Notifications & Circulars as on May 20, 2016

CBEC

  • Instruction: Central Excise 
  1. Need for timely forwarding proposal for fresh appointment/extension of tenure of Special Public Prosecutors (SPPs) handling the Central Board of Excise and Customs cases before the Subordinate Courts/Courts of Session and High Court

The Central Board of Excise and Customs vide Instruction no. F.No. 278A/54/2015-Legal dated May 19, 2016 has requested the concerned Chief Commissioners to send  the proposal for appointment / extension of tenure of SPPs in their zone,  who are handling the Central Board of Excise and Customs cases before the Subordinate Courts/Courts of Session & High Court and whose term is expiring in terms with procedure laid down in Instruction No. No.27 8A/ 54/2015-Legal dated February 29, 2016, at the earliest. Further, it is  emphasised that the said proposal for extension of tenure of SPPs to be sent along with all relevant documents at least two months before the expiry of the term.

Read more at: http://www.cbec.gov.in/resources//htdocs-cbec/excise/cx-instructions/cx-instructions-2016/timelyfwd-spp.jpg

  • Notifications: Customs 
  1. Amendments in Notification No. 96/2008-Customs dated August 13, 2008 relating to concessional tariff rate of duty for imports form Least Developed Countries to India

The Central Government vide Notification No.34/2016 – Customs dated May 19, 2016 has made further amendments in Notification No. 96/2008-Customs dated August 13, 2008 relating to concessional tariff rate of duty for imports form Least Developed Countries to India, namely –

  1. To omit  “Samoa” and “Maldives” from the list of Countries eligible for preferential tariff under the said notification
  2. Substituting the name of “Republic of East Timor” by “Democratic Republic of Timor-Leste”.

Read more at:

 http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2016/cs-tarr2016/cs34-2016.pdf

  1. Amendment in Notification No. 40/2012-Customs (ADD) dated August 30, 2012 relating to levy of Anti- Dumping Duty on import of “Metronidazole” originating in or exported from China PR by substituting producer and exporter name

The Central Government vide Notification No.19/2016 – Customs (ADD) dated May 19, 2016 has made amendment in Notification No. 40/2012-Customs (ADD) dated August 30, 2012 relating to levy of Anti- Dumping Duty on import of “Metronidazole” originating in or exported from China PR by substituting producer and exporter name to “M/s Hubei Hongyuan Pharmaceutical Technology Co. Ltd” from M/s Hubei Hongyuan Pharmaceutical Co. Ltd.

Read more at: http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2016/cs-add2016/csadd19-2016.pdf

  • Notification: Customs 
  1. Rate of Exchange of conversion of foreign currency into Indian currency and vice-versa w.e.f May 20, 2016

The Central Board of Excise and Customs vide Notification No.77/2016 – Customs (N.T.) dated May 19, 2016 has determined the rate of exchange of conversion of foreign currency into Indian currency and vice versa, which is effective from May 20, 2016.

 Read more at: http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2016/cs-nt2016/csnt77-2016.pdf

  • Circular- FEMA
  1. Money Transfer Service Scheme (“the MTSS”) – To submit Statement of the quantum of remittances received by  authorised persons, who are Indian Agent under the  MTSS in XBRL system from the quarter ending June 2016

The Reserve Bank of India vide A.P. (DIR Series) Circular No.70 dated May 19, 2016 has issued directions under Section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 to the authorised persons, who are Indian Agent under the  MTSS and were required to submit quarterly statement of the quantum of remittances received in the prescribed format in terms of  A.P. (DIR Series) Circular No. 89 dated March 12, 2013, to submit the said Statements in eXtensible Business Reporting Language (XBRL) system from the Quarter ending June 2016.

Further, the platform for reporting can be accessed at  https://secweb.rbi.org.in/orfsxbrl/.and for getting the user name and password, the said Authorised Person are advised to submit the duly filled in prescribed form through email on or before May 30, 2016.

Read more at: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10405&Mode=0

  1. Rupee Drawing Arrangement – To submit the Statement E on total remittances received by Authorised Dealer Category – I (AD Cat – I) banks in  XBRL System from the quarter ending June 2016

The Reserve Bank of India vide A.P. (DIR Series) Circular No.71 dated May 19, 2016 has issued directions under Section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 to Authorised Dealer Category – I (AD Cat – I) banks and were required to submit Statement E on total remittances received every quarter in terms of A. P. (DIR Series) Circular No. 28[A. P. (FL/RL Series) Circular No. 02] dated February 6, 2008 and A. P. (DIR Series) Circular No. 7 dated July 18, 2014, to submit the said Statement in eXtensible Business Reporting Language (XBRL) system from the Quarter ending June 2016.

Further, the reporting platform can be accessed at   https://secweb.rbi.org.in/orfsxbrl/. and for getting  user name and password, Authorised Dealer Category – I (AD Cat – I) banks are advised to submit the duly filled in prescribed form through email on or before May 30, 2016.

Read more at: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10406&Mode=0

  1. Investment in Credit Information Companies

The Reserve Bank of India (“the RBI”) vide DBR.CID.BC.No.98/20.16.042/2015-16 dated May 19, 2016 has in exercise of powers conferred by Section 11(1) of Credit Information Companies (Regulation) Act, 2005 and in supersession of its direction on Investment in Credit Information Companies (CICs) vide DBOD.CID.BC.No.74/20.16.042/2013-14 dated November 29, 2013, directed that the investment directly or indirectly by  any person, whether resident or otherwise, in Credit information Companies ( CIC), shall not exceed ten percent of the equity capital of the investee company.

Notwithstanding anything contained above, the RBI may consider to allow higher FDI limits to entities which have an established track record of running a Credit Information Bureau in a well regulated environment

  1. Upto 49% , if their ownership is not well diversified (i.e., one or more shareholders each hold more than 10% of voting rights in the company)
  2. Up to 100% if their ownership is well diversified

or

If their ownership is not well diversified, at least 50% of the directors of the investee CIC in India are Indian nationals/ Non-Resident Indians/ Persons of Indian origin subject to the condition that one third of the directors are Indian nationals resident in India.

  1. The investor company should preferably be a listed company on a recognised stock exchange.

Further,  FII/FPI investment would be permitted subject to the conditions that:

  1. A single entity should directly or indirectly hold below 10% equity;
  2. Any acquisition in excess of 1% will have to be reported to the RBI as a mandatory requirement;
  3. FIIs/FPIs investing in CICs shall not seek a representation on the Board of Directors based upon their shareholding.

Also, In case the investor in a CIC in India is a wholly owned subsidiary (directly or indirectly) of an investment holding company, the conditions relating to  allowing higher FDI limit by the RBI and permitting FII/FPI investment mentioned above will be applied to the operating group company that is engaged in credit information business and has undertaken to provide technical know-how to the CIC in India.

Read more at: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10410&Mode=0

 

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