Hello All,

The Football Series came to a spectacular end, with Spain snatching sweet victory from the Dutch at the finals of the sizzling FIFA 2010 that held sway over the minds and hearts of millions of fans across nations for days (and nights too for some of us) together. The sporting extravaganza was all about 'achieving greatness together' which is also the spirit guiding this journey of constant sharing and learning.

RBI, the apex bank of India has religiously compiled all the relevant circulars / instructions w.r.t different subjects under the Master Circular Series. Like every year, these are effective from 1st of July through a 12 month period, to be replaced again with a fresh Master Circular. For your benefit, especially our fellow-professionals, we have picked the most relevant ones for publication in this 15th issue of Lexspeak. This could well be preserved for quick reference. You will find the same also listed under 'Resource Centre' of our website.

Do give us a feedback. Click here to mail Your feedback for this issue.

Sincerely,
Lex Valorem Team

Master Circulars from RBI
Reserve Bank of India (RBI) has issued the much awaited Master Circulars on various subjects effective from the 1st day of July, 2010 with a sunset clause of one year. Topics covered are Foreign Investments in India, Overseas Direct Investments, External Commercial Borrowings and lots more. Some of the relevant circulars are listed below with links.

1.  Foreign Investment in India
2.  Direct Investment by Residents in Joint Venture (JV) / Wholly Owned
     Subsidiary (WOS) abroad
3.  Establishment of Liaison/ Branch / Project Offices in India by Foreign
     Entities
4.  External Commercial Borrowings and Trade Credits
5.  Compounding of Contravention under FEMA,1999
6.  Export of Goods & Service
7.  Import of Goods & Service
8.  Guarantees & Co-Acceptances
9.  Foreign Contribution (Regulation) Act, 1976 - Obligations of Banks in
     Regulating Receipt of Foreign Contributions by Associations /
     Organizations in India
10.Acquisition & Transfer of Immovable Property in India by NRIs/PIO/
     Foreign Nationals of Non - Indian Origin
11.Know Your Customer (KYC) norms / Anti- Money Laundering (AML)
     standards/ combating of Financing of Terrorism (CFT)/ obligation of
     banks under PMLA, 2002
12.Miscellaneous Remittances from India - Facilities for Residents
13.Lending to Micro, Small & Medium Enterprises (MSME) Sector

                                                                             ... Download All Circulars

Issuance of Non-Convertible Debentures (NCDs)
The Reserve Bank of India (RBI) has issued directions to agencies dealing in securities and money market instruments for issuance of Non-Convertible Debentures (NCDs) of original or initial maturity period up to one year. The directions will come into effect from 2nd August, 2010.
                                                                                    ... Download Circular

Accounting Codes for new taxable services effective from 1st July, 2010
New heads of Accounts under the head "0044 - Service Tax" have been allotted to the new taxable services effective from 1st July, 2010
                                                                                    ... Download Circular

Refund of 4% Additional Duty of Customs (4% CVD) - Special Drive for clearance of pending 4% SAD refund claims.
The Central Board of Excise and Customs (CBEC) In order to enable timely payment of refund in case of 4% CVD, has simplified the procedure for refund claims as on 31.3.2010 at major Custom Houses.
                                                                                   .... Download Circular