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This newsletter contains the following categories:
Indian News Update
International News Update
VAT Update
From the ICAI
Article
DTAA
Legal Updates
Indian News Update:
Foreign cos' income from interest on bonds taxable
IBA facilitates bank credit flow to mutual funds
Insurance Bill gets nod; may take time to become law
MCA to outsource investor grievances
Drug regulator to cut licence approval time
RBI cuts repo rate by 50 bps; CRR by 100 bps
Share expense ruling to further lower returns
Govt scraps export duty on select steel products
Changes in duties rates including ATF
Tariff value of edible oils, brass scrap and poppy seeds notified
IT SEZs must wait for 100% tax exemption
Interest on foreign borrowings via convertible bonds under TDS net
NBFCs allowed to issue perpetual debt papers
MCA to scan tax evasion cases
RRBs seek treatment at par with other banks
RBI relaxes forex derivatives accounting norms
HC issues notices to Centre, RBI, SEBI
Dumping probe into bus, truck radial tyres begins
HC asks I-T Commissioner to reconsider claim for waiver of interest
Duty free tariff preference scheme
IFRS the way to go for Indian cos in US
RBI offers helping hand to exporters
Contract workers likely to get payment by cheque soon
SEBI allows creeping acquisition beyond 55 per cent
Judgments take precedence over circulars
No tax relief likely for MTM loss
Govt may make registration of clinical research cos mandatory
New Companies Bill would not dilute regulation
New valuation norms to hit NAV
Regulators may raise exposure cap in currency futures
ICAI to open more overseas chapters
Set up common body for foreign cos tax queries: Par Panel
ICAI issues two accounting norms
RBI lets Clearing Corporation to guarantee forward currency deals
RBI eases cost ceiling norms for trade credit
SLR norms for urban cooperatives revised
Interest rate futures set for 2009 launch
Limited Liability Partnership Bill, 2008 passed by Rajya Sabha
CAG accuses SEBI of violating norms on surplus funds
Foreign cos to pay FBT for liaison office people in India
SEZ developers, units eligible for concessional financing
Companies Bill introduced, to make ‘doing business' easier
Sebi amends Clause 49
RBI leaves key rates untouched
New Companies Bill provides for self-regulation
Sebi eases norms for FII investment in exchanges
SEBI set to ban early redemption in new FMPs
SEBI tells FIIs not to lend stocks abroad
SEBI plans to review direct market access facility rules
SEZ export profits to get 5-yr tax holiday
Companies Bill, 2008 Introduced in Lok Sabha
ECB norms eased further
SEBI asks brokers to get auditing from independent CAs, others
FM calls states to lower tax on transfer of property
ECB, FDI norms may be eased
RBI likely to ease cap on foreign currency deposits
International News Update:
PCAOB Proposes Standards for Audit Risk
VAT Update:
VAT cut on ATF may take more time
Centre trashes VAT panel’s idea of multiple GST rates
From the ICAI:
Accounting Standards for Local Bodies:
Accounting Standard for Local Bodies (ASLB) 3
Revenue from Exchange Transactions
(Based on corresponding IPSAS 9)
Accounting Standard for Local Bodies (ASLB) 4
Borrowing Costs
(Based on corresponding IPSAS 5)
Article:
Import of Services
[Submitted by Sriharsha K. M.,
Bangalore, Karnataka]
DTAA:
DTAA with Japan
Legal Updates:
Income Tax:
Income-tax (Ninth Amendment) Rules, 2008 - Amendments in rule 17C [No.99]
Income-tax (Eighth Amendment) Rules, 2008 - Insertion of rule 18DDA and Form No. 10CCBD [No.98]
SEBI:
Review of Securities Lending and Borrowing (SLB) Framework
Standardising format of Abridged Schemewise Annual Report Format and reduction in time period for dispatch to the unitholders - Amendments to SEBI (Mutual Funds) Regulations, 1996
Applicability of NAV for Income/Debt oriented Mutual Fund scheme(s)/plan(s) (other than liquid fund schemes)
Corporate Governance in listed Companies – Clause 49 of the Listing Agreement
Foreign Investments in Infrastructure Companies in Securities Markets
Internal Audit for stock brokers/trading members/clearing members
RBI:
Prudential Norms for Off-balance Sheet Exposures of Banks
Enhancement of NBFCs’ capital raising option for capital adequacy purposes
Relief/Savings Bonds – Rights of Customers
Savings Bonds now eligible as Collateral for Loans
Mid-Term Review of Annual Policy for the Year 2008-09
Temporary liquidity support for financing agricultural operations
FEMA:
Trade Credits for Imports into India – Review of all-in-cost ceiling [Circular No.27]
Rupee Export Credit Interest Rates
Interest Rate Ceiling on Rupee Export Credit
External Commercial Borrowings Policy: Liberalisation [Circular No.26]
DGFT:
Guidelines for import of Rough Marble Blocks/Slabs for the year 2008-09 [Circular No. 37]
Amendments with immediate effect in Foreign Trade Policy 2004-2009 (Updated as on 11.04.2008) [No.51]
Amendments in Schedule-I (Imports) of the ITC(HS) Classifications of Export and Import Items 2004-09 [No.50]
Amendments in Schedule-I (Imports) of the ITC(HS) Classifications of Export and Import Items 2004-09 [No.49]
Customs:
Rate of exchange for imported and exported goods w.e.f. 01-11-2008 [No.115(N.T.)]
Rate of exchange for imported and exported goods w.e.f. 24-10-2008 [No.114(N.T.)]
Notification No.69/2008-Customs dated 15th May, 2008 rescinded [No.112]
Anti-dumping duty on imports of fully drawn yarn or fully printed yarn or fully oriented yarn or spin drawn yarn or flat yarn of polyester and other yarns [No.111]
Continuation of anti-dumping duty on Vitamin C, originating in or exported from the People’s Republic of China [No.109]
Concessions granted to about 260 items in the negative list of SAFTA [No.107]
Further amendment in Notification No.147/94-Customs dated 13th July, 1994 [No.106]
The entire list of notifications is available at
www.CAalley.com/legal.html
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