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 upto 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 upto 31st August, 1998 ) and as amended from time to time.
he open position for all derivative contracts would be valued as the open interest multiplied with the closing price of the respective underlying in the cash market.
References have been received from port offices to clarify whether Policy Circular No. 23 dated 22.10.97 is applicable to VABALs issued prior to 1.4.1993. The issue was discussed by Policy Review Committee (PRC) in its meeting held on 24.12.2001 under the chairmanship of DGFT. It is clarified that the intention of the said Policy Circular No.23 dated 22.10.97 being to cover all VABALs issued from 01.04.1992 onwards.
Any deviation from the above mentioned arrangement should be viewed seriously and action may be taken against the Assessing Officers/Adjudicating Authorities.
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. 51/2001-Central Excise, dated the 12th October, 2001 [G.S.R. 777(E), dated the 12th October, 2001.
