Volume 4 Issue No. 59/2012

lexspeak

Hi Folks

After ‘Mother’s Day’, it is ‘Mother Earth Day’ i.e World Environment Day on 5th June, 2012. What kind of an environment are we all living in today ? Have we thrown so much around us recklessly that are we living in a world with ‘no future to throw away’ ?

Is our greed getting the better of our need, resulting in a fall – environmental, ethical & economical ? Like Henrik Tikkanen said “ ……because we don’t think about future generations, they will never forget us. ” Is this the way we want to be remembered ?

Is this the Beginning of the End or a Bend to take stock and begin a new ? As several questions engage your mind, we bring you the last fortnight’s regulatory updates. We also urge you to ‘reuse old news’. Click here to read the earlier issues of Lexspeak.

To read the earlier issues and articles Click Here

Sincerely
Lex Valorem Team

Effective 29th May, 2012, Form DIN – 1 and Form DIN – 4 have been amended vide Companies (DIN) Amendment Rules, 2012.

As per the new rules the application documents will require due attestation from applicant / Notary Public / Gazetted Officer.

Capital Goods sourced from Special Economic Zone (SEZ) will be treated as imported Capital Goods. The importer can take benefit of EPCG scheme to import spares for such Capital Goods.

RBI has clarified that conversion of the Exchange Earners Foreign Currency (EEFC) Account balances into rupee balances will only be applicable to available balances in the EEFC account, to be arrived at by netting off earmarked amounts on account of outstanding forward / option contracts booked before May 10, 2012.

Foreign Currency Non Resident Deposits (FCNR( will fetch more interest from 5th of May, 2012.

FCNR Deposits with 1 to 3 years maturity period will yield LIBOR / Swap + 200 basis points interest where as Deposits with maturity period of 3 to 5 years will yield interest of LIBOR / Swap + 300 basis points.

CBEC has clarified that structural components used for making / laying the foundation for structurals for Capital Goods / Boilers are not eligible for CENVAT Credit.

This article explains the basics of revenue recognition in terms of Accounting Standard – 9.

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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