Notifications & Circulars

Securities and Exchange Board of India

21.08.2018

Capital Market

Know Your Client (KYC) Requirements for Foreign Portfolio Investors (FPIs)

MANU/SPRL/0036/2018

SEBI had issued circular No. CIR/IMD/FPIC/CIR/P/2018/64 dated April 10, 2018 in order to strengthen know your client (KYC) framework for foreign portfolio investors (FPIs) in accordance with Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (PMLA Rules). Accordingly, existing FPIs were provided a time frame of six months from the date of circular to comply with the requirements stipulated therein.

SEBI has received representations from some market participants in relation to the circular, inter-alia, seeking review and additional time for complying with the said circular.

In this regard, stakeholders may note that there is already a working group under the Chairmanship of Shri H.R. Khan, Deputy Governor (Retired), Reserve Bank of India with the following terms of reference:-

1. To advise SEBI on redrafting the FPI Regulations for simplification.

2. To advise SEBI on incorporating the provisions contained in the circulars, FAQs and Operational Guidelines issued by SEBI concerning FPIs, in the regulations itself, to the extent possible.

3. To advise on any other issue relevant to Foreign Portfolio Investors.

The working group was constituted by SEBI on March 26, 2018.

This working group will now also look into the various issues raised in the representations in relation to the circular dated April 10, 2018. Further appropriate view in the matter would be taken after receiving the recommendations of the working group. In the meanwhile, it has been decided to extend the time frame for compliance with the said circular upto December 31, 2018. The relevant circular dated August 21, 2018 is available at the web page "Circulars" on website.

Tags : KYC Requirements Portfolio Investors

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Ministry of Finance

21.08.2018

Indirect Taxation

Amendment in Notification No. 34/2018-Central Tax, dated the 10th August, 2018

MANU/CGST/0038/2018

In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017, the Central Government, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 34/2018-Central Tax, dated the 10th August, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide number G.S.R.761 (E), dated the 10th August, 2018, namely:-

In the first paragraph of the said notification, the following proviso shall be inserted, namely:-

"Provided that the return in FORM GSTR-3B for the month of July, 2018 shall be furnished electronically through the common portal, on or before the 24th August, 2018.".

Tags : Notification Amendment Central Tax

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Ministry of Health and Family Welfare

21.08.2018

Law of Medicine

Drugs and Cosmetics (Seventh Amendment) Rules, 2018

MANU/HFAM/0114/2018

Whereas a draft of certain rules further to amend the Drugs and Cosmetics Rules, 1945 was published as required under sections 12 and 33 of the Drugs and Cosmetics Act, 1940 (23 of 1940), vide notification of the Government of India in the Ministry of Health and Family Welfare (Department of Health and Family Welfare) number G.S.R. 763(E), dated the 10th August, 2018, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), inviting objections and suggestions from persons likely to be affected thereby, before the expiry of a period of 7 days from the date on which the copies of the Official Gazette containing the said notification were made available to the public;

And whereas, copies of the Gazette were made available to the public on the 10th August, 2018;

And whereas, objections and suggestions received from the public on the said rules have been considered by the Central Government;

And whereas, circumstances have arisen making it necessary to publish this notification without prior consultation of the Drugs Technical Advisory Board and the consultation shall be made in accordance with section 12 and section 33 of the said Act.

Now, therefore, in exercise of the powers conferred under sections 12 and 33 of the Drugs and Cosmetics Act, 1940, the Central Government hereby makes the following rules further to amend the Drugs and Cosmetics Rules, 1945, namely:-

1. (1) These rules may be called the Drugs and Cosmetics (Seventh Amendment) Rules, 2018.

(2) They shall come into force on the First day of September, 2018.

2. In the Drugs and Cosmetics Rules, 1945, -

(a) In Schedule H the entry at serial number 382 relating to Oxytocin shall be omitted;

(b) In Schedule H1 at the end after entry at serial number 46 the following entry shall be inserted, namely,-

"47. Oxytocin".

Tags : Draft Amendment Rules

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Ministry of Finance

21.08.2018

Customs

Exemption of goods falling under First Schedule to Customs Tariff Act, 1975 when imported into India as donation for the relief and rehabilitation of the people affected by the floods in Kerala

MANU/CUST/0071/2018

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts all goods falling under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) when imported into India and intended for donation for the relief and rehabilitation of the people affected by the recent floods in the State of Kerala from -

(a) the whole of the duty of customs leviable thereon under the First Schedule to the said Customs Tariff Act; and

(b) the whole of integrated tax leviable thereon under sub-section (7) of section 3 of the said Customs Tariff Act, subject to the following conditions, namely:-

(i) that it is certified by the importer on the relevant clearance documents that the goods are intended to be donated for the relief and rehabilitation of the people affected by the floods in the said State free of cost;

(ii) that the said imported goods are sent to the Central Government, the Government of Kerala; or as the case may be, the relief agencies of the Central Government, the Government of Kerala including the relief agencies duly approved by the Central Government or the Government of Kerala for the purpose; and

(iii) that the importer produces before the Deputy Commissioner or the Assistant Commissioner of Customs, as the case may be, within six months from the date of importation of the said goods or within such extended period as the said officer may allow, a certificate from the District Magistrate of the affected area in the State of Kerala that the said goods have been donated for use for the aforesaid purpose.

2. This notification shall remain in force upto and inclusive of the 31st December, 2018.

Tags : Exemption Goods Floods Kerala

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Press Information Bureau

20.08.2018

Law of Medicine

New Specific Health Warning on Tobacco Products Packs

MANU/PIBU/1279/2018

The Ministry of Health and Family Welfare, Government of India has notified new sets of specified health warnings for all tobacco product packs by making an amendment in the Cigarettes and other Tobacco Products (Packaging and Labeling) Rules, 2008 vide GSR 331(E) dated 3rd April 2018 "Cigarettes and other Tobacco Products (Packaging and Labeling) Second Amendment Rules, 2018". The amended Rules will be applicable w.e.f. 1st September 2018.

Tags : Health Warning Tobacco Products Packs

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Press Information Bureau

20.08.2018

Direct Taxation

Government invites comments of Stakeholders and General Public on Proposed Amendments to Income-Tax Rules, 1962 by 4th September, 2018

MANU/PIBU/1278/2018

Income-tax Rules, 1962 (I.T. Rules) prescribe Form No. 13 for filing an application for seeking a certificate under Section 197 and/or under Section 206C (9) of the Income-tax Act, 1961 (the Act), for no deduction of tax or deduction/collection of tax at lower rate.

In order to rationalise and make the process of issuance of certificate for no deduction of tax or deduction/collection of tax at lower rate electronic, the existing Form No. 13 and relevant I.T. Rules are required to be amended. This is vital for minimising the human interface and reducing the compliance burden on the applicant.

In view of the above, a Draft Notification proposing amendments in Form No. 13, and Rules 28, 28AA, 28AB, 37G and 37H of the IT Rules has been uploaded on the website of the Income Tax Department www.incometaxindia.gov.in for comments from stakeholders and general public.

Comments and suggestions on the Draft Notification may be sent by 4th September, 2018 electronically at the email address ts.mapwal@nic.in.

Tags : Comments Income-Tax Rules Amendment

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Ministry of Social Justice and Empowerment

20.08.2018

Civil

Enforcement date of Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Amendment Act, 2018

MANU/SJEM/0032/2018

In exercise of the powers conferred by sub-section (2) section 1 of the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Amendment Act, 2018 (27 of 2018), the Central Government hereby appoints the 20th day of August, 2018, as the date on which the provision of the said Act shall come into force.

Tags : Act Enforcement Date

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