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RBI/2013-14/254 A.P. (DIR Series) Circular No.43 dated 13-09-2013

RBI/2013-14/254

A.P. (DIR Series) Circular No.43

September 13, 2013

To

All Authorised Dealers in Foreign Exchange

Madam / Sir,

Export of Goods and Services-Simplification and Revision of Declaration Form for Exports of Goods/Softwares

Attention of the Authorised Dealers is invited to Regulation 6 of the Notification No. FEMA 23/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, as amended by the Notification No. FEMA 36/2001-RB dated February 27, 2001 and A.P. (DIR Series) Circular No. 80 dated February 15, 2012 ,in terms of which every exporter of goods or softwares has to give declaration in one of the forms (GR/PP/SDF/SOFTEX/Bulk SOFTEX) and submit it to the specified authority for certification.

2. In order to simplify the existing form used for declaration of exports of Goods/Softwares, a common form called “Export Declaration Form” (EDF) has been devised to declare all types of export of goods from Non-EDI ports and a common “SOFTEX Form” to declare single as well as bulk software exports. The EDF will replace the existing GR/PP form used for declaration of export of Goods. The procedure relating to the exports of goods through EDI ports will remain the same and SDF form will be applicable as hitherto. The EDF and SOFTEX form have been given in Annex I and Annex II respectively.


3. Under the revised procedure, the exporters will have to declare all the export transactions, including those less than US$25000, in the form as applicable.


4. Reserve Bank of India will be extending the facilities to exporters for online generation of SOFTEX Form No. (Single as well as Bulk) for use in Off-Site Software exports, in addition to EDF Form No. (Present web-based process of generation of GR Form No. gets replaced) through its website www.rbi.org.in . In order to generate the above number, the applicant has to fill-in the online form (Path www.rbi.org.in → Forms → FEMA → Forms Printing EDF/SOFTEX Form No.), thereafter, the related EDF/SOFTEX Form No. would be generated for each transaction by the applicant exporter. The specimen of online form and the advice are given in Annex III. The present facility of manual allotment of single as well bulk SOFTEX form number by Regional Offices of RBI would be dispensed with accordingly.


5. The Foreign Exchange Management Act (FEMA) requires exporters to complete the EDF/SOFTEX Form using the number so allotted and submit them to the specified authority first for certification and then to AD for necessary action as hitherto.


6. The above instruction will come into force from October 1, 2013. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.


7. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(C.D. Srinivasan)

Chief General Manager

RBI/2013-14/255 A.P. (DIR Series) Circular No. 44 dated 13-09-2013

RBI/2013-14/255

A.P. (DIR Series) Circular No. 44

September 13, 2013

To

All Category - I Authorised Dealer Banks

Madam/ Sir,

Foreign Direct Investment (FDI) in India – Review of FDI policy – definition for control and sector specific conditions

Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to Annex B of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified by the Reserve Bank vide Notification No. FEMA. 20/2000-RB dated 3^rd May 2000 , as amended from time to time whereby description of sectors/activities wherein the entry norms, sectoral cap and other conditions for sectors/activities in which FDI is permitted under Government route and Automatic route are specified.

2. Attention of Authorised Dealer Category – I (AD Category-I) banks is also invited to Annex to A.P. (DIR Series) Circular 01 of July 04, 2013 whereby the definitions for ownership and control for an Indian company has been given .


3. It has been decided to revise the definition of the term ‘control’ as under;
   

   'Control' shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements.

   
   


4. Government of Himachal Pradesh and Karnataka have given consent to implement the FDI policy on Multi Brand Retail Trading in Himachal Pradesh and Karnataka respectively. As such, the list of States/Union Territories which have conveyed their concurrence stands modified. Further, the extant policy on FDI caps and routes for various sectors has since been reviewed. Accordingly, in order to bring uniformity in the sectoral classification position for FDI as notified under the Consolidated FDI Policy Circular with the FEMA Regulations, Annex B of Schedule 1 to Notification No. FEMA. 20/2000-RB dated 3^rd May 2000 , has been suitably revised and the updated list is given at the Annex.


5. A copy each of Press Note No.1 (2013 Series) dated June 3, 2013, Press Note No. 3 (2013 Series) dated July 4, 2013 and Press Note Nos. 4, 5 and 6 (2013 Series) dated August 22, 2013 issued by Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India in this regard is enclosed.


6. AD Category - I banks may bring the contents of the circular to the notice of their customers/constituents concerned.


7. Reserve Bank has since amended the Regulations and notified vide Notification No. FEMA. 285/2013-RB dated August 30, 2013 vide G.S.R. No.597(E).


8. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(Rudra Narayan Kar)

Chief General Manager-In-Charge

Gains from sale of land isn't business income if land is held with an intention to carry agricultura

IT : Where intention of assessee from inception was to carry on agricultural operation on land in question, gain from its sale could not be taxed as profit arising from adventure in nature of trade, merely because of short period of holding

Central Excise Notification No 27/2013 dated 12-09-2013

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No. 27/2013-Central Excise

New Delhi, the 12^th September, 2013

G.S.R. (E).-In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), 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. 12/2012-Central Excise, dated the 17^th March, 2012 , published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163(E), dated the 17^th March, 2012, namely:-

In the said notification,-

1. in the Table, against Sl. No. 327, for the entry in column (3), the following entry shall be substituted, namely:-
   

   “Goods specified in List 9, for the manufacture of rotor blades and intermediates, parts and sub-parts of rotor blades, for wind operated electricity generators.”;

   
   


2. in the ANNEXURE, in condition No. 36, for the words “manufacture of rotor blades for wind operated electricity generators”, the words “manufacture of rotor blades and intermediates, parts and sub-parts of rotor blades, for wind operated electricity generators” shall be substituted.

[F. No. 332/17/2012 -TRU]

(Akshay Joshi)

Under Secretary to the Government of India

Note: The principal notification No. 12/2012-Central Excise, dated the 17^th March, 2012 , published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163(E), dated the 17^th March, 2012, was last amended vide notification No. 25/2013-Central Excise, dated the 13^th August, 2013 , published vide number G.S.R. 544(E), dated the 13^th August, 2013.