"July, 1998" Archive

EOUs-Software sale through data communication link on certification of valuation

Circular No. 54/98 - Customs Duty (31/07/1998)

I am directed to say that Board's Notification No. 138/91- Cus. and 140/ 91-Cus. initially allowed DTA sale of software only in physical form and sales through data communication/ telecommunication lines was not permitted. These notification have since been amended by the notification No. 33/97-Cus., dated 1.4.97 allowing DTA sale through...

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Notification No. 11 (RE-98)1997-02, Dated: 30/07/1998

Notification No. 11 (RE-98)1997-02 (30/07/1998)

In exercise of the powers conferred by section 5 of the Foreign Trade (Development and Regulation ) Act, 1992 (No. 22 of 1992) read with paragraph 4.1 of Export and Import Policy, 1997-2002 the Central Government hereby makes the following amendment under Chapter 49 of the ITC(HS) Classifications of Export and Import Items 1997-2002, publ...

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Notification No. 10653/1998-Income Tax Dated 30/7/1998

Notification No. 10653/1998-Income Tax (30/07/1998)

Notification No. 10653/1998-Income Tax These rules may be called the Income-tax(Ninth Amendment) Rules,1998. (2) They shall come into force from the 1st day of April,1999. 2.In the Income-tax Rules,1962,- (a) In rule 9A,- (i) in sub-rule(2),for words"one hundred and eighty days",the words "ninety days" shall be substituted. (ii) in sub-r...

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Notification No. 10654/1998-Income Tax Dated 30/7/1998

Notification No. 10654/1998-Income Tax (30/07/1998)

Notification No. 10654/1998-Income Tax 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...

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SEBI : Trading by Institutional Investors and settlement of trades in

SMDRP/POLICY CIR.-19/2435/98 (29/07/1998)

It was also decided that the Clearing Houses of the Stock Exchanges and Clearing Corporations should accept dematerialised shares in cases of rectification of company objections....

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Goods detained at International Airports – Procedure for disposal modified

Circular No. 53/98- Customs Duty (29/07/1998)

In Para No. 1.25 the Committee had observed that goods are detained at the International Airports temporarily at the request of the passengers either for payment of duty or for the purpose of re-export or subsequent production of documents. If the passenger does not come up for clearance of goods within the time limit given in the detenti...

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Clarification on Exim Policy/Handbook of procedures related issues

Policy Circular No. 28 (RE-98)/98-99 (28/07/1998)

It is hereby clarified that export of samples of medicines/ pharmaceuticals formulations upto 1% of the FOB value of exports of all medicines/pharmaceuticals formulations taking together made during the preceeding licensing year is the maximum value upto which medicines/ pharmaceuticals formulations can be exported in a licensing year. Wi...

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Bonded Warehouses – Irregularities Detected

Circular No. 52/98- Customs Duty (27/07/1998)

Board desires that suitable instructions may be issued to all field officers to alert against any such irregularities and in particular follow the following procedure...

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This notification imposes anti dumping duty on Vitamin-C originating in or originating from People”s Republic of China and Japan

Notification No. 53/1998-Customs (24/07/1998)

In exercise of the powers conferred by sub-section (1) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, and based upon the final findings of the Designa...

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Policy Circular No. 27 (RE-98)/98-99, Dated: 24.07.1998

Policy Circular No. 27 (RE-98)/98-99 (24/07/1998)

It has been decided to allow export of twenty-five thousand MTs of Hard Milling Wheat to Iraq for oil by M/s. Balmer Lawrie & Co. Ltd., Calcutta, under the United Nations "Oil for Food" programme. The above ceiling of twenty-five thousand MTs of Hard Milling Wheat is placed at the disposal of APEDA for issue of RCAC to M/s. Balmer Lawrie...

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Export of 20,000 MTs of wheat products to Maldives during the licensing year 1998-99

Policy Circular No. 26 (RE-98)/98-99 (24/07/1998)

APEDA will ensure that the overall ceiling earmarked for wheat products shall not exceed the limit of twenty thousand MTs for the current licensing year of 1998-99 under any circumstances. As soon as the ceiling is exhausted, APEDA will report this fact to the Ministry of Commerce, EP(Agri. II ) Section as well as to this office....

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Export of Coarse grain during the licensing year 1998-99

Policy Circular No. 25 (RE-98)/98-99 (24/07/1998)

It has been decided to release a ceiling of 23,900 (Twenty-three thousand and Nine hundred metric tonnes only ) for export of coarse grains during the licensing year 1998-99 and place it at the disposal of APEDA who will allocate the ceiling as per procedure to be specified by them. However, out of total qty. of 23,900 Mts. of coarse –g...

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Clarification on the erstwhile Pass Book Scheme issued under Exim Policy, 1992-97

Policy Circular No. 24 (RE-98)/98-99 (23/07/1998)

All the Designated Authorities of Pass Book Scheme and Commissioners of Customs are, therefore, advised that they must finalise the claims and grant credits, wherever admissible, positively latest by 30. 9.1998....

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Notification No. S. O. 621(E)-Income Tax Dated 23/7/1998

Notification No. S. O. 621(E)-Income Tax (23/07/1998)

Notification No. S. O. 621(E)-Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause 15 of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies seven years 9.5 per cent. NHB---Golden Jubilee Rural Housing Finance tax Free Priority Sector bonds (1997-98) of Rs. 100,00...

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DEPB – Brand Rate Fixation – No time limit for fixation

Circular No. 51/98-Customs Duty (23/07/1998)

Kindly refer to Ministry's Circular No. 69 /97- Customs dated 2nd December, 1997 - allowing payment of Drawback by way of fixation of Brand Rates on exports made under DEPB Scheme of those products which cannot avail MODVAT credit of the additional duty of customs (CVD) paid in cash on imported inputs, or excise duty paid on indigenous in...

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Notification No. 10 (RE-98)/1997-2002, Dated: 22/07/1998

Notification No. 10 (RE-98)/1997-2002 (22/07/1998)

In exercise of the powers conferred under Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 of the Export and Import Policy, 1997-2002, as amended, the Central Government hereby makes the following amendment in the Export and Import Policy, 1997-2002....

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Drawback – Non-availment of Modvat certification not necessary for handloom products certified by HEPC

Circular No. 50/98 Customs Duty (22/07/1998)

In the case of exports of Hand loom products by the exporters, including the merchant exporters, where the Shipping Bills are certified by the Hand loom Export Promotion Council (HEPC) to the effect that goods covered by such Shipping Bills are made from Hand loom fabrics, the Customs...

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DEPB – Exemption from Special Addl. Duty (SAD)- A few Illustrations

Circular No. 49/98- Customs Duty (20/07/1998)

Notification No. 48/98- Cus. dt. 17.7.98 has been issued by the Department of Revenue (copy enclosed). This notification provides that SAD is completely and unconditionally exempt on goods imported under DEPB Scheme (Under Notification No. 34/97-Cus.). In effect, SAD would not be levied on that portion of value the duty payable on which i...

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Clarification on the erstwhile Pass Book Scheme issued under EXIM Policy, 1992-97-Regarding utilisation of credits

Policy Circular No. 23 (RE-98)/98-99 (17/07/1998)

It has been clarified in these Policy Circulars that the credits earned under the Pass Book Scheme may be utilised for imports within a period of one year from the date of grant of credit. In partial modification of the Circulars, it has now been decided that the credits earned under the Pass Book Scheme shall be valid for a period of on...

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Notification No. 47/98-Customs, Dated 16-7-1998

Notification No. 47/1998-Customs (16/07/1998)

The donee undertakes to observe the procedure, prescribed by the Assistant Commissioner of the Customs having jurisdiction, for transport of the said goods from donor to his premises and such goods shall not be used for commercial purposes, and shall not be sold, disposed of, gifted, loaned, exchanged or parted with without the permission...

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Policy Circular No. 22 (RE-98)/98-99, Dated: 15.07.1998

Policy Circular No. 22 (RE-98)/98-99 (15/07/1998)

The Indian Sugar & General Industry Export Import Corporation (ISGIEIC) Ltd., shall be the sole agency authorised to export Raw Cane Sugar to the U.S.A. against the preferential Ceiling as indicated above. The export of above quantity of Raw Cane Sugar to the USA under the preferential arrangements as indicated above shall also be subject...

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Circular No. 407/40/98-Central Excise, Dated: 15.07.1998

Circular No. 407/40/98-Central Excise (15/07/1998)

Circular No. 407/40/98-CX I am directed to say that it has been brought to the notice of the Board that the rebates are not being sanctioned to the exporters who paid duty from the "deemed credit register" on the processed fabrics, especially where duty paid fabrics were used in the manufacture of made-up articles and rebate was claimed ...

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Conversion to SBs to DBK SBs – Power Delegated to Commissioners

Circular No. 48/98-Customs Duty (15/07/1998)

Attention is invited to Ministry's Budget Notification No. 32/98-Customs (NT) dated the 2nd June, 1998 (Copy enclosed)1 amending Rule 12(1)(a) of the Customs & Central Excise Duties Drawback Rules, 1995, with view to delegating powers of relaxation of this rule to Commissioners of Customs. Rule 12(1)(a) inter alia requires an exporter to ...

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CIT vs Sampathammal Chordia (Madras High Court)

Commissioner Of Income-Tax Vs Sampathammal Chordia (Madras High Court)

Whether, on the facts and in the circumstances of the case and having regard to the provisions of Section 23 of the Income-tax act, 1961, the Appellate Tribunal was right in holding that only the actual rental receipts should be treated as annual letting value though the municipal authorities have fixed the annual value at a higher figure...

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Circular No. 409/42/98-Central Excise, Dated: 14.07.1998

Circular No. 409/42/98-Central Excise (14/07/1998)

Circular No. 409/42/98-CX As you are aware, in pursuance of the Supreme Court"s decision for reducing litigation between one Govt. Department and another, a Committee on Disputes was created in the Cabinet Sectt. to examine the disputes and give clearance or otherwise to pursue the litigation. Accordingly, Board started receiving a numbe...

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Notification No. 8 (RE-98)1997-02, Dated: 13/07/1998

Notification No. 8 (RE-98)1997-02 (13/07/1998)

Petroleum products, namely,Indian Oil Corporation Limited a) Aviation Turbine fuel b) Motor Spirit c) High Speed Diesel d) Bitumen (asphalt) – paving grade; and e) Crude OilHowever, Private and Joint Sector refineries can import crude oil freely without an import licence for actual use in their own refineries. ...

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Notification No. 10644/1998-Income Tax Dated 13/7/1998

Notification No. 10644/1998-Income Tax (13/07/1998)

Notification No. 10644/1998-Income Tax Shares to be issued by Energy Development Co. Ltd., Bangalore, a public company registered under the Indian Companies Act, 1956 and having its registered office at 21D, Ist Cross, Ist Floor, Jayalakshmi Puram, Mysore, within one year from the date of publication of this notification, of an amount not...

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Notification No. 10645/1998-Income Tax Dated 13/7/1998

Notification No. 10645/1998-Income Tax (13/07/1998)

Notification No. 10645/1998-Income Tax Shares to be issued by Energy Development Co.Ltd.,Bangalore,a public company registered under the Indian Companies Act,1956 and having its registered office at 21D,Ist Cross, Ist Floor,Jayalakshmi Puram,Mysore,within one year from the date of publication of this notification, of an amount not exceedi...

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Notification No. S. O. 584(E)-Income Tax Dated 13/7/1998

Notification No. S. O. 584(E)-Income Tax (13/07/1998)

Notification No. S. O. 584(E)-Income Tax Shares to be issued by Energy Development Company Limited, Bangalore, a public company registered under the Indian Companies Act, 1956, and having its registered office at 21-D, 1st Cross, 1st floor, Jayalakshmi Puram, Mysore, within one year from the date of publication of this notification, of an...

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Notification No. S. O. 585(E)-Income Tax Dated 13/7/1998

Notification No. S. O. 585(E)-Income Tax (13/07/1998)

Notification No. S. O. 585(E)-Income Tax Shares to be issued by Messrs. Energy Development Company Ltd., Bangalore, a public company registered under the Indian Companies Act, 1956, and having its registered office at 21-D, 1st Cross, 1st Floor, Jayalakshmi Puram, Mysore, within one year from the date of publication of this notification, ...

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Public Notice No. 22 (RE-98)/1997-2002, Dated: 10.07.1998

Public Notice No. 22 (RE-98)/1997-2002 (10/07/1998)

In exercise of powers conferred under paragraph 4.11 of the Export and Import Policy, 1997-2002, as notified in the Gazette of India extraordinary, Part-II- Section 3 – Sub- section (ii) vide S.O No. 283(E) dated 31.3.97, the Director General of Foreign Trade hereby makes the following amendment in the Handbook of Procedures (Vol.1) (RE...

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Counting of third party exports under EPCG scheme

Policy Circular No. 21 (RE-98)/1997-2002 (10/07/1998)

The EPCG licence holder shall, in such cases, be making a request to the concerned licensing authority requesting for change in the export product mentioning the name and address of the manufacturer who shall be converting the intermediate product into final product. The licensing authority shall allow the aforesaid change after enhancing...

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DEPB rates for PVC leather cloth/foam leather cloth

Policy Circular No. 20 (RE-98) (10/07/1998)

The exporters who have exported the product with a coating weight other than 1000 gms/Sq.Mtr ± 5% during 1.4.97 to 14.4.98 have been denied the DEPB rate, it has been decided that the exporters who have exported PVC leather cloth/foam leather cloth of different coating weight shall be eligible for DEPB @ 17% as was applicable under S.No....

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Clarification with regard to application of DEPB rate/ capping

Policy Circular No. 19 (RE-98)/1998-2002 (10/07/1998)

This issue has been examined and it has been decided that wherever the DEPB rates have been reduced or value capping has been imposed, the reduction of rate or imposition of value cap shall not be applicable wherever the consignment of exports under DEPB have already been handed over to the Customs Authorities prior to the date of notific...

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Filing of export & import applications and submission of letters with the Regional Offices regarding

Policy Circular No. 18 (RE-98)/98-99 (10/07/1998)

As per Paragraph 4.30 of the Handbook of Procedures (Vol. 1) 1997-2002, all cases wherever approval of licences is given by the Committees at the Directorate General of Foreign Trade, the licences shall be issued by the Regional Licensing Authorities. Now it has been decided that till the time normalcy is restored in the Regional Licensin...

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SEBI : Merger/Amalgamation of trading members

SMD/Policy(Brk.Reg.)/Cir-18/98 (09/07/1998)

When two or more corporate broking firms merge leading to creation of a new entity, the SEBI registration granted to the extinguishing entity does not automatically devolve upon the emerging entity and the new entity has to fulfil the eligibility criteria and apply afresh for registration and pay the registration fees. ...

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Circular No. 47/98- Customs Duty Dated 7/7/1998

Circular No. 47/98- Customs Duty (07/07/1998)

Please find enclosed herewith a letter No. 3/36/97-98 / P & I/ (X) dated 25th May, 1998 issued by DGFT on the subject. A copy of this letter, which is self - explanatory, is enclosed herewith for necessary action...

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Policy Circular No. 21 (RE-98)/1997-2002, Dated: 07.07.1998

Public Notice No. 21 (RE-98)/1997-2002 (07/07/1998)

In exercise of powers conferred under paragraph 4.11 of the Export and Import Policy, 1997-2002, as notified in the Gazette of India extraordinary, Part-II- Section 3 – Sub- section (ii) vide S.O No. 283(E) dated 31.3.97, the Director General of Foreign Trade hereby makes following amendment in the Handbook of Procedures (Vol.1) (RE-98)...

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Circular No. 406/39/98-Central Excise, Dated: 0707.1998

Circular No. 406/39/98-Central Excise (07/07/1998)

Circular No. 406/39/98-CX I am directed to draw your attention to Board"s Circular No. 212/46/96-CX dated 20.5.96 from F.No. 209/16/96-CX.6 whereby the units exempted from obtaining registration under rule 174 of the Central Excise Rules, 1944 have been provided a Simplified Export Procedure. Your attention is also drawn to Notification ...

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ICD at Garhi Harasaru (Gurgaon)

Circular No. 46/98-Customs Duty (03/07/1998)

I am directed to refer your letter No. C. No.IV (16)240/ Tech/ DIII/ 98/ 2946 dated 6/5/98 on the above subject. The following issues raised by you in above mentioned letter have been examined in Board's office...

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Export of Sugar from the free sale quota of the year 1997-98 and 1998-99

Policy Circular No. 17 (RE-98)/1998-99 (02/07/1998)

Only ISGIEIC is authorised to effect export of white cane sugar as well as raw cane sugar to the EU and also to the USA. Therefore whatever certification is required the same will have to be made on the documents to be submitted by ISGIEIC only. In cases of EU also, there is no change in respect of GSP Certification....

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SEBI : Additional volatility margin

SMDRP/Policy/Circular-17/98 (02/07/1998)

A security would be considered as volatile if the price of the security varies by plus minus 16% or more in a single trading cycle. For the purpose of computing this price variation, the closing price at the end of each day of the security will be compared with the closing price at the end of the previous settlement. ...

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Revalidation of Special Imprest Licence and Prorata reduction of export obligation in value terms under quantity wise Advance licence

Policy Circular No. 16 (RE-98)/97-2002 (01/07/1998)

It has also been decided that in Quantity based Advance licence issued during the Exim Policy 1992-97 and Advance licence issued during 1997-2002, the export obligation in value terms shall be fixed with reference to the aggregate CIF value of imports. For example, if a licence has been issued for US$10,000 with an export obligation of US...

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