Issue: July 2018 Vol. 7 No. 2 MCA Update SEBI Update RBI Update Income Tax Update

Transcription

1 Issue: July 2018 Vol. 7 No. 2 B Mathur & Co. Company Secretaries MCA Update SEBI Update RBI Update Income Tax Update IPR Update Service Tax Excise Update Custom Update GST Update DGFT Update 1

2 WEEKLY UPDATES JULY 02 nd, JULY 08 th,

3 INDEX SEBI UPDATE Overseas Investment by Alternative Investment Funds (AIFs) / Venture Capital Funds (VCFs) 4-5 Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of 6-7 Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under Review of Adjustment of corporate actions for Stock Options 8 RBI UPDATE Master Circular - Disbursement of Government Pension by Agency Banks 9 Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency 10 Commission Master Circular Facility for Exchange of Notes and Coins 11 Master Circular Detection and Impounding of Counterfeit Notes 12 Master Circular on SHG-Bank Linkage Programme 13 Master Circular Lead Bank Scheme 14 Master Directions on Relief/Savings Bonds 15 Master Circular- Credit Facilities to Minority Communities 16 Master Circular Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY- 17 NRLM) Master Circular - Kisan Credit Card (KCC) Scheme 18 Master Circular Scheme of Penalties for bank branches based on performance in rendering 19 customer service to the members of public Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non- 20 Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance 21 in rendering customer service to the members of public Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks Spreading of MTM losses and creation of Investment Fluctuation Reserve (IFR) by Cooperative banks CUSTOM UPDATE Appointment of Common Adjudicating Authority by DGRI-reg GST UPDATE Seek to make amendments (Seventh Amendment, 2018) to the CGST Rules, DGFT UPDATE Amendment in import policy of Peas under Chapter 7 of the ITC (HS) 2017, Schedule-I (Import Policy) Amendment in import policy of fresh ginger under Chapter 09 of the ITC (HS) 2017, Schedule - I (Import Policy) Amendment in Appendix 3 (SCOMET Items) to Schedule-2 of ITC(HS) Classification of Export and Import Items,

4 SEBI UPDATES Circular SEBI/HO/IMD/DF1/CIR/P/2018/103/2018 July 3, 2018 All Alternative Investment Funds, All Venture Capital Funds (registered under erstwhile SEBI (Venture Capital Funds) Regulations, 1996) Dear Sir / Madam, Subject: Overseas Investment by Alternative Investment Funds (AIFs) / Venture Capital Funds (VCFs). 1. SEBI (Alternative Investment Funds) Regulations, 2012 ( AIF Regulations ) were notified on May 21, 2012repealing and replacing the erstwhile SEBI (Venture Capital Funds) Regulations, 1996.Further, SEBI vide circular no. CIR/IMD/DF/7/2015 dated October 01, 2015 had allowed overseas investment by AIFs and VCFs to the extent of USD 500 million. 2. In consultation with Reserve Bank of India, it is now decided to enhance the said limit to USD 750 million. 3. In order to monitor the utilization of overseas investment limits, it is decided that AIFs/ VCFs shall mandatorily disclose the following: i. AIFs/ VCFs shall report the utilization of the overseas limits within 5working days of such utilization on SEBI intermediary portal at ii. AIFs/ VCFs shall also report the following through SEBI intermediary portal: a. In case an AIF / VCF has not utilized the overseas limit granted to them within a period of 6 months from the date of SEBI approval (hereinafter referred to as validity period ), the same shall be reported within 2 working days after expiry of the validity period; b. In case an AIF / VCF has not utilized a part of the overseas limit within the validity period, the same shall be reported within 2 working days after expiry of the validity period; c. In case an AIF/ VCF wishes to surrender the overseas limit at any point of time within the validity period, the same shall be reported within 2 working days from the date of decision to surrender the limit. 4. All other requirements, terms and conditions, as specified vide SEBI circulars no. SEBI/VCF/Cir no. 1/ /2007 dated August 9, 2007 and CIR/IMD/DF/7/2015 dated October 01, 2015, shall remain unchanged. 5. 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 market and to promote the development of, and to regulate the securities market. The provisions of this circular shall be applicable from July 2,

5 6. This Circular is available on SEBI website at under the categories Legal Framework-Circulars and Info for -Alternative Investment Funds. Yours faithfully, Naveen Sharma Deputy General Manager Investment Management Department Tel No id - naveens@sebi.gov.in 5

6 MASTER CIRCULAR SEBI/HO/MIRSD/DOS3/CIR/P/2018/104 July 04, 2018 To, All Intermediaries registered with SEBI under Section 12 of the Securities and Exchange Board of India Act, (Through the stock exchanges for stock brokers and sub brokers, depositories for depository participants, Association of Mutual Funds in India (AMFI)for Asset Management Companies) Subject: Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under. 1. The Prevention of Money Laundering Act, 2002 ( PMLA ) was brought into force with effect from 1 st July Necessary Notifications / Rules under the said Act were published in the Gazette of India on July 01, 2005 by the Department of Revenue, Ministry of Finance, Government of India. 2. As per the provisions of the PMLA, every banking company, financial institution (which includes chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company) and intermediary (includes a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, asset management company, depository participant, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with the securities market and registered under Section 12 of the Securities and Exchange Board of India Act, 1992 (SEBI Act)) shall have to adhere to client account opening procedures and maintain records of such transactions as prescribed by the PMLA and rules notified there under. 3. Pursuant to amendments made to the PMLA and Rules thereunder, updated guidelines in the context of recommendations made by Financial Action Task force (FATF) on anti-money laundering standards is enclosed. These guidelines have been divided into two parts; the first part is an overview on the background and essential principles that concern combating Money Laundering (ML) and Terrorist Financing (TF). The second part provides a detailed account of the procedures and obligations to be followed by all registered intermediaries to ensure compliance with AML/CFT directives. These guidelines shall also apply to their branches and subsidiaries located abroad, especially, in countries which do not or insufficiently apply the FATF Recommendations, to the extent local laws and regulations permit. When local applicable laws and regulations prohibit implementation of these requirements, the same shall be brought to the notice of SEBI. 4. The key circulars/ directives issued with regard to KYC, CDD, AML and CFT have been mentioned in Schedule I. These directives lay down the minimum requirements and it is emphasized that the intermediaries may, according to their requirements, specify additional disclosures to be made by clients to address concerns of money laundering and suspicious transactions undertaken by clients. Reference to applicable statutes and reporting guidelines for intermediaries is available at the website of the Financial Intelligence Unit India (FIU-IND). 5. This Master Circular shall supersede the earlier Master Circular on AML/ CFT dated December 31,

7 Yours faithfully, Surabhi Gupta Deputy General Manager Phone No id: For Annexure, Please refer below mentioned link: 7

8 CIRCULAR CIR/MRD/DoP-1/P/00108/2018 July 5, 2018 To All Stock Exchanges Dear Sir/Madam, Sub: Review of Adjustment of corporate actions for Stock Options. 1. SEBI, vide Circular No. SMDRP/DC/CIR-8/01 dated June 21, 2001, prescribed a framework for adjustment of corporate actions for stock option contracts. Further, SEBI, vide Circular No. SMDRP/DC/CIR-15/02 dated December 18, 2002, set out principles for adjustment in derivative contracts at the time of corporate actions. 2. SEBI has been receiving representations from various stakeholders requesting to review the dividend adjustment framework for stock options. The suggestions were examined and placed before the Secondary Market Advisory Committee (SMAC) for deliberations. Based on the recommendations of SMAC, it has been decided to review the mechanism of dividend adjustment for stock options. 3. The adjustment in strike price shall be carried out in the following cases of declaration of dividends: a. Dividends declared at and above 5% of the market value of the underlying stock ;or b. All cases of dividends, where the listed entity has sought exemption from the timeline prescribed under the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, All other conditions stated in Circular No. SMDRP/DC/CIR-8/01 dated June21, 2001 and Circular No. SMDRP/DC/CIR-15/02dated December18, 2002 shall remain unchanged. 5. Stock Exchanges are advised to: 5.1. take necessary steps and put in place necessary systems for implementation of the above make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision bring the provisions of this circular to the notice of the member brokers of the stock exchange and also to disseminate the same on the website. 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. Yours faithfully, 8 Amit Tandon Deputy General Manager amitt@sebi.gov.in

9 RBI UPDATES RBI/ /1 DGBA.GBD.No.-1/ / All Agency Banks July 2, 2018 Dear Sir/Madam Master Circular - Disbursement of Government Pension by Agency Banks Please refer to our Master Circular RBI/ /1 dated July 1, 2017 on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Reserve Bank of India till June 30, A copy of the revised Master Circular is enclosed for your information. This circular may also be downloaded from our website Yours faithfully (Charulatha S Kar) Chief General Manager 9

10 RBI/ /2 DGBA.GBD.No.2/ / All Agency Banks July 2, 2018 Dear Sir / Madam Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission Please refer to our Master Circular RBI/ /2 dated July 1, 2017 on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Reserve Bank of India till June 30, A copy of the revised Master Circular is enclosed for your information. This circular may also be downloaded from our website Yours faithfully (Charulatha S. Kar) Chief General Manager 10

11 RBI/ /3 DCM (NE) No.G-2/ / The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer July 02, 2018 All Banks Madam / Dear Sir Master Circular Facility for Exchange of Notes and Coins Please refer to the Master Circular DCM (NE) No.G-1/ / dated July 03, 2017 containing instructions on the facility for exchange of notes and coins. A revised version of Master Circular on the subject is annexed for your information and necessary action. This Master Circular is placed in our website Yours faithfully (Manas Ranjan Mohanty) Chief General Manager 11

12 RBI/ /04 DCM (FNVD)G 1/ / The Chairman/ Managing Director /Chief Executive Officer All Banks and Director of Treasuries of all States July 2, 2018 Dear Sir / Madam, Master Circular Detection and Impounding of Counterfeit Notes Please refer to the Master Circular DCM(FNVD)G - 4/ / dated July 20, 2017 consolidating the instructions issued till July 20, 2017, relating to Detection and Impounding of Counterfeit Notes. The Master Circular has since been updated by incorporating the instructions issued till date and has been placed on the RBI website The Master Circular is a compilation of the instructions issued by RBI on the above subject which are operational as on the date of this Circular. Yours faithfully, (Manas Ranjan Mohanty) Chief General Manager 12

13 RBI/ /07 FIDD.FID.BC.No.04/ / The Chairman/ Managing Director/ Chief Executive Officer All Scheduled Commercial Banks July 02, 2018 Madam/ Dear Sir Master Circular on SHG-Bank Linkage Programme The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to banks on SHG-Bank Linkage Programme. In order to enable banks to have instructions at one place, the Master Circular incorporating the existing guidelines/instructions on the subject has been updated and enclosed. This Master Circular consolidates the circulars issued by Reserve Bank on the subject up to June 30, 2018, as indicated in the Annex. Yours faithfully (Gautam Prasad Borah) Chief General Manager-in-Charge 13

14 RBI/ /5 FIDD.CO.LBS.BC.No.2/ / The Chairmen and Managing Directors/Chief Executive Officers SLBC Convenor Banks/Lead Banks July 2, 2018 Dear Sir/Madam MASTER CIRCULAR Lead Bank Scheme The Reserve Bank of India has issued a number of guidelines/instructions on Lead Bank Scheme from time to time. This Master Circular consolidates the relevant guidelines/instructions issued by Reserve Bank of India on Lead Bank Scheme up to June 30, 2018 as listed in the Appendix. 2. This Master Circular has been placed on the RBI website Yours faithfully, (Gautam Prasad Borah) Chief General Manager-in-Charge 14

15 RBI/IDMD/ /61 IDMD.CDD No.21/ / The Chairman / Managing Director Head Office (Government Accounts Department) State Bank of India All Nationalized banks (Excluding Punjab and Sind Bank & Andhra Bank) Axis Bank Ltd./ICICI Bank Ltd./HDFC Bank Ltd./ Stock Holding Corporation of India Ltd. (SHCIL) July 2, 2018 Dear Sir/Madam, Master Directions on Relief/Savings Bonds The rules and regulations applicable to Relief/Savings Bonds have been updated with instructions issued up to June 30, 2018 in the Master Directions on Relief/Savings Bonds. The directions facilitate availability of all the current operative instructions on the above subject at one place and will be updated suitably and simultaneously whenever there is a change in the rules/regulations or there is a change in the policy. These directions have been placed on RBI website Yours faithfully, (A. Mangalagiri) Chief General Manager 15

16 RBI/ /8 FIDD.GSSD.BC.No.01/ / The Chairman/ Managing Director/ Chief Executive Officer All Scheduled Commercial Banks & Small Finance Banks (Excluding RRBs and Foreign banks with less than 20 branches) July 02, 2018 Dear Sir / Madam, Master Circular- Credit Facilities to Minority Communities Please refer to our Master Circular FIDD.GSSD.BC.No.05/ / dated July 01, 2017, consolidating the instructions / guidelines / directives issued to banks till that date relating to Credit Facilities to Minority Communities. The Master Circular has been suitably updated by incorporating the instructions issued up to June 30, 2018 and has been placed on the RBI website ( Yours faithfully, (Sonali Sen Gupta) Chief General Manager 16

17 RBI/ /9 FIDD.GSSD.CO.BC.No.05/ / The Chairman/ Managing Director & CEO All Scheduled Commercial Banks and Small Finance Banks July 03, 2018 Dear Sir/Madam, Master Circular Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) Please refer to the Master Circular FIDD.GSSD.CO.BC.No.04/ / dated July 01, 2017 consolidating guidelines / instructions / directions issued to banks with regard to Deendayal Antyodaya Yojana - National Rural Livelihoods Mission. The Master Circular has been suitably updated by incorporating the instructions on DAY-NRLM issued up to June 30, 2018, which are listed in the Appendix and also been placed on website ( A copy of Master Circular is enclosed. Yours faithfully. (Sonali Sen Gupta) Chief General Manager 17

18 RBI/ /10 FIDD.CO.FSD.BC.No.6/ / The Chairman / Managing Director /Chief Executive Officer All Scheduled Commercial Banks (including Small Finance Banks and excluding RRBs) July 4, 2018 Madam/Sir, Master Circular - Kisan Credit Card (KCC) Scheme The Reserve Bank of India has issued guidelines on Kisan Credit Card (KCC) scheme from time to time. This Master Circular consolidates the relevant guidelines issued by the Bank on Kisan Credit Card scheme upto June 30, 2018 as listed in the Appendix. 2. The Master Circular has been placed on the RBI website Yours faithfully, (Sonali Sen Gupta) Chief General Manager 18

19 RBI/ /11 DCM (CC) No.G-4/ / The Chairman & Managing Director Chief Executive Officers All Banks July 3, 2018 Madam / Dear Sir, Master Circular Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public Please refer to the Circular DCM (CC) No.G-3/ / dated October 12, 2017 on the scheme of penalties. 2. A revised and updated version on the subject is annexed for information and necessary action. 3. This Master Circular is available on our website Yours faithfully, (Manas Ranjan Mohanty) Chief General Manager 19

20 RBI/DCM/ /62 Master Direction DCM (CC) No. G - 5/ / The Chairman & Managing Director/Chief Executive Officer (All Banks having Currency Chests) July 3, The Director of Treasuries (State Governments) Madam / Dear Sir Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances In terms of the Preamble, under Section 45 of the RBI Act, 1934 and 35 A of the Banking Regulation Act, 1949, the Bank issues guidelines / instructions for realising the objectives of our Clean Note Policy. With a view to sustain these efforts and ensure discipline among the banks on timely and accurate reporting of currency chest transactions, we have issued instructions on the subject. 2. The Master Direction enclosed incorporates updated guidelines / circulars on the subject. The Direction will be updated from time to time as and when fresh instructions are issued. 3. This Master Direction has been placed on RBI website at Yours faithfully, (Manas Ranjan Mohanty) Chief General Manager 20

21 RBI/DCM/ /63 Master Direction DCM (CC) No.G-3/ / The Chairman and Managing Director / Chief Executive Officers, All Banks July 3, 2018 Madam / Dear Sir, Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of public In terms of the Preamble, under Section 45 of the RBI Act, 1934 and 35 A of the Banking Regulation Act, 1949, the Bank issues guidelines / instructions for realising the objectives of our Clean Note Policy. With a view to sustaining these objectives, the Bank has formulated a scheme of incentives titled Currency Distribution and Exchange Scheme (CDES) in order to ensure that all bank branches provide better customer services to members of public. 2. The Master Direction enclosed incorporates updated guidelines / circulars on the subject. The Direction will be updated from time to time as and when fresh instructions are issued. 3. This Master Direction has been placed on RBI website at Yours faithfully, (Manas Ranjan Mohanty) Chief General Manager 21

22 RBI/ /12 DCBR.BPD.(PCB/RCB)Cir.No.1/ / The Chief Executive Officer All Primary (Urban) Co-operative Banks / All State Co-operative Banks / All District Central Co-operative Banks July 6, 2018 Dear Sir/Madam, Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks Spreading of MTM losses and creation of Investment Fluctuation Reserve (IFR) by Co-operative banks Please refer to circular UBD.No.BPD.PCB.Cir.12/ / dated September 04, 2003 on Guidelines for Investment Fluctuation Reserve issued to Primary (Urban) Cooperative Banks (UCBs), and circular RPCD.No.RF.BC.17/A.4-92/93 dated September 04, 1992 on Investment Portfolio of Banks - Transactions in Securities and subsequent instructions in this regard issued to all State Co-operative Banks (StCBs) and District Central Co-operative Banks (DCCBs). 2. With a view to addressing the systemic impact of sharp increase in the yields on Government Securities, it has been decided to grant UCBs which are not mandatorily required to create Investment Fluctuation Reserve (IFR) in terms of Para (2) of the aforesaid circular dated September 04, 2003 (i.e. UCBs with aggregate DTL less than Rs. 100 crore as on March 31, 2017), the option to spread provisioning for mark to market (MTM) losses on investments held in AFS & HFT category for the quarters ended December 31, 2017, March 31, 2018 and June 30, 2018 only. The provisioning for each of these quarters may be spread equally over up to four quarters, commencing with the quarter in which the loss was incurred. It has also been decided to grant similar option to all StCBs / DCCBs in respect of investments held in Current category All eligible co-operative banks that utilize the above option shall make suitable disclosures in their notes to accounts providing details of a) the provisions for depreciation of the investment portfolio for each of the quarters ended December 2017, March 2018 and June 2018 made during the quarter/year; and b) the balance required to be made in the remaining quarters. 3. Further, with a view to building up adequate reserve to guard against market risks, henceforth, all cooperative banks shall build IFR out of realized gains on sale of investments, and subject to available net profit. All UCBs, irrespective of their DTL, shall be required to maintain IFR as prescribed in para (i) of circular UBD.No.BPD.PCB.Cir.12/ / dated September 04, 2003 on Guidelines for Investment Fluctuation Reserve. All StCBs / DCCBs shall also be required to maintain IFR on similar lines, minimum threshold in which shall be computed with reference to their investment in Current category A bank may, at its discretion, draw down the balance available in IFR in excess of 5 percent of its investment in AFS & HFT / Current category (as applicable), for credit to the balance of profit / loss as disclosed in the profit and loss account at the end of any accounting year. In the event the balance in the IFR is less than 5 percent of its investment in AFS & HFT / Current category (as applicable), a draw down will be permitted subject to the following conditions: a) The drawn down amount is used only for meeting the minimum Tier I capital requirements by way of appropriation to free reserves or reducing the balance of loss, and 22

23 b) The amount drawn down is not more than the extent to which the MTM provisions made during the aforesaid year exceed the net profit on sale of investments during that year The IFR consisting of realised gains from sale of investments held in AFS & HFT / Current category (as applicable) will be eligible for inclusion in Tier II capital. Yours faithfully, (Neeraj Nigam) Chief General Manager 23

24 CUSTOM UPDATES [To be published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 8/2018-Customs (N.T./CAA/DRI) New Delhi, dated the 2nd July, 2018 S.O. (E). - In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), and as amended by notification No. 133/2015-Customs (N.T.), published vide number G.S.R. 916(E) dated 30th November 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), issued by the Government of India, Ministry of Finance, Department of Revenue, under clause (a) of section 152 of the Customs Act, 1962 (52 of 1962), the Director General, Revenue Intelligence, hereby appoints officers mentioned in column (5) of the Table below to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on officers mentioned in column (4) of the said Table in respect of noticees mentioned in column (2) of the said Table for the purpose of adjudication of show cause notices mentioned in column (3) of the said Table, namely:-. Sl. No. Name of Noticee (s) and Address Show Cause Notice Number and Date TABLE 24 Name of Adjudicating Authorities Common Adjudicating Authority appointed (1) (2) (3) (4) (5) 1. M/s Mukka Sea Food Industries Pvt. Ltd., 1st Floor, Trinity Complex, N. G. Road, Attavar, Mangalore and 3 others. F. No. DRI/BZU/ MRU/1/ ENQ-18 (INT-23)/ 2015/ SCN dated (O.R. No. 13/2015 DRI) Customs, New Custom House, Panambur, Mangalore. Customs (Nhava Sheva-I), Jawaharlal Nehru Custom House, Raigad. Principal Commissioner/ Customs, New Custom House, Panambur, Mangalore. 2. M/s. MCT Cards and Technology Pvt. Ltd., Corporate Office: Udayavani Building, Press Corner, Manipal Udupi Taluk and District And Sh. Abhay Gupte, Chief Executive Officer, M/s MCT Cards & F. No. DRI/BZU/ MRU/1/ ENQ-08 (INT-08)/ 2017/SCN dated (O.R. No. 09/2017 DRI) Principal Commissioner / Customs, Bangalore Customs Commissionerate, C. R. Building, Queens Road, Bengaluru. Customs, Airport & Air Cargo Complex, Bangalore International Principal Commissioner / Customs, Bangalore Customs Commissionerate, C. R. Building, Queens Road, Bengaluru.

25 Technology Pvt. Ltd., Corporate Office: Udayavani Building, Press Corner, Manipal Udupi Taluk and District 3. M/s Jaiprakash Associates Limited, Nirman Sadan, Jaypee Green Wish Town, Sector-128, Noida, Uttar Pradesh F. No. DRI/KZU/CF/ ENQ-43(Int-06)/ 2015 dated read with corrigendum dated Airport, Devanahalli, Bangalore. Principal Commissioner of Customs, Air Cargo Complex (Import), New Custom House, New Delhi Customs, (Nhava Sheva- III), Jawaharlal Nehru Custom House, Raigad. Principal Commissioner of Customs, Air Cargo Complex (Import), Page 2 of 3 Sahar, Andheri (East), Mumbai. Principal Commissioner/ Customs (Exports-II), New Custom House, Ballard Estate, Mumbai. Principal Commissioner/ Customs, Custom House, Near Balaji Temple, Kandla. Principal Commissioner/ Customs (Airport & Air Cargo), New Custom House, New Delhi. Principal Commissioner/ Customs (Nhava Sheva-IV), Jawaharlal Nehru Custom House, Raigad. Principal Commissioner/ Customs (Export), Inland Container Depot-Tughlakabad, New Delhi. Principal Commissioner/ Customs, Gr-VII Export Commissionerate, Air Cargo Complex, Sahar, Andheri (East), Mumbai. Principal Commissioner/ Customs Additional Director General (Adjudication), Directorate of Revenue Intelligence, Delhi. 25

26 4. M/s JPR Channel, Plot No. 109-C, Nirmal Coop. Indl. Estate Ltd., Unit No. 308, Near Sion Fort, Sion(E), Mumbai M/s Puneet Fashions (P) Ltd., 854/2, Punjab Mata Nagar, Ludhiana, Punjab and 22 others. F. No. DRI/MZU/ CI/INT-37/ 2018 dated DRI F. No. 856(27) LDH/2010/V dated (Port), Custom House, Kolkata. Principal Commissioner/ Customs, Inland Container Depot- Patparganj, Delhi. Joint/Additional Customs, Import, O/o Principal Commissioner of Customs, Air Cargo Complex, Custom House, Ahmedabad. Assistant/Deputy Customs (Import), (Incharge Group 5A), O/o Commissioner of Customs (Import), Mumbai Zone-III, Air Cargo Complex, Mumbai. Assistant/Deputy Customs (Import), Inland Container Depot-Tughlakabad, New Delhi. Joint/Additional Customs, Inland Container Depot-GRFL, Sahnewal, Ludhiana. Joint/Additional Customs, Inland Container Depot-Dadri, Tilpata Road, Gautam Budh Nagar. Joint/Additional Customs (Chennai-II), Port-Import, Custom House, Chennai. Joint/Additional Customs, Inland Container Depot-Mulund, Mumbai Zone-I, New Custom House, Ballard Estate, Mumbai. Joint/Additional Customs, Inland Container Depot- Faridabad, O/o Joint/Additional Customs, Import, O/o Principal Customs, Air Cargo Complex, Custom House, Ahmedabad. Joint/Additional Customs, Inland Container Depot-GRFL, Sahnewal, Ludhiana.

27 6. M/s Bangalore Agro Products, Shop No. 7, 3rd Cross, Hnumaiah Layout, Kodigehalli, Bangalore and 3 others. F. No. DRI/BZU/S- IV/Int-03/2016 dated read with corrigenda dated and (SCN No. DRI/BZU/ SCN/ 13/2018) Customs, Patparganj, Delhi. Assistant/Deputy Customs, Inland Container Depot-GRFL, Sahnewal, Ludhiana. Customs, Custom House, Cochin. Customs (Nhava Sheva-I), Jawaharlal Nehru Custom House, Raigad. Customs, New Harbour Estate, Tuticorin. Additional Director General (Adjudication), Directorate of Revenue Intelligence, Mumbai [F. No. DRI/HQ-CI/50D/CAA-6/2018-CI] (SHAILESH KUMAR) ADDITIONAL DIRECTOR Copy forwarded for information and updation of record 1. Common Adjudicating Authority as per Column (5) of the table. 2. Adjudicating authorities as per column (4) of the table 3. Principal Additional Director General/ Additional Director General, DRI-Bangalore, Ludhiana, Kolkata and Mumbai. 4. Noticees as per column (2) of the table 27

28 GST UPDATES [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs Notification No. 29/2018 Central Tax New Delhi, the 6th July, 2018 G.S.R (E).- In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:- 1. (1) These rules may be called the Central Goods and Services Tax (Seventh Amendment) Rules, (2) They shall be deemed to have come into force with effect from the 12th day of June, In the Central Goods and Services Tax Rules, 2017, - (i) in rule 125, for the words Directorate General of Safeguards, the words Directorate General of Antiprofiteering shall be substituted; (ii) in rule 129, for the words Director General of Safeguards, wherever they occur, the words Director General of Anti-profiteering shall be substituted; (iii) in rule 130, in sub-rule (2), for the words Director General of Safeguards, at both places where they occur, the words Director General of Anti-profiteering shall be substituted; (iv) in rule 131, for the words Director General of Safeguards, the words Director General of Antiprofiteering shall be substituted; (v) in rule 132, in sub-rule (1), for the words Director General of Safeguards, the words Director General of Anti-profiteering shall be substituted; (vi) in rule 133, for the words Director General of Safeguards, wherever they occur, the words Director General of Anti-profiteering shall be substituted. [F. No.349/58/2017-GST (Pt.)] (Mohit Tewari) Under Secretary to the Government of India Note:- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i) vide notification No. 3/2017-Central Tax, dated the 19th June, 2017, published vide number G.S.R 610 (E), dated the 19th June, 2017 and last amended vide notification No. 28/2018-Central Tax, dated the 19 th June, 2018, published vide number G.S.R 574 (E), dated the 19th June,

29 DGFT UPDATES To be published in the Gazette of India Extraordinary Part-II. Section - 3, Sub-Section (ii) Government of India Ministry of Commerce & industry Department of Commerce Udyog Bhawan, New Delhi Notification No.15/ Dated the 02 July, 2018 Subject - Amendment in import policy of Peas under Chapter 7 of the ITC (HS) 2017, Schedule-1 (Import Policy). S.O. (E): 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, , as amended from time to time, the Central Government hereby, makes the following amendment in ITC (HS) 2017, Schedule 1 (Import Policy): 2. The restriction on import of Peas classified under Exim Code (including Yellow peas, Green peas, Dun peas and Kaspa peas,) effective till 30/06/2018 as per the Notification No. 04/ dated 25/04/2018, is further extended till 30th September, Effect of this Notification: Restriction on import of Peas classified under Exim Code (including Yellow peas, Green peas, Dun peas and Kaspa peas,) is extended for a further period of three months, i.e., till (ALOK VARDHAN CHATURVEDI) Director General of Foreign Trade dgft@nic.in [Issued from F.No.M-5012/300/2002/PC-2(A)/Part VI/ e 9019] 29

30 To be published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Notification No.16 / Dated the 02 July, 2018 Subject: - Amendment in import policy of fresh ginger under Chapter 09 of the ITC (HS) 2017, Schedule -I (Import Policy). S.O. (E): 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, , as amended from time to time, the Central -Government hereby, makes the following amendment under Exim Code of Chapter 09 of ITC (HS) 2017, Schedule 1 (Import Policy): Exim Code Item Description Existing Existing Policy Revised Policy condition Policy condition Ginger: Neither crushed nor ground: Fresh Restricted - However, import of wholly produced ginger from Nepal is Free subject to Article IV & V of Indo-Nepal Treaty of Trade.. Effect of this Notification: Import of Fresh Ginger wholly produced in Nepal, classified under Exim Code , is 'Free'. (ALOK VARDHAN CHATURVEDI) Director General of Foreign Trade dgft@nic.in [Issued from F.No. 01/89/180/Misc.-76/AM-05/PC-II(B)/Pt./Vol-III / e ] 30

31 {(To be published in the Gazette of India Extraordinary Part II Section- 3, Sub Section (ii)} Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhavan Notification No. 17/ New Delhi, dated: 03 July, 2018 Subject: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items, 2018 S.O (E) In exercise of the powers conferred by section 5 and 14A of the Foreign Trade (Development and Regulation) Act, 1992, as amended, read with Para 1.02 of the Foreign Trade Policy , the Central Government hereby makes the amendments, with immediate effect, in the Appendix 3 to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2018, as notified in DGFT Notification No. 47/ dated : For the Amendments, Please refer the below link: pdf Effect of the Notification:- Appendix 3 (SCOMET items) to Schedule 2 of ITC (HS) Classification of Export and Import Items, 2018 has been amended. (Alok Vardhan Chaturvedi) Director General of Foreign Trade dgft@nic.in 31

32 Company Secretaries Delhi I Mumbai I Hyderabad I Kanpur Corporate Office: 63/12, First Floor, Main Rama Road, New Delhi Ph: /17, Mob: brijesh@bmathurco.in, brijesh@brijeshmathur.com Website: 32