Ministry of Commerce and Industry

12.03.2020

Commercial

Steps taken by Department of Financial Services with regard to Disruption on account of Corona Virus

MANU/DGFT/0039/2020

It is to bring to the notice of all concerned that Department of Financial Services (DFS) has issued the following instructions vide their OM No. 12/01/2020-BO.II dated 04.03.2020 in view of situation arising due to Corona virus (copy enclosed):

a) All Public Sector banks(PSBs) have been advised:

i) to immediately set up special cells to provide full assistance required to industry segments and MSME units affected by Corona Virus and to process such request for assistance with the requisite sensitivity;

ii) to clearly inform their customers about all the documents/procedural requirements in one go and to accept self-certifications in this regard wherever possible and applicable so that their funds can be remitted without any problems due to procedural deficiencies; and

iii) to identify opportunities for import substitution/ramping up of the production as a fall out of the epidemic and to provide the requisite hand-holding support to the units concerned.

b) Insurance Regulatory and Development Authority of India (IRDAI) has been requested to assess/review the existing insurance products/policies so as to ensure risk cover against loss due to abnormal delay in delivery of shipments in the current scenario and that the terms and conditions of such policies may be allowed to be suitably modified wherever necessary.

2. All RA's/All EPCs/Commodity Boards are therefore requested to bring it to the notice of all Exporters/Importers.

Tags : Financial Services Disruption Corona Virus

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Ministry of Finance 

12.03.2020

Customs

Amendment in Notification No. 07/2015-Customs (ADD), dated the 13th March, 2015

MANU/CUSA/0006/2020

Whereas, the designated authority, vide notification No. 7/10/2019-DGTR dated the 17th July, 2019, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 17th July, 2019, had initiated the review in term of sub-section (5) of section 9 A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act) and in pursuance of rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, in the matter of continuation of anti-dumping duty on imports of 'Sheet Glass' (hereinafter referred to as the subject goods), falling under Chapter 70 of the First Schedule to the Customs Tariff Act, originating in or exported from China PR (hereinafter referred to as the subject country), imposed vide notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 07/2015-Customs (ADD) dated the 13th March, 2015 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 190 (E), dated the 13th March, 2015 and had recommended for extension of anti-dumping duty in terms of sub-section (5) of section 9A of the said Customs Tariff Act.

Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Customs Tariff Act and in pursuance of rules 18, 20 and 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 07/2015-Customs (ADD), dated the 13th March, 2015, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.190 (E), dated the 13th March, 2015, namely:-

In the said notification, after paragraph 2 and before the explanation, the following paragraph shall be inserted, namely: -

"3. Notwithstanding anything contained in paragraph 2, this notification, unless revoked earlier, shall remain in force up to and inclusive of the 12th March, 2025.".

Tags : Amendment Notification Anti-dumping duty

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Ministry of Corporate Affairs

11.03.2020

MRTP/ Competition Laws

Exemption of a Banking Company from the application of the provisions of Sections 5 and 6 of the Competition Act, 2002

MANU/DCAF/0041/2020

In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government hereby exempts a Banking Company in respect of which the Central Government has issued a notification under Section 45 of the Banking Regulation Act, 1949 (10 of 49), from the application of the provisions of Sections 5 and 6 of the Competition Act, 2002, in public interest for a period of five years from the date of publication of this notification in the Official Gazette.

Tags : Exemption Banking Company Application Provisions

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Press Information Bureau

11.03.2020

Customs

Steps Taken to Boost Export

MANU/PIBU/0662/2020

Primary focus Government export promotion schemes/ policies is to refund duties and taxes levied on inputs used in production of export products, reduce cost disability by providing incentives to specified products and improve all-round ease of doing business. Overall thrust is on enhancing competitiveness and growth in exports of all products groups across all destinations. As a result, our export products and destinations are fairly diversified. In Financial Year 2018-19 products were exported to 233 countries/territories covering all big and small trading countries. During this period, we exported products in all the 168 principal commodity groups.

Government is taking holistic measures to make exports competitive whether it is ensuring access to affordable credit, initiating exporter friendly schemes, promoting districts as export hubs, improving logistics and improving utilisation of Free Trade Agreements (FTAs).

In order to boost India's exports, Government has taken several steps, including:

A new Foreign Trade Policy (FTP) 2015-20 was launched on 1st April 2015. The policy, inter alia, rationalised the earlier export promotion schemes and introduced two new schemes, namely Merchandise Exports from India Scheme (MEIS) for improving export of goods and 'Services Exports from India Scheme (SEIS)' for increasing exports of services. Duty credit scrips issued under these schemes were made fully transferable.

Based on Mid-term Review of the FTP 2015-20 undertaken on 5th December, 2017, incentives for labour intensive / MSME sectors were increased by 2%.

A new Logistics Division was created in the Department of Commerce for integrated development of the logistics sector. India's rank in World Bank's Logistics Performance Index moved up from 54 in 2014 to 44 in 2018.

Interest Equalization Scheme on pre and post shipment rupee export credit was introduced from 1.4.2015 providing interest equalisation at 3% for labour intensive / MSME sectors. The rate was increased to 5% for MSME sectors with effect from 2.11.2018 and merchant exporters were covered under the scheme with effect from 2.1.2019.

For improving ease of doing business, online issuance of Importer Exporter Codes (IEC), has been started. India's rank in World Bank 'Ease of Doing Business' ranking improved from 142 in 2014 to 63 in 2019 with the rank in 'trading across borders' moving up from 122 to 80.

A new scheme called "Trade Infrastructure for Export Scheme (TIES)" was launched with effect from 1st April 2017 to address the export infrastructure gaps in the country. A comprehensive "Agriculture Export Policy" was launched on 6th December, 2018 with an aim to double farmers' income by 2022 and provide an impetus to agricultural exports A new scheme called "Transport and Marketing Assistance" (TMA) has been launched for mitigating disadvantage of higher cost of transportation for export of specified agriculture products.

Tags : Export Boost Steps

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Securities and Exchange Board of India

11.03.2020

Capital Market

Amendment in 'Rights and Obligations of Members, Authorized Persons and Clients' of FMC Circular No. FMC/COMPL/IV/KRA-05/11/14 dated February 26, 2015

MANU/SSMD/0012/2020

1. SEBI, vide circular no. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/92 dated September 23, 2016, inter-alia, specified that provisions of FMC circular No. FMC/COMPL/IV/KRA-05/11/14 dated February 26, 2015 shall be applicable to all commodity derivatives exchanges including regional commodity derivatives exchanges for compliance by their members.

2. Clause 42 of Annexure-3: 'Rights and Obligations of Members, Authorized Persons and Clients' of FMC circular No. FMC/COMPL/IV/KRA-05/11/14 dated February 26, 2015, specifies the following:

In case, client opts to receive the contract note in electronic form, he shall provide an appropriate email id (created by the client) to the member. Member shall ensure that all the Rules / Business Rules / Bye-Laws / Circulars issued from time to time in this regard are complied with. The client shall communicate to the member any change in e-mail id through a physical letter. If the client has opted for internet trading, the request for change of email id may be made through the secured access by way of client specific user id and password.

3. Clause 48 of Annexure-3: 'Rights and Obligations of Members, Authorized persons and Clients' of FMC circular dated February 26, 2015, specifies the following:

The Electronic Contract Note (ECN) declaration form will be obtained from the client who opts to receive the contract note in electronic form. This declaration will remain valid till it is revoked by the client.

4. Clause 37 of Annexure-4: 'Rights and Obligations of Stock Brokers and Clients' of SEBI circular no. CIR/MIRSD/16/2011 dated August 22, 2011 specifies the following:

In case, client opts to receive the contract note in electronic form, he shall provide an appropriate e-mail id to the stock broker. The client shall communicate to the stock broker any change in the email-id through a physical letter. If the client has opted for internet trading, the request for change of email id may be made through the secured access by way of client specific user id and password.

5. As per the aforementioned clauses, clients in commodity derivatives segment are required to submit a physical form for providing e-mail id, if they wish to receive contracts notes in electronic form. Whereas, clients in segments other than commodity derivatives segment are required to provide an appropriate email id to the stock broker.

6. For ease of investors with regard to receiving electronic contract notes, it has been decided to replace the Clause 42 of Annexure-3: 'Rights and Obligations of Members, Authorized Persons and Clients' of FMC circular No. FMC/COMPL/IV/KRA-05/11/14 dated February 26, 2015, with Clause 37 of Annexure-4: 'Rights and Obligations of Stock Brokers and Clients' of SEBI circular no. CIR/MIRSD/16/2011 dated August 22, 2011. Further, Clause 48 of Annexure-3: 'Rights and Obligations of Members, Authorized Persons and Clients' of FMC circular No. FMC/COMPL/IV/KRA-05/11/14 dated February 26, 2015, shall stand rescinded.

7. Stock Exchanges are directed to

7.1. make necessary amendments to the relevant Bye-laws, Rules and Regulations for the implementation of the above decision;

7.2. bring the provisions of this circular to the notice of their members and also disseminate the same on their websites; and

7.3. communicate to SEBI, the status of implementation of the provisions of this circular in their monthly report.

8. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.

Tags : Amendment FMC circular Rights

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Press Information Bureau

11.03.2020

Banking

CCI approves acquisition of additional equity shares in Hero FinCorp Limited by Otter Limited and Link Investment Trust

MANU/PIBU/0673/2020

The Competition Commision of India (CCI) approves acquisition of additional equity shares in Hero FinCorp Limited by Otter Limited and Link Investment Trust.

The proposed combination envisages subscription to additional equity shares in Hero FinCorp Limited by Otter Limited and Link Investment Trust.

Otter is an investment company registered in Mauritius. Link is a private trust registered in India and is engaged in making investments.

Hero FinCorp is a public limited company registered as a systemically important non-deposit taking non-banking financial company (NBFC) with the Reserve Bank of India. It is primarily engaged in the business of consumer finance and commercial lending.

Tags : Acquisition Equity shares Approval

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Ministry of Commerce and Industry

09.03.2020

Commercial

Extension of time for filing Exporter's/Importer's/User's Questionnaire response in sunset review of Anti-Dumping duty imposed on imports of Acrylonitrile Butadiene Rubber

MANU/COMM/0047/2020

1. With respect to the above mentioned subject investigations, requests have been received from producers/exporters/importers/users for extension of time to file Questionnaire Responses.

2. The requests have been considered and it has been decided to grant additional 2 weeks' time to file the Questionnaire Response i.e. by 03/04/2020 by 6:00PM.

3. It is advised that all the interested producers/exporters/importers/users may file their response within the stipulated time as extended above. Since, the investigation is time bound, no further request for extension of time would be considered by the Authority.

4. This issues with the approval of Designated Authority.

Tags : Extension Time Sunset review

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