"August, 1998" Archive

Public Notice No. 34 (RE-98)/97-02, Dated: 31.08.1998

Public Notice No. 34 (RE-98)/97-02 (31/08/1998)

Handbook of Procedures, 1997-2002 Vol. 2 ( incorporating amendments made upto 31st August, 1998. Attention is invited to the Export and Import Policy, 1997-2002 (incorporating amendments upto 13th April, 1998) published under the Ministry of Commerce Notification No. 1 (RE-98) dated 13.4.1998....

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Notification No. 16 (RE-98) /97-02, Dated: 31.08.1998

Notification No. 16 (RE-98)1997-02

- 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, as amended; the Central Government hereby notifies the ITC(HS) Classifications of Export and Import Items 1997-2002 (Revised Edition: August, 199...

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Circular No. 416/49/98-Central Excise, Dated: 31.08.1998

Circular No. 416/49/98-Central Excise (31/08/1998)

Circular No. 416/49/98-CX It has been brought to the notice of the Board that there exists some doubt in the field formations with regard to powers of entertaining refund applications in cases where refund has to be granted under provisions of Rule 97 and Rule 173 (L) read with Section 11B wherein the goods originally manufactured and cl...

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Notification No. S. O. 2116-Income Tax Dated 28/8/1998

Notification No. S. O. 2116-Income Tax (28/08/1998)

Notification No. S. O. 2116-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 the Income-tax Act, 1961 (43 of 1961), and the powers conferred on me by the Central Board of Direct Taxes, New Delhi, vide Notification No. 9565/F. No. 279/129/93-ITJ (Pt. II), dated July 5, 1994, and S. O. No, 504, dated...

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Import of Canalised items

Policy Circular No. 34 (RE-98)/98-99 (28/08/1998)

It is hereby clarified that the items which are canalised can be imported by Canalising Agency only and not by an individual importer. An individual importer shall require an Import licence issued under Paragraph 4.8 of the Export and Import Policy (1997-2002) as amended....

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Circular No. 415/48/98-Central Excise, Dated: 28.08.1998

Circular No. 415/48/98-Central Excise (28/08/1998)

Circular No. 415/48/98-CX I am directed to draw your attention to para 5.2 of the Board"s Circular No. 81/81/94-CX dated 25/11/1994 and para 6.2 of Board"s Circular No. 87/87/94-CX dated 26/12/94, wherein it has been provided that where the AR4 indicates that the export is in discharge of an export obligation under a Quantity-based Advan...

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Customs House Agents Regulations Clarified

Circular No. 62/98- Customs Duty (28/08/1998)

Regln 6(a) was amended stipulating that the applicant for a temporary licence should be a graduate from a recognized university and have experience of Customs clearance work for a period of not less than three years inthe capacity of form 'G' pass holder, in addition to the other earlier existing conditions. The commissioner could relax ...

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Public Notice No. 33 (RE-98)/97-02, Dated: 27.08.1998

Public Notice No. 33 (RE-98)/97-02 (27/08/1998)

In exercise of powers conferred under Paragraph 4.11 of the Export and Import Policy, 1997-2002, the Director General of Foreign Trade hereby makes following amendment in Chapter IV of the Handbook of Procedures, 1997-2002, Vol. 1 ( incorporating amendments made upto l3th April, 1998 )....

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Circular No. 414/47/98-Central Excise, Dated: 27.08.1998

Circular No. 414/47/98-Central Excise (27/08/1998)

Circular No. 414/47/98-CX "From the perusal of the order we find that the Superintendent has placed the draft appeal along with the grounds of appeal and put up for approval with the authorisation letter before the Collector. There is no indication whether Collector had applied his mind with reference to the impugned order for filling ap...

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Notification No. S. O. 721(E)-Income Tax Dated 25/8/1998

Notification No. S. O. 721(E)-Income Tax (25/08/1998)

Notification No. S. O. 721(E)-Income Tax This notification contains amendment to Income-tax Rules, 1962 carried out on 25th August, 1998 not reproduced here as it is already contained in the body of the rules itself....

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SEBI : Revised procedure for grant of registration of sub-accounts of registered Foreign Institutional Investors.

Circular No. FITTC/CUST/2/1998 (25/08/1998)

The SEBI (Foreign Institutional Investors) Regulations, 1995 have been amended from time to time so as to increase the scope of investments by FIIs and to simplify the registration procedure. The latest copy of the Regulations is available at SEBI website: www.sebi.gov.in . This procedure is also available on our web-site as a press relea...

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Drawback – Tourist Baggage eligible to DBK- Scheme changed

Circular No. 61/98- Customs Duty (25/08/1998)

It has come to the notice of the Board that certain Custom Houses had refused to allow drawback and other export benefits on export goods which were procured by foreign buyers during their visit to India by making payment in freely convertible foreign currency which was deposited in case with authorised foreign currency which was deposite...

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Public Notice No. 32 (RE-98)/1997-2002, Dated: 24.08.1998

Public Notice No. 32 (RE-98)/1997-2002 (24/08/1998)

The Licensing Authority may grant extension in export obligation period for a period of four months against one or more consignment/sight on payment of penalty of 1% on the unfulfilled fob value of export obligation with reference to cif value of the imports made for which extension is being sought. Any request for extension beyond a peri...

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Public Notice No. 31 (RE-98)/1997-2002, Dated: 21.08.1998

Public Notice No. 31 (RE-98)/1997-2002 (21/08/1998)

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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Public Notice No. 30 (RE-98)/1997-2002, Dated: 21.08.1998

Public Notice No. 30 (RE-98)/1997-2002 (21/08/1998)

FOB value actually realised and date of realisation of export proceeds may not be given in cases where shipment has been made against irrevocable Letter of Credit. However, in such cases bank shall make an endorsement to this effect in column 14/15 of Appendix 25. ...

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Notification No. S. O. 709(E)-Income Tax Dated 20/8/1998

Notification No. S. O. 709(E)-Income Tax (20/08/1998)

Notification No. S. O. 709(E)-Income Tax In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government having regard to seventy-five per cent. of the average rise in the Consumer Price Index for urban non-manual employees, hereby specifies the Cost Infla...

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Notification No. S. O. 710(E)-Income Tax Dated 20/8/1998

Notification No. S. O. 710(E)-Income Tax (20/08/1998)

Notification No. S. O. 710(E)-Income Tax In exercise of the powers conferred by the second proviso to sub-section (1) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies following classes of persons to whom the provisions of the first proviso shall not apply...

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Notification No. S. O. 711(E)-Income Tax Dated 20/8/1998

Notification No. S. O. 711(E)-Income Tax (20/08/1998)

Notification No. S. O. 711(E)-Income Tax In exercise of the powers conferred under Explanation 4 to sub-section (1) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following places as the place of pilgrimage for the purposes of the aforesaid sub-section and travel to such pla...

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Notification No. S. O. 712(E)-Income Tax Dated 20/8/1998

Notification No. S. O. 712(E)-Income Tax (20/08/1998)

Notification No. S. O. 712(E)-Income Tax In exercise of the powers conferred under Explanation 4 to sub-section (1) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies that the expression "travel to any foreign country" used in this sub-section shall not include travel to following n...

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SEBI : Arms length relationship between issuer company and registrar to issue.

PMD/SU/3463/98 (20/08/1998)

It has now come to SEBI’s notice that some of the registrars are not aware of the said amendment though it was notified in the Government gazette....

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Clarification on certain issues relating to EPCG, Duty Exemption and DEPB Scheme

Policy Circular No. 33 (RE-98)/98-99 (20/08/1998)

Kind attention is invited to Paragraph 6.5 (v) of the EXIM Policy, 1997-2002, which stipulate that the export obligation shall be over and above the average level of exports of the same product achieved by him in the preceding three licensing years. Some exporters have requested this office to clarify whether the average level of exports ...

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Policy Circular No. 32 (RE-98)/97-02, Dated: 20.08.1998

Policy Circular No. 32 (RE-98)/97-02 (20/08/1998)

Representations have been received from individual exporters as well as clarifications sought by different regional licensing authorities with regard to availibility of deemed exports benefits for supply of goods/services to Civil Constructions projects. The issue whether supply of goods/services to Civil Construction project should be en...

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Notification No. G.S.R. 500(E), dated 18/08/1998

Notification No. G.S.R. 500(E) (18/08/1998)

In Schedule XIV to'the Companies Act, 1956, under the heading PLANT AND MACHINERY", under item (ii) relating to special rates, after sub-item D. 4, relating to Glass manufacturing concern--Direct fire glass melting furnaces, the following shall be inserted, namely...

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Matter relating to Export Inspection Agencies

Policy Circular No. 31 (RE-98)/98-99 (17/08/1998)

In Appendix 32A of the Handbook of Procedures the list of Inspection and Certification agencies have been listed. These agencies have been recognised to issue Inspection Certificate under Paragraphs 5.3, 5.4 and 6.3 of the Handbook of Procedures, Vol. 1, l997-2002 (incorporating amendments made upto l3th April, 1998). These certificates i...

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SEBI : E.Ds / Presidents / M.Ds of all Stock Exchanges

SMDRP/POLICY/CIR-22/98 (14/08/1998)

Subsequently, in the meeting of the heads of Stock Exchanges held in December 17, 1997, it was clarified that the 25% is only a threshold limit and it should not be treated as an exemption limit. This was conveyed vide SMD/POLICY/Cir-2/98 dated January 14, 1998. In this connection, the Stock Exchanges have submitted to SEBI to reconsider...

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SEBI : Modifications in the format of Monthly Development Report.

SMDRP/POLICY/CIR-23/98 (14/08/1998)

Please refer to the circular no. SMD/POLICY/CIR-8/97 dated April 28, 1997 on the revised format for the Monthly Development Report (MDR). Enclosed please find the modified format for reporting details of completed settlements during the month, forming point no.1 of Section-I of the MDR....

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SEBI : Recovery of outstanding fees from defaulting members

SMD/DBA-II/Cir-24/98 (14/08/1998)

The Exchanges, who are yet to incorporate the above provision in their bye-laws are therefore advised to take up the matter in their Governing Board meeting for consideration and make suitable amendment in the bye-laws without any further delay under advice to us. ...

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Notification No. 14 (RE-98)1997-02, Dated: 14/08/1998

Notification No. 14 (RE-98)1997-02 (14/04/1998)

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, l997-2002, the Central Government hereby makes the following amendments in the ITC(HS) Classifications of Export and Import Items, l997-2002 published on 31st M...

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Notification No. 13 (RE-98)1997-2002, Dated: 14.08.1998

Notification No. 13 (RE-98)1997-2002 (14/08/1998)

Under the Scheme, manufacturer exporters, merchant exporters tied to supporting manufacturer(s) and service providers are eligible to import capital goods. For Agricultural exports, import of irrigation equipments may be allowed provided ownership of these equipments rest with the EPCG licence holder, such equipments are not sold or lease...

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Private Bonded Warehouse for imports and Policy Circular No. 7(RE-98)-99 dated 25.5.1998

Policy Circular No. 30 (RE-98)/98-99 (13/08/1998)

Instances have come to notice where some of the Licensing Authorities have been endorsing the licences to take supplies from Private Bonded Warehouses, which is not in keeping with the provisions of paragraph (vii) of the Policy Circular No. 7 dated 25.5.1998. The Licensing Authorities are hereby ordered not to make any such endorsement, ...

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Circular No. 60/98- Customs Duty Dated 13/8/1998

Circular No. 60/98- Customs Duty (13/08/1998)

I am directed to enclose a copy of Notification No. 61/ 98 - Cus. dated the 5th August, 1998 amending Notification No. 133/ 94- Cus dated 22.6.94 and 177/94 - Cus dated the 21st October, 1994 to notify "Kayfoam Export Processing Zone, Kandivli, Mumbai" as the eighth Export Processing Zone in the country. The said zone has been approved as...

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EOUs/ EPZ/ EHTP Units – Moulds, jigs, tools, patternstion of credits

Circular No. 59/98- Customs Duty (12/08/1998)

I am directed to refer to the Board's instructions issued from F.N. 305/ 147/93- FTT dated January 31, 1994 wherein it has been prescribed that the EOU / EPZ may be allowed to sub - contract part of their production process provided the substantial activity of manufacture is carried out within the EOU / EPZ/ EHTP units and that it is poss...

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SEBI : All registered merchant bankers

Circular No. 2(98-99) (11/08/1998)

Subsequent to these amendments, every registered merchant banker, (including a merchant banker who is an NBFC or is undertaking activities other than those related to the securities market and who has neither applied for transfer of certificate of registration to a new entity....

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Passbook Scheme- clarification on granting and utilisation of credits

Circular No. 58/98- Customs Duty (11/08/1998)

DGFT have issued a Policy Circular No. 23(RE -98) / 98-99 dated 17.7.1998 on this issue (copy enclosed). The instructions laid down under this Circular are hereby brought to the notice of all concerned for necessary action at their end. It is understood that in some Custom Houses credits have not been allowed in the Pass Book till date...

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Public Notice No. 29 (RE-98)/1997-2002, Dated: 10/08/1998

Public Notice No. 29 (RE-98)/1997-2002 (10/08/1998)

Application for grant of certificates for Export House shall be filed with the concerned regional licensing authorities headed by Joint DGFT. However, application for grant of certificate for TH/STH/SSTH shall be filed with the Director General of Foreign Trade....

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Public Notice No. 28 (RE-98)/97-02, Dated: 10.08.1998

Public Notice No. 28 (RE-98)/97-02 (10/08/1998)

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 31.3.1997, the Director General of Foreign Trade hereby makes following amendment in the Handbook of Procedures, 1997-200...

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Notification No. S. O. 668(E)-Income Tax Dated 6/8/1998

Notification No. S. O. 668(E)-Income Tax (06/08/1998)

Notification No. S. O. 668(E)-Income Tax In exercise of the powers conferred by the proviso to sub-section (1) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies in the table below, the following floor areas for the purposes of clause (i) of the said proviso...

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Public Notice No. 27 (RE-98)/97-02, Dated: 06.08.1998

Public Notice No. 27 (RE-98)/97-02 (06/08/1998)

Attention is invited to Ministry of Commerce (Import Trade Control) Public Notice No. 74-ITC(PN)/85-88 dated the 21st February, 1986 on the subject mentioned above. It is hereby informed that in pursuance of the relevant provisions contained in the Indo-USSR deferred payments protocol dated the 30th April, 1981 and 23rd December, 1985....

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Notification No. S. O. 669(E)-Income Tax Dated 6/8/1998

Notification No. S. O. 669(E)-Income (06/08/1998)

Notification No. S. O. 669(E)-Income Urban agglomeration of Surat including the areas comprised in the City of Surat constituted under section 3 of the Bombay Provincial Municipal Corporation Act, 1949 (Bombay Act No. LIX of 1949), as applicable to the State of Gujarat and areas declared by the State Government of Gujarat under section 22...

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Circular No. 769-Income Tax Dated 6-8-1998

Circular No. 769-Income Tax (06/08/1998)

Circular No. 769-Income Tax The Board has received a number of representations for granting approval for refund of excess deduction or erroneous deduction of tax at source under section 195 of the Income-tax Act. The cases referred to the Board mainly relate to circum­stances where...

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Circular No. 413/46/98-Central Excise, Dated: 06.08.1998

Circular No. 413/46/98-Central Excise (06/08/1998)

Circular No. 413/46/98-CX It has recently come to Board"s notice that in a number of cases. CEGAT has dismissed the Department"s appeals on the Technical ground That these did not have proper authorisation by the concerned Commissioners, even though the merits of the cases were prima faciein favour of the Department. But for the aforesai...

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Public Notice No. 26 (RE-98)/1997-2002, Dated: 05.08.1998

Public Notice No. 26 (RE-98)/1997-2002 (05/08/1998)

The export licence shall be issued by the Directorate General of Foreign Trade only when the firm produces the Certificate in Original from the Chief/Wild Life Warden of the concerned state, from where the Exotic birds have been procured, to the effect that the birds to be exported are from Captive Bred Stock, to the Directorate General o...

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Circular No. 412/45/98-Central Excise, Dated: 05.08.1998

Circular No. 412/45/98-Central Excise (05/08/1998)

Circular No. 412/45/98-CX It has been brought to the notice of the Board that Trade & Industry is facing problem in the availment of Modvat credit of the duty paid on inputs on the basis of the original copy of the invoice in case where the duplicate copy of the invoice is lost in transit....

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Notification No. 24/1998-Central Excise; Dated: 05.08.1998

Notification No. 24/1998-Central Excise (05/08/1998)

To create a level playing field for the domestic manufacturers of marine freight containers the notification exempts the marine freight containers from payment of duty when cleared from 100% EOU into DTA for exports....

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Notification No. 12 (RE)/1997-2002, Dated: 04.08.1998

Notification No. 12 (RE)/1997-2002 (04/08/1998)

In exercise of the powers conferred by the 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, the Central Government hereby makes the following amendment in the Export & Import Policy, 1997-2002 ( Amended in April,1998 )....

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Export Cargo movement by containers/ trucks from hinterland to Seaport / Air Cargo complexes – Procedure Prescribed

Circular No. 57/98 - Customs Duty (04/08/1998)

Various references have been received from Associations of Trade and Ministry of Commerce to allow movement of export goods through containers/ trucks from hinterland to gateway Airports for the purpose of exports by air. The matter was discussed in meeting of SCOPE AIR held at Jaipur on 10th September, 1997 also. The matter was examined ...

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Manufacturer- importers of electronic goods with investment of Rs 3 crores covered by Fast Track Clearance Scheme for imports

Circular No. 56/98- Customs Duty (03/08/1998)

I am directed to refer to Circular No. 63/97- Cus., dated the 21st November, 1997 as amended by circular No. 15/ 98- Cus., dated the 11th March, 1998 on the above subject. The Board has received several representation from various trade organisations regarding the eligibility criteria for the said scheme. These representations have been c...

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Exhibits import eased – BG only for 100% of value and re-export bond- Facility not available for individual display

Circular No. 55/98- Customs Duty (03/08/1998)

I am directed to refer to customs notification No. 3/89- Cus., dated 9.1.89 as amended from time to time, which provides for duty free clearance of goods imported for display or use at fair, exhibition, demonstration, seminar, etc. on the basis of a reference received from M/s. India Trade Promotion Organisation, a study was conducted to...

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Notification No. 57/98-Customs, Dated: 01.08.98

Notification No. 57/1998-Customs (01/08/1998)

Additional Duty - Motor spirit (Petrol)- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts motor spirit commonly known as petrol, falling under heading No. 27.10 of the Firs...

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Public Notice No. 25 (RE-98)/97-02, Dated: 01.08.1998

Public Notice No. 25 (RE-98)/97-02 (01/08/1998)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No. 22 of 1992), the Central Government hereby makes the under mentioned items freely importable into India with effect from 1.8.1998 if imported from SAARC countries namely Bangladesh, Bhutan, Nepal, Maldives, Sri Lanka or Pakist...

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This notification exempts Petrol from levy additional duty

Notification No. 57/1998-Customs (01/08/1998)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts motor spirit commonly known as petrol, falling under heading No. 27.10 of the First Schedule to the Customs Tariff Act, 197...

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Notification No. 23/98-Central Excise; Dated: 01.08.1998

Notification No. 23/1998-Central Excise (01/08/1998)

manufactured by a manufacturer of newsprint specified under Schedule 1 of the Newsprint Control Order, 1962, and supplied against a purchase order placed upon such manufacturer by a newspaper which is registered by the Registrar of Newspapers of India under the provisions of the Press and Registration of Books Act, 1...

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