Financial Daily from THE HINDU group of publications
Sunday, Sep 15, 2002
Financial Daily from THE HINDU group of publications Sunday, Sep 15, 2002 |
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Industry & Economy
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Courts/Legal Issues Columns - All Law Rs 500 note: Taboo during travel to Nepal
CBEC has issued a circular with `Do's' and `Don'ts' as advised by the Ministry of External Affairs with a view to facilitate the visit of travellers from India to Nepal. Do's: Carry any identification card of being an Indian, such as valid passport, photo identity card of Central/State Government/Union Territory, voter's identification card from Election Commission of India, or valid driving licence. For Indian vehicles entering Nepal, it is necessary to carry original and valid registration certificate, insurance documents and driving licence, pay temporary importation duty and other taxes at the first point of entry into Nepal and obtain receipts for all payments and temporary registration number plate (which are required to be shown at subsequent check posts), and display temporary registration number plate prominently on the Indian vehicle. Don't carry Indian currency notes of Rs 500 denomination, as the possession of these notes is punishable under laws of Nepal. Also, do not carry any arms and ammunition. (Circular No 55/2002 dated August 28, 2002)
Long and short
The Secondary Market Department of SEBI has expressed concern over arbitration proceedings taking an unduly long period of time to reach the stage of making the award. "We have also observed that the time period provided for in the bye-laws of the stock exchanges is too long which has led to the arbitration cases pending for a long time and consequently the undue delay in the resolution of these cases," reads the communiqué to all the bourses. Therefore, it has directed that the following clause should be incorporated in a suitable place in the bye-laws of the stock exchanges relating to arbitration: "The arbitral tribunal shall make the arbitral award within 3 months from the date of entering upon the reference. The time taken to make the award may not be extended beyond 3 times by the managing director or relevant authority or an application by either of the parties or the arbitral tribunal, as the case may be. Any further adjournments, shall however be granted only in exceptional cases, for bona fide reasons, that are to be recorded in writing. For the purpose of this byelaw, the arbitral tribunal shall be deemed to have entered upon a reference on the date on which the arbitral tribunal has held the first hearing." (Circular No SMD/Policy/Cir-18/2002 dated August 28, 2002)
STRIPS report
The Working Group for suggesting Operational and Prudential Guidelines for STRIPS (Separately Traded Registered Interest and Principal of Securities) submitted its report to the Reserve Bank of India on July 31, 2002. Mr M.R. Ramesh, Managing Director, Clearing Corporation of India headed the group. RBI has invited comments and suggestions, on this report before September 30, 2002. (Press Release No: 242/2002-03 dated September 2, 2002)
D. Murali
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