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FDI Policy - Consolidated document released

24th April, 2012 The Department of Industrial Policy & Promotion in the Ministry of Commerce has issued fifth edition of the consolidated FDI Policy document. As per Circular No. 1 of 2012, effective 10th April, 2012, investment by registered FIIs in commodity exchanges will no longer require Government approval. This relaxation brings the policy in line with that of foreign investment in res...

WTO adopts revised Government Procurement Agreement

7th April 2012 World Trade Organisation's Committee on Government Procurement has adopted the revised Government Procurement Agreement (GPA) on 30th March, 2012, after a final review. The review was consequent to  Ministerial Conference decision on 15th of December last year when a historic plurilateral agreement providing for opening up of domestic procurement markets for foreign traders was...

Differential tariff is not discriminatory

7th April, 2012 A long running debate fell short by a step yet again, as Rack Room Shoes could not prove gender discrimination by the US Government in fixing different classification / tariffs for men’s shoes and shoes for women and children. The Court of Appeal for the Federal Circuit (CAFC) recently reiterated the decision of the Court of International Trade (CIT) and held that merely becau...

Benefits available to exporters & importers to continue

4th April, 2012 The Reserve Bank of India has extended two of the major credit-related benefits available to the importers and exporters. One of them pertains to interest rates on export credit in foreign currency and the other is on all-in-cost ceiling of trade credits for imports into India. As regards the interest rates on export credit in foreign currency, RBI Notification No. DBOD.DIR...

Cenvat credit can be utilized for payment of excise dues

31st March, 2012 Excise duty arrears can be paid by utilizing the Cenvat credit which has accrued subsequent to the period to which the arrears pertain. Circular No. 962/5/2012-CX issued by the Central Board of Excise & Customs on 28th March, 2012 clarifies this issue and states that the restriction on utilization of Cenvat credit accruing subsequent to the last date of the month/quarter in w...

Shares buyback by subsidiary taxable under capital gains

31st March, 2012 The Authority for Advanced Rulings examined whether buy back of shares by an Indian subsidiary – a public limited company from its parent would attract capital gains. The parent company based in Germany held 99.886% of the shares and the rest was held by 6 nominees. The applicant contended that as per Section 47(iv) of the Income Tax Act, 1961, the transfer of a capital as...

Patentability of diagnostic tests - Landmark ruling by US Court

23rd March, 2012 In its judgement delivered on 20th March, 2012 in Mayo Collaborative Services, DBA Mayo Medical Laboratories v. Prometheus Laboratories, the US Supreme Court has held that patents held by Prometheus were not valid. The Supreme Court held that "laws of nature are tools of scientific and technological work" and grant of patents that tie up their use will inhibit future innovati...

Prior intimation to RBI for raising FII/NRI limits for investments

23rd March, 2012 Indian company raising the aggregate FII investment limit to the sectoral cap/ statutory limit or raising the aggregate NRI investment limit, should intimate the same to the Reserve Bank of India, immediately. This intimation should be given along with a certificate from the Company Secretary stating that all the relevant provisions of the Foreign Exchange Management Act, 199...

Stock exchanges to give share-holding information to SEBI

23rd March, 2012 The Bombay High Court, in its recent judgment, has held that stock exchanges should keep SEBI informed regarding their shareholdings as required under the Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognized Stock Exchanges) Regulations, 2006 [in short MIMPS]. The court observed that the Petitioner and its promoters may be ...

Compulsory license granted to produce life-extending drug

23rd March, 2012 India has allowed application for compulsory licensing - the first of its kind. The Controller of Patents, Mumbai on 9th March, 2012, allowed Natco Pharma’s application for compulsory licensing to produce generic version of ‘Nexavar’ i.e. ‘Sorafenib Tosylate’ used for the treatment of advanced stages of kidney and liver cancer. The compound is presently covered by a patent he...

ITAT rules on deductibility of forward contract premium

30th November, 2012 In an interesting case dealing with conversion of rupee loan into foreign currency loan, the Income Tax Appellate Tribunal (ITAT), Bangalore upheld the orders passed by lower appellate authority and agreed with the reasoning of the Asessing Officer (AO).  The AO sought to verify the real nature of the expenditure and concluded that foreign exchange fluctuation loss as clai...

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致力于向客户不断提供最新法律发展的更新,L&S律师事务所不定期地出版了许多内容丰富的材料。这些出版物分为文章、新闻简报和手册。 文章 文章旨在浅谈某一特殊时期成为头条的重要争议。这些文章通过客观地呈现争议以及引出需要思考的问题的方式提供了一个能与读者坦率真诚交换意见的平台。除了对最近和即将实施的措施提出评论外,文章还包括了对一些司法或准司法机构广泛适用的命令和判决发表案件评论。 新闻简报 L&S律师事务所每月发布四份英文版和一份中文版的电子新闻简报。新闻简报是按照业务领域进行分类和命名的。“税法法律月刊”包含了中央货物税、关税、服务税、增值税和所得税领域的变化和发展。“国际贸易法律月刊”包含了由印度和中国发起的或针对印度和中国的贸易救济行动,如反倾销、保障措施和反补贴,同时还包括了关于世贸组织和自由贸易协定的新闻。该新闻简报的中文版提供了针对中国的贸易救济行动。与专利、...

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