"February, 2003" Archive

Public Notice No. 65 /2002-07, Dated: 28.02.2003

Public Notice No. 65 /2002-07 (28/02/2003)

Copy of the permission issued to the manufacturer exporter by the competent authority (concerned State Electricity Board or Power Corporation or Regulatory Commission of the concerned State) under Section 44 of the Electricity (Supply) Act, 1948 for the installation of captive power plant based on the specified fuel unless the permission ...

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Circular No. 697/13/2003-CX Dated 27/2/2003

Circular No. 697/13/2003-CX (27/02/2003)

Circular No. 697/13/2003-CX I am directed to say that instances have been reported to the Board where in respect of commodities notified under Section 4A of the Central Excise Act, 1944 goods are sold only against refundable deposits or against deposit of an empty bottle, container or jar. As for example in the case of sale of soft drink...

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Notification No. 17/2003-Customs (N.T.), Dated: 25.02.2002

Notification No. 17/2003-Customs (N.T.) (25/02/2003)

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 March, 2003, be the rate mentioned a...

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Notification No. 16/2003-Customs (N.T.), Dated: 25.02.2003

Notification No. 16/2003-Customs (N.T.) (25/02/2003)

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.9/2003-NT-Customs, dated the 28th January, 2003 [S.O.96(E) dated t...

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Notification No. 15/2003-Customs (N.T.), Dated: 25.02.2003

Notification No. 15/2003-Customs (N.T.) (25/02/2003)

The Principal notification was published in the Gazette of India, Extraordinary, vide notification No. 36/2001- CUS (N.T.), dated, the 3rd August, 2001 [ S.O 748 (E), dated, the 3rd August, 2001 ] and was last amended vide notification no. 79/2002-Cus. (N.T.), dated the 10th December, 2002....

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Notification No.38/2003 – Income Tax Dated 25/2/2003

Notification No.38/2003 - Income Tax (25/02/2003)

Notification No.38 - Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies tax free bonds (Series XVIII) Secured Redeemable, Non-cumulative Tax-free bonds redeemable after 10 years with a put/call option a...

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Notification No.37/2003 – Income Tax Dated 25/2/2003

Notification No.37/2003 - Income Tax (25/02/2003)

Notification No.37 - Income Tax In exercise of the powers conferred by section 120 of the Income-tax Act, 1961, (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), Central Board of Direct Taxes, S.O. 733(E) dated...

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Circular No. 695/11/2003-CX Dated 24/2/2003

Circular No. 695/11/2003-CX (24/02/2003)

Circular No.695/11/2003-CX I am directed to refer to clauses (1) and (2) of Board's Circular No.572/9/2001-CX dated 22.02.2001 which interalia provides that in cases where the Department has filed Special Leave Petition/Civil Application along with stay application against the adverse order of High Court/CEGAT as the case may be, no uni...

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General Circular No. 12/2003, dated 21/02/2003

General Circular No. 12/2003 (21/02/2003)

The request made by some Companies, particularly companies engaged in production of steel to prescribe an appropriate method, to make provision for depreciation based on unit of production rather than straight line or written down value method has been engaging the attention of the Department for quite some time....

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Public Notice No. 64 /2002-07, Dated: 19.02.2003

Public Notice No. 64 /2002-07 (19/02/2003)

In exercise of powers conferred under paragraph 2.4 of the Export and Import Policy, 2002-07, the Director General of Foreign Trade hereby makes the following amendment in the Handbook of Procedures (Vol.1)...

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SEBI : Approval of Amendments to Bye Laws / Rules of Stock Exchanges and Depositories

LGL/Cir-2/2003 (19/02/2003)

If any document other than Bye Laws / Rules / Regulations is sent for approval, the justification and need for forwarding same to SEBI, indicating whether it forms a part of any Bye Law or Rule or Regulation. ...

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Public Notice No. 63 /2002-07, Dated: 17.02.2003

Public Notice No. 63 /2002-07 (17/02/2003)

In cases where the exporter has not applied for DEPB credit in respect of shipping bills where date of order of Let Export is on or after 1st April, 2002, he can apply for the DEPB with new rates notified by Public Notice No.62 dated 17.2.2003. Such applications shall be filed in the appendix 10C alongwith prescribed documents as per proc...

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SEBI : Securities and Exchange Board of India (Delisting of Securities) Guidelines 2003

SMD/Policy/Cir-7/2003 (17/02/2003)

Pursuant to the above Securities and Exchange Board of India (Delisting of Securities) Guidelines 2003, has been issued (Copy enclosed). These guidelines shall come into effect immediately....

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Public Notice No. 62 (RE-2002)/2002-2007, Dated: 17.02.2003

Public Notice No. 62 (RE-2002)/2002-2007 (17/02/2003)

The Policy relating to Duty Entitlement Passbook Scheme (DEPB) Scheme is given in Chapter-4 of the Policy. The duty credit under the scheme shall be calculated by taking into account the deemed import content of the said export product as per SION and the basic custom duty and special additional duty ( SAD) payable on such deemed imports....

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Sanction of All Industry Rate of Duty Drawback pending fixation of Brand Rate of Drawback-regarding

Circular No. 10/2003-Custom Duty (17/02/2003)

There have been representations from the trade that since the procedure of application and issuance of brand rate letters under Rule 7 involves one to two months, they remain out of funds and face financial difficulties....

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Duty Drawback on Composite Items-regarding

Circular No. 9/2003-Custom Duty (17/02/2005)

The trade has however been representing that on occasions it becomes difficult to resolve the composite article into its constituent components and the only alternative is to break the article. This results in wastage of the products and also the exporters are asked to go for laboratory testing to ascertain the composition of individual m...

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Acceptance of self-declaration as to the non-availment of Cenvat facility for extending the duty drawback

Circular No. 8/2003-Custom Duty (17/02/2003)

It is also clarified here that as regards such manufacturer- exporters and supporting manufacturers who are registered with Central Excise, the fact of non-availment of Cenvat facility can be confirmed from ARE-I which these exporters shall be furnishing. Therefore, in case of registered manufacturer-exporters and merchant exporters with ...

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General Circular No. 11/2003, dated 14.02.2003

General Circular No. 11/2003 (14/02/2003)

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

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Notification No. 5/2003-Central Excise Dated: 13.02.2003

Notification No. 05/2003-Central Excise (13/02/2003)

The principal notification No. 39/2001-Central Excise dated the 31st July, 2001was published in the Gazette of India vide number GSR 565 (E), dated the 31st July, 2001 and was last amended by notification number 60/2002-Central Excise, dated the 19th December, 2002 [G.S.R.827(E) dated the 19th December, 2002....

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Anti Dumping Duty on non-brass metal flashlights

Notification No. 25/2003-Customs (13/02/2003)

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 (Department of Revenue), issued from time to time, in exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of se...

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Circular No. 693/09/2003-CX Dated 13/2/2003

Circular No. 693/09/2003-CX (13/02/2003)

Circular No. 693/9/2003-CX I am directed to say that it has been brought to the notice of the Board that in port cities and certain other areas, where the 100% EOUs are under the administrative control of Customs, Internal Audit is not being conducted as Customs do have a system of audit in the premises of the unit. Further, Central Exci...

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Circular No. 692/08/2003-CX Dated 13/2/2003

Circular No. 692/08/2003-CX (13/02/2003)

Circular No. 692/08/2003-CX I am directed to say that on introduction of Central Excise Valuation (Determination of Price of Excisable goods) Rules, 2000, w.e.f. 1.7.2000, it was clarified by the Board vide Circular No.354/81/2000-TRU dated 30.6.2000 (para 21) that for valuing goods which are captively consumed, the general principles of...

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General Circular No. 10/2003, dated 13/02/2003

General Circular No. 10/2003 (13/02/2003)

The above format of TDS may be printed on the reverse side of the counterfoil duly signed by persons responsible for deduction of tax....

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CENVAT Credit (Amendment) Rules, 2003

Notification No. 7/2003-Central Excise (N.T.) (13/02/2003)

In exercise of the powers conferred by Section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2002...

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SEBI : Extension of time for appointment of common agency for share registry work

D&CC/FITTC/CIR-18/2003 (12/02/2003)

The companies are advised to furnish a copy of compliance certificate latest by April 07, 2003 to the stock exchanges wherever their securities are listed as well as to the depositories wherever the securities have been admitted....

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SEBI : Non-compliance of provisions of listing agreement.

SMD/Policy/Listing/Cir-5/2003 (12/02/2003)

It has been observed that in the cases where companies listed at the stock exchanges fail to comply with the various requirements of listing agreement, the exchanges do not initiate any action against the companies....

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SEBI : Extension of time for appointment of common agency for share registry work

D&CC/FITTC/CIR-18/2003 (12/02/2003)

The companies are advised to furnish a copy of compliance certificate latest by April 07, 2003 to the stock exchanges wherever their securities are listed as well as to the depositories wherever the securities have been admitted....

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SEBI : Applicability of investment limit in Exchange traded derivative contracts

Circular No. FIITC/FII/7/2003 (11/02/2003)

The custodians of securities are requested to bring the contents of this circular to the notice of their constituents. The circular is also available at the web page Legal Framework on the SEBI website at www.sebi.gov.in....

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SEBI : Restructuring of the Subsidiary Management

SMD/POLICY/CIR-4/2003 (11/02/2003)

The small stock exchanges were permitted to promote / float a subsidiary / company vide SEBI Circular no. SMD-II/Policy/Cir-37/99 dated November 26, 1999. SEBI has inspected subsidiary companies and has reviewed their functioning. ...

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Circular No. 691/07/2003-CX Dated 11/2/2003

Circular No. 691/07/2003-CX (11/02/2003)

Circular No. 691/7/2003-CX...

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Central Excise (First Amendment) Rules, 2003

Notification No. 6/2003-Central Excise (N.T.) (11/02/2003)

In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the Central Excise Rules, 2002, hereinafter referred to as the said rules, except as respect things done or omitted to be done before such amendment...

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Circular No. 1/2003-Income Tax Dated 10-2-2003

Circular No. 1/2003-Income Tax (10/02/2003)

Circular No. 1 of 2003-Income Tax The provisions of the Indo-Mauritius DTAC of 1983 apply to ‘residents’ of both India and Mauritius. Article 4 of the DTAC defines a resident of one State to mean "any person who, under the laws of that State is liable to taxation therein by reason of his domicile, residence, place of management or an...

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Anti-dumping duty on Pure Terephthalic Acid (PTA)

Notification No. 24/2003-Customs (10/02/2003)

The principal notification No.99/2000-Customs, dated the 11th July, 2000 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 598(E). dated the 11th July, 2000 and was last amended by notification No.129/2002-Customs dated the 20th November, 2002...

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Policy Circular No.18 (RE-2002)/2002-2007, Dated: 07.02.2003

Policy Circular No.18 (RE-2002)/2002-2007 (07/02/2003)

It has been decided to allocate a quantity of 8,500 MTs ( Eight thousand five hundred MTs ) of Raw sugar out of free sale portion of 2002-2003 ( October 1, 2002 to September 30, 2003 ) season’s production for export to USA as a Preferential Raw Cane sugar Tariff Rate quota for the fiscal year 2003 (October 1, 2002 to September 30, 2003...

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SEBI : Executive Director/Managing Director of all Stock Exchanges

SMD/POLICY/Cir-/03 (06/02/2003)

System for online transmitting the client wise pay-in obligation to depository so that the depository in turn could download the security pay-in instructions to depository participants in respect of the investor maintaining account with them....

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Notification No.31/2003- Income Tax Dated 6/2/2003

Notification No.31/2003- Income Tax (06/02/2003)

Notification No.31- Income Tax In exercise of the powers conferred by clause (h) of sub-section (2) of section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

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SEBI : To all registered Portfolio Managers

SEBI/RPM CIRCULAR NO.3 (2002-2003) (05/02/2003)

The total exposure of the portfolio client in derivatives should not exceed his portfolio funds placed with the portfolio manager and the portfolio manager should basically invest and not borrow on behalf of his clients....

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Admissibility of drawback and Market verification for ascertaining the present market value under Drawback Scheme-reg

Circular No. 7/2003-Custom Duty (05/02/2003)

It must be ensured that the market verifications are not resorted to in a routine manner and should be undertaken only on the basis of information/intelligence and/or prima-facie evidence which should be first recorded and, thereafter, orders of Additional Commissioner/Joint Commissioner or in their absence Commissioner's be obtained to d...

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The Companies (Amendment) Act, 2002 (notifying 6-2-2003 as effective date)

Notification No. S.O.135(E) (05/02/2003)

In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2002 (1 of 2003), the Central Government hereby appoints the 6th day of February, 2003 as the date on which the provisions of the said Act shall come into force....

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Director’s Relatives (Office or Place of Profit) Rules 2003

Notification No. G.S.R. 89(E) (05/02/2003)

For the purposes of sub-rule (7) of rule 4, the expression "Selection Committee" means a committee, the majority of which shall consist of independent directors and an expert in the respective field from outside the company....

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Notification No.30/2003 – Income Tax Dated 4/2/2003

Notification No.30/2003 - Income Tax (04/02/2003)

Notification No.30 - Income Tax In exercise of the powers conferred by section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), Central Board of Direct Taxes, number S.O. 733(E)...

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Public Notice No. 61 (RE-03)/2002-2007, Dated: 03.02.2003

Public Notice No. 61 (RE-03)/2002-2007 (03/02/2003)

In exercise of the powers conferred under Paragraph 2.4 of the Export and Import Policy 2002-2007, as amended, the Director General of Foreign Trade hereby makes the following amendments/deletions/corrections and additions in the Handbook of Procedures, Vol.2, 2002-2007, as amended....

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