These guidelines are issued in accordance with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.
In view of above, it was suggested that in case of failure to achieve NFE (EP being deleted in the new Policy), the demand of duty alongwith interest should be in direct proportion to the default as already provided in case of SEZ Scheme. Since the concept is already in existence in case of SEZ Scheme, it has been decided to incorporate the same in EOU/STP/EHTP Scheme also. To implement this, a suitable provision has been incorporated in the notifications Nos. 22/2003-CE and 52/2003-Cus, both dated 31-3-2003, governing duty free procurement and import by EOUs and STP/EHTP.
Amendment to Companies (Acceptance of Deposits) Rules 1975 permits loans from NDDB to companies owned by it, clarifying deposit treatment for regulatory compliance.
I am directed to invite your attention to the Customs Tariff ( Amendment), Act, 2003 vide which the revised 8 digit Customs Classification Codes based on Harmonised Classification has been adopted by the Customs with effect from 1st February, 2003. The new 8 digit codes have also been adopted by Directorate General of Foreign Trade (DGFT) and Directorate General of Commercial Intelligence and Statistics (DGCI&S).
Notification No.77 – Income Tax It is notified for general information that enterprise/industrial undertaking, 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 2004-2005, 2005-2006 and 2006-2007
New amendment to the Companies (Acceptance of Deposits) Rules exempts NDDB loans to its companies from deposit regulations under the Companies Act, 1956.
Where supplies in respect of contracts, as contained in Para 3(i ) & (ii ) above have already been completed on the date of issue of this Public Notice, such contracts shall not be eligible for grant of Advance licence for deemed export unless such licence had already been applied for prior to effecting the aforesaid supplies.
