As per the CBDT Circular discussed in the case of Smt. Pati Devi vs. ITO; 240 ITR 727 Karnatka 500gm, jewellery is expected in the possession of a married lady and that much of ornaments cannot be seized. If we go with the CBDT Circular dated 11.05.1994 and the ratio laid down in the case of Smt. Pati Devi (supra), then each lady is expected to own 500gm. ornaments.
Circular No. 469/35/99-CX It has been reported to the Board that Oil companies clearing their products under AR3A procedure are resorting to splitting/amendment of AR3A at the time removal of goods. Such splitting is necessitated due to deviation from the original plan of movement especially change of sailing schedule, lack of storage facility at installations, urgent need of product to other locations etc. It is, therefore, not possible to foresee such situations.
Public Notice No. 22 (RE-99) amends the export policy to include used aircraft and helicopters under the definition of “aircraft and helicopters.”
In exercise of the powers conferred under Paragraph 4.11 of the Export and Import Policy, 1997-2002, the Director General of Foreign Trade hereby makes the following amendments in Schedule 2, Appendix 6 of the book titled ” ITC(HS) Classifications of Export and Import items 1997-2002.
All the Stock Exchanges shall introduce this scheme urgently for small investors under intimation to SEBI and also advise the member brokers not to reject any client’s request for trading in this segment.
Notification No. 19 (RE-99) amends onion export policy allowing Bangalore rose onions export through KAPPEC Ltd for 5000 MT per month.
Notification No. 18 (RE-99) updates the import policy for raw silk, restricting imports and specifying canalizing agencies for certain silk grades.
For the removal of doubts, it is hereby declared that for the purposes of this notification, “Mineral” does not include crude petroleum oils and the expression “Mineral based” shall be construed accordingly.
Spcfd. new/expanded industrial units in Assam/Tripura : exempt from basic & addl. duties equivalent to duty paid by manufacturer from account current.
