In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 642 read with section 383A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies.
I am directed to state that during the Valuation Conference held at Mumbai on 21st and 22nd August, 2003, views were expressed that the Board’s Circular No.16/2003, dated 17.03.2003 needed a review since it mandated the issue of a speaking order under Rule 10A of CVR, 1988, in “all cases” where enhancement of value was resorted to. It was pointed out that it might not be practicable/desirable to issue a speaking order in all such cases particularly where the enhancement of value has been done and that on many occasions, the importers agree to the enhancement of value based on the higher contemporaneous value noticed in the National Import Data Base( NIDB) made available by the Directorate of Valuation.
The principal notification No. 58/2003-CENTRAL EXCISE, dated the 22nd July, 2003, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i ) vide G.S.R 575 ( E), dated the 22nd July, 2003 and was last amended by notification No.68/2003-CENTRAL EXCISE, dated the 14th August, 2003 [ G.S.R. 668 (E), dated the 14th August, 2003.
