarterly return filing dealers for Tax period of July, August and September, 2012 and Second quarter 2012-13 respectively, on the basis of mismatch in the data filed by dealers in Annexure 2A and 2B online. The assessment of penalty will also be framed simultaneously under Section 86(10) of DVAT Act, 2004.

RBI - SBI to be the Lead Bank in the State of Arunachal Pradesh on Formation of new District on Longding

The Government of Arunachal Pradesh vide Gazette Notification No. 200, Vol XVIII dated December 9, 2011 had notified the formation of one new district viz. Longding in Arunachal Pradesh State. It has been decided to assign the lead bank responsibility of the new district to State Bank of India as detailed below:-

Newly carved District	Erstwhile District	Tehsils Included in the new District	Lead Bank Responsibility assigned to	District Working Code allotted to new district
Longding	Tirap	Longding, Kanubari, Pongchau, Wakka, Pumao and Lawnu	State Bank of India	335

ICAI - Submission of Pre-Budget Memorandum, 2013 by Indirect Taxes Committee

The Indirect Taxes Committee of the Institute has submitted the Pre-Budget Memorandum, 2013 relating to Indirect Taxes to the Ministry of Finance. The Memorandum contains suggestions on various issues in the area of indirect taxes with a view to make tax laws simple, fair and transparent.

Indirect Taxes Committee Secretariat

ICAI

Appeals & Applications fixed before the ITAT, Allahabad Bench will be heard through Video Conferencing

Section 255 of the Income-tax Act, 1961 - Appellate Tribunal - Procedure of - Practice note for hearing appeals & Applications fixed before ITAT Allahabad Bench, Allahabad

ITAT's practice note, dated 1-1-2013

Appellants, Respondents and all other concerned are hereby informed that, in exercise of powers vested in the Income Tax Appellate Tribunal under sub-section [5] of section 255 of the Income Tax Act, 1961, it is directed that appeals and applications fixed before the Income Tax Appellate Tribunal [ITAT), Allahabad Bench, Allahabad will be heard through Video Conferencing by the Members of the ITAT as may be nominated by the President, ITAT from time to time sitting at ITAT, Delhi Benches, Delhi. This system of hearing through Video Conferencing will be referred to as 'E-Court'. For the purposes of E-Court, detailed Regulations along with Do's, Don'ts and Forms for use under these Regulations are framed and enclosed herewith for compliance by all concerned.

CBDT extends time limit for filing of Form ITR-V with CPC Bangalore for AY 2010-11, 2011-12 & 2012-13

In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the “Centralized Processing of Returns Scheme, 2011”, issued vide C B D T Notification No. SO 16(E) dated 4.1.2012, the Director General of Income Tax (System) hereby extends the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically (without digital signature Certificate) for A.Y. 2010-11 [filed during F.Y.2011-12] and for ITRs of A.Y. 2011-12 [filed on or after 1.4.2011] till 28^th February, 2013. In respect of returns filed for A.Y. 2012-13 for which ITR-V forms are yet to be received at CPC and time of 120 days has also elapsed, time limit for filing of ITR-V is extended upto 31^st March, 2013 or 120 days from the date of uploading of the electronic return data, whichever is later.

Existence of efficient Financial Markets is paramount for achieving Economic Growth - FM

The Union Finance Minister Shri P .Chidambaram said that existence of efficient financial markets i.e. both banks and capital markets, is paramount for achieving economic growth. He said that without vibrant and viable financial market architecture, there cannot be any sustainable economic growth. The Finance Minister said that efficient intermediation by financial markets lead to higher economic growth by increasing savings and their optimal allocation for productive uses. Shri Chidambaram said that banks and other intermediaries including Non-Banking Financial Companies (NFBCs), Insurance and Pension Funds and Mutual Funds etc. are mechanisms to channel savings to investment. They have the capacity to promote economic growth as they allocate savings to those investments which have potential to yield higher returns, the Minister added. The Finance Minister Shri P.Chidambaram was making his opening remarks during his fourth prebudget consultation meeting with representatives of banking and financial institutions here today. The Finance Minister further said that major steps have been taken to reform India’s regulatory framework to adopt best international practices.  Reforms in equity markets lead the market development process. The Finance Minister said that results of the reforms taken by the Government are encouraging and the country is now one of the most vibrant and transparent markets in the world.

Slew of reform measures taken by the Government had a positive impact on the Market Sentiments – FM

The Union Finance Minister Shri P. Chidambaram said that the economic and political developments in the Eurozone area and the United States had its impact on the world economy including our economy. However, slew of reform measures taken by the Government had a positive impact on the market sentiments, the Minister added. He said that resolution of ‘fiscal cliff’ in US recently too had a positive impact on the market sentiments worldwide including India. The Finance Minister Shri P.Chidambaram was making his opening remarks during his Fifth Pre-Budget Consultation Meeting with Economists’ Group here today. The Finance Minister said that there are mixed signals from market regarding the current economic situation in the country. He said that direct tax collections are satisfactory while indirect taxes including excise duty etc are falling short of expectations. The Finance Minister said that difficult phase is over and now focus would be on achieving higher growth during the year.

Performance of Private Corporate Business Sector during First Half of 2012-13

The Reserve Bank of India today released, on its website, the data related to Performance of Private Corporate Business Sector during First Half of 2012-13.

The data compiled are based on abridged financial results of 2,832 listed non-government non-financial (NGNF) Companies and provide details regarding the performance of private corporate sector during first half (H1) of 2012-13. Data pertaining to two quarters (Q1 and Q2 of 2012-13) for the same period covering 2,790 and 2,749 companies, respectively, are also included and so is the performance of 390 financial companies for first half of 2012-2013. ‘Explanatory Notes’ containing, in brief, the methodology followed for compilation of data and the ‘Glossary of Terms’ are given at the end.

Supreme Court issues notice to Big B over query by I-T department!

KBC has become synonymous with Amitabh Bachchan. The game show host is known to woo millions with his charm and humility, putting contestants at ease who face him on the hot seat.

Recently, the show progressed when it got its first female winner who hit the 5 crore jackpot this season. Big B is perhaps the most popular host on Television so it comes as a surprise when the Shahenshah of Bollywood is in the news for the wrong reasons.

Supreme Court asks Sahara to pay up; refuses urgent hearing

A bench, headed by CJI Altamas Kabir, on Tuesday told the Sahara group that it would have to pay Rs 10,000 crore, the next tranche of money due to investors, as directed by the top court in its December 5, 2012, order. 

"You have to pay," Justice Kabir said, when senior counsel Ram Jethmalani sought urgent hearing of an application seeking to have the deadline extended for submitting to SEBI papers relating to over three crore investors. 

Finance Ministry - Internship Scheme of the Department of Economic Affairs for 2013-14

Department of Economic Affairs has the mandate to carry out riot only the economic diplomacy but also to build and maintain the economic health of the country, which essentially envisages close interaction with various financial institutions, both domestic and international.

RBI has cancelled the certificates of registration granted to Emcorp Finance Limited & Care Credit and Investments Company Private Ltd.

The Reserve Bank of India has cancelled the certificates of registration granted to the following companies, having their registered offices at the address shown against them, for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate the companies cannot transact the business of a non-banking financial institution.

ECB Policy – Limits of ECB increased for Non-Banking Financial Company & Infrastructure Finance Companies

RBI/2012-13/367
A.P. (DIR Series) Circular No. 69

January 07, 2013

To,

All Category - I Authorised Dealer Banks

Madam / Sir,

External Commercial Borrowings (ECB) Policy – Non-Banking Financial Company – Infrastructure Finance Companies (NBFC-IFCs)

Attention of Authorized Dealer Category-I banks is invited to A. P. (DIR Series) Circular No. 51 dated May 11, 2010 relating to External Commercial Borrowings (ECBs) policy on NBFC-IFCs.

2. As per the extant guidelines, Non-Banking Finance Companies (NBFCs) categorized as Infrastructure Finance Companies (IFCs) by the Reserve Bank and complying with the norms prescribed in the DNBS Circular DNBS.PD.CC.No.168/ 03.02.089/2009-10 dated February 12, 2010 are permitted to avail of ECBs, including the outstanding ECBs, up to 50 per cent of their owned funds under the automatic route. ECBs by IFCs above 50 per cent of their owned funds are being considered under the approval route. The permitted end-use should be for on-lending to the infrastructure sector, as defined under the extant ECB policy. IFCs should also hedge their currency risk in full.

ICMAI issue its new Bye-Laws "The Cost Accountants Chapters Bye-laws, 2013"

No. CMA (2)/2013:  In exercise of powers conferred by Regulation 146 of the Cost and Works Accountants Regulations, 1959, the Council of the Institute of Cost Accountants of India hereby issues "The Cost Accountants’ Chapters Bye-laws, 2013" with effect from 1st January, 2013 repealing the earlier Bye-laws called The Cost Accountants' Chapters (Amendment) Bye-laws, 2010 as follows:

1. Short Title—These Bye-laws may be called "The Cost Accountants' Chapters Bye-laws, 2013". 

To read more Click Here.

Imposition of safeguard duty @ 20% on imports of Hot Rolled Flat Products of Stainless Steel-304 grade from China PR

G.S.R. 15 (E). - Whereas, in the matter of import of Hot Rolled Flat Products of Stainless Steel-304 grade classified within Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), the Director General (Safeguard), in its preliminary findings published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 714 (E), dated the 24^thSeptember, 2012  and subsequent Corrigendum vide G.S.R. 825 (E) dated 12^th November, 2012  and Corrigendum-2 vide G.S.R. 841 (E) dated 23^rdNovember, 2012  had come to the conclusion that increased imports of  Hot Rolled Flat Products of Stainless Steel - 304 grade (upto a maximum width of 1605 mm) and encompassing all austenitic grades having minimum Nickel (Ni) content of 6 per cent., compulsorily containing Chromium with or without the presence of other alloying elements like Molybdenum, Titanium etc., (hereinafter referred to as the subject goods) falling under sub-headings 72191111, 72191112, 72191190, 72191200, 72191300, 72191400, 72192111, 72192112, 72192121, 72192122, 72192131, 72192132,72192141, 72192142, 72192190, 72192211,  72192212, 72192219, 72192291, 72192292, 72192299, 72192310, 72192320, 72192390, 72192411, 72192412, 72192413, 72192419, 72192421, 72192422, 72192423, 72192429, 72192490, 72201110, 72201121, 72201122, 72201129, 72201190, 72201210, 72201221, 72201222, 72201229, 72201290 of the Customs Tariff Act, into India had caused and threatened to cause market disruption to the domestic industry comprising producers of the subject goods thereby necessitating the imposition of  provisional safeguard duty on imports of the subject goods from the Peoples Republic of China into India;

DVAT - Submission of information in Form T-2 come into force with effect from the 01st February, 2013.

No.F.7(433)/Policy-II/VAT/2012/1079-1090

NOTIFICATION

I, Prashant Goyal, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section (1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004, hereby direct that notification no. F.7(433)/Policy-II/VAT/2012/585-595 dated 05.09.2012 and subsequent notifications  no.  F.7(433)/Policy-II/VAT/2012/676-686  dated  28.09.2012,   F.7(433)/ Policy-II/VAT/2012/767-777  dated  12.10.2012  and  F.7(433)/PolicyII/VAT/2012/785-795 dated 23.10.2012   regarding submission of information in Form T-2, shall in partial modification to the said notification, come into force with effect from the 01st February, 2013.

No security required for New DVAT Registration till 31-March-2013

NOTIFICATION No. F.7(453)/Policy/VAT/2012/1068-78

I Prashant Goyal, Commissioner, Value Added Tax, Delhi, in exercise of the power conferred on me by sub-section (1) of section 19 of the Delhi Value Added Tax Act, 2004 hereby direct that no security would be required to be furnished by such dealers, who apply for registration with the Department upto the 31^st of March 2013.

This notification shall come into force with immediate effect.

ICMAI - Expression of Interest to become course writers for CAT Course

Expression of Interest is invited from Professionals/Faculty Members/Executives with Corporate exposure to become Course writers for Certificate in Accounting Technicians (CAT) Course of the Institute.

Summary of the subject for which the study notes are to be developed are: 

Paper I: Fundaments of Financial Accounting

Paper II Applied Business and Industrial Laws

Paper III Accounting Paper 2

Paper IV: Statutory compliance

ICSI's CSBF - Cultural Evening on 12th January,2013 at New Delhi

ABOUT CSBF

ICSI has established the Company Secretaries Benevolent Fund (CSBF) in the year 1976 which seeks to create big security umbrella to derive comfort and Security

Benevolent Fund - We Care

Looking towards Secure Future

FM - Need to revive Investment in Manufacturing and Service Sector in order to create Higher Job opportunities

The Union Finance Minister Shri P .Chidambaram  said that  there is a need to revive investment in manufacturing and service sector in order to create higher job opportunities. The Finance Minister said that at present, the economy is passing through a difficult phase mainly due to external factors and, therefore, there is immediate need to tide over the current situation and then move to the path of higher growth. The Finance Minister was making opening remarks during his second pre-budget meeting with the representatives of various Central Trade Unions here today. The Finance Minister said that there was a slowdown in investment in manufacturing sector as a result not enough jobs  were created. The Finance Minister Shri Chidambaram said due to the various steps and measures taken by the Government in the last few months, there seems to be a change in the investment sentiments both in public and private sectors. The Finance Minister said that higher growth leads to creation of more jobs. He said trade unions can play an important role in reviving the manufacturing sector which in turn can lead to creation of more job opportunities in the sector.

Empanelment of Members to Act as Observers at the Examination Centres for the Chartered Accountants Examinations May/June 2013

The Institute intends to draw a Panel from amongst its Members for acting as Observer at the examination centres in various cities during the Chartered Accountants Examinations to be held from 2nd to 16th May, 2013 and the Common Proficiency Test to be held on 16th June, 2013 (Sunday).

Members who are interested to act as Observer at the examination centres during the examination days may download the attached Empanelment Form and e-mail the same to:

Observer@icai.in on or before 31st January, 2013.

RBI sets up a Working Group to Review Banking Ombudsman Scheme

Apropos the recommendations of the Committee on Customer Service in Banks (Damodaran Committee) pertaining to Banking Ombudsman Scheme 2006 and the Rajya Sabha Committee on Subordinate Legislation, a Working Group (Chairperson: Smt. Suma Varma) has been constituted in the Reserve Bank of India to review, update, and revise the Banking Ombudsman Scheme, 2006. This was revealed in the Annual Report of the Banking Ombudsman Scheme, 2011-12 published here today by the Reserve Bank of India.

DVAT - Submission of information in Form T-2 come into force with effect from the 01st February, 2013.

I, Prashant Goyal, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section (1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004, hereby direct that notification no. F.7(433)/Policy-II/VAT/2012/585-595 dated 05.09.2012 and subsequent notifications  no.  F.7(433)/Policy-II/VAT/2012/676-686  dated  28.09.2012, F.7(433)/Policy-II/VAT/2012/767-777  dated  12.10.2012  and F.7(433)/Policy-II/VAT/2012/785-795 dated 23.10.2012   regarding submission of information in Form T-2, shall in partial modification to the said notification, come into force with effect from the 01st February, 2013.

To read the Notification Click Here.

DVAT - An empty geometry box made of tin and covered under metal containers is not an industrial input Taxable @ 12.5%

IN THE COURT OF COMMISSIONER

DEPARTMENT OF TRADE AND TAXES

GOVERNMENT OF N.C.T. OF DELHI

VYAPAR BHAWAN, NEW DELHI

No.326/CDVAT/2012/90                                                 Dated: 21-12-2012

M/s Pragati Enterprises

Gali No. 4-T, Plot No. 45,

Anand Parbat Ind. Area,

New Rohtak Road, New

Delhi-110005

ORDER

                   Present for the Applicant       :  Sh. K.B. Aggarwal, Advocate

                   Present for the Department    :  Sh. T.C. Sharma, DR

The above named applicant filed an application on 22/11/2012 under section 84 of Delhi Value Added Tax Act, 2004 (hereinafter referred to as the "said Act") and the question put up for determination under the aforesaid provision of law is as under: -

"Whether empty geometry box made of tin is covered under metal containers of Schedule III at Entry no. 84(200)?"

2.          The application has been preferred in the prescribed format DVAT-42 and the requisite fee of Rs.500/- paid through bank draft No. 019190 dated 31/10/2012.

Notification - CPT June 2013 Examination

No.13-CA (EXAM)/CPT/ June/2013: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil Mode) will be held on Sunday, 16th June, 2013 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.

[This Common Proficiency Test will be conducted as per provisions of Regulation 25 D (3) of the Chartered Accountants Regulations, 1988 and the syllabus as published in the pages 291-293 of the Journal ‘The Chartered Accountant’ August 2006 issue and pages 12-13 of Chartered Accountants Students’ Newsletter August 2006 issue.]

First Session (i.e. Morning Session)	10.30 AM to 12.30 PM (IST) Section - A Fundamentals of Accounting Section - B Mercantile Laws
Second Session (i.e. Afternoon Session)	2.00 PM to 4.00 PM (IST) Section - C General Economics Section - D Quantitative Aptitude

To Read more Click Here

Search & Seizure - Assessment of preceding years in search cases during election period

As per provisions contained in section 153A and 153C of the Income Tax Act, 1961, the Assessing Officer is required to issue notice for assessing or reassessing the total income for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is made.

CG notifies that no deduction of Tax at Source in certain cases

In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a foreign bank, namely:-

CBEC Determiner the Conversion rate of Foreign Currency for import & export valuation

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB-SECTION (ii), EXTRAORDINARY]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

CENTRAL BOARD OF EXCISE AND CUSTOMS

Notification No. 1/2013-Customs (N.T.)

DATED THE 3^rd January, 2013

13 Pausa, 1934(SAKA)

S.O.       (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.111/2012-CUSTOMS (N.T.), dated the 20^th December, 2012 vide number S.O. 2966 (E), dated the 20^th December, 2012, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and  Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 4^th January, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

RBI releases Draft Report of its Working Group on Gold

The Reserve Bank of India (RBI) today placed on its website, the Draft Report of the Working Group to Study the Issues Related to Gold and Gold Loans by Non-Banking Finance Companies (NBFCs) in India (Chairman: Shri K.U.B.Rao, Adviser, Department of Economic and Policy Research). The Reserve Bank has sought comments on the draft report from stakeholders and public. The comments may be mailed up to Friday, January 18, 2013.

The Working Group was assigned with the task of studying whether large gold imports of India are a threat to external stability. The Working Group was also asked, among other things, to study the recent trends in gold loans extended by large gold loan NBFCs and see whether there are any systemic stability issues that arise out of the interconnectedness between banks and gold loans NBFCs. The Working Group followed an eclectic approach to address the terms of reference assigned by undertaking technical exercises to study the relationship among various related economic variables; and to conduct surveys through intense dialogue with all the stakeholders to firm up related views. Existing regulations related to NBFCs-Non-Deposit taking (ND) - Systemically Important (SI) sector were reviewed and recommendations were offered.

Export of Goods and Services – Simplification and Revision of Softex Procedure at SEZs

Attention of the Authorised Dealer Banks is invited to Regulation 6 of the Notification No. FEMA 23/2000-RB dated May 3, 2000viz. Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, as amended by the Notification No.FEMA.36/2001-RB dated February 27, 2001, in terms of which designated officials of the Ministry of Information Technology/ Ministry of Commerce and Industry(as the case may be), Government of India at the Software Technology Parks of India (STPIs) or at Free Trade Zones (FTZs) or Export Processing Zones (EPZs) or Special Economic Zones (SEZs), had been authorized to certify exports declared through SOFTEX Forms.

No Service tax on services by way of transportation of milk by rail/vessel

Representation has been received from the Indian Railways seeking clarification as to whether service by way of transportation of milk by rail is covered by Notification No.25/2012-ST dated 20.06.2012, serial number 20(i).

2.         The representation has been examined. The expression ‘foodstuff’ appearing in Notification No.25/2012-ST dated 20.06.2012, serial number 20(i) includes milk. Therefore, it is clarified that the service by way of transportation of milk by rail or a vessel from one place in India to another, is covered by the Notification No.25/2012-ST dated 20.06.2012.

No tax point arises on issuance of notices/ reminder letters issued for life insurance policies

It has been represented by life insurance companies that in terms of the practice followed, reminder notices/letters are being issued to the policy holders to pay renewal premiums. Such reminder notices only solicit furtherance of service which if accepted by policy holder by payment of premium results in a service.  Clarification has been desired whether service tax needs to be paid on the basis of such reminders.

CBEC to initiate Recovery of confirmed demand during pendency of stay application

The author has been directed to bring your attention to the following circulars issued from time to time on the above issue and to state that it has been decided to rescind these circulars with immediate effect.

Sl No	Date	Circular no and File number of CX-6
1	18-11-88	80/88 and 208/31/88
2	2-3-90	7/90 and 208/107/89
3	21-12-90	23/90 and 209/107/89
4	12-11-92	16/92 and 208/59/92
5	3-8-94	47/47/94 and 208/33/94
6	2-6-98	396/29/98 and 201/04/98
7	25-2-2004	788/21/2004 and 208/41/2003

CBEC to install CCTV System at the Custom Area to monitor import & export of goods

Attention is invited to para 5(1)(i)(n) of the 'Handling of Cargo in Customs Areas Regulations, 2009' which stipulates that Customs Cargo Service provider (CCSP) or the applicant shall provide security and access control to prohibit unauthorized access to the premises.

CBEC allows Replacement of Fixed Deposit Receipts (FDRs) furnished in respect of provisional Mega or Ultra Mega Power Projects with Bank Guarantees (BGs)

The author has been directed to invite your attention to notification Nos. 12/2012-Customs (S.No.507) and 12/2012-Central Excise (S.No. 337 and 338), both dated 17-03-2012, granting exemption from customs and excise duties for provisional mega and ultra-mega power projects. One of the conditions specified for availing of the said exemption is that the importer/project developer furnishes a security in the form of a Fixed Deposit Receipt (FDR) or Bank Guarantee from a Scheduled Bank for a term of 36 months or more for an amount equal to the duty payable but for this exemption. This condition was amended w.e.f 27-06-2012 when the importer/ project developer was given the option of furnishing either FDR or Bank Guarantee from a Scheduled Bank.

CBEC Clarifies regarding the Classification of Cordless Infrared Devices for the Remote Control

The issue of classification of cordless infrared devices for the remote control was taken up for discussion in the May, 2012 Mumbai Conference of Chief Commissioners of Customs and Directors General. The entries in National Import Data Base (NIDB) in tariff item 84159000 (Parts of heading 8415), 85299090 (Part of TV, etc), indicated that cordless infrared devices for the remote control is often being treated as a part of the main device / equipment, while the entry in heading 85437099 - "Other", under the heading 8543 provided that it is treated as, "electrical machines and apparatus having individual functions, not specified or including elsewhere in this chapter". During the conference it was decided to further examine this issue in the Board.

ICAI President's Message - January 2013

Dear Friends,

Let me start by wishing all of you a very happy and prosperous New Year. But as we start our celebrations, it is also time for us to reflect and take stock of what we have accomplished in the last one year, what we have missed and what we should take up on priority. Wherever we could not accomplish, it is time to restart and set things right. It is time to set up new goals together for the development of our profession and start with renewed zeal. As we enter 2013, it will be wise not only to list new resolutions but to vow to put in collective efforts to fulfil them. Let me take this opportunity to recall our more than 63-year long glorious journey of accountancy profession towards excellence in ethics, integrity and knowledge. Let’s resolve to become the best in our profession.

CBEC Notifies Tariff Value of Palm Oil, Palmolein, Soyabeen Oil, Brass Scarp, Poppy seeds, Gold and Silver

S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3^rd August, 2001, namely:-

CG seeks to supersede Notification Nos.125/2011-Customs, dated 30-12-2011

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 125/2011-Customs, dated the 30^th December, 2011 [G.S.R.929 (E), dated the 30th December, 2011] except as respects things done or omitted to be done before such supersession, the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts,-

CG Seeks to supersede Notification no. 53/2011-Cus dated 1-7-2011

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.53/2011-Customs, dated the 1^st July, 2011 published in the Gazette of India, vide number G.S.R. 499 (E), dated the 1^st July, 2011, namely:-

CG Seeks to supersede Notification No.152/2009-Cus dated 31-12-2009

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.152/2009-Customs, dated the 31^st December, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 943 (E), dated the 31^st December, 2009, namely:-

CG amends Notification No.69/2011-Customs dated 29th July, 2011

G.S.R. 950 (E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.69/2011-Customs dated the 29^th July, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 593 (E), dated the 29^th July, 2011, namely:-

CG Seeks to supersede Notification No.127/2011-Cus dated 30-12-2011 to exempt goods under Preferential Trade Agreement

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.46/2011-Customs, dated the 1^st June, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 423 (E), dated the 1^st June, 2011.