Notifications & Circulars
Press Information Bureau
17.09.2020
Direct Taxation
Tax tribunal makes innovative and aggressive use of IT techniques to dispense faster justice in the field of Direct Taxes despite corona
MANU/PIBU/3165/2020
The Income Tax Appellate Tribunal, a statutory quasi-judicial institution created under the Income Tax Act, 1961 and the second appellate authority dealing with disputes in the field of Direct Taxes and widely acclaimed as the 'Mother Tribunal', has been modelling itself on its motto of 'Nishpaksh Sulabh Satvar Nyay', meaning Impartial, Easy and Speedy Justice, by maintaining good disposal even during the COVID-19 Pandemic period. The innovative and aggressive use of techniques of Information Technology to dispense justice in the field of Direct Taxes in such times when physical hearing of cases was not found feasible on concerns of safety, etc. has been seamlessly adopted by the ITAT.
Justice P.P. Bhatt, President of ITAT directed the start of judicial proceedings immediately upon lifting of lockdown, albeit through the mode of Video Conferencing instead of physical hearings. This has yielded good dividends inasmuch it has enabled the Benches to function, whereby cases have been heard and disposed of by hearing both parties from remote locations. During the period starting from partial lifting of lockdown in April, 2020 and up to 31st August, 2020, as many as 5,392 cases were disposed of as against filing of 3,078 cases during such period.
The 63 Benches of the ITAT are spread over 28 regular stations and 2 Circuit Benches at Varanasi and Dehradun. Administratively, the Benches are divided in 10 Zones, each headed by a Vice President. All the Zones functioned during this period strictly in compliance with the guidelines and instructions issued by the Central and/or State Governments.
ITAT wishes to thank its stakeholders, viz., taxpayers, lawyers, Chartered Accountants and the Offices of the Income Tax Department in cooperating with the Benches and providing useful assistance in the administration of justice in the field of Direct Taxes during the current period of COVID-19 Pandemic.
Tags : Use IT techniques faster justice
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Ministry of Commerce and Industry
17.09.2020
Customs
Insertion of Policy condition in Chapter 85 and 94 of ITC (HS), 2017, Schedule-I (Import Policy)
MANU/DGFT/0137/2020
1. In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby adds a new policy condition in Chapters 85 and 94 of ITC(HS), 2017, Schedule-I (Import Policy).
2. A new policy condition is added as Policy Condition No. 7 in Chapter 85 and Policy Condition No. 1 in Chapter 94 of the ITC(HS), 2017, Schedule-I (Import Policy):
"For the LED products and DC or AC supplied control gears for LED modules as notified under the "Electronics and Information Technology goods (Requirement of Compulsory Registration) Order, 2012", sample(s) will be picked up on random basis from the randomly selected consignments and will be sent to BIS recognized Labs for testing of limited defined non-destructive safety parameters from the IS standard applicable on the product, as identified by MeitY from time to time. Further, for such consignments, clearance would be given by Customs to only those consignments where the randomly selected sample has complied with the requirements of standard for the defined parameters. However, if the sample drawn fails to meet the requirements of standard, such consignment will be sent back or will be destroyed at the cost of importer."
3. Effect of the Notification: A new Policy Condition is added in Chapter 85 and 94 of ITC(HS), 2017, Schedule-I (Import Policy) to enable random sampling of LED products and Control Gear for LED products notified under "Electronics and Information Technology Goods (Requirement of Compulsory Registration) Order, 2012".
Tags : Insertion Policy condition
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Securities and Exchange Board of India
16.09.2020
Capital Market
Listing and trading of units of Infrastructure Investment Trusts and Real Estate Investment Trusts on recognized stock exchanges in International Financial Services Centres
MANU/SSMD/0056/2020
1. Securities and Exchange Board of India (International Financial Services Centre) Guidelines, 2015 were notified by SEBI on March 27, 2015, which came into force on April 01, 2015.
2. Clause 7 of SEBI (IFSC) Guidelines, 2015 specifies the types of securities in which dealing may be permitted by stock exchanges operating in IFSC. It has been decided to permit 'Units of InvITs and REITs by whatever name called in the Permissible Jurisdictions' as permissible security under sub-clause (vi) of Clause 7 of SEBI (IFSC) Guidelines, 2015.
3. Accordingly, 'Units of InvITs and REITs by whatever name called in the Permissible Jurisdictions' meeting the following conditions may be permitted to list on stock exchanges operating in IFSC:
i. Such InvITs and REITs which are incorporated/settled in Permissible Jurisdictions, as may be notified by the Government of India from time to time pursuant to notification no. G.S.R. 669(E) dated September 18, 2019 in respect of sub-rule 1 of rule 9 of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005; In this regard, the Government of India vide notification dated November 28, 2019, has notified the list of Permissible Jurisdictions in pursuance of notification dated September 18, 2019. Accordingly, a list of Permissible Jurisdictions for the purpose of this clause is placed at Annexure A.
ii. Such InvITs and REITs are regulated by the securities market regulator(s) in the Permissible Jurisdictions.
iii. Such InvITs and REITs are listed on any of the specified international exchanges in the Permissible Jurisdiction. A list of International Exchanges for the purpose of this clause is also placed at Annexure A.
4. Stock exchanges in IFSC shall evolve a detailed framework prescribing the initial and continuous listing requirements for such InvITs and REITs whose units are listed/proposed to be listed on stock exchanges in IFSC (based on para 3 above).
5. The applicability of this circular is subject to such conditions that may be prescribed by SEBI, Reserve Bank of India and other appropriate authority from time to time.
6. This circular is being 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 market.
Tags : Listing trading of units Stock exchanges
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Ministry of Chemicals and Fertilizers
15.09.2020
Law of Medicine
Extension of the ceiling prices as applicable to the orthopedic Knee Implants for Knee Replacement System
MANU/CHFZ/0077/2020
1. In continuation to the Notifications issued by National Pharmaceutical Pricing Authority, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India vide S.O. 2668(E) dated 16th August, 2017, S.O. 3987(E) dated 13th August, 2018, S.O. 2934(E) dated 13th August, 2019 and S.O. 2768(E) dated 14th August, 2020 regarding fixation/revision of ceiling prices of the orthopedic Knee Implants for Knee Replacement System issued under Para 19 of the DPCO, 2013, the ceiling prices as applicable to the orthopedic Knee Implants for Knee Replacement System are hereby extended up to 15th September, 2021.
2. The Notes (b) to (t) of the Notification S.O. 2668(E) dated 16th August, 2017 shall remain in force during the currency of this order.
Tags : Extension Ceiling prices Knee Implants
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Ministry of Commerce and Industry
14.09.2020
Commercial
Streamlining of Unit Quantity Codes (UQCs) in DGFT's EDI system and Customs' Icegate
MANU/DGFT/0136/2020
1. It has been observed that the usage of harmonized standard UQC (Unit Quantity Codes) at the time of filing of Shipping Bills and Bills of Entry in ICEGATE is being mandated through various public notices issued by customs formations during the month of August 2020. This is in continuation to the efforts being made by both DGFT as well as Customs Department over last few years to ensure standardization in the data collection for the purpose of clean data reporting and analysis. It also has been noted that use of Non-standard and Non-convertible UQCs lead to poor quality of data capture and related consequences.
2. However, the Pubic Notice No. 101 sated 18.8.2020 issued by INCH Mumbai customs has resulted in difficulties for some members of the trade and Industry in complying with the standard UQCs in their old Advance and EPCG authorizations which have been issued with quantity units that do not match with the standard UQCs being adopted/available now.
3. In order to address this issue, following has been decided:
i) No new authorizations mentioning Non-standard units such as BoU, packs, Boxes cartons and bottles etc. would be issued by RAs. For this necessary changes are being carried out in the DGFT EDI system also.
ii) In order to ensure that exports do not suffer in the meanwhile, for the authorizations already issued and carrying any Non-standard units such as BoU, packs, Boxes cartons and bottles etc., Customs have been requested to allow exports against such authorizations till 30.10.2020 by accepting exporter's shipping bills in the UQCs provided in ICEGATE. After 1.11.2020, exports/imports without standard UQCs will not be permitted.
iii) In the meanwhile, such authorization holders are requested to approach concerned RA and get the non-standard units indicated in their authorizations in the import and export quantities, converted to standard quantity units. In case RAs face any difficulty in carrying out these amendments, they will get in touch with the concerned Norms Committee (NC) in Hqrs.
4. Difficulty in implementation of these instructions, if any, may be brought to the notice of this directorate at policy4-dgft@gov.in immediately.
5. This issues with the approval of the Competent Authority.
Tags : Streamlining of UQCs EDI system
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Securities and Exchange Board of India
13.09.2020
Capital Market
Clarification pursuant to Circular dated September 11, 2020-Regarding Asset Allocation of Multi Cap Schemes of Mutual Funds
MANU/SPRL/0047/2020
SEBI's 2017 circular on scheme categorization sought to achieve two objectives:
- True to Label schemes: The portfolio should reflect the name of the scheme and the name of the scheme should correctly reflect the nature of the portfolio.
- Comparison with an appropriate benchmark: The scheme performance should be disclosed to the investors vis a vis an appropriate benchmark.
For example, Large Cap schemes could have a benchmark of Sensex or Nifty 50 and at least 80% of the portfolio should be invested in Large Cap stocks.
Multi Cap schemes had flexibility in terms of allocation to Large, Mid and Small Cap stocks. However, it has recently been observed that some Multi Cap Schemes have skewed portfolios, with over 80% of investment in large cap stocks akin to Large Cap schemes, and some Multi Cap schemes have near zero or insignificant asset allocation to small cap companies.
Considering the above, in order to achieve the objectives of True to Label and Appropriate Benchmark, a need was felt to review the scheme characteristics of Multi Cap schemes and take necessary steps to clearly distinguish Multi Cap schemes from other category of schemes.
In this context, SEBI has issued a circular dated September 11, 2020 on Multi Cap schemes of Mutual Funds, requiring them to invest a minimum of 25% each in Large, Mid and Small Cap stocks, with the balance 25% giving flexibility to the fund manager.
Some sections of media have reported various views on the circular and various conclusions in respect of the same are being drawn. SEBI would like to clarify that Mutual Funds have many options to meet with the requirements of the circular, based on the preference of their unitholders. Apart from rebalancing their portfolio in the Multi Cap schemes, they could inter-alia facilitate switch to other schemes by unitholders, merge their Multi Cap scheme with their Large Cap scheme or convert their Multi Cap scheme to another scheme category, for instance Large cum Mid Cap scheme.
SEBI is conscious of market stability and therefore has given time to the Mutual Funds till January 31, 2021 to achieve compliance with the circular, through its preferred route of which rebalancing of the portfolio is only one such route.
It is reiterated that to achieve the desired objective of True to Label and Appropriate Benchmarking, SEBI will examine proposals of the industry, if any, received in this regard.
Tags : Clarification Asset Allocation Multi Cap Schemes
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