In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with paragraphs 1.3 and 4.11 of the Export and Import Policy, 1997-2002 (incorporating amendments made up to 31.3.2001), the Central Government hereby makes the following amendments in the ITC (HS) Classification of Export and Import items, 1997-2002 (incorporating amendments made up to 31 August, 1998) and as amended from time to time.
Notification No. 34 (RE-2001) amends Exim Code for copra and crude oil imports, regulating through STC with conditions under the Export and Import Policy (2001).
It has been brought to our notice that some of the companies are not utilizing the facility of ECS for distributing dividends, or other cash benefits etc., to the investors.
Circular No. 590/27/2001-CX I am directed to say that a doubt has arisen regarding classification of “reducing mediums” for printing inks. The Department had classified the mediums as printing ink under sub-heading 3215.00. The view of the Audit is that it should have been classified as synthetic resin under sub-heading 3208.90.
