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Reference is invited to Policy Circular No 14 dated 19.10.2001 which prescribed the procedure for the settlement of audit objections wherever the relevant policy provisions mandated the surrender of Special Import Licence (SIL) that is now defunct. In continuation of the aforesaid provision, some of the regional offices have sought the extension of the provision of PC 14 dated 19.10.2001 to all category of cases where the surrender of SIL was mandated for regularisation of the cases.
ASSOCHAM have represented to Board that member exporters are facing difficulties in availing duty drawback in respect of goods which were imported earlier and are subsequently re-exported under Section 74 of the Customs Act. It is reported that in such cases Customs insist that for the purpose of availing drawback under Section 74, the goods should be reexported back to the same supplier who had supplied the goods.
It has been observed that debt instruments issued by some of the issuer companies are admitted only on one of the Depositories.
Circular No. 674/65/2002-CX I am directed to draw your attention to Board’s circular No. 5/83-CX6 dated 10.3.83 issued from F.No. 210/28/81-CX6 and circular No. 444/10/99-CX dated 12.3.99 issued from F.No.210/1/99-CX6 wherein it has been, inter alia, directed that immediately on receipt of objection from CERA , demand-cum-show cause notice should be issued without any loss of time even if the Central Excise officers do not agree with Audit’s point of view.
