Hi Folks
The green signal for formation of a separate Telangana State from the existing Andhra Pradesh is no doubt THE NEWS, apart from the sundry other political and business announcements which clamour for our attention. Amidst all this, do spare a thought for Friendship Day (1st Sunday of August) – to celebrate that priceless relationship that each one of us enjoys. It is not about saying good things or gifting something for someone you care.
True Friendship is a unique bond that grows deeper and stronger over the years – it does not require any ego-massages. While meeting, talking, spending time together, sharing and staying in touch nurtures this relationship, many a times a true friend is one who understands the much needed space and privacy in the relationship too. Just being there does wonders.
Do celebrate this beautiful bondage in your own way. As a Czech proverb says, “Do not protect yourself by a fence, but rather by your friends”.
This issue of Lexspeak is a light read. Should you wish to refer to any older ones, do visit our Resource Centre on sharadasc.com

Warm regards

In order to boost the sagging economy, the government has raised the ceiling limits of FDI
Upto 49% under automatic route for power exchanges, stock exchanges, commodity exchanges, petroleum sectors.
Upto 49% under automatic route and upto 100% under approval route for single brand retail trading, cellular services, asset reconstruction companies.
100% relaxation in courier sector.
FDI opens gate for dozen sectors
SEZ unit is allowed to dispose any waste or scrap generated during manufacturing or processing activity to a DTA unit without an authorization but on payment of custom duty.
Sale of scrap from SEZ to DTA permitted
In order to ensure quality customs data, Standard UQC prescribed against each tariff item under the Customs Tariff Act are mandatorily required to be stated by the importers / exporters / custom brokers in their respective shipping bills. It is the duty of the Custom authorities to ensure that correct and prescribed standard UQCs are stated in the shipping bills.
Standard Unit Quantity Code UQC
Guidelines for approval of skill development project under section 35CCD of the Income Tax Act, 1961 is notified by the IT Dept.
A company shall be allowed weighted deduction of 150% of the expenses (other than land or building) incurred on Skill Development Project.
Guidelines for skill development project 1
Guidelines for skill development project 2
In April, 2012, RBI has permitted refinancing / rescheduling of ECB at a higher all-in-cost-ceiling under the approval route, subject to certain conditions. This facility continues till 30th September, 2013.
External Commercial Borrowings
All-in-cost ceilings of trade credit specified by the RBI for import of goods and services into India will continue to be applicable till 30th September, 2013, subject to review thereafter.
Trade Credits for imports in India

Securities Laws (Amendment) Ordinance, 2013 has been amended by the Ministry of Law and Justice on 18th July, 2013. This Ordinance amends the SEBI Act, 1992 and Securities Contracts (Regulation) Act, 1956 and the Depositories Act, 1996.
Securities Laws Amendment Ordinance 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.

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FDI opens gate for dozen sectors Sale of scrap from SEZ to DTA - permitted Guidelines for skill development project External Commercial Borrowings Securities Laws (Amendment) Ordinance, 2013