RBI Circulars 2007-08

Rupee hits a new low of 54.82 against Dollar IPL Bangalore Team Player Luke Pomersback arrested by Delhi Police Shahrukh Khan banned for 5 years from entering in Wankhede Stadium CBI raids 15 MLAs in Jharkhand for taking bribe in Rajya Sabha elections Rajya Sabha passes Finance Bill 2012 Petrol & Diesel prices to be hiked Yeddy applies for bail after CBI raids on his residence Income Tax Officer SK Saini sentenced to 3 years RI + fine of Rs 35 Lakh by CBI Court in Bhopal IRS Officer Brahmananda Reddy arrested by CBI Founder of Matrix Laboratories Nimmagadda Prasad also arrested by CBI Tariff Value for import of Brass scrap is 4362 & for poppy seeds 3680-for gold 507 per 10 gram & for silver 920 per kg-Customs Non-Tariff Notification No.42 Customs duty exempted on import of 191 Products from Singapore-Customs Tariff Notification No.33 Import of 485 Products from Singapore exempted from Customs duty-Customs Tariff Notification No.34 Import of 496 Products from Singapore exempted from 50 per cent of applied rate of duty-Customs Tariff Notification No.35 Saurabh Chandra gets additional charge of Commerce Secretary ITAT Member N Vasudevan transferred from Mumbai to Bangalore-J Sudhakar Reddy moves from Mumbai to Delhi-IP Bansal from Delhi to Mumbai-IC Sudhir from Pune to Delhi CVD on imported electronics lowered due to higher rates of abatement from RSP notified-Abatement from MRP for excise payment on all electronic products prescribed at uniform rate of 35 per cent-Abatement revised for several products-Central Excise Non-Tariff Notification No.26 Suppliers to Mega Power Projects face silly excise demands-Click on the link below for full details Excise demand of Rs 32 Crore confirmed against Exide for not paying excise on MRP basis on lead acid storage battery RBI says Exporters required to convert 50 per cent of their foreign exchange holdings into Rupee within 15 days-Exporters will be allowed to buy foreign currency only after utilizing all their foreign currency holdings Articles of jewellery exempted from excise duty-Specified Railway Goods manufactured by Government exempted from excise -Central Excise Tariff Notification No.23 Excise on specified Petroleum Oils lowered Eye makeup preparations exempted from excise The excise exemption hitherto admissible on all Hawai Chappals will now be admissible to only Hawai Chappals of RSP up to Rs 500-Polyester staple fibre or polyester filament yarn, manufactured from plastic scrap or plastic waste including waste polyethylene terephthalate bottles exempted from excise-Excise on Motor chassis for vehicles lowered to 14 per cent excise-Excise on LED Lights of Chapter 85 lowered to 6 per cent-Inks for ball point pens exempted from excise-Central Excise Tariff Notification No.24-Parts of Footwear and hawai chappals of RSP not exceeding Rs. 500 per pair exempted from excise if consumed in factory-Central Excise Tariff Notification No.25-Excise exemption to goods required for initial setting up of solar power generation project or facility-Central Excise Tariff Notification No.26 CENVAT Credit (Fifth Amendment) Rules, 2012-No reversal of credit required for supplies made for setting up of solar power generation projects or facilities-Central Excise Non-Tariff Notification No.25 exemption from wholeof the additional duty leviable shall not apply to Hand held Metal/Mine/Bomb detectors etc.-Customs Tariff Notification No.30 Import of specified goods allowed at concessional rate of duty-Customs Notification No.31 Lok Sabha passes Finance Bill 2012 FM defers the applicability of GAAR provisions by one year- GAAR provisions will now apply to income of Financial Year 2013-14 and subsequent years-The retrospective clarificatory amendments now under consideration of Parliament will not be used to reopen any cases where assessment orders have already been finalized-long term capital gain arising from sale of unlisted securities in case of non-resident investors, including PE investors lowered to 10 per cent-FM extends benefit of tax exemption on long term capital gains to sale of unlisted securities in IPO-lower rate of withholding tax of 5% for funding all businesses-FM withdraws the provision for levy of TDS on transfer of immovable property-FM raises the threshold limit for TCS on cash purchases of jewellery to Rs.5 lakh-only serious offences under the customs law involving prohibited goods or duty evasion exceeding Rs.50 lakh, shall be cognizable- all these offences shall be bailable-changes in the definition of “service” which will exclude the activities specified in the Constitution as “deemed sale of goods”-The definition of “works contract” also enlarged to include movable properties- Exemption for specified services relating to agriculture in the Negative List extended to agricultural produce enlarging the scope of the entry Anti-dumping duty on imports of Partially Oriented Yarn, originating in, or exported from China-Customs Notification No.22 Customs duty on import of 806 Products from Japan lowered Anti-dumping duty imposed on import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture/FertilizerGrade) , falling under tariff item 28092010, originating in, or exported from,Israel and Taiwan-Customs Tariff Notification No.19 Customs duty on import of composite fertiliser lowered to 1 per cent-Customs Tariff Notification No. 24

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RBI CIRCULARS 2007-2008

Circular No.	Subject
01/2007-08	Acceptance of FCNR(B) Deposits by Regional Rural Banks (RRBs)
02/2007-08	Maintenance of collateral by FIIs for transactions in derivative segment- Opening of demat accounts by Clearing Corporations and Clearing Members
03/2007-08	Remittances to non-residents - Deduction of tax at source
04/2007-08	Review of External Commercial Borrowings (ECB) Policy
05/2007-08	Exim Bank's Line of Credit (LOC) of USD 30 million to the Government of the Republic of Mali
06/2007-08	Exim Bank's Line of Credit (LOC) of USD 5 million to the Eastern African Development Bank, Kampala, Uganda
07/2007-08	Rupee Loans to NRI Employees of Indian Companies under Employees Stock Option (ESOP) Scheme
08/2007-08	Exim Bank's Line of Credit (LOC) of USD 30 million to Government of the Republic of Honduras
09/2007-08	Liberalised Remittance Scheme for Resident Individuals- Enhancement of limit from USD 100,000 to USD 200,000
10/2007-08	Prepayment of External Commercial Borrowings
11/2007-08	Overseas Direct Investment- Liberalisation
12/2007-08	Overseas Investment by Mutual Funds - Liberalisation
13/2007-08	Exchange Earner's Foreign Currency (EEFC) Account- Liberalisation
14/2007-08	Anti-Money Laundering Guidelines
15/2007-08	Booking of Forward Contracts - Liberalisation
16/2007-08	Exim Bank's Line of Credit (LOC) of USD 10 million to Government of the Republic of Senagal for IT Training Project
17/2007-08	Commodity Hedging
18/2007-08	Direct Receipt of Import Bills / Documents - Liberalisation
19/2007-08	Exim Bank's Line of Credit (LOC) to USD 15 million to Eastern and Southern African Trade and Development Bank (PTA Bank)
20/2007-08	Foreign Direct Investments (FDI) – Issue of shares under FDI and refund of advance remittances
21/2007-08	Exim Bank's Line of Credit to Republic of Mali
22/2007-08	FDI by Citizen/Entity incorporated in Bangladesh
23/2007-08	Permission for Shortselling of Equity Shares by SEBI registered FIIs
24/2007-08	Exim Bank's Line of Credit (LOC) of USD 5 million to Nigerian Export-Import Bank
25/2007-08	Deferred Payment Protocols between GOI and erstwhile USSR
26/2007-08	Exim Bank's Line of Credit (LOC) of USD 60 million to Myanma Foreign Trade Bank, Myanmar
27/2007-08	Exim Bank's Line of Credit of USD 35.20 million to the Government of the Kingdom of Combodia
28/2007-08	Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses
29/2007-08	Exim Bank's Line of Credit (LOC) of USD 122 million to the Government of the Federal Democratic Republic of Ethiopia
30/2007-08	Compilation of Bank-wide consolidated R-Return
31/2007-08	Exim Bank's Line of Credit of USD 45 million to the Government of the Socialist Republic of Vietnam
32/2007-08	Exim Bank's Line of Credit of USD100 million to the Government of Nepal
33/2007-08	Exim Bank's Line of Credit of USD 10.4 million to the Government of Suriname
34/2007-08	Overseas Investment by Mutual Funds - Liberalisation
35/2007-08	Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR
36/2007-08	Liberalised Remittance Scheme for Resident Individuals - Reporting
37/2007-08	Direct Receipt of Import Bills / Documents for Import of Rough Precious & Semi-Precious Stones - Liberalisation
38/2007-08	Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR
39/2007-08	Bids in foreign currency for projects to be executed in India
40/2007-08	Foreign investment in Credit Information Companies-Amendment to the Foreign Direct Investment Scheme
41/2007-08	Foreign investment in Commodity Exchanges-Amendment to the Foreign Direct Investment Scheme
42/2007-08	Trade Credits for Imports into India – Review of all-in-cost ceiling
43/2007-08	External Commercial Borrowings Policy: Liberalisation
44/2007-08	Reporting under FDI Scheme - Revised procedure
45/2007-08	Foreign Exchange Management (Deposit) Regulations, 2000 –Credit to Non Resident (External) Rupee Accounts
46/2007-08	External Commercial Borrowings (ECB) by Services Sector -Liberalization
47/2007-08	Risk Management and Inter-Bank Dealings - Commodity Hedging Exposures of domestic oil refining and marketing companies
48/2007-08	Overseas Investments - Liberalisation / Rationalisation
49/2007-08	Export of Goods and Services –Payments of Claims by Insurance Companies-Write off
50/2007-08	Export of Goods and Services- Realisation and Repatriation of Export Proceeds-Liberalisation
51/2007-08	Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR
52/2007-08	Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR
53/2007-08	Overseas Direct Investment by Registered Trust / Society

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