Wondering what the little ones are doing on our banner. Children are the world’s most valuable resource and its best hope for the future. No wonder, even the President of the world’s most powerful democracy, Mr. Barack Obama found time to interact with these future citizens of India during his maiden trip to the country.

As we celebrate Children’s Day on 14th November every year, as the birthday of the 1st Prime Minister of our country, Mr. Jawaharlal Nehru, it is time to reiterate and reaffirm that
“Believe and you will achieve”. This stems from what the children possess in abundance – a fertile mind, curiosity to learn, enjoyment in gay abandon, courage to explore and energy to excel. Here is wishing that we elders retain atleast
a part of these virtues in our quest for success !

Along with a few regulatory updates compiled, this issue also carries an article on FEMA provisions relating to establishment of presence abroad by Indian entities.

To read the earlier issues and articles

Click Here

Sincerely,
Lex Valorem Team

Enhancement in CIF / FOB values and revalidation of advance authorisations.
Public notice issued by DGFT seeks to remove ambiguity in treating exports made on 27.8.2009 by prescribing certain conditions for enhancement in the value of Advance Authorization.

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Inclusion of After Sale Service and Pre-delivery Inspection Charges in the assessable value
In line with the decision of the larger bench of CESTAT, in the case of Maruti Udyog Ltd, CBEC has issued a circular including After Sale Service and Pre-delivery Inspection Charges in the assessable value of goods under the Central Excise Laws.

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Revised Form of Bond to be furnished for availing duty exemption under Advance License and EPCG Schemes
DGFT has prescribed certain changes in the clauses of the bond to be issued by exporters under Advance Authorisation and EPCG schemes in line with the conditions applicable to zero duty EPCG scheme.

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Opening of bank accounts – salaried employees
Mere certificate from the Company for Address Proof is not sufficient to open Bank account by salaried employees. Other documents viz. passport, driving licence, PAN card, Voter ID etc. are required under the Prevention of Money Laundering Rules.

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RBI has doubled the threshold limit for RTGS system to Rs. 2 lakh w.e.f. 15th November, 2010
RBI has increased the threshold limit for Electronic Fund Transfer using RTGS to Rs.2 lacs from the existing limit of Rs. 1 lac w.e.f. 15th November, 2010. Now the transfers below Rs.2 lacs can be done by using NEFT.

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New feature of LLP e-Forms
Currently the LLP forms are being filled and uploaded to the website without downloading the forms. W.e.f. 13th November, 2010, the new feature of Downloadable LLP e-Forms is being implemented.

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Establishment of JV/WOS/Representative Office by Indian entities abroad
Mr. Vivek Hegde, Company Secretary in Practice has summarized FEMA provisions relating to establishment of JV/WOS/Representative Office by Indian entities abroad.

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