If we want children to make history we must allow them to live today � as children. Appreciate them for what they are, who they are and encourage them to become what they want to. In the mad rush for “catching them young”, are we depriving them of their freedom to enjoy, freedom to relax, freedom to be inquisitive, freedom to learn at their own pace, freedom from the burden of “onerous expectations”?
14th November 2011, Nehru´s birthday a.k.a Children´s Day flashed in and out. Just ponder what kind of a world are we bequeathing to them? A world of crises � economic, social, political, sovereign, financial, environmental, governance and identity or of hope and sustainable growth in a fiduciary capacity? May be the answer lies in the way the children are clasping each other´s hands – connecting, bonding and protecting.We continue to stay connected with you through this fortnights regulatory updates � keeping you current and informed to take the right decisions.
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Lex Valorem Team
RBI has reduced the validity of Cheques/Drafts/Pay Orders/Bankers Cheques from 6 months to 3 months effective from 1st April, 2012.
In order to curb misuse of uncrossed Demand Drafts as an alternative to settlement through cash payment, banks will issue only crossed Demand Drafts for Rs.20,000 or more.
RBI has directed the banks to follow the operating instructions provided by the depositors for repayment of term/fixed deposits on maturity, prior to maturity, upon expiry of one of the depositors etc. For instance the banks should not insist for signatures of both the depositors if the account is opened with operating instructions ´Either or Survivor´ or ´Former or Survivor´.
Period of realization and repatriation of export proceeds of goods and software into India was enhanced from 6 months to 12 months last year. The said relaxation available up to September 30, 2011 has been extended up to 30th September, 2012.
Approval of RBI is a must for FDI infusion in Brownfield investments (investment in existing Companies) from 1st November, 2011. Greenfield investments would continue to fall under the automatic route.
Clause 126.96.36.199 of the FDI Policy dated 30th September, 2011 had the effect of treating equity shares, fully, compulsorily and mandatorily convertible debentures and fully, compulsorily and mandatorily convertible preference shares, with in-built options of any type when issued to non-resident investors as External Commercial Borrowings. Heeding to the several representations received for its reversal RBI has now removed the contentious clause bringing such FDI investment to status quo.
CBEC has revised the All Industry Duty Drawback rates announced in September, 2011 and clarified regarding classification of items in the Schedules, duty drawback rates, value caps and other miscellaneous matters.
Duty credit scrips of various export promotion schemes under the Foreign Trade Policy (SFIS, VKGUY, FMS, FPS, SHIS) can be used for the clearance of goods form the custom bonded warehouse. The procedure of clearance will remain the same as in the case of DEPB scrips.
The exchange rate for calculation of composition fee in case of shortfall of export by advance authorization holders is as on the date of issue of authorization. This sets at rest all queries in the matter.
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. Lex Valorem disclaims all liability on action taken without professional advice.