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.
Ministry of Law circulates Notification G.S.R. 773(E) amending the Companies (Passing of Resolution by Postal Ballot) Rules, 2001, effective October 11, 2001.
The Investor Education and Protection Fund (awareness and protection of investors) Rules, 2001.
The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 84/97-Customs, dated the 11th November, 1997 [G.S.R. 645(E), dated the 11th November, 1997] and was last amended by notification No. 75/2001-Customs, dated 6th July, 2001.
In exercise of powers conferred under paragraph 4.11. of the Export and Import Policy 1997-2002, the Director General of Foreign Trade hereby announces All Industry rate of duty drawback of Rs.850/- per M.T. for furnance oil supplied by domestic oil companies to EOU/EPZs under deemed export scheme as contained in Chapter 10 of the EXIM Policy for the period ending 31.3.2002.
In continuation of Notification No.20 (RE-2001)/1997-2002 dated the 27th July, 2001 releasing a specified quota of onion for export, the following additions shall be made against the Code No.0703 (1) in Table B of Schedule 2 of the said ITC (HS) relating to “onions (all varieties other than Bangalore Rose onion and Krishnapuram onions)” under the column ‘ nature of restriction.
Wide publicity may be given by issue of a Public Notice in this regard. Difficulties, if any, faced in the implementation of the above instructions, may be brought to the notice of the Board at an early date.
