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Quick Estm. of Index of Industrial Production IIP for October 2019

Dec 12, 2019: The Quick Estimates of Index of Industrial Production and Use-based Index for the month of October, 2019 (Base 2011-12=100), (data as released by Central Statistics Office, Ministry of Statistics & Programme Implementation), is reproduced hereunder:—

The Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of October 2019 stands at 127.7, which is 3.8 percent lower as compared to the level in the month of October 2018. The cumulative growth for the period April-October 2019 over the corresponding period of the previous year stands at 0.5 percent.

Consumer Price Index CPI November 2019 Rural Urban Combined

Dec 12, 2019: The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released CPI (Rural, Urban, Combined) on Base 2012=100 for the month of November 2019.

In addition to this, Consumer Food Price Index (CFPI) for all India Rural, Urban and Combined are also being released for November 2019.

All India Inflation rates (on point to point basis i.e. current month over same month of last year, i.e., November 2019 over November 2018), based on General Indices and CFPIs are given as follows:

Filing of Offer Documents under SEBI (ICDR) Regulations 2018

SEBI Circular No. CFD/DIL1/CIR/P/2019/0000000154 dated December 11, 2019 dated to all Registered Merchant Bankers, regarding "Filing of Offer Documents under Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018", reads as follows—

1. Please refer to Circular No. CIR/CFD/DIL/5/2012 dated May 3, 2012 on the captioned subject.

2. In partial modification of the above referred circular, it has been decided that the draft offer documents in respect of issues of size upto Rs. 750 crores shall be filed with the concerned regional office of the Board under the jurisdiction of which the registered office of the issuer company falls. Merchant Bankers are accordingly advised to file the draft offer documents / offer documents with the concerned office of the Board, based on the estimated issue size as indicated below:

Review of norms for mutual funds- Debt & money market instrument

SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/152 dated December 10, 2019 regarding "Review of investment norms for mutual funds for investment in Debt and Money Market Instruments".—

Group Level Exposure Limits

1. Paragraph E of SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/104 dated October 1, 2019 prescribed limits on investments by debt mutual fund schemes in debt and money market instruments of group companies of both the sponsor and the asset management company.

RBI Notification on Availability of NEFT System on 24x7 basis

RBI Notification No. DPSS (CO) RPPD No.1097/04.03.01/2019-20 dated December 6, 2019 (Addressed to The Chairman/Managing Director/Chief Executive Officer of member banks participating in NEFT payment system).—

Please refer to our circular DPSS (CO) RPPD No.510/04.03.01/2019-20 dated August 30, 2019 regarding availability of NEFT on a 24x7 basis.

2. It has been decided that the above facility shall be made available from December 16, 2019 with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019).

3. Member banks are advised to note the following:

a. There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.

[Customs] Exchange Rate Notification w.e.f. 6th December, 2019

Central Board of Indirect Taxes and Customs (CBIC) has notified the rate of exchange of one unit of foreign currency equivalent to Indian rupees relating to imported and export goods, in its notification no. 88/2019 - Customs (N.T.) dated 5th December, 2019 (w.e.f. 6th December, 2019).

The contents of the said notification are reproduced as under:—

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.85/2019-CUSTOMS (N.T.), dated 21st November, 2019 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 6th December, 2019, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

Draft Notification- Fund Manager Regime Section 9A Income-tax Act

Dec 5, 2019: CBDT issues draft notification seeking inputs for framing of rules with respect to Fund Manager Regime under Section 9A of the Income-tax Act, 1961.—

Section 9A of the Income-tax Act, 1961 (the Act) provides for a special taxation regime in respect of certain offshore funds in the context of their fund managers being located in India. It is provided that in case of an eligible investment fund, the fund management activity carried out through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India of the said fund. Further, it is provided that an eligible investment fund shall not be said to be resident in India merely because the eligible fund manager undertaking fund management activities on its behalf is located in India subject to the conditions mentioned in sub-section (3) of section 9A, one of which [clause (m) of said subsection] provides that the remuneration paid by the fund to an eligible fund manager in respect of fund management activity undertaken by him on its behalf is not less than the arm's length price of the said activity.