Petitioner asked to appeal before SAT first as alleged impediment is removed subsequently by FinMin

SEBI : Company directed to invoke appeal remedy before Securities Appellate Tribunal against order passed by SEBI preventing that company from accessing capital market

Co. to furnish details of immovable property and banks accounts to SEBI beforehand to get approved d

SEBI : Direction to company to furnish comprehensive list of its immovable properties and particulars of bank accounts to SEBI before SEBI approved final list of depositors and determined mode of payment

Co. engaged in impermissible activities liable to pay cost to SEBI it incurred in conducting investi

SEBI : Company interested in repaying, deposits collected without appropriate permission or sanction would pay cost to SEBI for conducting investigation in that regard

IRDA extends time to allow insurers to withdraw existing products and launch products as per new Reg

INSURANCE : IRDA (Non-Linked Insurance Products) Regulations, 2013 & IRDA (Linked Insurance Products) Regulations, 2013 and the clarificatory circulars dated 20/06/2013 & 28/06/2013 respectively

RBI discontinues facility of rescheduling an existing ECB at higher all-in-cost ceiling w.e.f. 01-10

FEMA/ILT : External Commercial Borrowings (ECB) Policy - Refinancing/rescheduling of ECB

SEBI streamlines procedure to deal with non-compliance of certain listing conditions

SEBI : Amendment to bye-laws of recognised stock exchanges with respect to non-compliance of certain listing conditions and adopting standard operating procedure for suspension and revocation of trading of shares of listed entities for such non compliances

RBI further extends applicability of enhanced all-in-cost ceiling for ECBs by six months

FEMA/ILT : External Commercial Borrowings (ECB) Policy - Review of all-in-cost ceiling

SEBI announces guidelines to implement revised registration norms for stock brokers

SEBI : Simplification of registration requirements for Stock Brokers

ECB is allowed for multiple stages of disinvestments in PSUs under Disinvestment Programme, RBI clar

FEMA/ILT : External Commercial Borrowings (ECB) Policy - Clarification on ECB proceeds for acquisition of shares under the Government's Disinvestment Programme of PSUs

RBI/2013-14/306 A.P. (DIR Series) Circular No.60 dated 01-10-2013

RBI/2013-14/306

A.P. (DIR Series) Circular No.60

October 01, 2013

To

All Category - I Authorized Dealer Banks

Madam / Sir,

Export Outstanding Statement (XOS) Online Bank wide Submission

Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to A. P. (DIR Series) Circular No. 12 dated September 9, 2000 in terms of which AD Category – I banks are required to furnish to the Regional Office concerned of the Reserve Bank, a consolidated statement in Form XOS giving details of all export bills outstanding beyond six months from the date of export on a half yearly basis as at the end of June and December every year.

2. It has been decided that with effect from the half year ending December 2013, XOS submission should be made online and Bank-wide instead of the present system of branch-wise submission through the respective Regional Offices of Reserve Bank of India. Accordingly, AD Category-I Banks are advised to designate a Nodal Branch which shall be submitting the XOS data for the AD Bank as a whole. Further, the software for Bank-wide online submission of XOS data would allow direct access to the all AD Category – I Banks to the RBI server to enable uploading of the XOS data directly to RBI server for which the necessary User ID and Password would be allotted to them in due course.


3. For the benefit of AD Category – I banks, demonstration of the above software changes have also been carried out on July 26, 2013. Further, the “CSV” file format and Bank User Manual for the related software changes have also been shared via e-mail.


4. AD Category – I banks may accordingly, put in place the requisite infrastructure and processes at their end. They may test check the proper uploading of data by sending across to us their sample test data at e-mail up till October 31, 2013. After checking the same, Reserve Bank shall send the feedback report to the respective AD Category – I banks.


5. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (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

Delay in filing appeal due to assessee's absence in India is condonable

ST: Where assessee had gone abroad and only after their return from abroad, they could get appeal documents prepared, delay caused in filing appeal on that account was condonable

Past year's deemed dividend to be reduced from accumulated profits to compute current year deemed di

IT : In order to compute amount of deemed dividend taxable under section 2(22)(e), loans/advances given to shareholders in earlier years which are assessable as 'deemed dividend' in hands of respective shareholders in past years, have to be reduced from surplus while determining 'accumulated profits' in hands of company during year under consideration

Transfer of art works by artist deemed as supply of goods; not liable to service tax

ST/ECJ: Concept of services supplied by artists does not cover supply of works of art, even in case where supply is effected by artist or his agent; such a transfer constitutes a supply of goods and not liable to service

RBI/2013-14/302 A.P. (DIR Series) Circular No. 57 dated 30-09-2013

RBI/2013-14/302

A.P. (DIR Series) Circular No. 57

September 30, 2013

To

All Authorised Dealer Category – I Banks

Madam / Sir

External Commercial Borrowings (ECB) Policy – ECB proceeds for acquisition of shares under the Government’s disinvestment programme of PSUs - Clarification

Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P. (DIR Series) Circular No. 5 dated August 1, 2005 , relating to External Commercial Borrowings (ECB) as amended from time to time in terms of which ECB proceeds is permitted to be used in the first stage acquisition of shares in the disinvestment process and also in the mandatory second stage offer to the public under the Government’s disinvestment programme of the public sector undertakings (PSUs) shares.

2. It is clarified that ECB is allowed for all subsequent stages of acquisition of shares in the disinvestment process under the Government’s disinvestment programme of the PSU shares; in other words, facility of ECB is available for multiple rounds of disinvestment of PSU shares under the Government disinvestment programme.


3. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers.


4. 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) andare without prejudice to permissions / approvals required, if any, under any other law.

Yours faithfully

(C D Srinivasan)

Chief General Manager

RBI/2013-14/303 A.P. (DIR Series) Circular No. 58 dated 30-09-2013

RBI/2013-14/303

A.P. (DIR Series) Circular No. 58

September 30, 2013

To, All Authorized Dealer Category - I Banks

Madam / Sir

External Commercial Borrowings (ECB) Policy — Review of all-in-cost ceiling

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 11 dated July 11, 2013 relating to the all-in-cost ceiling for ECB.

2. On a review, it has been decided that the all-in-cost ceiling as specified under paragraph 2 of A.P. (DIR Series) Circular No. 99 dated March 30, 2012 will continue to be applicable till March 31, 2014 and subject to review thereafter. All other aspects of ECB policy remain unchanged.


3. AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers.


4. 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

(C. D. Srinivasan)

Chief General Manager

RBI/2013-14/304 A.P. (DIR Series) Circular No. 59 dated 30-09-2013

RBI/2013-14/304

A.P. (DIR Series) Circular No. 59

September 30, 2013

To,

All Authorised Dealer Category - I Banks

Madam / Sir

External Commercial Borrowings (ECB) Policy – Refinancing / Rescheduling of ECB

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A. P. (DIR Series) Circular No. 5 dated August 01, 2005 and A.P. (DIR Series) Circular No. 112 dated April 20, 2012 relating to External Commercial Borrowings (ECB).

2. As per the extant guidelines, the eligible borrowers desirous of refinancing an existing ECB can raise fresh ECB at a higher all-in-cost / reschedule an existing ECB at a higher all-in-cost under the approval route subject to the condition that the enhanced all-in-cost does not exceed the all-in-cost ceiling prescribed as per extant guidelines.


3. On a review, it has been decided to discontinue this facility allowing eligible borrowers to raise ECB at a higher all-in-cost to refinance / reschedule an existing ECB with effect from October 01, 2013.


4. The scheme of refinance of existing ECB by raising fresh ECB at lower all-in-cost, subject to the condition that the outstanding maturity of the original ECB is either maintained or extended, will continue as hitherto under the automatic route and approval route as the case may be.


5. All other aspects of ECB policy shall remain unchanged. AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned.


6. 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

(C. D. Srinivasan)

Chief General Manager

RBI/2013-14/301 A. P. (DIR Series) Circular No. 56 dated 30-09-2013

RBI/2013-14/301

A. P. (DIR Series) Circular No. 56

September 30, 2013

To,

All Authorised Dealer Category - I Banks

Madam / Sir

Trade Credits for Imports into India – Review of all-in-cost ceiling

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the A.P. (DIR Series) Circular No. 9 dated July 11, 2013 relating to all-in-cost ceiling of Trade Credits for imports into India.

2. On a review it has been decided that the all-in-cost ceiling as specified under paragraph 4 of A.P. (DIR Series) Circular No.28 dated September 11, 2012 will continue to be applicable till March 31, 2014 and is subject to review thereafter.


3. All other aspects of Trade Credit policy remain unchanged. AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers.


4. 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

(C. D. Srinivasan)

Chief General Manager

Gain on sale of shares taxable as business income and not capital gains if assessee intended to earn

IT: Where number of scrips, transactions of purchase and sale, stock turnover ratio and holding period suggested assessee's intention to quickly realize profits and not to wait for dividend or capital appreciation, gain on such transactions would be assessed as business income and not as capital gains