Tuesday, October 2, 2012

A Tribute to The Mahatma on His 143rd Birth Anniversary

 

SiliconIndia  
|   Monday, 01 October 2012, 18:31 IST 


Bangalore: On Gandhi Jayanti, the county pays homage to our beloved Bapuji. Bapuji, with his tremendous knowledge of life and constant experiment with truth and reality, did the unbelievable, when he used his learning’s in not only ridding India from the British but also from the ills of the society like untouchability, caste system, religious bigotry. He reformed the country by empowering women in India, advancing the economy and also improving the conditions of Indian farmers.


His simplicity in living, his understanding of the needs of the people above his own, and his subtle ways of dealing with any complicated situation are only a few of his best qualities, which the Father of the Nation delivered with ease and pride. He incorporated non violence with civil disobedience to fight for India’s independence, which worked wonders. He did outdo the British Raj with non violence and encouraged the country not to deter form the goal. And we secured ‘purna swaraj’ under his guidance and toil, and became a free country.


It was after his return from Africa in 1915 that he led the country in its struggle for independence. Gandhi supported Home rule for India and became the leader of the Indian National Congress, his protest in Dandi March Salt in 1930 strengthened the movement, followed by the 1942 quit India, which enforced British to finally give in, by 1947. On January 30 1948, the country took a severe loss, as Mahatma Gandhi was assassinated.  


His life and preaching is inspiring to all Indians and the millions it has reached all over the world. He started Stayagraha, or the use of non violence to outdo the British Raj, a method may seem incompetent because of it intangible nature, yet powerful, that its result speaks for itself. On non violence he once said “I object to violence because when it appears to do good, the good is only temporary; the evil it does is permanent” As the Father of the Nation, Gandhiji, not only freed the nation, he also became an eminent image for Ahimsa in the world.


The United Nations has declared October 2nd as the International Day of Non-Violence. According to General Assembly resolution of 15 June 2007, which established the commemoration, the day is an occasion to "disseminate the message of non-violence through education and public awareness". The resolution reaffirms "the universal relevance of the principle of non-violence and the desire "to secure a culture of peace, tolerance, understanding and non-violence “as mentioned by India. gov.in.


In the current state of the nation, another man seen in the silhouette of Gandhiji is Anna Hazare. Anna is the new Gandhian of the country, by his methods he employs to get to his goal. He has chosen the non violent fasting way to fight corruption in the country. There may be many similarities in the pattern of executing the plan, and its certain that Gandhiji has his prime follower here working towards the goal of eradicating a menace from the society, which is needed the most. As Anna Hazare, shows how effective the ways of Bapuji is even now, it is inspiring and hurting, that the country had led to such drastic state. We still hail to the Mahatma and his messages like “Strength does not come from physical capacity. It comes from an indomitable will”. We need to constantly attempt for a better tomorrow and a better nation.


Gandhi Jayanti is celebrated all over the country with a lot of enthusiasm.  The celebration is immense, and celebrated with great stature. The Father of the Nation is missed by the people and always will hold that special place in each of our hearts for all he has done for the people and the nation. He was a mighty man, who showed undaunted passion to secures a stronger, better and prosperous India. Einstein said about Gandhiji: “Generations to come will scarce believe that such a one as this ever in flesh and blood walked upon this earth.” We feel proud to celebrate him and forever will.


Import of gold in any form including jewellery – FEMA Clarification


\

RBI/2012-13/220
A.P. (DIR Series) Circular No. 34,September 24, 2012

To
All Category – I Authorised Dealer Banks
Madam / Sir,
Foreign Exchange Management Act, 1999-Import of gold in any form including jewellery made of gold/precious metals or / and studded with  diamonds / semi  precious / precious stones – clarification
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the provisions contained in A.P.(DIR Series) Circular No.59 dated May 6, 2011, in terms of which, AD Category – I banks have been permitted to approve Suppliers’ and Buyers’ credit (trade credit) including the usance period of Letters of Credit  for import of rough, cut and polished diamonds, for a period  not exceeding 90 days, from the date of shipment.
2. It is clarified  that Suppliers’ and Buyers’ credit (trade credit) including the usance period of Letters of Credit opened for import of gold in any form including jewellery made of gold/precious metals or/ and studded with diamonds/ semi precious / precious stones should not exceed 90 days, from the date of shipment.
3. All the instructions issued for direct import of gold, vide A.P. (DIR Series) Circular No.2 dated July 9, 2004; import of Platinum / Palladium/ Rhodium /Silver vide A.P. (DIR Series) Circular No.12 dated August 28, 2008; advance remittance for import of rough diamonds, vide A.P. (DIR Series) Circular No. 21 dated December 29, 2009 and import of rough, cut and polished diamonds, vide A.P.(DIR Series) Circular No.59 dated May 6, 2011, shall remain unchanged.
4. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
5. The directions contained in this circular have been issued under Section 10 (4) and Section 11 (1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Rashmi Fauzdar)
Chief General Manager

Prevention of Money Laundering – Money Changing Activities – FEMA




RBI/2012-13/219
A. P. (DIR Series) Circular No. 33 dt September 24, 2012


To
All Authorised Persons in Foreign Exchange
Madam/Sir,
Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Money changing activities
Attention of Authorised Persons (APs) is invited to Para 4.4 (f) of F-Part- I of the Annex to the A.P. (Dir Series) Circular No.17 [A.P.(FL/RL Series) Circular No.04] dated November 27, 2009 on the captioned subject and condition (iv) of Para 5 (Part-E) of Annex-I to the A.P. (Dir Series) Circular No.57 [ A.P.(FL/RL Series) Circular No.04] dated March 9, 2009 on Memorandum of Instructions governing money changing activities, as amended from time to time.
2. It is clarified that for sale of foreign exchange to a person within his/her eligibility on single drawal, APs may receive payment only by crossed cheque drawn on the bank account of the applicant’s firm / company sponsoring the visit of the applicant / Banker’s cheque / Pay Order /Demand Draft / debit cards / credit cards / prepaid cards, if the rupee payment exceeds Rs.50,000/-. For sale of foreign exchange to a person within his/her eligibility through more than one drawal within 30 days or for a single journey/visit abroad, APs may receive second and subsequent payments only by crossed cheque drawn on the bank account of the applicant’s firm/company sponsoring the visit of the applicant/Bank’s cheque / Pay Order / Demand Draft / debit cards / credit cards / prepaid cards, if the total rupee payment, including payments on earlier drawal /s, exceeds Rs. 50,000/- on the second or subsequent drawals.
3. All the other instructions contained in the A.P.(DIR Series) Circular No. 17 [A.P.(FL/RL Series) Circular No.04] dated November 27, 2009, as amended from time to time, shall remain unchanged.
4. Authorised Persons may bring the contents of this circular to the notice of their constituents concerned.
5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Rudra Narayan Kar)
Chief General Manager

Procedure & conditions for export of cotton w.e.f 1st October 2012


  

Issued from F.No.01/91/180/1194/AM10/Export Cell New Delhi, Dated    1st October, 2012
Subject:- Procedure and conditions forregistration of contracts for export of cotton (Tariff Codes 5201 and 5203) w.ef 1st October 2012.
S.O. (E) In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-14, the Central Government hereby notifies the procedure and conditions for  registration of contracts for export of cotton under Tariff Item HS code 5201 & 5203 [ Sl. Nos. 197 & 199 of ITC(HS) Classification of Export & Import Items] w.e f 1st October 2012.
2. The registration will be subject to the following conditions:
(i)  Registration Certificates (RCs) will be issued by the 7 designated Regional Authorities of DGFT at Ahmedabad, Bengaluru, Chennai, CLA New Delhi, Hyderabad, Kolkata and Mumbai.
(ii)  Procedure of obtaining Registration Certificate (RC) as stipulated in Notification No. 63 (RE-2010)/2009-14 dated 04.08.2011 and modified by Notification No. 74 (RE-2010)/2009-14 dated 12.09.2011 will continue to apply.
(iii) An exporter can apply for one RC at a time for a maximum quantity of 10,000 bales (1 bale=170kg) or actual quantity exported in the previous cotton season, whichever is less.Exporters who have exported upto 1500 bales during previous cotton season and new comers (a new comer is an exporter who has not exported cotton in the previous cotton season) can apply“upto 1500 bales”. Eligibility to apply for a subsequent RC will be on completion of at least 50% of the exports against the RC obtained now under this notification (exporters would be required to submit the documentary proof of such exports to the concerned RAs alongwith the application forissue of new RC).
(iv) For ease of calculation, RC holders are encouraged to apply in next higher multiples of 10. (For example an exporter who has exported 1387 bales during previous cotton season is encouraged to apply for 1390 bales).
(v)   Revalidation of Registration Certificates will not be permitted .
3. Effect of this notification:
The Procedure and conditions for export of cotton w.e.f 1st October 2012 have been notified. This is similar to Notification number 113 of 4th May 2012, except appropriate changes in para 2(iii).
Sd/-
(Anup K. Pujari)
Director General of Foreign Trade



Service Tax on Railway Passengers Travelling in AC Classes/First Class from 01.10.2012




PTI :1st Oct 2012

Levy of Service Tax on Railway Passengers Travelling in AC Classes/First Class from tomorrow i.e. 1st October 2012

No Service Tax to be Levied on Tickets Issued Prior to 1st October 2012
In Case of Cancellation of Tickets Issued on or after 1st October 2012, the Applicable Amount Including Service Tax to be Refunded by Railways

In compliance of the provisions contained in Finance Bill 2012 and subsequent notifications issued by Ministry of Finance, the Service Tax in case of railway travel will be levied on the fare of passenger services in the following classes from tomorrow i.e. 1st October 2012:- 

(i) AC First Class, (ii) Executive Class, (iii) AC-2 tier Class, (iv) AC-3 tier class, (v) AC Chair Car class, (vi) AC Economy class and (vii) First Class.

Since an abatement of 70%  has been permitted on passenger services by Ministry of Finance,  the Service Tax will be charged on 30% of total fare including reservation charge, development charge, superfast surcharge which would be calculated as follows:-

1. Service Tax of 12% will be charged on 30% of fare (equivalent to 3.6% on the total fare)
2. Education Cess of 2% on Service Tax will be added (equivalent to 0.072% on total fare) and
3. Higher Education Cess of 1% on Service Tax will also be added (equivalent to 0.036% on total fare)
4. Total Service Tax implication will be (i)+(ii)+(iii)=3.708% on the total fare.

   On Concessional value tickets, service charge will be levied @ 3.708% of the total fare actually being paid by the passengers.

Through a subsequent corrigendum issued by M/o Railways,  it has been clarified that the Service Tax would be collected on the tickets issued/bookings made on or after 01.10.2012.  Service Tax is not livable on tickets issued prior to 01.10.2012 and hence will not be collected on board the trains.

In case of cancellation of tickets booked by the passengers on or after 01.10.2012, the applicable amount including refundable Service Tax amount will be refunded by Railways as per Railwayrefund rules and Finance Ministry guidelines.

The amount of Service Tax collected from passengers will be deposited with the Ministry of Finance as per prescribed procedure.  Finance Departments of Zonal Railways have been instructed for proper accountal and remittance of Service Tax amount to the Government.