Notification amendment: appointment of new member under the Chartered Accountants Act substituting prior serial entry, effective on publication.
Amendment under Section 28A of the Chartered Accountants Act substitutes the entry at serial number (5) in the prior G.S.R. 38(E) notification by specifying Shri Gautam Guha as Member with his office and address. The amendment takes effect from the date of publication in the Official Gazette and is issued as a ministerial notification with file reference F. No. 1/15/2010-PI.

Customs amendment: substitution of 'polyester made ups' with 'man-made made ups' broadens scope for prescribed duty.
Under powers of section 25(1) Customs Act, the Central Government substitutes "polyester made ups" with "man-made made ups" in the Annexure to the principal customs notification, thereby changing the descriptive scope in Condition 28 for purposes of prescribed duty.

Double taxation treaty allocates taxing rights and sets procedures to prevent fiscal evasion between two States.
The Agreement between India and Nepal allocates taxing rights and prevents fiscal evasion for persons resident in one or both States: taxes on income are covered and defined; residence and fiscal year rules determine applicability; business profits are taxable only in the residence State except when attributable to a permanent establishment in the source State; income from immovable property, certain capital gains, and specific personal and employment income categories have targeted source state taxing rights; withholding limits are set for dividends, interest and royalties with carve outs; mechanisms include credit relief, a mutual agreement procedure, exchange of information, assistance in collection and a limitation of benefits rule.

Export liberalisation of skimmed milk powder now permitted under foreign trade policy; new tariff entry created and export freed.
The Foreign Trade Policy amendment bifurcates ITC HS entry 38 and creates entry 38.01 for Skimmed Milk Powder (HS 04021010), removing the previous prohibition and declaring export of Skimmed Milk Powder free with immediate effect.

Assignment of adjudication powers to Commissioner of Customs for specified Show Cause Notices under customs notification.
The Board assigns Show Cause Notices issued by the Additional Director General, Directorate of Revenue Intelligence, Chennai in respect of three Visakhapatnam entities to the Commissioner of Customs, Custom House, Visakhapatnam for adjudication, under the authority of Notification No.15/2002 Customs (N.T.) issued under the Customs Act.

Common Adjudicating Authority assigned a show cause notice for adjudication under the Customs Act to proceed accordingly.
The Board directs that Show Cause Notice F.No. DRI/MZU/NS/INV-08/10-11/2389-2397 dated 25/26.04.2012 issued by the Additional Director General, Directorate of Revenue Intelligence, in respect of M/s Ratnamani Metals & Tubes Limited and others be assigned to the Commissioner of Customs (Adjudication), Mumbai for adjudication under the Customs Act, thereby transferring adjudicatory responsibility to the Commissioner of Customs (Adjudication).

Common Adjudicating Authority assignment directs adjudication of a show cause notice under Customs Act to designated adjudicator.
The Board, invoking the Customs (Non Tariff) notifications made under section 4 of the Customs Act, assigns the show cause notice issued by the Directorate of Revenue Intelligence in the matter of Shri Gopal Agarwal & Others to the Commissioner of Central Excise (Adjudication) for adjudication, specifying the file reference and receiving adjudicator for administrative effect.

Show Cause Notice assignment to designated adjudicating authority for customs adjudication in corporate importation matter.
The Board, under Notification No. 15/2002-Customs (N.T.) and section 4(1) of the Customs Act, assigns the Show Cause Notice issued by the Directorate of Revenue Intelligence in the matter of M/s Welspun Corporation Limited to the Commissioner of Customs at the designated office for the purpose of adjudication, effecting appointment of a Common Adjudicating Authority/proper officer to exercise delegated adjudicatory competence.

Exchange rate determination for customs establishes conversion rates for import and export valuation under statutory authority.
The Central Board of Excise and Customs determines conversion rates between specified foreign currencies and Indian currency for customs valuation of imported and exported goods, effective 8th June, 2012, superseding the earlier notification; annexed schedules set separate rates for imports and exports and corrigenda correct certain published figures.

Fixation of tariff values: notification updates tariff-value tables for specified edible oils, metals and seeds under customs law.
The Central Board of Excise & Customs, under Section 14(2) of the Customs Act, 1962, substitutes TABLE-1 and TABLE-2 of Notification No. 36/2001-Customs (N.T.) by Notification No. 48/2012, fixing tariff values in US dollars for specified goods (crude and refined palm oil and palmolein, crude soyabean oil, brass scrap, poppy seeds) and for gold and silver under certain notification entries, with entries marked "no change" where applicable.

Anti-dumping duty on plain gypsum plaster boards imposed for specified origins; duties vary by origin and named producers.
Provisional anti-dumping duty is imposed on Plain Gypsum Plaster Boards imported from China PR, Indonesia, Thailand and UAE, with specific duty rates set by origin, export country and, where applicable, named producers/exporters, expressed per cubic metre in US dollars. Certain types of gypsum boards are excluded. The duty is provisional for a six-month period, payable in Indian currency, and the exchange rate for calculation is specified by the Ministry of Finance for the bill of entry date.

Retention limits for foreign gifts require declaration and deposit with sponsoring ministry, triggering valuation and possible Toshakhana assessment.
Members of Indian delegations must, within thirty days of receipt or of return to India, report gifts or presentations to the Secretary of the sponsoring Ministry or Department, providing details including the foreign source, approximate market value, date and place. Gifts above the recipient's valuation threshold or whose aggregate value exceeds the threshold must be deposited with the Secretary, who forwards them to the Toshakhana for assessment by a designated Board; valuation disputes go to the Home Affairs Secretary. Gifts assessed below the retention threshold may be returned, with one gift returnable when multiple items are involved and a final purchase option available to the recipient.

Determination of Service Value prescribes valuation rules for works contracts and catering services, fixing apportionment and exclusions.
The value of the service portion in execution of a works contract is the gross amount charged for the works contract less the value of property in goods transferred, excluding VAT or sales tax on such goods; includible service components are labour, sub-contractor payments, design fees, hired machinery, consumables, contractor establishment and attributable profit. Where VAT/sales tax has been paid on the actual value of goods, that value is to be used; where value cannot be determined, prescribed presumptive apportionments apply. CENVAT credit restrictions and related definitions are specified.

Renewal of recognition granted to a stock exchange for a limited term subject to SEBI regulatory compliance conditions.
Renewal of recognition is granted to Bhubaneswar Stock Exchange Limited under the Securities Contracts (Regulation) Act for a one year term subject to the condition that the Exchange shall commence trading only after complying with all regulatory requirements imposed by SEBI and shall comply with any further conditions SEBI may stipulate.

Limited Liability Partnership rules tighten name approvals, require consent in Form 2 at incorporation, and set fees for Form 4 and striking off.
For incorporation, an individual who gives consent to act as partner or designated partner must file consent in Form 2 with the fee in Annexure A. Rule 18(2) now allows name reservation when a registered LLP or company grants a No Objection Certificate, requires regulatory authority approval for names or business activities using restricted financial or similar terms at incorporation or on name change, and requires council approval for professional titles. Annexure A adds fee Rs.50 for Form 4 filings and Rs.500 for striking off defunct LLPs; multiple statutory forms are substituted and Form 32 is inserted. Effective 11 June 2012.

Limited Liability Partnership amendments require partner consent filing, name approvals with regulatory clearance and new fees.
Amendments require that consent to act as partner or designated partner be filed at incorporation in Form 2 with the Annexure A fee; name reservation is permitted where a registered LLP or company grants a No Objection Certificate; use of regulated words (bank, insurance, banking, venture capital, mutual fund) or professional titles in an LLP name or business requires approval of the relevant regulatory authority or professional council at the time of incorporation or name change; Annexure A adds fees for Form 4 filings (Rs.50) and striking off defunct LLPs (Rs.500); Forms 1-31 are substituted to standardise e forms and filing requirements.

Director Identification Number: Form DIN 1 now requires declaration of whether the applicant is resident in India.
Amendment to the Companies (Director Identification Number) Rules, 2006 adds a new serial entry to Form DIN-1 asking "4A Whether resident in India O Yes O No," under the Companies Director Identification Number (Second Amendment) Rules, 2012, effective 11 June 2012.

Cessation of section 66A: provisions cease from 1 July 2012, subject to a saving for prior acts.
The Central Government appoints the 1st day of July, 2012 as the date from which section 66A of the Finance Act, 1994 shall not apply, effected by notification under sub-section (3) of the Act, subject to a saving for acts or omissions occurring before that date.

Applicability of Section 66 suspended by government appointment, ceasing prospectively while preserving prior actions.
The Central Government appoints an effective date on which a specified provision of the finance statute shall cease to apply, declaring that the provision will not apply prospectively from that date while expressly preserving things done or omitted to be done before the provision ceases to apply.

Section 65A applicability suspended; provisions cease to apply while preserving actions and omissions occurring before cessation.
The Central Government, under sub section (3) of the Finance Act, 1994, appoints an effective date on which section 65A of the Finance Act, 1994 shall not apply, while expressly providing that the cessation does not affect things done or omitted to be done before that date.