Managerial remuneration approval exemption where holding company consent and general meeting approval deem payment by holding company.
Exemption from Central Government approval for managerial remuneration of a subsidiary of a listed company applies where the holding company's Remuneration Committee and board consent, the holding company's general meeting approves the remuneration as deemed paid by the holding company, all members of the subsidiary are bodies corporate, and remuneration fixed by the Board for Industrial and Financial Reconstruction is also excluded from approval requirements.

Limited Liability Partnership specified as body corporate, enabling application of section 226(3)(a) corporate treatment.
Central Government, exercising the power under clause (c) of sub section (7) of section 2 of the Companies Act, 1956, specifies the Limited Liability Partnership incorporated under clause (1) of section 3 of the Limited Liability Partnership Act, 2008 as a body corporate for the limited purpose of clause (a) of sub section (3) of section 226 of the Companies Act, 1956, thereby applying that specific Companies Act provision to LLPs without broader reclassification.

Provisional assessment of anti dumping duty on tile imports pending new shipper review, with security and retrospective liability.
The Central Government ordered provisional assessment of imports of Vitrified Porcelain Tiles exported by M/s. Jiangxi Zhengda Ceramics Co. Ltd. through M/s Foshan Z&D Ceramics Co. Ltd., pending a new shipper review under rule 22(2). Provisional assessment may be subject to security or guarantee as the Assistant/Deputy Commissioner of Customs deems fit, and importers will be liable to pay any anti dumping duty recommended on review and imposed retrospectively from the date of initiation of the review.

Electronic payment requirement: dealers with monthly tax period must pay DVAT liabilities via specified banks' e-portals.
Requires dealers with a monthly tax period to pay tax, interest, penalty or any other amounts due under the DVAT Act, 2004 by electronic payment compulsorily through the e-payment portals of specified banks under powers conferred by Sub-Rule 5 of Rule 31 of the DVAT Rules, 2005; applies only if the dealer has a bank account in one of the listed banks.

Accounting of grants-in-aid: treat disbursements as revenue expenditure and require prescriptive valuation and disclosure.
Grants-in-Aid (cash or in kind) are to be recognised by the grantor on disbursement and by the grantee on receipt; in-kind grants are recognised on receipt where valuation exists. Grants disbursed are classified and accounted as revenue expenditure in the grantor's financial statements and grants received as revenue receipts in the grantee's statements, irrespective of the grantee's ultimate use, except where specific presidential authorization permits capital accounting. Pass-Through Grants follow the same revenue treatment. In-kind grants must be valued or disclosed using grantor cost, market value or replacement cost, and grantors must disclose total funds released and amounts allocated by grantees for capital asset creation in a prescribed format.

Customs notification amendment adds Marripalem Village to specified export promotion and exemption schemes, expanding eligible ICDs.
Amendment adds Marripalem Village in Taluk of Edlapadu, District Guntur alongside Veerapandi (Tamil Nadu) in the opening paragraphs/conditions of numerous customs miscellaneous exemption and export-promotion notifications, substituting the phrase "and Veerapandi (Tamil Nadu)" with "Veerapandi (Tamil Nadu) and Marripalem Village in Taluk of Edlapadu, District Guntur" to extend eligibility of the listed notifications to the Marripalem locality.

Accounting and classification of grants-in-aid: recognition, revenue treatment, valuation and mandatory disclosure requirements for governments.
IGAS 2 requires cash grants to be recognized by the grantor on disbursement and by the grantee on receipt; in-kind grants recognized at receipt where value exists and valued using grantor cost or market/replacement value. Grants disbursed are classified as revenue expenditure in the grantor's accounts and grants received as revenue receipts in the grantee's accounts, including pass-through grants. Creation of capital assets by grantees does not convert grantor expenditure to capital except where expressly authorised; such exceptions and details of funds released and funds allocated for capital formation must be disclosed in the prescribed format.

Renewal of recognition granted to stock exchange, subject to regulatory compliance before commencement of trading.
Renewal of recognition granted to Bhubaneswar Stock Exchange for a one year period under the Securities Contracts (Regulation) Act, subject to the condition that the exchange shall commence trading only after complying with all regulatory requirements imposed by the securities regulator and shall comply with any other conditions that may be stipulated from time to time.

Renewal of recognition of a stock exchange conditioned on compliance with SEBI regulatory requirements and future conditions.
SEBI granted renewal of recognition to U.P. Stock Exchange Limited under Section 4 for the period 3 June 2011 to 2 June 2012 in respect of contracts in securities, subject to the Exchange commencing trading only after complying with all SEBI regulatory requirements and to such other conditions as SEBI may stipulate from time to time.

Recognition of foreign-designated entities allowed under treaties subject to SEBI-specified conditions for regulatory purposes.
The amendment empowers the Board to recognise, during the validity of bilateral or multilateral agreements or treaties that expressly identify certain entities as distinct and separate, those entities as distinct for purposes of the Foreign Institutional Investors Regulations, subject to conditions specified by the Board.

Pre-shipment inspection agency addition: Municipal Corporation of Delhi authorised to conduct preshipment inspection for meat exports.
Municipal Corporation of Delhi (MCD) is added as a preshipment inspection agency by amending Note 4, Chapter 2 of Schedule 2 of ITC(HS). Export of canned meat products and meat of buffalo, goat or sheep shall be subject to preshipment inspection by the State Directorate of Animal Husbandry, Export Inspection Agency, Directorate of Marketing and Inspection or Municipal Corporation of Delhi in accordance with either exporting country standards or standards under the Meat Food Products Order, 1973 under the Export (Quality Control and Inspection) Act, 1963.

Export restriction on guar gum: exports allowed only with health certificate and PCP-free analytical report.
Exports of refined, treated or pulverized guar gum to the European Union for human or animal consumption are allowed only if accompanied by a Health Certificate from the authorized representative (SHEFEXIL) and the original analytical report from Vimta Labs certifying that samples taken by the authorized representative contain no Penta Chlorophenol (PCP) in any proportion, replacing the earlier permitted trace tolerance.

Special Economic Zone designation enables sector-specific IT/ITES development and establishes Approval Committee and ICD status for the zone.
Notification establishes a sector specific Special Economic Zone for IT and ITES at specified survey plots in Puthencruz and Kunnathunadu, Kerala, totaling 12.5804 hectares; declares the listed parcels as the SEZ under the Special Economic Zones Act and Rules; constitutes an Approval Committee with designated ex officio members and a developer representative as special invitee for approvals; and deems the zone to be an Inland Container Depot for customs purposes from the notified date.

Minimum export price for Bangalore Rose and Krishnapuram onions amended, changing the notified FOB benchmark.
Amendment to the Foreign Trade Policy under Section 5 replaces the previously notified Minimum Export Price (MEP) for the item at Serial Number 44.02 (Bangalore Rose onions and Krishnapuram onions) with a newly specified MEP per Metric Ton F.O.B., subject to DGFT revision; the amendment takes immediate effect and references earlier and subsequent notifications that altered the MEP previously notified on 23.03.2011.

Special Economic Zone designation for gems and jewellery deemed inland container depot; approval committee constituted.
Notification designates a sector-specific Special Economic Zone for Gems and Jewellery at Village Bhambhoriya, specifying surveyed Khasra parcels totaling 10.1360 hectares. The Central Government records grant of approval under the SEZ Act and constitutes an Approval Committee with listed ex officio members and a developer representative special invitee. The notification deems the SEZ to be an inland container depot with effect from 13 May 2011 for purposes of the Customs Act, 1962.

Tariff value fixation updated for specified edible oils, brass scrap and poppy seeds, affecting customs reference valuation.
The non-tariff notification substitutes the existing tariff-value Table, specifying US$ per metric tonne tariff values for listed goods-crude palm oil, RBD palm oil, palmolein variants, crude soyabean oil (values retained as no change), and distinct values for brass scrap (all grades) and poppy seeds-to determine reference import valuation under the notification framework.

Exchange of tax information enabling mutual assistance and information-gathering measures to support tax administration and enforcement.
The Agreement requires competent authorities to exchange information foreseeably relevant to administration and enforcement of taxes, empowers authorities to use information-gathering measures including bank and ownership data and depositions, imposes procedural requirements for requests and prompt responses, allows refusal on specified grounds including public policy and privilege, mandates confidentiality and restricted use of received information, and addresses costs, implementation legislation, mutual agreement procedures, entry into force, and termination with survival of confidentiality obligations.

Exchange of tax information: enables mutual assistance in tax administration and enforcement under defined confidentiality and procedural safeguards
The Agreement establishes reciprocal exchange of information between competent authorities to assist in tax administration and enforcement, requiring requests to state taxpayer identity, period, nature and legal basis, and grounds that information exists within the requested Party's jurisdiction. Requested authorities must use available information-gathering measures, may provide depositions and authenticated records where permitted, acknowledge requests and notify deficiencies within 60 days, and either supply information or explain obstacles or refusal within 90 days. Information is subject to confidentiality and limited disclosure; specified grounds permit declining assistance.

Rate of interest for employees' provident fund prescribed by government, setting a statutory rate effective prospectively.
The Central Government, under clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961, fixes 9.5 per cent. as the rate of interest for employee provident fund purposes, superseding the prior notification and applying with effect from 1 September 2010.

Special Economic Zone designation for IT and IT enabled services at Greater Noida creates Approval Committee and inland depot status.
Notification designates a sector specific Special Economic Zone for information technology and IT enabled services at Greater Noida, approves the developer's proposal under the Special Economic Zones Act, 2005, specifies the plot and area, constitutes an Approval Committee composed of ex officio central and state officers and a developer representative, and declares the zone to be deemed an inland Container Depot under the Customs Act; notes record later substitution of the sector description and subsequent de notifications of parts of the area.