"October, 1998" Archive

Notification No. 28 (RE-98)1997-02, Dated: 30.10.1998

Notification No. 28 (RE-98)1997-02 (30/10/1998)

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, and in supersession of earlier Public Notice Nos.47 and 50 dated 08.10.98 and 15.10.98 respectively issued on the subject, the Central Government her...

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Circular No. 427/60/98-Central Excise, Dated: 30.10.1998

Circular No. 427/60/98-Central Excise (30/10/1998)

Circular No. 427/60/98-CX The matter has been examined in the Board. Raw asafoetida imported into India is classified under Chapter 13 of the Customs Tariff which covers natural gums, resins and gum resins. Asafoetida in gum form is mixed with water till it is totally diluted and then added to the mixture of wheat flour and edible gum. T...

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Notification No. 2151/1998-Income Tax Dated 29/10/1998

Notification No. 2151/1998-Income Tax (29/10/1998)

Notification No. 2151/1998-Income Tax It is notified for general information that "Peerless Abasan Finance Limited, 75-C, Park Street, 7th Floor, Calcutta-700 016", has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 1999-2000....

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Drawback- Brand Rate/ Special Brand Rate Fixation- Period of Condonation of Delay in Filing Application Specified

Circular No. 82/98-Custom Duty (29/10/1998)

Rule 6 & 7 of the Customs and Central Excise Duties Drawback Rules, 1971/1995 an exporter can file an application for fixation of Brand Rate or a special Brand Rate, as the case may be, within 30/60 days of let export date. The Central Government can allow a further period of 30 days after satisfaction that the manufacturer or exporter wa...

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Notification No. 27 (RE-98)1997-02, Dated: 29.10.1998

Notification No. 27 (RE-98)1997-02 (29/10/1998)

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 amendments in Export and Import Policy, 1997-2002 and ITC(HS) Classification of Export and Import item...

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Notification No. 2150/1998-Income Tax Dated 27/10/1998

Notification No. 2150/1998-Income Tax (27/10/1998)

Notification No. 2150/1998-Income Tax It is notified for general information that "GRUH Finance Limited, Ambica House, B/H.C.U. College, Near Income-tax Circle, Asharam Road, Ahmedabad", has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 199...

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Notification No. 26 (RE-98)1997-02, Dated: 29.10.1998

Notification No. 26 (RE-98)1997-02 (29/10/1998)

Import permitted against a licence to Zoos and Zoological parks, circus companies, private individuals, on the recommendation of the Chief Wild Life Warden of a State Government subject to the provisions of the Convention on international Trade in Endangered Species of Wild Fauna and Flora (CITES)....

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Special Advance Licensing Scheme for Electronics Products – Guidelines for

Circular No. 81/98 - Custom Duty (27/10/1998)

Attention is invited to Public Notice No. 41(RE-98)/ 1997-2002 dated 16th September, 1998 of the DGFT announcing a special advance licensing scheme for export of electronic products. The Department of Revenue has issued Notification No. 77/98-Customs, dated 16.10.1998 in order to operationalise the scheme. The Special Advance Licences sha...

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No direct correspondence on Policy Issues by Ministries with Customs Commissionerates

Circular No. 80/98- Customs Duty (26/10/1998)

The proposal for establishment of new ICD, CFS and Air Cargo Complexes are presently being examined by Inter-ministerial Committee consisting of representatives from the various Ministries. The said committee is functioning in the Ministry of Commerce. It has been observed that the commissioners of Customs/ Central Excise have been sendin...

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Public Notice No. 51 (RE-98)/1997-2002 , Dated: 26.10.1998

Public Notice No. 51 (RE-98)/1997-2002 (26/10/1998)

In exercise of the powers conferred under Section 5 of the Foreign Trade Development and Regulation Act, 1992, ( No. 22 of 1992 ) read with Paragraph 4.11 of the Export and Import Policy, 1997-2002, the Central Govt. hereby makes the following amendments in Schedule 2 Appen. 1 of the book titled ITC(HS) Classifications of Export and Impor...

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Notification No. S. O. 923(E)-Income Tax Dated 23/10/1998

Notification No. S. O. 923(E)-Income Tax (23/10/1998)

Notification No. S. O. 923(E)-Income Tax In exercise of the powers conferred by the proviso to sub-section (2) of section 80JJAA 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,---- This notification contains amendment to Incom...

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Notification No. S. O. 924(E)-Income Tax Dated 23/10/1998

Notification No. S. O. 924(E)-Income Tax (23/10/1998)

Notification No. S. O. 924(E)-Income Tax In exercise of the powers conferred by the proviso to sub-section (1) of section 80HHE 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,---- This notification contains amendment to Income...

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Notification No. S. O. 925(E)-Income Tax Dated 23/10/1998

Notification No. S. O. 925(E)-Income Tax (23/10/1998)

Notification No. S. O. 925(E)-Income Tax In exercise of the powers conferred by the proviso to sub-section (1) of section 80HHE 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,---- This notification contains amendment to Income...

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Policy Circular No. 47 (RE-98)/98-99, Dated: 23.10.1998

Policy Circular No. 47 (RE-98)/98-99 (23/10/1998)

The matter has been taken up with the RBI. In this connection, RBI has clarified that as per the provisions of para 7A.19 of Exchange Control Manual (1993 edition) the Exchange Control copy of import licence submitted by the importer for opening of letter of credit or making remittance should be retained by authorised dealer and forwarded...

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Notification No. S. O. 915(E)-Income Tax Dated 22/10/1998

Notification No. S. O. 915(E)-Income Tax (22/10/1998)

Notification No. S. O. 915(E)-Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 10 years, 13.5% (Taxable) HUDCO Bonds (Series-VII) bearing distinctive numbers from 10000001 to 10620000 for Rs. 1,000 each aggr...

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This notification imposes anti-duty on magnesium originating in or originating from People”s Republic of China

Notification No. 79/1998-Customs (22/10/1998)

For the purposes of this notification, "landed value" means the assessable value as determined under the Customs Act, 1962 (52 of 1962) and includes all duties of customs except customs duties levied under sections 3,3A, 8B, 9 or section 9A, as the case may be, of the said Customs Tariff Act....

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DEPB – PMV Verification allowed upto 90 days instead of 30 days

Circular No. 79/98- Customs Duty (22/10/1998)

Attention is invited to Circular No. 69/97 - Cus. date 8th December, 1997. As per para 6 & 7 of this Circular, an enquiry/ investigation into the PMV of an export product must be completed and a final view taken within 30 days...

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Disposal of uncleared/ unclaimed cargo of wholly owned Govt. undertakings

Circular No. 77/98-Customs Duty (22/10/1998)

I am directed to refer to Circular No. 50/97, dt. 17.10.97 regarding disposal of Unclaimed/ Uncleared Cargo by the Custodians. It was decided that the procedure contained in the said Circular would be applicable to Central Government undertakings listed therein. In view of requests from State Government like Mysore Silk International, Ker...

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This notification exempts goods imported against a Special Advance License with actual user condition

Notification No. 77/1998-Customs (16/10/1998)

he Designated Officer of the Department of Electronics (hereinafter referred to as the said officer) verifies the relevance/ useability of the imported materials in the export product as well as the quantity of such materials required for the manufacture of such export product. The said officer shall also verify the actual utilisation of ...

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SEBI : Presidents/Executive Directors/Managing Directors of all the Stock Exchanges.

SMDRP/Policy/CIR-30/98 (19/10/1998)

Infrastructure being an important aspect for economic development and in order to encourage infrastructure projects in India, especially to facilitate financing of setting up of such projects, it has now been decided that the requirement of 5 public shareholders for every Rs. 1 lakh of net capital offer made to the public as communicated ...

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

Policy Circular No. 46 (RE-98)/98-99 (15/10/1998)

Representaions have been received from various exporters requesting to extend the date of grant of credits further by Designated Authorities of Pass Book Scheme and Customs authorities as these authorities could not finalise the claims due to the circumstances which were beyond their control.The matter has been considered carefully . All ...

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Notification No. 25 (RE-98)1997-02, Dated: 15.10.1998

Notification No. 25 (RE-98)/97-02 (15/10/1998)

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 amendments in the ITC(HS) Classifications of Export and Import Items 1997-2002(RE-98), and as amend...

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Public Notice No. 50 (RE-98)/1997-2002, Dated: 15.10.1998

Public Notice No. 50 (RE-98)/1997-2002 (15/10/1998)

These agencies shall send the import return of Mulberry Raw Silk within 15 days from the date of clearance from Customs of such imports to the Central Silk Board and the Director (Stat.), Directorate General of Foreign Trade, Udyog Bhawan, New Delhi in the format prescribed at Annexure – A for information purposes....

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Notification No. 24 (RE-98)/1997-2002, Dated: 14.10.1998

Notification No. 24 (RE-98)/1997-2002 (14/10/1998)

Plants and plant portions, derivatives and extracts of the cultivated varieties of the above plant species ( excluding Sl. No.16) will be allowed for export subject to production of a Certificate of Cultivation from the Regional Deputy Director ( Wild life ), or Chief Conservator of Forests or Divisional Forest Officers of the state conce...

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Notification No. S. O. 2076-Income Tax Dated 13/10/1998

Notification No. S. O. 2076-Income Tax (13/10/1998)

Notification No. S. O. 2076-Income Tax It is notified for general information that Maharishi Housing Development Finance Corporation Limited, New Delhi, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 1999-2000. ...

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Notification No. S. O. 2077-Income Tax Dated 13/10/1998

Notification No. S. O. 2077-Income Tax (13/10/1998)

Notification No. S. O. 2077-Income Tax It is notified for general information that G.L.F.L. Housing Finance Limited, Anar Complex, Near Vijay Char Rasta, Navrangpura, Ahmedabad, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 1999-2000. ...

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Notification No. S. O. 2074-Income Tax Dated 13/10/1998

Notification No. S. O. 2074-Income Tax (13/10/1998)

Notification No. S. O. 2074-Income Tax It is notified for general information that Mercantile Housing Finance Limited, South India House, 36-40, Armenian Street, Chennai-600 001 has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 1999-2000. ...

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Notification No. S. O. 2075-Income Tax Dated 13/10/1998

Notification No. S. O. 2075-Income Tax (13/10/1998)

Notification No. S. O. 2075-Income Tax It is notified for general information that Dewan Housing Finance Corporation Limited, Warden House, 2nd Floor, Sir P. M. Road, Fort, Mumbai, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 1999-2000...

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Public Notice No. 48 (RE-98)/1997-2002, Dated: 13.10.1998

Public Notice No. 48 (RE-98)/1997-2002 (13/10/1998)

In exercise of the powers conferred under Section 5 of the Foreign Trade Development and Regulation Act, 1992, ( No. 22 of 1992 ) read with Paragraph 4.11 of the Export and Import Policy, 1997-2002, the Central Govt. hereby makes the following amendments in Schedule 2 Appen. 1 of the book titled "ITC(HS) classifications of Export and Impo...

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DEPB Scheme * DEPB Scrip utilisation for Imports under EPCG/ Project Import Schemes * Exemption from SAD also available

Circular No. 76/98- Customs Duty (12/10/1998)

Reference from the field formations have been received in the Board, seeking clarification whether DEPB scrips can be used to clear goods Imported under various other schemes like EPCG Scheme or Project Imports whether SAD will be exempted on such exports; and whether duty leviable at tariff rate on at concessional rate will be debited in...

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Circular No. 426/59/98-Central Excise, Dated: 12.10.1998

Circular No. 426/59/98-Central Excise (12/10/1998)

Circular No. 426/59/98-CX I am directed to draw your attention to Notification No. 38/ 98-CE (NT) dated the 2nd September, 1998, whereby in Rule 187A of the Central Excise Rules, 1944, a proviso has been inserted so as to extend special facility to the large manufacturer exporters in respect of examination, certification and sealing of ...

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Notification No. S. O. 2122-Income Tax Dated 9/10/1998

Notification No. S. O. 2122-Income Tax (09/10/1998)

Notification No. S. O. 2122-Income Tax In exercise of the powers conferred by clause (23) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the "Bulsar Cricket Association", Gujarat, for the purpose of the said clause for the assessment years 1997-98 to 1999-2000 subject to the following condit...

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Prem Chand Bansal and Sons Vs. Income Tax Officer, (237 ITR 65) (Delhi)

Prem Chand Bansal And Sons Vs Income-Tax Officer (Delhi High Court)

The case of the petitioner interalia was that there was a change in law as brought about by the decision of the Supreme Court. The Delhi High Court while holding that in considering a delay condonation application facts and circumstances of the each case are required to be considered, held that the facts of the case warranted condonation ...

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No Cess on Rubber Imports

Circular No. 75/98- Customs Duty (08/10/1998)

I am directed to refer to Board's letter of even number dated 22.7.97 circulating Ministry of Commerce's O.M. No. 14(3) Plant (B) dated 30.6.97 on the above subject (copy enclosed) and to say that Board's above Circular letter dated 22.7.97 stands withdrawn with immediate effect...

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Agencies who can import Mulbery Raw Silk without import license

Public Notice No. 47 (RE-98)/97-02 (08/10/1998)

Miscellaneous Items’ of the Export and Import Policy, 1997-02 (Re-98), under which Raw silk/silk cocoons are restricted and are not permitted to be imported except against a licence or in accordance with a Public Notice issued in this behalf....

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Circular No. 425/58/98-Central Excise, Dated: 07.10.1998

Circular No. 425/58/98-Central Excise (07/10/1998)

Circular No. 425/58/98-CX Kind attention is drawn to CEGAT order No. A-4 dated 6.01. 1998 in case of M/S Flexo Foam Industries Vs. CCE, Bolpur. The CEGAT has allowed the benefit to the appellants relying on its earlier order in case of CCE, Meerut Vs M/S Maruti Foam Ltd. reported in 1996 (85) ELT 157 (Tribunal)....

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Public Notice No. 46 (RE-98)/1997-2002, Dated: 07.10.1998

Public Notice No. 46 (RE-98)/1997-2002 (07/10/1998)

For grant/renewal of any status, the application shall be filed latest by 30th November, 1998. Deficiency, if any, must be communicated by the licensing authorities by 15th December. If this is not done, then existance of deficiency and non rectification thereby by 31st December will not be treated as a ground for rejecting the applicatio...

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SEBI : Presidents/Executive Directors of all Stock Exchanges

SMD/Policy/CIR-28/98 (07/08/1998)

The Stock Exchanges are advised to take note of change in the procedure by RBI for issue and export of shares by Indian companies to NRI investors as provided in the referred Press Release and ensure compliance regarding obtaining certificate from the Company that all share certificates including certificate to NRI investors have been des...

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Leather Industry Imports- End-use Bond Condition for Insole/ Midsole is Must for duty Exemption

Circular No. 74/94- Customs Duty (06/10/1998)

Commissioner of Customs, Mumbai has made a reference on the eligibility of Nylon Tricot Fabrics/ P.U.leather cloth under the above Sl.No. of the Notification No. 11/97-Cus. read with list 3 (A) therein. The dispute was that the product was having multiple uses and the main use not being that of use in leather industry. While Commissioner ...

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Value adjustment under Duty Free Licences issued under Exim Policy, 1997-2002

Policy Circular No. 41 (RE-98)/98-99 (05/10/1998)

Attention is invited to Paragraph 7.7 of Exim Policy, 1997-2002 according to which a Duty Free Licence and the relevant DEEC Book shall specify the aggregate CIF value of imports alongwith other details. A number of representations have been received from various exporters to clarify whether in the Duty Free Licence/DEEC Book issued after...

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Clarification on Exim Policy matters concerning

Policy Circular No. 40 (RE-98)/97-02 (05/10/1998)

Attention is invited to ALC Circular No. 16/95 dated 1.8.1995 wherein it was clarified that as far as Special Rupee Escrow Accounts in the names of Russian entities were concerned,Advance Licence shall be permitted, subject to the condition that the export order has been placed and the L/C has been opened by the A/c holder directly in fav...

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Notification No. 23 (RE-98)1997-2002, Dated: 05.10.1998

Notification No. 23 (RE-98)1997-2002 (05/10/1998)

Capital goods including jigs, fixture, dies and moulds may be imported at a concessional rate of Customs duty subject to export obligation to be fulfilled over a period of time as per table given below. In addition, spares upto 20% of the CIF value of the capital goods may also be imported under the scheme....

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Policy relating to import of wheat by Roller Flour Mills

Public Notice No. 45 (RE-98)/97-02 (05/10/1998)

In supersession of Public Notice No. 31 dated 12.8.1997 it has been decided that the Roller Flour Mills can freely import wheat under Actual User condition directly or through State Trading Corporation of India Limited (STC), Projects Equipments Corporation (P.E.C.) and Minerals & Metals Trading Corporation of India Limited (M.M.T.C.), to...

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