Cover Story: MINIMUM MINIMUM WAGES FOR INTERNAL CIRCULATION PUBLISHED BY : INDUSTRIES ASSOCIATION OF UTTRAKHAND (IAU) UPCOMING EVENTS TRADE FAIRS EVENTS MEETINGS Saudi Aircon 2012 Meeting with Planning Meeting with Commissioner- Saudi Aircon 2012 On 7-10 May 2012 at Saudi Arabia Plast Italy 2012 Meeting with Planning Commission On 30 st April 12 at Dehradun Commercial Tax On 3 rd May 12 at Dehradun On 8-12 May 2012 at Italy India International Medical Equipment Expo On 4-6 May 2012 at India Meeting of Polytechnic- Pithowala Uttarakhand Ratan Award On 4 6 May 2012 at India Pithowala On 14 th May 12 at Pithowala, Dehradun International Machine Tools Expo 2012 On 4-6 May 2012 at India Techno 4 India 2012 On 4-6 May 2012 at Coimbatore , India On 13 th May 12 at Siddharth Wedding Point, Saharanpur Road, Dehradun Meeting with Mr Harish A i h E 2012 Bangalore Fashion Week 2012 On 26-29July 2012 at India Meeting with Mr. Harish Chandra Durgapal, Minister of Small Scale Industries, Labour In May 12 at Dehradun Agritech Expo 2012 In June 2012 at India For more details, please contact Association Office J y NEW Mr. Alok Kumar Jain takes over as Chief Secretary, Uttarakhand. IAU President Mr. Pankaj Gupta and IAU j p Senior Vice President Mr. Rajiv Agrawal called on Mr. Jain and welcomed him on his taking over as the Chief Secretary MINIMUM WAGES MINIMUM WAGES From 1-4-2102 to 30-9-2012 I M n- n lil- - in li i - i-ni l-llin nili - l~lin lii - liln -ili i lin iiiiii liiln n- n lii ilin ri | lnli li iin| iini -~ i ssz=oo roc iini -~ i - l, ri -rni; i-n i o ln | -iiln l i i ilii r| ni July zo December zo in i sos li zoz soszoz n | li l M P O R ln| -rni; i-ni l-n rini| (909-506) x 4 = 1612.00 ln li i | nili o. o ln li i i- lii li lii - l~lin i| i| - ili i l n| T A N T -rni; i-ni o . ri- i --i- nin - li /rs,VIII,zzs-,zoo lo zsoor cz.oo z. i;- iln iii, i;- lnii l- | - i i;- illi -iii - li /rs,VIII,zzs-,zoo lo zsoor cz.oo T li s. | ll-ii'iii i -i (l nnn -i i - i| r nin - li| czz,VIII,zzs- -||II, zoo lo ooror cz.oo . il-- nin i il-- -i nin - li| n cz.oo r. l--i nin - li| n cz.oo c. iln (-- l ll-ii - li| n cz.oo /. i i | ll-ii'iii - li| n cz.oo s. ni | (i; nin - li| n cz.oo s. -i i | - - li| n cz.oo o. | i l-~ | - li| n cz.oo . l li i | ll-ii'iii - li| n cz.oo . l li i | ll-i i'iii - li| n cz.oo z. ii n-i l-ii i ii li; liii, i i niii | ii; - li| n cz.oo s. i;- |l i i~ ll-i i-i | i;- ii - li| n cz.oo | l . i| ni n - li | n cz.oo r. iin nini - li| n cz.oo c. l- - iln i l- ll-n nin - li| n cz.oo /. lili nin - li l- ro - ln liln ri| n cz.oo l | l s. --n l--|`n iiii - li , li ~i r r| li ni r| n cz.oo I M o. o ln li i i- lii li lii - l~lin i| i| - ili i l n| -rni; i-ni o s. i l-ii i r i n l-ii czz(),VIII,zzs- l-|II, cz.oo M P O R lii - li zoo lo ooror zo. -i ni i -i - - li n cz.oo z. l i - li n cz.oo zz. lii; nin - li n cz.oo zs. i;|,i;|- ll-iiiiii - li n cz.oo z. | i l-- ll-iiiiii - n cz.oo T A N T z. | i l-- ll-i iiiii - li n cz.oo zr. ll-iiiiii - li n cz.oo zc. --- |-- iiii i |-- -i ll-iiiiii - li n cz.oo z/. ~ii| i ii; li-ii - li n cz.oo zs. l~i| - li n cz.oo zs. i~ --i - li n cz.oo T so. i-| ll- i l-| - li n cz.oo s. ri| nin - li zo/,VIII,zzs- l-|I,zoo lo ooror cz.oo sz. i - li zo/(),- i,zzs- l-|,zoor lo ooror cz.oo ss. ii - li zo/(z),VIII,zzs- l-|I, zoo lo ooror cz.oo s ili li-ii - li n cz oo s. ili li-ii - li n cz.oo sr. l-i nin - li zo/(s),VIII,zzs- l-|, zoo lo ooror cz.oo sc. i -i- lr - li zo/(),VIII,zzs- l-|I, zoo lo ooror cz.oo s/. il lr -iii - li n cz.oo ss. i-i-ii; l - li n cz.oo ss si -i l- ~ i -ii zo/(r),VIII,zzs- l-|I, cz oo ss. si-i l- ~ i -ii l-ii nin ,- | | i nin i si) zo/(r),VIII,zzs - l-| I, zoo lo ooror cz.oo o. ili, il i i| i-li - li /s,VIII,zzs- l-|II, zoo lo ooror cz.oo . ;-, i--i nin - li /s(),VIII,zzs- l-|, zoo lo soor cz.oo z. i-iiii - li /s(z),VIII,zzs- l-|, cz.oo zoo lo soor s. il| ,i--|, --i i i i- i l nnn l| i nri i -| - ii i| r - li /s(s),VIII,zzs- l-|, zoo lo soor cz.oo . i si; - li /s(),VIII,zzs- l-|II ,zoo lo soor cz.oo r l| -iii - li /s(r),VIII,zzs - l-| II cz oo r. l| -iii - li /s(r),VIII,zzs- l-|II ,zoo lo soor cz.oo o. o ln li i i- lii li lii - l~lin i| i| - ili i l n| - rni; i-ni o c. l| -nii - li /s (c),VIII,zzs- l-| II cz.oo l-|II ,zoo lo soor /. s. -l| i l-, i-i l- i i l- - i z- l| n l- - li /s (/),VIII,zzs- l-|II ,zoo lo soor cz.oo lo soor s. li; nin - li /s (s),VIII,zzs- l-|II cz.oo l-| II ,zoo lo soor ( lr i) - i n -nii FORENGINEERINGINDUSTRIES iini i zsz,sczoorrs (.-|.)s li rorzooo i ro i li -ili i li ln i ;|lln ni ni - zc li iin| ii ni -~ i sszoo liln i ;|lln nini - zc li iin| iini -~ i sszoo iii July zo December zo in sos l- nili i ln| -rni; i-n | ln r| -in ro roo n lni i liln i -ii i -ili i in sos li oozzoz so/zoz n ln-ir -rni; i-ni l-llin r (909426)x253500=2874.19 426 ro roo n lni i liln i -ii -iil - n- i n sos .. - ili | i| -iil - n- - | li oozzoz so/zoz n Total . i zrsr.oo zs/.s ros.oo z. ,i z/sr.oo sr/.c rss.oo s. i soso.oo sros.r crss.oo z roo li lni i liln i -ii .. - ili | i| -iil - n- - | i n sos li oozzoz so/zoz n Total i zcco oo z/s ss rc/c oo . i zcco.oo z/s.ss rc/c.oo z. ,i zszr.oo soo/.ss cz.oo s. i sso.oo sz/s.sc cso/.oo R S b E t l Co i l Bo o i gs (ECB) fo CIRCULAR NO. 113/RBI., Dated: April 24, 2012 Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification R B I Sub: External Commercial Borrowings (ECB) for Civil Aviation Sector g g ) g , , No. FEMA 3/2000-RB dated May 3, 2000 and A.P. (DIR Series) Circular No. 5 dated August 1, 2005 , as amended from time to time, relating to External Commercial Borrowings. 2. As per the extant guidelines, availing of ECB for working capital is not a permissible end-use. On a review of the policy related to ECB not a permissible end use. On a review of the policy related to ECB and keeping in view the announcement made in the Union Budget for the Year 2012-13, it has been decided to allow ECB for working capital as a permissible end-use for the civil aviation sector, under the approval route, subject to the following conditions: i Airline companies registered under the Companies Act 1956 and i. Airline companies registered under the Companies Act, 1956 and possessing scheduled operator permit license from DGCA for passenger transportation are eligible to avail of ECB for working capital; ii. ECB will be allowed to the airline companies based on the cash flow, foreign exchange earnings and its capability to service the g g g debt; iii. The ECB for working capital should be raised within 12 months from the date of issue of the circular; iv. The ECB can be raised with a minimum average maturity period of three years; and v. The overall ECB ceiling for the entire civil aviation sector would be USD one billion and the maximum permissible ECB that can be availed by an individual airline company will be USD 300 million . This limit can be utilized for working capital as well as refinancing of the outstanding working capital Rupee loan(s) availed of from the domestic banking system. Airline companies g y p desirous of availing of such ECBs for refinancing their working capital Rupee loans may submit the necessary certification from the domestic lender/s regarding the outstanding Rupee loan/s. 3. ECB availed for working capital/refinancing of working capital as above will not be allowed to be rolled over. C O 4. The application for such ECB should be accompanied by a certificate from a chartered accountant confirming the requirement of the working capital loan and the projected foreign exchange cash flows/earnings which would be used for servicing the O T D. flows/earnings which would be used for servicing the loan. Authorised Dealer should ensure that the foreign exchange for repayment of ECB is not accessed from Indian markets and the liability is extinguished only out of the foreign exchange earnings of the borrowing company. 5. The modifications to the ECB policy will come into force from the date of this circular. All other aspects of the ECB policy shall remain unchanged. 6 AD Category I banks may bring the contents of this 6. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 7. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign ( ) ( ) g Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. RBI/2011-12/523 (Rashmi Fauzdar) Chief General Manager R CIRCULAR NO. RBI/2011-12/515 DBOD.No.Ret.BC.96 /12.01.001/2011-12 April 19, 2012 Dear Sir, R B I / / p , All Scheduled Commercial Banks Dear Sir, Bank Rate As announced in the Monetary Policy Statement As announced in the Monetary Policy Statement 2012-13, the Bank Rate stands adjusted by 50 basis points from 9.50 per cent to 9.00 per cent with effect from April 17, 2012. 2. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in Annex. 3. Please acknowledge receipt. Yours faithfully (Murli Radhakrishnan) Chief General Manager Chief General Manager Encl: as above A N Annex PenalInterestRateswhicharelinkedtotheBank N N E X Rate X U R E Item ExistingRate RevisedRate (Effectivefrom April17,2012) Penalinterest rateson shortfallsin reserve i BankRateplus 3.0percentage points(12.50 percent)or B k R l BankRateplus 3.0percentage points(12.00 percent)or B k R l requirements (dependingon durationof shortfalls). BankRateplus 5.0percentage points(14.50 percent). BankRateplus 5.0percentage points(14.00 percent). R CIRCULAR NO. RBI/2011-12/497 RPCD.CO.Plan.BC. 69 /04.09.01/2011-12 April 13 2012 R B I April 13, 2012 The Chairman/Managing Director/ Chief Executive Officer [All Scheduled Commercial Banks (excluding Regional [ ( g g Rural Banks)] Dear Sir, Annual Financial Inspection - Priority Sector Loans - Annual Financial Inspection Priority Sector Loans Misclassification by Banks Please refer to Para 3 of our circular RPCD.CO.Plan.BC. No.49/04.09.01/2010-11 dated January 28, 2011 on the ti d bj t h i it d i d th t th captioned subject, wherein it was advised that the misclassifications reported by Principal Inspecting Officers, during the current year would be added to the shortfall reported by banks, as on the last reporting Friday of the following year, for allocations to various funds. 2. It has since been decided that the misclassifications reported by our Department of Banking Supervision would be adjusted/ reduced from the achievement of would be adjusted/ reduced from the achievement of that year only to which the amount of declassification / misclassification pertains, instead of next year, for allocation to various funds. Yours faithfully, (A. K. Misra) General Manager R CIRCULAR NO. RBI/2011-12/528 DBOD.AML. BC. No. 97 /14.01.001/2011-12 April 27, 2012 R B I p , The Chairmen/Chief Executive Officers, All Scheduled Commercial Banks (excluding RRBs)/Local Area Banks Dear Sir, Intra-bank Deposit Accounts Portability It has been brought to our notice that some banks are It has been brought to our notice that some banks are insisting on opening of fresh accounts by customers when customers approach them for transferring their account from one branch of the bank to another branch of the same bank. Such insistence on opening of fresh account or making the customer undergo full KYC account or making the customer undergo full KYC process again causes inconvenience to them resulting in poor customer service. It is not reasonable in view of the fact that most bank branches are now on CBS and KYC records of a particular customer can be accessed by any branch of the bank. 2. Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for o g o o the concerned account. The customer should be allowed to transfer his account from one branch to another branch without restrictions. In order to comply with KYC requirements of correct address of the person, fresh address proof may be obtained from him/her upon such address proof may be obtained from him/her upon such transfer by the transferee branch. C It may be noted that instructions regarding periodical updation of KYC data in terms of para 2.4(e) and those on maintenance of records of identity and transaction in C O N T terms of para 2.21(iii) of our Master circular DBOD.AML.BC. No.2/14.01.001/ 2009-10 dated July 01, 2011 remain unchanged and banks will be required to carry out the updation at prescribed intervals as also maintain records of transactions and verification of T D. maintain records of transactions and verification of identity as prescribed. 3. Please acknowledge receipt. Yours faithfully, (Sudha Damodar) Chief General Manager R CIRCULAR NO. RBI/2011-12/480 DBOD.DIR.No.91/04.02.001/2011-12 March 30, 2012 R B I All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Interest Rates on Export Credit in Foreign Currency Please refer to our circular DBOD.DIR.No.52/04.02.001 /2011-12 dated November 15, 2011 relating to export dit i f i credit in foreign currency. 2. It has been decided that the prescriptions regarding ceiling rates on export credit in foreign currency and overseas line of credit as mentioned in the circular referred to above, will continue till September 30, 2012, subject to the same terms and conditions mentioned therein. 3 A directive DBOD DIR No 90/04 02 001/2011-12 dated 3. A directive DBOD.DIR.No.90/04.02.001/2011 12 dated March 30, 2012 issued in this regard is enclosed. Y f ithf ll Yours faithfully, (P.R.Ravi Mohan) Chief General Manager CIRCULAR NO. DBOD.DIR.BC.No.90/04.02.001/2011-12 March 30 2012 A N March 30, 2012 Interest Rates on Export Credit in Foreign Currency In exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act 1949 the Reserve N N E X 35A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do hereby directs that, in continuation of directive DBOD.DIR.BC.No.51/ 04.02.001/2011-12 dated November 15, 2011, the i ti g di g th ili g t t dit i X U R E prescriptions regarding the ceiling rates on export credit in foreign currency and on overseas line of credit may be continued for a further period of six months i.e. from April 01, 2012 to September 30, 2012 on the same terms and conditions. (B. Mahapatra) (B. Mahapatra) Executive Director C E Sub: Clarification regarding admissibility of exemption CIRCULAR NO 965/08/2012CX.,Dated:April17,2012 Your kind attention is invited to Notification No. 56/2002-CE dated 14.11.2002 which provides for exemption from the duty of excise to specified goods cleared from industrial units in the State of Jammu & Kashmir to the N T R A Sub: Clarification regarding admissibility of exemption under area-based Notification No. 56/2002-CE dated 14.11.2002 reg. goods cleared from industrial units in the State of Jammu & Kashmir to the extent of duty paid in cash by way of a refund mechanism, for a period of ten years from the date of publication of the notification or from the date of commencement of commercial production, whichever is later. The exemption is available to new units which have commenced commercial production on or after 14.06.2002 as well as existing units which have undertaken substantial expansion or have made new investments for employment generation on or after 14.06.2002. A L E 2. A doubt has been raised whether in the case of existing units undertaking substantial expansion, the 10 year exemption period has to be computed from the date of commencement of initial commercial production or from the date of commencement of commercial production from the expanded capacity. Some field formations have taken a view that in the case of existing units which had commenced commercial production prior to 14.06.2002, the exemption period of ten years would be computed from the date of X C I S p p y p publication of notification, i.e., 14.11.2002, irrespective of the fact that such units had undertaken substantial expansion after 14.11.2002. 3. The matter has been examined in the Board. It is clarified that the exemption period of ten years is to be computed from the date of publication of the notification when a new unit commences commercial production or an existing unit undertakes substantial expansion and commences commercial production from such expanded capacity during the S E p p p y g period from 14.06.2002 to 14.11.2002. However, if a new unit commences commercial production or an existing unit undertakes substantial expansion and commences commercial production from such expanded capacity after the date of publication of the notification, i.e., 14.11.2002, the ten year exemption period is to be computed from the date of commencement of commercial production in the case of new units and from the date of commencement of commercial production from the expanded capacity in the case of existing units the case of existing units. 4. Trade, industry and field formations may be suitably informed. 5. Hindi version will follow. F.No. 101/ 15/2010-CX-3 (Madan Mohan) Under Secretary (CX-3) C O Uttarakhand Shasan VITTA ANUBHAG-8 No. 281/2012/03(120)/XXVII(8)/07 Dehradun:: Dated:: 24 April 2012 O M M E Dehradun::Dated::24April,2012 WHEREAS, the State Government is satisfied that it expedient so to do in public interest; NOW, THEREFORE, in exercise of the powers conferred by sub-section (4) and (6) of section 4 and sub-section (1) of R C I A section 75 of the Uttarakhand Value Added Tax Act, 2005 (Act no. 27 of 2005) read with section 21 of the Uttar Pradesh general Clauses Act, 1904 (U.P. Act No. 1 of 1904) (as applicable to the State of Uttarakhand), the Governor is pleased to postpone with immediate effect, the implementation of point No. (c) of the notification no. 795/ 2011/03 (120)/XXVII (8)/07 dated 20-07-2011 till A L T 795/ 2011/03 (120)/XXVII (8)/07 dated 20 07 2011 till further orders:- Further with effect from 01-04-2012 till the issuance of this notification the power to remit the tax and interest due under the above notification shall be exercised by the assessing authority with the following restrictions- T A X 1. The assessing officer on examination of books of account feels satisfied that the assessee has not realized any tax on such sales. 2. The assessing officer shall seek the approval on file from the Joint Commissioner (Executive) Commercial tax of his area before remission of tax. 3. Such dealers, who have realized the tax from the purchaser shall deposit the tax as per rules. (Radha Raturi) (Radha Raturi) SECRETARY, FINANCE ` BANK RATES ` Almost all banks have now reduced their base rates in order after the Reverse Bank of India cut the key policy rate by 50 basis points on April 17,2012. L di R t f M j B k i % Lending Rates for Major Banks in % Banks Base rate State Bank of India 10.00 ICICI Bank 9 75 ICICI Bank 9.75 Punjab National Bank 10.50 Bank of Baroda 10.50 HDFC Bank 10 00 HDFC Bank 10.00 Axis Bank 10.00 Canara Bank 10.75 Bank of India 10.75 Bank of India 10.75 Union Bank of India 10.50 Kotak Mahindra Bank 10.50 Corporation Bank 10.50 p Central Bank of India 10.50 Federal bank 10.45 Canara Bank 10.50 Oriental Bank of Commerce 10.50 Andhra Bank 10.50 GLOBAL BUSINESS OPPORTUNITIES BRAZIL Pharmaceuticals Ms. Homero C. Souza Neto ACG W ld id CANADA ACG Worldwide Sao Paulo, Brazil Email:homero.souza@acgworld.com Website:www.acgworld.com Food importing and distribution company; looking for producers and processors of specific foods products as per company specifications. Foodmart Frozen Foods Mississauga, Ontario Phone:9055421431 Email:nhakim@rogers.com BRAZIL Electricals & Electronics Ms. Doracy Aparecida Tasquim ISRAEL Interested in cooperation with leading Indian suppliers of furniture; opening a factory of furniture related products is also a Brazilian Electrical and Electronics Industry Association Sao Paulo, Brazil Email:doracy@abinee.org.br Website:www.abinee.org.in possibility. Sagiv Avidar- Law Office Mr. Sagiv Avidar Hadekel 52 nd St. Tel mond Tel: +97297969929 F 972 153 9 7969929 BRAZIL Publishing Fax: +97215397969929 Email: sagiv@2law.co.il; sagivavidar@gmail.com Publishing Ms. Alessandra Vidotti Iris Urbana Producoes Ltda. Sao Paulo, Brazil Email: irisurbana@gmail.com UP COMING TENDERS OFFICE OF THE DEPUTY COMMISSIONER OF POLICE: PROV. & LOGISTICS: Sealed tenders are invited in two bid system i.e. (i) Technical Bid and (ii) F l B d b h d d f h SSI UNITS l h 5, RAJPUR ROAD, DELHI-110054:: TEL/FAX NO. 011- 23974427& 23993344 (AN ISO 9001: 2008 CERTIFIED UNIT) SL. NO NAME OF THE ITEM QUANTITY TENDER FEE EARNEST MONEY DELIVERY PERIOD Financial Bid, by the undersigned from the SSI UNITS only having manufacturing facilities for the purchase of Boot Ankle Leather Derby Type Direct Moulded P.U. Midsole & Moulded T.P.U. by 11.00 AMon 31.05.2012. 1. Boot Ankle Leather Derby Type Direct Moulded P.U. Midsole & Moulded T.P.U. Sole. 10890 Pairs Rs. 500/- Rs. 3,00,000/- 120 Days For More Details please contact at Associations Office 3 Mock Drills & Fire Demonstrations have been organized by IAU at Mohabewala, Haridwar and Selaqui Shri Vijay Bahuguna, Chief Minister, Uttarakhand, chairing an interactive meet with industrial associations of Uttarakhand at R d Al t M Y h P l A S t I d Hi d h Rudrapur. Also present were Mr. Yash Pal Arya, Smt Indra Hirdyesh and Mr. Harish Chandra Durgapal. President Mr. Pankaj Gupta & Senior Vice President Mr. Rajiv Agrawal raised the issues before CM. IAU President Mr. Pankaj Gupta making a presentation on IAU initiatives on Skill Development for Inclusion before the Planning Commission, Govt. of India. IAU President Mr. Pankaj Gupta interacting with Dr. Narendra Jadhav Narendra Jadhav, Member (LEM), Planning Commission, Govt. of India, during his i it t D h d visit to Dehradun Mohabewala Industrial Area, Dehradun - 248 110 Uttarakhand (India) Tel : 91+135+2640530 Fax 91+135+2643382; Tel.: 91+135+2640530, Fax 91+135+2643382; Website: www.iauonline.in; www.msmesolutions.org E-mail: iauuttarakhand@gmail.com