Hi Folks
Last week saw New Year being celebrated on different dates, under various names in different parts of India, depending on whether the traditional solar or lunar calendar was followed. The oneness in diversity is best reflected in the kaleidoscope of festivals that is India!!

New Year (Ugadi) is symbolic of a New Beginning, green shoots all around

and a reminder to accept the year ahead, which would be an inevitable mix of good and bad, sweetness and bitterness, happiness and sorrow with equanimity and endurance. What is this New Beginning?
Is there an Old Beginning too? May be, yes. If we were to just begin once again laden with bitter memories of the past, mistakes of the past, misdoings of the past, we are not on the path of a New Beginning. We are on the path of an Old Beginning. Nay, we are actually at the “Beginning of the End”. Unless we unlearn, we forget, we forgive, shake ourselves, shed unwanted trappings and move on, move on with self-belief and confidence, we cannot make a New Beginning. Of course the positive learnings and relationships of the past are to be retained and fortified. New ones are to be added and multiplied. Therefore a New Beginning is the sigma of Deletion, Retention and Addition. You can decide what % each of this would constitute in the recipe of success and happiness for the New Year!
Talking of New and Old, Beginning and End and the functions of arithmetic, you will find that the circular on Foreign Direct Investment (FDI) issued by the Government of India is just an exercise of consolidation of various circulars in once place. Doesn’t herald anything new, nevertheless a useful reference. So also a few other regulatory updates that this issue of Lexspeak carries.
To read the earlier issues and articles of Lexspeak Click HereSincerely
Lex Valorem Team
The Public Provident Fund Scheme (PPF), 1968 will attract interest at the rate of 8.7% p.a and 5 year Senior Citizen Savings Scheme (SCSS), 2004 will attract interest at the rate of 9.2% p.a, effective from 1st April, 2013. This means 0.1% lower interest earnings on both the schemes.

The Ministry of Commerce and Industry has released a consolidated FDI (Foreign Direct Investment) Policy effective from 5th April, 2013 which consolidates all the circulars issued since April 2012. This annual ritual is a welcome move for all the professionals and corporates.

A Core Investment Company (CIC) registered with RBI is allowed to invest in an insurance joint venture without any limit subject to the eligibility criteria. However, foreign partners are restricted with 26% subject to the approval of Insurance Regulatory and Development Authority (IRDA) and the eligibility norms. New guidelines for entry of CICs into insurance sector has been notified.

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eighth Amendment) Regulations, 2013 have been notified, effective 1st April, 2013, amending the original Regulations of 2000.

The due date for filing Form ST-3 for July-September Quarter is extended from 15th April, 2013 to 30th April, 2013

Service Tax Rules relating to appeals to Appellate Tribunal have been amended, modifying Form No. ST-5, ST-6 and ST-7. These rules shall be effective from 1st June, 2013.

Policy relating to import of pets has been examined. Effective from 15th April, 2013, import of 2 pet animals as baggage under the Baggage Rules, 1988 will be permitted only to persons transferring their residence to India after a minimum stay of 2 years abroad, subject to production of health certificate of the animals.

This article in a leading business newspaper states that the validity of stamp papers may be extended to 1 year under the Indian Stamps Act, 1899 along with introduction of electronic payment of stamp duty. This is aimed at minimizing forgery of documents, albeit in a limited way. Will the Bill be passed in this session of the Parliament is an open question as of now.

Ms. Divya Joshi, CS Trainee has attempted a write up about the appointment of Independent Directors who will have a large role to play, if the Companies Bill becomes a reality.

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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