Please refer to our circular letter dated February 12, 1999 advising you to provide us data pertaining to funds mobilised, repurchases/redemptions, net inflow/outflow and cumulative position of net assets. We have revised the format so that some meaningful inferences about the trends in mutual funds industry may be drawn....

The revised methodology to calculate the DEPB rate, as indicated above, shall be adopted only for exports made on or after the issuance of this Circular. Exports of such formulations, consisting of more than one Bulk Drug where some of the constituents are specified while others are non-specified, effected prior to the issuance of this ...

In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services in relation to Cattle Insurance provided under the Central Sector Scheme on Cattle Insurance, from whole of the service t...

An issue has been raised regarding the admissibility of DEPB benefit for the export of MS Galvanized Sheets/Strips made prior to 01.04.2000 keeping in view the existence of two possible DEPB entries at S.N. 91 and 363 covering such exports. It has been decided that the DEPB benefit for such exports shall be granted as per the entry at S...

Notification No. 731(E)-Income Tax In exercise of the powers conferred by clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby specify the following income-tax authorities for the purpose of the said clause ...

It has come to the notice of the board that the principles of natural justice are not being followed during adjudication of the cases, which result in frequent remand of cases on the ground of non-observance of the principles...

Mark to Market Margin shall be collected separately from daily/exposure margin as the purpose of these margins is different....

Once this margin is imposed by any Exchange having ALBM or MCFS facility, the other Exchanges having ALBM or MCFS will also follow the same from the start of next settlement....

The positions referred to would exclude the positions pertaining to the pure securities borrowers to the extent that the collateral securities are kept with the clearing house/corporation....

AMC boards may develop a mechanism to verify that due diligence is being exercised while making investment decisions. ...

Notification No. 2061-Income Tax It is hereby notified for general information that the organisations mentioned below has been approved by the prescribed authority under rule 6 of the Income-tax Rules, 1962, for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, under the category "Institution" subjec...

In exercise of the powers conferred by sub-clause (a) of sub-^ci-ion (3) of section 14 of the Customs Act, 1962 (52 of 1962) and in super-session of the Notification of the Government of India in the Ministry of Finance (Department of Revenue)...

I am directed to invite your attention on the subject mentioned above and to state that a case was referred to for clarification on certain doubts regarding levy of interest for delayed payment of duty under Section 47(2) of the Customs Act, 1962 where the bill of entry for certain imports was assessed provisionally denying the benefits ...

In exercise of the powers conferred by sub-section (2) of section 20 of the Indian Stamp Act 1899 (2 of 1899) and sub-clause (i) of clause (a) of sub-section (3) of Section 14 of Customs Act, 1962 (52 of 1962) and in supersession of the Notification of ...

-In exercise of the powers con­ferred by clauses (a) and (b) of sub-section (1) of section642 of the Companies Act, 1956 (1 of 1956), the CentralGovernment hereby makes the following rules further to amend the Companies (Central Government's) GeneralRules and Forms, 1956, namely....

The last para of the format of the review report has been partially modified by substituting the word "misstatement" with "material misstatement" and the last para of the format of the review report....

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, Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Vol.1) (RE-2000), 1997-2002....

Notification No. 1793-Income Tax It is notified for general information that the enterprise, listed at para (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 2000-2001, 2001-2002 and 2002-2003. ...

Notification No 1792-Income Tax It is notified for general information that the enterprise, listed at para (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 1999-2000, 2000-2001 and 2001-2002. ...

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 and 4.1 of the Export and Import Policy 1997-2002, the Central Government hereby makes the following amendments in Table B in Schedule 2, of the Book titled “ ITC(HS) Classifica...

Circular No. 539/35/2000-CX Your attention is invited to the DO letter F.No. 385/62/99/JC/2000 dated 17.2.2000 from Shri P.N. Malhotra, Member (L&J) and addressed to all Chief Commissioners of Customs and Central Excise. Through the said letter, Board had informed the Chief Commissioners about the out-come of our SLP and related CAs on t...

Circular No. 538/34/2000-CX Please refer to the Board"s instruction contained in its circular No. 313/29/97-CX (F.No. 390/107/97-JC) dated 6.5.97 wherein it had been stated that the jurisdictional Commissioner would be primarily responsible for examining each and every order for filling Civil Appeal or Reference Application, as the case ...

After expiry of 18 months the licence holder shall furnish proof of having fulfilled export obligation by submitting the documents prescribing in paragraph 7.25. In case of bonafide default in fulfillment of export obligation, the licence holder can apply for regularization in terms of paragraph 7.28....

Notification No. 2060-Income Tax It is hereby notified for general information that the organisations mentioned below has been approved by the prescribed authority under rule 6 of the Income-tax Rules, 1962, for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, under the category "Institution" subjec...

The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 32/99-Central Excise, dated the 8th July. 1999 [G.S.R. 508(E), dated the 8th July, 1999] and was last amended by notification No. 23/2000-Central Excise, dated the 29 th March, 2000[G.S.R. 267 (E), dated the 29th March, 2000....

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 makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Reve...

In exercise of 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, the Central Government hereby rescinds the notificat...

WHEREAS in the matter of import of Vitamin-C, falling under Chapter 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, China PR and Japan, the designated authority vide its final findings, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 26th May, 1998....

G.S.R. NO. In pursuance of sub-rule (2) of rule 49 and rule 139 of the Central Excise Rules, 1944, the Central Government hereby makes the following further amendment in the Notification of the Government of India in the Ministry of Finance (Department of Revenue and Insurance) No.266/67-Central Excise, dated 28th November, 1967 (G.S.R. 1...

In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 1.3 and 4.1 of the Export and Import Policy, 1997-2002, the Central Government hereby bans sale of Tea by Export Oriented Units(EOUs) and units in Export Processing Zones (EPZs) in Domestic Tariff Area (DTA), ...

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 the following amendments in the Handbook of Procedures (Vol. 1) (RE-2000), 1997-2002....

Trade Notice No.31/2000 It has been brought to the notice of the Department that the instructions referred, to above are not being rigidly followed. Therefore the matter has been examined and the following instructions, in supersession of the instructions referred to above, are issued for strict compliance by all Central Excise officers ...

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 makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Reven...

NSDL has now informed us that SIBAR SOFTWARE SERVICES, which was erroneously added in the list of non-available companies, is now available for dematerialisation with NSDL. ...

Circular No. 537/33/2000-CX I am directed to refer to Board"s Circular No. 452/18/99-CX.4 dated 7.4.99, wherein with reference to the question as to whether demand arising from a change in the classification accures from the date of show-cause notice or from the past period as provided under Section 11A of the Act, the Board had clarifie...

WHEREAS in the matter of import of Acrylic Fibre, including tow and tops, falling under Chapter 55 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in or exported from Taiwan, the designated authority, vide its preliminary findings, published in the Gazette of India, Extraordinary, Part I, dated the 11th Nov...

Board has issued Circular No. 76/98-Cus. dated 12th October, 1998 which inter alia stated that duty payable on goods imported under EPCD Scheme and Project Import etc. can be debited in a DEPB scrip instead of payment in cash...

Attention is invited to Notification No. 2 (RE-2000)/97-02 dated 31.03.2000, according to which import of PCB’s classified under Exim Code Nos. 851790 00.10 and 853400 00.20 was made free. Attention is also invited to Notification No. 15 (RE-2000)/97-02 dated 10.05.2000, according to which licensing note no.2 at the end of chapters 84,8...

In exercise of the powers conferred under Paragraph 4.11 of the Export & Import Policy, 1997-2002, the Director General of Foreign Trade hereby makes the following amendments in Schedule 2 Appendix 1 of the book titled “ ITC(HS) Classification of Export and Import Items 1997-2002....

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 the goods described in the Schedule annexed hereto, when imported into India for display or sale in the "INDEPEX-ASIANA-200...

Various representations have been received in the Board that Customs House are not granting All Industry Rates of Drawback equivalent to Central Excise duty portion on resultant product exported under DFRC Scheme for want of DFRC licence...

The SEBI has reconvened the Committee under the Chairmanship of Prof. J. R. Varma, Member SEBI Board to review the existing Modified Carry Forward System and to examine the introduction of Carry Forward System under Rolling Settlement....

Regarding the erstwhile zero duty EPCG Scheme, it is clarified that , no enhancement in the CIF value of the licence shall be considered by the Licencing Authorities In respect of licences issued under the scheme. Any change in the import items , incorporation of new item , deletion of any old item etc. may , however, be allowed in respec...

In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 1.3 and 4.1 of the Export and Import Policy, 1997-2002, the Central Government hereby allows import of Postage Stamps, unused, Exim Code No. 991100 00, freely, to all foreign participants who have booked S...

I am directed to refer to the Circular No. 69/99-cus., dated the 6th October, 1999 [See 1999 (113) E.L.T. T50] on above mentioned subject. In the said Circular a procedure has been prescribed for movement of imported cargo in containers/trucks from Airports/CCCs to ICDs/CFSs/Airports/ACCs. In this connection, references have been received...

Some representations have been received from exporters wherein they have claimed that the Customs are interpreting the value caps as imposed on Bulk Drugs, to be applicable on the chemical formulations consisting of such bulk drugs. In this connection it is clarified that the value caps, as imposed on bulk drugs, shall not be applicable t...

Notification No. 1692-Income Tax In exercise of the powers conferred by Explanation C(i) of section 10(23G) and Explanation (a) to sub-section (4)(i) of section 80-IA of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby notifies Multilevel Computerised Car Parking as infrastructure facility....

Notification No. 1693/2000-Income Tax It is notified for general information that Grahsaukhya Housing Development Finance Limited, 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 1996-97, 1997-98, 1998-99 and 1999-2000. ...

Notification No. 1755-Income Tax It is notified for general information that the enterprises/industrial undertakings, listed at para (3) below have been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 1999-2000, 200...

I am directed to refer to the subject mentioned above and to say that a representation has been received from the Stock Exchange, Mumbai stating that the Customs authorities are insisting on payment of Customs duty when shares held by NRIs abroad are re-imported for sale or dematerialization. It has been stated that presently the NRIs are...

Some of the companies, whose scrips were included in the list of securities for compulsory trading in dematerialised form for all investors, could not sign agreements and establish connectivity....

Attention is invited to Department of Revenue"s Circular Nos. 33/2000-Cus ., dated 2-5-2000 and 42/2000-Cus ., dated 12-5-2000 which were issued outlining the procedure to be followed for permitting export/import under DFRC Scheme. In sub-paras 4.1 to 4.4of Department of Revenue"s Circular No. 33/2000, the procedure to be followed for pe...

In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules 1995, and consequent upon imposition of final anti-dumping duty...

For the purposes of this notification, the anti-dumping duty shall be payable in Indian currency. The "rate of exchange" applicable for the purpose of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India in the Ministry of Finance....

References have been received from trade that the EOUs engaged in development and export of software and software developing units in EPZ/EHTP/STP should be allowed to import software through data communication/tele- communication link and internet. It has been stated that the Reserve Bank of India has permitted authorized dealers to allo...

Notification No 650(E)-Income Tax Whereas the Convention between the Republic of India and the French Republic for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital came into force on the 1st day of August, 1994, after the notification by both the Contracting States to eac...

Kind attention is invited to the Notification No. 33/94-Cus(N.T.), dated 1-7-1994 delegating powers to Chief Commissioner of Customs for granting waiver of interest on Customs Duty under Section 61 of the customs Act, 1962, in cases where the amount of interest does not exceed Rs. 15 lakhs...

Attention is invited to paragraph 4.7 of Handbook (Vol. I), incorporating amendments made up to 31st March, 2000 read with Paragraph 15.4 Ibid which lays down the procedure for issue of fresh/modified IEC in favour of Exporters/Importers. Attention is also invited to Public Notice No.39, 43, 49, 55, 8, 17 dated respectively 16.11.99, 15...

In exercise of the powers conferred by sub-section (i) of section 25 of the Customs Act, 1962 (52 of 1962), read with sub-section (4) of section 90 of the Finance Act, (10 of 2000) the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification ...

The principal notifications was published in the Gazette of India, Extraordinary, vide notification No. 16/2000-Cusotms, dated the 1st March, 2000 [G.S.R. 168(E), dated 1st March, 2000] and was last amended by Notification No. 88/2000-Customs, dated the 12th June, 2000....

Therefore, in exercise of the powers conferred by sub-section (1) of section 8A of the said Customs Tariff Act, the Central Government, hereby directs that the First Schedule of the said Customs Tariff Act shall be amended in the following manner, namely....

This notification appoints the Commissioner of Customs, Kandla to be the Commissioner of Customs, Mumbai and Commissioner of Customs. Calcutta for specified purposes GOVERNMENT OF INDIA  MINISTRY OF FINANCE  (DEPARTMENT OF REVENUE ) New Delhi, the 6th July,2000 15 Asadha 1922 Saka Notification No. 46/2000-Customs ( N.T ) G.S.R. (E ) &...

In exercise of the powers conferred under Paragraph 4.11 of the Export & Import Policy, 1997-2002, the Director General of Foreign Trade hereby makes the following amendments in Schedule 2 Appendix 1 of the book titled “ ITC(HS) Classification of Export and Import Items 1997-2002....

In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest, so to do, hereby exempts the taxable services in relation to general insurance business provided under the National Agricultural Insurance Scheme (Rashtriya Krishi Bi...

Notification No. 640(E)-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 :- This notification contains amendment to Income-tax Act, 1961, carried out on 5th July, 200...

Notification No. 644(E)-Income Tax In exercise of the powers conferred by sub-clause (f) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Insurance Regulatory and Development Authority for the purpose of the said sub-clause. ...

We have revised the format of quarterly Compliance Test Reports by incorporating the amendments to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. A copy of the revised format, which is effective from the quarter ended June 2000, is enclosed...

A review of interim financial information consists principally of applying analytical procedures for financial data and making inquires of persons responsible for financial and accounting matters....

The Tribunal, Ahmedabad Bench, has referred the following questions in respect of the asst. yrs. 1972-73 and 1973-74 for the consideration of the High Court under s. 256(1) of the IT Act, from the Tribunal's order dt. 18th August 1981, and 20th August 1983, the later being question on the ground which was raised but through oversight not ...

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 1.3 and 4.1 of the Export and Import Policy, 1997-2002, (incorporating amendments made upto 31.3.2000), the Central Government hereby makes the following amendments in the ITC (HS) Classificat...

In exercise of the powers conferred under Paragraph 4.11 of the Export and Import Policy 1997-2002, as amended, the Director General of Foreign Trade hereby makes the following amendments/modifications and additions in the Handbook of Procedures, Vol.2, 1997-2002, as amended....