Eligibility of supplies to EOUs for deemed export benefits

Yes,

The supplies of goods from DTA to EOU / EHTP / STP / BTP are regarded as deemed exports and DTA supplier is eligible for deemed export benefits.

Based upon disclaimer from DTA supplier, EOU / EHTP / STP / BTP units can also claim these benefits.

This is as per DGFT Policy Circular No. 23 (RE-2008)/2004-2009 dated 28th July 2008

IEC modification, when 100% EoU becomes DTA

Yes,

You will get a Fresh Import Export Code (IEC) from RA, once your 100% Export Oriented Unit (EoU) gets converted into a Domestic Tariff Area (DTA) unit.

Same is NOT the case when an existing DTA gets converted into 100% EoU. Meaning, it will continue with the same IEC.

This is as per the Clarification issued by Commerce Ministry which can be accessed in http://164.100.9.245/exim/2000/cir/cir08/cir2608.htm

CS exam Results 2008 Out - Pass or Will Pass?

Yes,

Company Secretary Foundation, Inter & Final Results are out by 12 noon today @ www.icsi.edu

Hope you enjoyed with your Pass or Will Pass status ....

Do Scrap your Results here to enthuse others.

Click here to enjoy CS Exams December 2008.

Join the CS Fraternity to celebrate & learn more.

[SEBI-FVCI] how to get registered as a Foreign Venture Capital Investor

HOW TO GET REGISTERED AS A FOREIGN VENTURE CAPITAL INVESTOR (FVCI)

1. The Applicant is advised to go through the SEBI (Foreign Venture Capital Investors) Regulations, 2000 for checking the eligibility criteria (Reg 4) and such other information while submitting the application to SEBI.

The application in Form A as specified in First Schedule to SEBI (Foreign Venture Capital Investors) Regulations, 2000 and other documents should be filed along with requisite fees (Application fees of US $ 5000) as prescribed under Second Schedule to the Regulations.

2. The application in Form A along with other documents as enumerated below should be submitted in duplicate. One set of Application along with all the documents is forwarded by SEBI to Reserve Bank of India (RBI) for its approval from FEMA angle.

Click here to know the Procedural Detail

[SEBI] Internal Audit for stock brokers/clearing members by Chartered Accountant

Stock Broker / Clearing Members to carry out COMPLETE INTERNAL AUDIT on HALF YEARLY BASIS by Independant Qualified CHARTERED ACCOUNTANTS.

The first such audit period should be from October 1, 2008 to March 31, 2009.

The scope of such audit shall cover, inter alia,
1. The existence, scope and efficiency of Internal Control System;
2. Compliance with the provisions of,
a. SEBI Act, 1992; b. Securities Contracts (Regulation) Act 1956; c. SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992.
3. Compliance of circulars issued by SEBI, agreements, KYC requirements & Bye-Laws of the Exchanges;
4. Data security and insurance in respect of the operations of stock brokers/clearing members.

Click here for more details.

[FEMA] Advance Remittance USD 50lakhs Without Bank Guarantee/Standby Letter of Credit

RBI/2008-09/134 A. P. (DIR Seris) Circular No. 09 dated August 21, 2008

Advance Remittance for Import of Goods - Liberalisation

In cases where the importer (other than a Public Sector Company or a Department / Undertaking of the Government of India / State Government) is unable to obtain bank guarantee from overseas suppliers and the AD Category – I bank is satisfied about the track record and bonafides of the importer, the requirement of the bank guarantee / standby letter of credit may not be insisted upon for advance remittance up to USD 1,000,000 or its equivalent. AD Category – I banks may frame their own internal guidelines to deal with such cases as per a suitable policy framed by the bank's Board of Directors [cf A. P. (DIR Series) Circular No.15 dated September 17, 2003].

Now, it has been decided to enhance the limit of USD 1,000,000 mentioned above to USD 5,000,000 or its equivalent, with immediate effect.

Find full detail in http://rbidocs.rbi.org.in/rdocs/notification/PDFs/86458.pdf

[FEMA] USD 10lakhs per Export Shipment, Despatch Shipping Documents to Export Destination

RBI/2008-09/127 A. P. (DIR Series) Circular No. 06 dated August 13, 2008

Attention of Authorised Dealer Category – I (AD Category - I) banks is invited to the paragraph C .7 of A. P. (DIR Series) Circular No.12 dated September 9, 2000, in terms of which AD Category – I banks/exporters have been allowed, in certain cases, to dispatch shipping documents direct to the consignee. All other cases of dispatch of shipping documents by the exporter direct to the consignee are considered by the Reserve Bank on a case to case basis.

With view to further liberalise the facilities available to the exporters and to simplify the procedure, it has been decided to allow AD Category - I banks, to regularize cases of dispatch of shipping documents by the exporter direct to the consignee or his agent resident in the country of the final destination of goods, up to USD 1 million or its equivalent, per export shipment, subject to the following conditions:

a) The export proceeds have been realized in full.

b) The exporter is a regular customer of AD Category - I bank for a period of at least six months.

c) The exporter's account with the AD Category – I bank is fully compliant with Reserve Bank's extant KYC / AML guidelines.

d) The AD Category – I bank is satisfied about the bonafides of the transaction.

In case of doubt, the AD Category – I bank may consider filing Special Transaction Report (STR) with FIU_IND (Financial Intelligence Unit in India).

The directions for Status Holder Exporters and Units in Special Economic Zones issued vide A. P. (DIR Series) Circular No. 35 dated April 1, 2002 and A. P. (DIR Series) Circular No. 10 dated August 14, 2002, respectively, shall remain unchanged.

SEBI (PORTFOLIO MANAGERS) (AMENDMENT) REGULATIONS, 2008

SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) (AMENDMENT) REGULATIONS, 2008

In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993: -

(i) in regulation 6, in sub regulation (2), in clause (d), for the words 'experience as portfolio manager or stock broker or investment manager' the words 'experience in related activities in portfolio management or stock broking or investment management' shall be substituted;

(ii) in regulation 7, -

(a) for the words "fifty lacs rupees" occurring at the end, the words "two crore rupees" shall be substituted;

Yes, the Networth should be Two Crore Rupees & for the existing Portfolio Managers should raise the Networth to 1 Crore in 1st 6 months & should have total Networth of 2 Crores by the end of 12 months from the date of Regulations (11th August 2008). The Capital Adequacy requirement has to be complied in addition to the Networth.

(iii) in regulation 16, for sub - regulation (8), the following shall be

inserted namely:-

" (8) The portfolio manager shall not hold the listed securities, belonging to the portfolio account, in its own name on behalf of its clients either by virtue of contract with clients or otherwise:

Provided that any portfolio manager holding the listed securities belonging to the portfolio account in its own name on behalf of its clients on the date of commencement of the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2008 shall segregate each clients' listed securities and keep them separately within six months from such commencement:

Provided further that the Board may in the interest of investors or for the development of securities market, on an application made in this behalf by a portfolio manager with respect to any specific investment existing on the date of commencement of the Securities and Exchange Board of India (Portfolio Managers) (Amendment) Regulations, 2008, relax the strict enforcement of this regulation."

Find full detail in http://www.sebi.gov.in/acts/pmamendreg.pdf

SEBI (Stock Brokers & Sub Brokers) and (Intermediaries) Amendment Regulations, 2008

Amendment to the Securities and Exchange Board of India (Intermediaries) Regulations, 2008

4. In the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, in regulation 2, in sub-regulation (1), in clause (g), after the words "a derivative segment" the words "or currency derivatives segment" shall be inserted.

SECURITIES AND EXCHANGE BOARD OF INDIA (STOCK BROKERS AND SUB- BROKERS) (AMENDMENT) REGULATIONS, 2008

In the Securities and Exchange Board of India (Stock Brokers And Sub- Brokers) Regulations, 1992–

(i) in regulation 2-

a. in clause (ae), after the words "derivatives segment of an exchange" the words "or currency derivatives segment of an exchange" shall be inserted;

b. in clause (gd), after the words "derivatives segment of a stock exchange" the words "or currency derivatives segment of a stock exchange" shall be inserted.

(ii) In regulation 16 I, in sub-regulation (4), for the words "regulation 26" occurring at the end, the words "Chapter VI" shall be substituted.

(iii) After Chapter IIIA, the following Chapter and regulations shall be inserted, namely:-

CHAPTER III B

REGISTRATION OF TRADING AND CLEARING MEMBERS OF CURRENCY DERIVATIVES SEGMENT

Find full detail in http://www.sebi.gov.in/acts/stockbramend.pdf

[Investor Protection] SEBI (Depositories and Participants) (Second Amendment) Regulations, 2008

In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 -

(i) for regulation 32, the following shall be substituted, namely:-

Mechanism for investor protection.

32.

The depository shall satisfy the Board (means SEBI) that it has a mechanism in place to ensure that the interests of the persons buying and selling securities held in the depository are adequately protected."

Its worth to read the Old Provision (which is repealed) to track the difference:
Erstwhile Regulation 32,
32. Transfer to be affected only after payment.—The depository shall satisfy the Board that it has a mechanism in place to ensure that the interest of the persons buying and selling securities held in the depository are adequately protected and shall register the transfer of a security in the name of the transferee only after the depository is satisfied that payment for such transfer has been made.

Click to see amendment through SEBI (Depositories and Participants) (Second Amendment) Regulations, 2008 w.e.f. 8th August 2008.

[NOT Amended]MCA e-Forms NOT updated, need not delete the downloaded forms

Relax, so-many e-Forms 8 & others, that you have already filled to file, is still worth.

Wait before you DELETE your Old e-Forms 23AC-A, 66, 20B, 21A, 1, 5, 18, 10, 17 & 8 from your System as MCA has NOT updated the forms.

Scheduled version change wef 19th August, 2008 of eForms - 23AC, Additional attachment to Form23AC, Form 23ACA, Form 66, Form 20B, Form 21A, Form1, Form5, Form18, Form10, Form17 and Form 8 has been postponed.


Ministry of Corporate Affairs (MCA) has previously informed that:
New version of Form 23AC, Additional attachment to Form23AC, Form 23ACA, Form 66, Form 20B, Form 21A, Form1, Form5, Form18, Form10, Form17 and Form 8 will be available on the Portal, effective August 19, 2008, (6.00 AM). All Stakeholders are requested to use new version wef August 19, 2008 (6.00 AM) as the current version of these forms will be discontinued.

The said e-Forms are same and has not been updated. Continue uploading the downloaded forms itself.

Don't know, whether its an advantage or disadvantage of Electronic Publications as Ministries have gone Online !

Keep e-filin...

[CS Inter Book] Company Secretary Executive Program Book / Notes / Materials

Law Labz - Determination of CS Studies

Experiment:
Are your exams nearing with no progress in studying and finishing it???


Now what..!!!!


Observation:
Law Labz has resolved,
A book which is meant only for CS students exclusively written from examination point of view.
An exclusive book which makes law more than just sections and mugging up, for CS friends to enjoy the subjects rather than forceful reading.


Inference:
Law Labz, gives you the learning process with a student's perspective. After all, in Law Labz, the Professionals were once students before becoming Experts in their domain and who else , other than themselves, can empathise with the Aspirants who wish to move forward but find themselves lost, like a rudder-less boat, in the enormity of the sea of syllabus to be covered.
You will get a stylish Book, evincing interests in CS friends to Win the Exams. Something like http://yehseeyes.blogspot.com/2008/04/dividendiepf-timeline-charts-concepts.html


Yes,
We want to give entire Module in a Single Book, say Module II papers - Company Law, Economic & Labour Laws and Securities Law & Compliances in a Single Book is what we have worked on.


Many a time, it is not uncommon for students pursuing courses like ACS, to feel that they have bitten more than what they can chew. But, we make it, in all certainty, to the students in such a way that they enjoy it like having 'a cheese stuffed pizza' with a soft drink. After all, the fact that enjoying one's study is the essential recipe for success, needs no great emphasis.


We wish to share your Passion, Interests & Opinion.


Send your views to csexecutiveprogram@gmail.com


Do help us to reach you.


Do submit your Interests in http://creator.zoho.com/csexecutiveprogram/form/8/