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Hi Folks
YES, Mother Earth is a common wealth all of us enjoy. It is our prime duty to protect and conserve her and not ravage her for “We do not inherit the earth from our ancestors, we borrow it from our children”. Mind you, borrowings beyond acceptable limits shall sound the death knell for mankind ! It may be fashionable to observe Earth Hour or Earth Day but what is required is ‘sustainable living’ – a way of life and not an ‘hour’ or ‘day’ !
As Michel de Montaigne said “Let us permit nature to have her way. She understands her business better than we do.” ……and we do ours best ! We take pleasure in bringing you all the fortnightly regulatory updates the green way i.e. the ‘e-way’ !
To read the earlier issues and articles Click HereSincerely
Lex Valorem Team
Consolidated FDI Policy covering the latest changes announced by the Government is summarized in the Press Release. Do read full Policy for more details.

Holding, opening and operating Foreign Currency Accounts (overseas) by Indian Parties for the purpose of Overseas Direct Investment has been liberalized, subject to certain terms and conditions.
PPF (Public Provident Fund), 1968 and SCSS (Senior Citizens Small Savings Scheme), 2004 to earn higher interest rates at 9.3 % and 8.8 % respectively w.e.f. 01.04.2012.
Indian Companies raising funds under the PIS must give prior intimation to RBI along with a certificate from the Company Secretary, if the aggregate investment by Foreign Institutional Investors (FIIs) increases from 24% to sectoral cap / statutory limit and by Non Resident Indians (NRIs) from 10% to 24% of their paid up equity capital / convertible debentures. This is to enable RBI to monitor the set limits on a daily basis.
All -in-cost ceiling for Trade Imports into India to continue at 6 months LIBOR + 350 bps until 30th September, 2012.
With effect from 1st July, 2012 GR forms (used by Exporters) will be available only online at the following link on www.rbi.org.in .

“Notification-> FEMA -> Forms -> For Printing of GR Form”
Now Resident Indians can redeem the above cards immediately upon return to India subject to certain terms and conditions as against the 10 days waiting period which was mandated earlier.
TDS Certificates (form 16 A) for the deduction done on or after 1st April 2012 must be downloaded from TIN Website: www.tin-nsdl.com. TDS Deductor can verify the correctness of the contents before issuing the said certificate which would bear a unique TDS certificate number.
SEBI has specified certain circumstances under which Promoters of listed companies are exempt from 100 % holding in demat form.
Aimed at hopefully curbing corruption, effective 2nd April, 2012, Karnataka Government has launched a Sakala Mission which guarantees the liability of Government Officers in providing services to citizens.

CBEC has clarified that for the invoices issued on or before 31st March, 2012 by individuals / firms rendering certain services (Consulting Engineer, Architect, CA, CS etc.), where the payment has not been received before 1st April, 2012, the point of taxation shall be the date of payment.
Our Associate, Ms. Ketoki Basu, has analyzed the impact of the Union Budget, 2012-13 on the entrepreneurial fraternity.
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.

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