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This newsletter contains the following categories:
Indian News Update
International News Update
VAT Update
Company Law Exposure Drafts
CA's Referencer
Article
Legal Updates
Indian News Update:
RBI told to push core status for SEZs
Easier delisting norms for small firms ready, notification soon
I-T department can question HC judgment years later: SC
Arbitration between company and director is allowed: SC
Govt plans to curb cheaper imports
SEBI to go easy on SLB margins
UK practice gets easier for Indian CAs
The Institute of Cost and Works Accountants of India signs MoU to promote an Institute of Cost and Management Accountants in Oman
CBDT, CBEC members given special secretary rank
RBI allows 49% single-entity FDI in credit info companies
Insurers to adopt uniform definition of policy expiry
Names of mountains not acceptable for registration
No plan to stop short-selling: Sebi
Double Taxation Avoidance Agreement signed between India and Tajikistan
ICAI and Institute of Chartered Accountants in England & Wales sign MOU
Silver jewellery exports may lose duty-free status in US
Startup capital for MFs may be hiked
Duty-free shops need local Customs clearance too
Interest rate futures likely to be in place by January next
Revision in pay not an inherent right: SC
RBI working on IFRS guidelines for banks
RBI may extend period for banks to classify aviation sector assets
New SLB system to be in place in a month: Bhave
Export sops: Marginal relief for cement cos
International News Update:
Fair value accounting should not be replaced-US panel
Legal fees to be squeezed under new accounting rules
EU could ease auditor ownership restrictions
IASB, FASB to move in lock-step on fair value rules
VAT Update:
Himachal offers incentives to promote homestay tourism
Company Law Exposure Drafts:
The Limited Liability Partnership (Concept) Rules and Forms, 2008
(Last date for comments: December 31, 2008)
Explanatory Memorandum
Review of Schedule VI to the Companies Act, 1956
(Last date for comments: December 22, 2008)
CA's Referencer:
Minimum Scale of Fees for Professional Assignments
[Submitted by CA. Chandra Prakash Baid,
B.Com(Hons), ACA]
Article:
Ratio Analysis Techniques
[Submitted by CA. Vibhuti Gupta,
Chartered Accountant,
New Delhi]
Legal Updates:
Service Tax:
Further amendments in Notification No.41/2007-Service Tax dated 6th October, 2007 [No.32]
Company Law:
The Companies (Central Government's) General Rules and Forms (second Amendment) Rules 2008
(Notification of revised Form 1B, 4, 4C, 18, 22 and 32) [G.S.R 788(E)]
The Investor Education and Protection Fund (Awareness and Protection of Investors)(Amendment) Rules, 2008
(Notification of revised Form 1) [G.S.R 787 (E)]
SEBI:
Establishment of Connectivity with both depositories NSDL and CDSL Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement
RBI:
Guidelines on Fair Practices Code for Lenders- Disclosing all information relating to processing fees / charges
Special Refinance Facility (SRF) under Section 17(3B) of the Reserve Bank of India Act, 1934
DGFT:
Review of Advance Authorization cases issued under Policy Circular No.9 dated 30.6.2003 for fulfillment of export obligation [Circular No.42]
Amendments in Schedule I (Imports) of the ITC (HS) Classifications of Export and Import Items, 2004-09 [No.64]
Amendments in Schedule-I (Imports) of the ITC(HS) Classifications of Export and Import Items 2004-09 [No.63]
Debit of advance authorization/DFIA based on balance CIF value of inputs in freely convertible currency [Circular No.41]
Permission for export of edible oil in small consumer packs and proposal to allow export of fish oil Monitoring of export quantity [Circular No.39]
Relaxation of ban for export of non-basmati rice by two 100% EOU units regarding monitoring of export quantity [Circular No.38]
Corrigendum to Notification No 59 (RE-2008)/2004-09 dated the 18th November, 2008 [No.62]
Amendments to some earlier notifications [No.61]
Permission for export of edible oil in small consumer packs and proposal to allow export of fish oil - regarding [No.60]
SEZ:
Special Economic Zones (Amendment) Rules, 2008 - Amendment in rule 5 [No. S.O.2661(E)]
Customs:
The Customs, Central Excise Duties and Service Tax Drawback (Amendment) Rules, 2008 [No.129(N.T.)]
Anti-dumping duty upon import of Compact Fluorescent Lamps originating in, or exported from China PR, Sri Lanka and Vietnam [No.126]
Further amendments to certain ealier notifications [No.125]
Continuation of anti-dumping duty on Acrylic Fibre originating in, or exported from, Korea RP and Thailand [No.123]
Further amendments in Notification No.21/2002-Customs dated 1st March, 2002 [No.122]
Rate of Exchange of Pound Sterling w.e.f 19th November, 2008 [No.128(N.T.)]
The entire list of notifications is available at
www.CAalley.com/legal.html
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