According to Regulation 16(5), an independent trustee should not be associated in any manner with the sponsor. It was clarified to all mutual funds vide SEBI Circular no MFD/CIR/11/354/2001 dated December 20, 2001 that certain categories of persons cannot be considered as independent directors of AMCs and trustee companies....

directed to forward herewith a copy of the following Notification published in the Gazette of India (Extraordinary) for your information and necessary action....

Notification No.146/94-Customs,dated the 13th July,1994 was published in the Gazette of India Extraordinary vide G.S.R.575(E), dated the 13th July,1994 and was last amended by notification No. 24/2002-Customs,dated the 1st March,2002 G.S.R.121(E) dated the 1st March,2002....

In order to ensure that Indian nationals entering Nepal are not inconvenienced for the reason of not carrying necessary prescribed documents or for taking prohibited currency notes inadvertently or unknowingly ...

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India in the erstwhile Ministry of Finance (Department of Reve...

In exercise of the powers conferred by clause (a) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following further amendments in the notification of the Government of India in the erstwhile Ministry of Finance, Department of Revenue, No. 61/94-Customs (N.T.), dated the 21st November, 1994, name...

SEBI Circular No. IIMARP/MF/CIR/05/788/97 dated April 28, 1997 which inter-alia prescribed the format for statement of movement in net assets / portfolios, to be submitted by the mutual funds on quarterly basis....

"The arbitral tribunal shall make the arbitral award within 3 months from the date of entering upon the reference. The time taken to make the award may not be extended beyond 3 times, by the Managing Director or Relevant Authority ....

In exercise of the powers conferred by section 3A of the Customs Tariff Act, 1975 (51 of 1975), read with 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 amendment in the notification of the Governm...

Circular No. 8 of 2002-Income Tax The Finance Act, 2002, as passed by Parliament, received the assent of the President on 11th May, 2002, and has been enacted as Act No. 20 of 2002. This circular explains the substance of the provisions of the Act relating to direct taxes....

(a) Citric acid, originating in, or exported from, Indonesia and Thailand has been exported to India below normal value, resulting in dumping; (b) the Indian industry has suffered material injury from exports of Citric Acid from Indonesia and Thailand; (c) the injury has been caused cumulatively by the dumped imports from Indonesia and Th...

Circular No. 7 of 2002-Income Tax ‘Infrastructure facility’ as defined in Explanation to sub-clause (c) of clause (i) of sub-section (4) of section 80-IA of the Income-tax Act, 1961, as it stood prior to its substitution by the Finance Act, 2001...

Attention is invited to Public Notice No 14 dated 31.05.2002 which introduced a special provision forexemption of Special Additional Duty (SAD) on DEPB’s issued under the Exim Policy 2002-07 where the order of “let export” was prior to 01.04.2002. Para 3 and 7 of the said Public Notice is amended as under....

One time registration fee of Rs 25,000 by means of demand draft in favour of "Securities and Exchange Board of India" payable at Mumbai, towards availing facility of electronic filing of data. It may be note that this facility can be used for filling of any other document to SEBI....

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 & Company Affairs (Department of Revenue) No.49/2002-NT-Customs, dated the 26th 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 & Company Affairs (Department of Revenue) No.48/2002-NT-Customs, dated the 26th July, 2002 [S.O.797(E) dated th...

THEREFORE, in exercise of the powers conferred by section 28A of the said Customs Act, the Central Government, hereby, directs that the duties of customs payable under the said Customs Act and the said Customs Tariff Act on the said goods falling under heading 47.07 of the First Schedule to the said Customs Tariff Act imported for use in,...

Circular No.655/46/2002-CX Further, on the matter being referred to the Solicitor General of India (SG), in his detailed opinion dated 3.1.2000, he had opined that sec. 11AB would apply to all adjudication orders passed on or after 28.9.96 irrespective of the fact whether it relates to clearances made before 28.9.96 or after. A copy of t...

In exercise of the powers conferred by Section 37 read with sub-sections (1) and (3) of section 23C, sub-section (7) of section 23D of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules...

In exercise of powers conferred under paragraph 2.4 of the Export and Import Policy, 2002-07 and paragraph 1.1 of Handbook of Procedures, 2002-07 (Vol.1), the Director General of Foreign Trade hereby makes the following amendments/ corrections in the book titled "Schedule of DEPB Rates....

- The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 6/2002-Central Excise, dated the 1st March, 2002 [G.S.R. 127 (E), dated the 1st March, 2002] and was last amended by notification No. 42/2002-Central Excise, dated the 21st August, 2002 [G.S.R. No. 587 (E), dated the 21st August, 2002....

These guidelines being issued in accordance with the provisions of Regulations 48(1) and 77 of SEBI (Mutual Funds) Regulations, 1996 shall be implemented by August 31, 2002 by all mutual funds in case of existing and new schemes....

It has been decided that the stock exchanges would reiterate to their employees that they are bound by the code of conduct and to ensure that there is confidentiality of deals and that the trade data is not leaked....

I am directed to say that major head/ minor head/ sub-head have been allotted by the office of Pr.CCA for depositing service tax in respect of the 10 new services brought under the tax net(w.e.f. 16.08.2002), namely - (Ref. Board"s letter F.No.B.11/1/2002-TRU dated 01-08-2002)...

he principal notification was published in the Gazette of India, Extraordinary, vide notification No. 6/2002-Central Excise, dated the 1st March, 2002 [G.S.R. 127 (E), dated the 1st March, 2002] and was last amended by notification No. 41/2002-Central Excise, dated the 19th August, 2002 [G.S.R. No. 581 (E), dated the 19th August, 2002....

In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs (General), New Custom House, New Delhi to act as Commissioner of Customs, Inland Container Depot, Tughlakabad, New Delhi, Commissioner of Customs, Ai...

Service charges to be levied by designated STEs as mentioned at ITC(HS) Code No.0703(b) with respect to export of Bangalore Rose Onion and Krishnapuram Onion shall stand reduced to a maximum of 2% of the invoiced value for issue of any fresh NOC to associate shippers with effect from 28.6.2002 and to a maximum of 1% w.e.f. 1.4.2003. ...

In exercise of powers conferred under paragraph 2.4 of the Export and Import Policy, 2002-2007, the Director General of Foreign Trade hereby announces applicability of All Industry Rate of duty drawback of Rs. 850/- per M.T. notified under notification no. 8(RE-2002) dated 20.6.2002 to the supply of furnace oil to domestic companies in Sp...

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 Rev...

If the investors are allotted units at a price higher than Net Asset Value or are given a price lower than Net Asset Value at the time of sale of their units, they shall be paid the difference in amount by the scheme....

Notification No. 224-Income Tax In exercise of the powers conferred by clause (23) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the "All India Cricket Association for the Disabled, FPH Building, Lala Lajpatrai Marg, Mumbai" for the purpose of the said clause for the assessment years 1999-2...

Notification No. 223-Income Tax In exercise of the, powers conferred by clause (23) of section 10 of the Incometax Act, 1961 (43 of 1961), the Central Government hereby notifies the "All India Chess Federation, Calicut" for the purpose of the said clause for the assessment years 1997-98 to 1999-2000...

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 Rev...

In Paragraph 2 of Public Notice No. 36 (RE-2000)/1997-2002 dated 4th September 2001, the condition “However, export obligation incurred by the MOU signatories in respect of imports made upto 31/3/2001 shall be fulfilled by them within the stipulated period unless extended by the Government for good & sufficient reasons” also stands wi...

All goods used within the factory of production for the manufacture of goods falling under chapter 71...

Circular No. 654/45/2002-CX I am directed to refer to Board's circular No.591/28/2001-CX dated 16.10.2001 on the above subject. Consequent to issuance of the circular, certain references were received from field formations to say that the said circular has gone beyond the scope of the rule and that an option has been given to the assesse...

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962, ( 52 of 1962 ), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance ( Department of Revenue ), No. 36/2001...

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...

The Commissioner of Customs/Central Excise may direct the concerned developer to get his accounts audited by a Cost Accountant nominated by him in this behalf. ...

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957), the Central Government, being satisfied that it is necessary in the public interest so to do, h...

The importer shall execute a bond in such Form and for such sum as may be specified by the Commissioner of Customs or the Commissioner of Customs and Central Excise, as the case may be, binding himself to utilise the said goods within a period of six months or such extended period as may be allowed by him, and if the importer fails to do ...

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 amendments in the notification of the Government of India, in the Ministry of Finance (Department of Re...

Vitamin A Palmitate, originating in, or exported from, European Union and Georgia has been exported to India below its normal value, resulting in dumping...

For the purposes of this notification, rate of exchange applicable for the purposes 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 & Company Affairs (Department of Revenue), issued from time to time, in exercise of the powers conferred...

Rate of exchange applicable for the purposes 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 & Company Affairs (Department of Revenue), issued from time to time, in exercise of the powers conferred under sub-clause (i) of clause (a) of...

he said goods shall not be allowed to be removed from the special economic zone except with the permission of the Assistant or Deputy Commissioner of Customs or the Assistant or Deputy Commissioner of Customs and Central Excise, as the case may be, having jurisdiction over the said special economic zone, and on payment of applicable duty....

In of the said notification, in the opening paragraph, for the words "for the purposes of manufacture of goods ", the words "for the purposes of setting up of units or for the purposes of manufacture of goods" shall be substituted....

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Paragraphs 2.1 and 2.4 of the Export and Import Policy, 2002-2007 , the Central Government hereby makes the following amendments in the ITC(HS) Classification of Export and Import items, 2002-2007 and as ...

The matter has been considered in consultation with the Gems & Jewellery Division, Department of Commerce and Central Board of Excise & Custom, Department of Revenue. Accordingly, it is clarified that for the purpose of Paragraph 4.4.5(b) of Exim Policy, the calculation of the quantum of silver shall be done excluding the weight of studd...

In exercise of powers conferred under paragraph 2.4 of the Export and Import Policy, 2002-07 and paragraph 1.1 of Handbook (Vol.1), the Director General of Foreign Trade hereby makes the following amendments/ corrections in the book titled "Schedule of DEPB RateSr....

I am directed to invite your attention to the subject mentioned above and to say that a doubt has been raised regarding classification of records, tapes and other media ....

The matter has been examined. At present, the nominated agencies are allowed to import silver on payment of duty at the rate of Rs. 500 per kg. under notification No.80/97-Cus....

Notification No. 204-Income Tax Provided that the benefit under the said section shall be admissible only if the holder of such bonds registers his/her name and the holding with the said Corporation. ...

Notification No. 205-Income Tax Provided that the benefit under the said section shall be admissible only if the holder of such bonds registers his/her name and the holding with the said Corporation. ...

Notification No. 206-Income Tax Provided that the benefit under the said section shall be admissible only if the holder of such bonds registers his/her name and the holding with the said Corporation. ...

Notification No. 200-Income Tax It is notified for general information that 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 2002-2003, 2003-2004, and 2004-2005. ...

Difficulties, if any, faced in the implementation of the above instructions, may be brought to the notice of the Board at an early date. ...

It has been brought to the notice of the Board that various practices are being followed in Custom Houses regarding calculation of interest for delayed payment of duty....

The anti-dumping duty imposed under this notification shall be levied with effect from the date of imposition of the provisional anti-dumping duty, i.e. the 9th October 2001, and shall be paid in Indian currency. Explanation. - For the purposes of this notification, rate of exchange applicable for the purposes of calculation of anti-dumpi...

For the purposes of this notification, rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India in the Ministry of Finance & Company Affairs (Department of Revenue), issued from time to time, in exercise of the powers conferred by s...

Please refer to ST Circular No.46/09/2002-CX dated 8th August, 2002 issued under F.No.149/02/2002-CX.4 on the subject mentioned above....

I am directed to say that doubts have been raised regarding recovery of service tax on certain services provided by Bharat Sanchar Nigam Ltd. (BSNL) to Basic Telephone Service Providers (BSTP) and Cellular Mobile Service Providers (CMSP). References have been received from the Cellular Operators Association of India, New Delhi, and the De...

directed to forward herewith a copy of the following Notification published in the Gazette of India (Extraordinary) for your information and necessary action...

Circular No. 653/44/2002-CX I am directed to say that doubts have been raised about classification of "Link Cartridge Metallic Belt" and "Charger", whether under sub-heading 9305.00 or 9306.00 or under heading 7320.00. Link Cartridge Metallic Belt holds the cartridges in a belt form, feeding a medium machine gun. A "charger" is used to h...

Circular No.652/43/2002-CX.6 I am directed to refer to Board's Circular No.593/30/2001-CX dated 19.10.2001 relating to allotment of PAN based Registration Numbers wherein it was prescribed that Range Officers would themselves allot the said numbers for multi unit companies. Attention is also drawn to Board's Circular No.493/59/99-CX, dat...

Notification No. 199-Income Tax It is notified for general information that 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 2002-2003, 2003-2004 and 2004-2005....

Circular No.651/42/2002-CX...

Circular No.650/41/2002-CX In this regard Board's attention has been drawn to a decision of CEGAT in the case of M/s. KIRLOSKAR ELECTRIC Co. Vs. CCE , Bangalore. In this case, CEGAT has held that the assessee is entitled to Modvat credit on the inputs used in the finished products which were destroyed due to circumstances beyond their c...

Attention is invited to Ministry of Commerce (Import Trade Control) Public Notice No. 74-ITC(PN)/85-88 dated the 21st February, 1986 on the subject mentioned above. It is hereby informed that in pursuance of the relevant provisions contained in the Indo-USSR deferred payments protocol dated the 30th April, 1981 and 23rd December, 1985 be...

The principal notification was published in the Gazette of India vide notification no. 63/94-Cus(NT), dated 21st November, 1994 (S.O. 830(E), dated the 21st November, 1994) and last amended by notification no. 30/2002-Cus(NT), dated the 27th May. 2002....

Circular No. 6 of 2002-Income Tax Dividend Income from shares of Indian companies and income from units of Mutual Funds have been made taxable in the hands of share/unitholders by the Finance Act, 2002. For small investors investing in equity, a threshold limit of Rs. 1,000 was provided for the purpose of TDS. Let us for senior citizens ...

Whereas the European Commission (EC) has instructed its member countries to introduce checking operations with regard to import of fresh fruits and vegetables at their respective points of entry and, whereas the European Commission shall allow in the normal course the entry of such commodities if the checks have been carried out in the e...

2nd August, 2002 Notification No. 16/2002-Service Tax In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), and in supersession of the notification of the Government of India, in the Ministry of Finance, Department of Revenue vide GSR 205(E), 24th April, 1998, the Central Government, being satisfied that...

Section 69 of Chapter V of the Finance Act, 1994 (as amended by the Finance Act. 1997, 1998, 1999, 2000 and 2001) pertaining to registration goes as under: “Every person liable to pay the service tax under this chapter or the rules made there under shall, with in such time in such manner and in such form as may be prescribed, make an...

In exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following further alterations in Schedule VI to the said Act, namely....

Attention is invited to Paragraph 2.4 of the Export and Import Policy 2002-2007, as amended and Paragraphs 4.9 and 4.10 of the Handbook of Procedures, Vol.1, 2002-2007, as amended and also to the Handbook of Procedures, Vol.2, 2002-2007, as amended from time to time....

The following sentence is added in the “Certificate of Chartered Accountant/ Cost and Works Accountant/ Company Secretary” at S.No (ix) of Appendix 17 pertaining to the “Application for Grant of Export House, Trading House, Star Trading House, Super Star Trading House” and S.No (viii) of Appendix 17 A pertaining to “Application ...

F.No.B. 11/1/2002-TRU Government of India Ministry of Finance Department of Revenue 1st August, 2002 Subject: Tax on 10 New Services to be effective from 2002- Instructions regarding. Kindly refer to section 149 of the Finance Act, 2002 (20 of 2002) which, inter-alia, provides for the levy of service tax on 10 new services. 2. It [&hellip...

1st August, 2002 Order No. 1/2002-Service Tax In exercise of the powers conferred by sub-section (1)  of section 95 of the Finance Act, 1994 (32 of 1994), (herein after referred to as the said Act), the Central Government hereby makes the following Order, namely :–...

1st August, 2002 Notification No. 15/2002-Service Tax  GSR 543 (E)-In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994) (herein after referred to as the said Act), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments [&hellip...

The output service provider availing service tax credit shall maintain proper records in which the relevant information regarding the Sl. No. and date of document on which service tax credit is availed, service tax registration No. and name of the input service provider, description and value of input service, service tax credit availed, ...

1st August, 2002 Notification No.13/2002-Service Tax 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 makes the following amendment in the notification of  the Government of India, in the Ministry [...

1st August, 2002 Notification No. 12/2002-Service Tax GSR 540 (E) In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, except as respects things done [&helli...

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.1 of the Export and Import Policy, 2002-07, the Central Government hereby amends/ corrects the Export and Import Policy, 2002-07 as under....

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 service provided to a customer by a beauty parlour in relation to hair dyeing, from the whole of the service tax leviable thereon...

1st August, 2002 Notification No. 10/2002-Service Tax 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 service provided  to any person by a cargo handling agency in […]...

1st August, 2002 Notification No. 9/2002-Service Tax   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 service provided, by an insurer carrying on life insurance business, to [...

1st August, 2002 Notification No. 8/2002-Service Tax In exercise of the powers conferred by section 149 of the Finance Act, 2002 (20 of 2002), the Central Government hereby appoints the 16th day August, 2002, as the date on which  the Finance Act, 1994 (32 of 1994) shall be amended as provided in the said section […]...

Notification No. 196-Income Tax It is notified for general information that 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 2002-2003, 2003-2004, and 2004-2005....