Hi Folks
In the present fast paced world, where we talk of burn outs and exhaustion leading to frequent job-hopping and pre-mature retirements in the quest for the ‘missing family-work life balance’, it was interesting to read about Dr. S Padmavati, India’s first woman heart specialist who at the ripe age of 96 is perhaps the oldest practicing doctor too ! There seems to be no slowing-down or shifting gears for the Padma Vibhushan awardee who works for 12 hours a day, 5 days a week. Swimming and walking have kept her fit but it is her supreme dedication to her profession that has kept her going. You can read more about her in the Economic Times dated 30th June, 2013.
In my own personal circle, there is this grand old uncle of mine who at the advanced age of 97 is so full of life, hope and positivity that he inspires all of us with the exemplary balanced life he has led, the people he has touched and the latest updates he always has to share. No regrets, no despondency, no cynicism, no ‘in my-days talk’, no ‘why doesn’t God take me away sighs’ ! He lives in the ‘here and now’ and enjoys every moment. He is keen to publish a paper on Nuclear Geology and is working at it, being one of the oldest living Geologists / Uranium specialists. Obviously he loves his profession as much as he does his life. I think it is ‘Hope’ and the forward-looking attitude which is helping such adorable elderly lead a life of dignity, independence and purpose.
Can we take a cue from them and reorganize ourselves to lead a more fulfilling and meaningful life ?
These musings apart, do scroll down to catch up on the regulatory updates during the fortnight ending 30th June, 2013.
To read the earlier issues and articles of Lexspeak Click Here

Warm regards

SEBI registered FVCI (Foreign Venture Capital Institutions) investing in Indian Company either against allotment of shares or by transfer from a resident shareholder must report the transaction through FC-GPR/ FC-TRS as per the existing regulations. FVCIs investing under Schedule 6 of the Notifcation No. FEMA 20/2000-RB dated 3rd May , 2000 (as amended) need not file these forms. Reporting in such cases is to be done by the custodian banks directly to RBI.

RBI has clarified this much debated matter and issued revised FC-GPR and FC-TRS forms.

Civil Aviation Sector

ECB for working capital purposes by Civil Aviation Companies could be raised only within 12 months from the date of issue of earlier circular i.e., 24th April, 2012. However, the period has now been extended by RBI till 31st December, 2013 subject to the other applicable norms of the ECB Policy.

Low cost housing projects

The limit for availing ECB for low cost affordable housing projects has been extended for the Financial Years 2013-14 and 2014 -15 with a ceiling of USD 1 billion in each year and the existing guidelines relating to minimum years of experience and paid up capital have been relaxed. Other guidelines pertaining to National Housing Bank (NHB) and Housing Finance Companies (HFC) have been issued.

Import of services, technical know-how and license fees

ECB can now be availed for import of services, technical know-how and payment of license fees as part of import of capital goods by Companies engaged in manufacturing and infrastructure sectors, provided such expenditure is capitalized and is shown as part of the project cost.

A separate sub sector called Commercial Real Estate-Residential Housing (CRE-RH) has been carved out of the CRE sector and provisioning and risk weightage norms have been rationalized considering that the residential housing projects under CRE-RH carry lesser risk and violatality. This is bound to provide a fillip to the residential housing projects.
Prohibition on import of milk and milk products including chocolates, candies, confectionary, milk solids from china is extended further for one more year i.e., from 23rd June, 2013 to 23rd June, 2014.

Defective spares/ parts imported by Companies, Firms, and Manufacturers exclusively for testing and evaluation purposes are not required to be re-exported. However, if they are imported for rectification and repair they have to be mandatorily re-.
In order to boost the country’s exports and enable the exporters to meet their deadlines, customs clearance for all export goods will take place on 24×7 basis from four major Air cargo complexes / airports namely Bangalore, Chennai, Delhi and Mumbai w.e.f. 1st July, 2013.
Commodity Transaction Tax Rules have been notified by the Central Government effective from 1st July 2013.
An individual/ firm or company intending to carry on business pertaining to import and export of goods should hold a valid license to act as a customs broker subject to fulfillment of eligibility norms and obligations as stated in the new Customs Brokers Licensing Regulations, 2013 which replaces the erstwhile Customs House Agents Licensing Regulations, 2004, effective from 21st June, 2013.
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.

Lex Valorem India Pvt. Ltd. #405, 7th Cross, IV Block, Koramangala, Bangalore –
560 034
sharadasc.com Phone : +91 80 25534374 , +91 80 25536618 Email: [email protected]
rbi dgft customs