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KA / BG-GPO / 2515 / WPP-47 / 2009-2011

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PÉÃAzÀæzÀ C¢ü¤AiÀÄªÀÄUÀ¼ÀÄ ªÀÄvÀÄÛ CzsÁåzÉÃ±ÀUÀ¼ÀÄ, PÉÃAzÀæ ¸ÀPÁðgÀzÀªÀgÀÄ ºÉÆgÀr¹zÀ

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DzÉÃ±ÀUÀ¼ÀÄ.

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2010£ÉÃ ¸Á°£À K¦æ¯ï 23£ÉÃ ¢£ÁAPÀzÀ ¨sÁgÀvÀ ¸ÀPÁðgÀzÀ UÉeÉmï£À «±ÉÃµÀ ¸ÀAaPÉAiÀÄ ¨sÁUÀ-II ¸ÉPÀë£ï

3(ii) gÀ°è ¥ÀæPÀlªÁzÀ F PÉ¼ÀPÀAqÀ S.O. 943 (E) (Notification No. 29/2010/F.No. 142/28/2009-TPL ¢£ÁAPÀ:

23.04.2010) £ÀÄß ¸ÁªÀðd¤PÀgÀ ªÀiÁ»wUÁV PÀ£ÁðlPÀ gÁdå ¥ÀvÀæzÀ°è ªÀÄgÀÄ ¥ÀæPÀn¸À¯ÁVzÉ.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 23^rd April, 2010

INCOME-TAX

S.O. 943(E).- In exercise of the powers conferred by Section 295 of the Income-tax Act, 1961 (43

of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the

Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (Third Amendment) Rules, 2010.

(2) They shall come into force on the 1^st day of April, 2010.

2. In the Income-tax Rules, 1962,-

(a) in rule 12,-

(i) in sub-rule (1), for the figures "2009", the figures "2010" shall be substituted;

(ii) in sub-rule (5), for the figures "2008", the figures "2009" shall be substituted;

(b) in appendix-II, for Forms ITR-I and ITR-V, the following forms shall be substituted,

namely:-

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ANNEXURE-I

(LIST OF FREE SYMBOLS)

Almirah

Balloon

Basket

Bat

Batsman

Battery Torch

Black Board

Bread

Brief Case

10.

Brush

11.

Cake

12.

Camera

13.

Candles

14.

Carrot

15.

Ceiling Fan

16.

Coat

17.

Coconut

18.

Cot (In all States and Union Territories except in the State of Kerala)

19.

Cup & Saucer

20.

Diesel Pump

21.

Dolli

22.

Electric Pole

23.

Fork

24.

Frock

25.

Frying Pan

26.

Gas Cylinder

27.

Gas Stove

28.

Glass Tumbler

29.

Harmonium

30.

Hat

31.

Ice Cream

32.

Iron

33.

Jug

34.

Kettle

35.

Kite

36.

Lady Purse

37.

Letter Box

38.

Maize

39.

Nagara (In all States and Union Territories except in the North Eastern States of Arunachal

Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura)

40.

Pressure Cooker

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41.

Ring

42.

Road Roller

43.

Saw (In all States and Union Territories except in the State of Kerala)

44.

Scissors

45.

Sewing Machine

46.

Shuttle

47.

Slate

48.

Spoon

49.

Stool

50.

Table

51.

Table Lamp

52.

Television

53.

Tent

54.

Violin

55.

Walking Stick

56.

Whistle

VARINDER KUMAR

Secretary

P.R. 27

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2010£ÉÃ ¸Á°£À dÆ£ï 18£ÉÃ ¢£ÁAPÀzÀ ¨sÁgÀvÀ ¸ÀPÁðgÀzÀ UÉeÉmï£À «±ÉÃµÀ ¸ÀAaPÉAiÀÄ ¨sÁUÀ-II ¸ÉPÀë£ï 1

gÀ°è ¥ÀæPÀlªÁzÀ F PÉ¼ÀPÀAqÀ The Securities and Insurance Laws (Amendment and Validation) Ordinance,

2010 (No. 3 of 2010) C£ÀÄß ¸ÁªÀðd¤PÀgÀ ªÀiÁ»wUÁV PÀ£ÁðlPÀ gÁdå ¥ÀvÀæzÀ°è ªÀÄgÀÄ ¥ÀæPÀn¸À¯ÁVzÉ.

MINISTRY OF LAW AND JUSTICE

(Legislative Department)

New Delhi, the 18^th June, 2010/ Jyaishta 28, 1932 (Saka)

THE SECURITIES AND INSURANCE LAWS (AMENDMENT AND VALIDATION) ORDINANCE, 2010

No. 3 OF 2010

Promulgated by the President in the Sixty-first Year of the Republic of India

An Ordinance further to amend the Reserve Bank of India Act, 1934, the Insurance Act, 1938, the

Securities Contracts (Regulation) Act, 1956 and the Securities and Exchange Board of India Act, 1992;

WHEREAS Parliament is not in session and the President is satisfied that circumstances exist

which render it necessary for her to take immediate action;

NOW, THEREFORE, in exercise of the powers conferred by clause (1) of article 123 of the

Constitution, the President is pleased to promulgate the following Ordinance:-

CHAPTER I

PRELIMINARY

1. Short title and commencement.- (1) This Ordinance may be called the Securities and

Insurance Laws (Amendment and Validation) Ordinance, 2010

(2) It shall come into force at once.

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PÀ£ÁðlPÀ gÁdå¥ÀvÀæ, UÀÄgÀÄªÁgÀ, DUÀ¸ïÖ 5, 2010

CHAPTER II

AMENDMENT TO THE RESERVE BANK OF INDIA ACT, 1934

2. Insertion of new Chapter IIIE in Act 2 of 1934.- After Chapter IIID of the Reserve Bank of

India Act, 1934, the following Chapter shall be inserted, namely:-

"CHAPTER IIIE

JOINT MECHANISM

45Y.

Joint Mechanism.- (1) Notwithstanding anything contained in this Act or the Securities

and Exchange Board of India Act, 1992 (15 of 1992) or any other law for the time being in force, if any

difference of opinion arises as to whether-

(i) any instrument, being derivative referred to in clause (a) or money market instrument

referred to in clause (b) or repo referred to in clause (c) or reverse repo referred to in clause (d) or

securities referred to in clause (e) of section 45U of this Act; or

(ii) any instrument, being policy of life insurance under the Insurance Act, 1938, or the rules

or regulations made thereunder, or, scrips or any other securities referred to in sub-clauses (i), (ia), (ib),

(ic), (id), (ie), (ii), (iia) and (iii) of clause (h) section 2 of the Securities Contract (Regulation) Act, 1956, (42

of 1956) is hybrid or composite instrument, having a component of money market investment or securities

market instrument or a component of insurance or any other instrument referred to in clause (i) or clause

(ii) and falls within the jurisdiction of the Reserve Bank of India or the Securities and Exchange Board of

India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) or

the Insurance Regulatory and Development Authority established under section 3 of the Insurance

Regulatory and Development Authority Act, 1999 (41 of 1999) or the Pension Fund Regulatory and

Development Authority constituted by the Resolution of the Government of India number F.No. 1(6)2007-

PR, dated the 14^th November, 2008 or the Central Government, such difference of opinion shall be

referred to a Joint Committee consisting of the following, namely:-

(a) the Union Finance Minister – ex officio Chairperson;

(b) the Governor, Reserve Bank of India – ex officio Member;

Member;

(d) the Secretary (Financial Services) in the Ministry of Finance, Government of India – ex

officio Member;

(e) the Chairperson, Insurance Regulatory and Development Authority – ex officio Member;

(f) the Chairman, Securities and Exchange Board of India – ex officio Member;

(g) the Chairperson, Pension Fund Regulatory and Development Authority – ex officio

Member.

(2) The Secretary (Financial Services) in the Ministry of Finance, Government of India shall be

the convener of the meetings of the Joint Committee referred to in sub-section (1).

(3) In case of any difference of opinion referred to in sub-section (1), any Member of the Joint

Committee may make a reference to the Joint Committee.

(4) The Joint Committee shall follow such procedure as it may consider expedient and give,

within a period of three months from the date of reference made under sub-section (3), its decisions

thereon to the Central Government.

(5) The decision of the Joint Committee shall be binding on the Reserve Bank of India, the

Securities and Exchange Board of India, the Insurance Regulatory and Development Authority and the

Pension Fund Regulatory and Development Authority.".

CHAPTER III

AMENDMENT TO THE INSURANCE ACT, 1938

3. Amendment of section 2 of Act 4 of 1938.- In the Insurance Act, 1938, in section 2, after

clause (11), the following Explanation shall be inserted and shall be deemed to have been inserted with

effect from the 9^th day of April, 2010, namely:-

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'Explanation.- For the removal of doubts, it is hereby declared that "life insurance business" shall

include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called,

which provides a component of investment and a component of insurance issued by an insurer referred to

in clause (9) of this section.'.

CHAPTER IV

AMENDMENT TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956

4. Amendment of section 2 of Act 42 of 1956.- In the Securities Contracts (Regulation) Act,

1956, in section 2, in clause (h), after sub-clause (id), the following Explanation shall be inserted and shall

be deemed to have been inserted with effect from the 9^th day of April, 2010, namely:-

'Explanation.- For the removal of doubts, it is hereby declared that "securities" shall not include

any unit linked insurance policy or scrips or any such instrument or unit, by whatever named called, which

provides a combined benefit risk on the life of the persons and investment by such persons and issued by

an insurer referred to in clause (9) of section 2 of the Insurance Act, 1938.'. (4 of 1938)

CHAPTER V

AMENDMENT TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

5. Amendment of section 12 of Act 15 of 1992.- In the Securities and Exchange Board of

India Act, 1992, in section 12, in sub-section (1B), the following Explanation shall be inserted and shall be

deemed to have been inserted with effect from the 9^th day of April, 2010, namely:-

"Explanation.- For the removal of doubts, it is hereby declared that, for the purposes of this

section, a collective investment scheme or mutual fund shall not include any unit linked insurance policy

or scrips or any such instrument or unit, by whatever name called, which provides a component of

investment besides the component of insurance issued by an insurer.".

CHAPTER VI

MISCELLANEOUS

6. Validation.- Notwithstanding anything contained in any Judgement, decree or order of any

court, tribunal or other authority, the provisions of section 2 of the Insurance Act, 1938 (4 of 1938) or

section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or section 12 of the Securities

and Exchange Board of India Act, 1992, (15 of 1992) as amended by this Ordinance, shall have and shall

be deemed to always have effect for all purposes as if the provisions of the said Acts, as amended by this

Ordinance, had been in force at all material times and accordingly any unit linked insurance policy or

scrips or any such instrument or unit, by whatever name called, issued or purported to have been issued

at any time before the 9^th day of April, 2010, shall be deemed and always deemed to have been validly

issued and shall not be called in question in any court of law or other authority solely on the ground that it

was issued without a certificate of registration under any law for the time being in force or without

following any procedure under any law for the time being in force, by an insurer or any other person.

PRATIBHA DEVISINGH PATIL,

President

V.K. BHASIN,

Secy. to the Govt. of India

¦.Dgï. 28

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