Corporate Updates – 07-12-2015


RBI has issued Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2015 which shall come into force from the date of their publication in the Official Gazette. A person resident in India, being an Indian Company or a Body Corporate created by an Act of Parliament may issue FCCBs not exceeding USD 500 million to a person resident outside India in accordance with and subject to the conditions stipulated and may issue FCCBs beyond US $ 500 million with the specific approval of the Reserve Bank. Through this notification, now RBI may, in consultation with the Government of India, change / prescribe for the automatic as well as the approval route of FCCBs, any provision or proviso for issuance of FCCBs. / FCEB’s.

CBEC – Excise Act:

CBEC has issued a circular to clarify the issues being raised regarding the availability of central excise duty exemption to new units or units undertaking substantial expansion after 1-12-2014 in the North Eastern Region including Sikkim pursuant to the suspension of fresh registrations by the Department of Industrial Policy & Promotion (DIPP) for the schemes under North East Industrial and Investment Promotion Policy (NEIIPP), 2007 with effect from 1-12-2014. It is clarified that new units or units undertaking substantial expansion after 1-12-2014 and upto the cut-off date of 31-3-2017 shall continue to be eligible for excise duty exemption under notification No.20/2007-Central Excise dated 25-4-2007 subject to the conditions specified there under.

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