Circular No. 641/32/2002-CX I am directed to refer to Section 129 of the Finance Act, 2001 relating to imposition of National Calamity Contingent Duty (NCCD) and Notification No.42/2001 CE (NT), dated 26.6.2001 relating to export of goods without payment of duty under bond and to say that reportedly some of the field formations are issuing demands for collection of National Calamity Contingent Duty(NCCD) on goods exported under bond.
The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 39/96-Customs, dated the 23rd July, 1996 [ G.S.R. 291 (E), dated the 23rd July, 1996 ] and was last amended by notification No. 130/2001-Customs, dated the 24th December, 2001.
In exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and in supercession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.32/2002-NT-Customs, dated the 28th May, 2002 [S.O.575(E), dated the 28th May, 2002], the Board hereby determines for the purposes of said section relating to export goods, that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II appended hereto into Indian currency or vice versa shall, with effect from the 1st July, 2002.
In exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of Customs Act, 1962 (52 of 1962) and in supercession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.31/2002-NT-Customs, dated the 28th May, 2002 [S.O.574(E) dated the 28th May, 2002], the Board hereby determines for the purposes of said section, relating to imported goods, that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II appended hereto into Indian currency or vice versa shall, with effect from the 1st July, 2002.
It has come to our notice that the exchanges are not entertaining the claims against the defaulter member for compensation from the Investor Protection Fund/ Customer Protection Fund (IPF/ CPF) where the clients have dealt through the registered sub-broker of the defaulting broker.
This has reference to our circular no. SMDRP/Policy/Cir-44/2001 dated August 31, 2001, advising the exchanges inter-alia to amend the listing agreement to make it mandatory for listed companies to comply with all Accounting Standards issued by The Institute of Chartered Accountants of India (ICAI) from time to time.
When marketing various schemes, remember that a client’s interest and suitability to their financial needs is paramount, and that extra commission or incentive earned should never form the basis for recommending a scheme to the client.
In case the custodian wants to sublet any of the functions inside the customs area or connected with the customs area, the same should be done with the prior approval of the Commissioner
The principal notification No. 137/2000-Customs, dated the 19th October 2000, was published in the Gazette of India vide G.S.R. 804(E), dated the 19th October 2000, and was last amended by notification No. 64/2002-Customs, dated the 24th June 2002.
For the purpose of this notification, “Export and Import Policy” means the Export and Import Policy, 1st April, 2002-31st March, 2007, published vide notification of the Government of India in the Ministry of Commerce and Industry vide No.1/2002-2007, dated 31st March, 2002, as amended from time to time.
