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Notification No. 20-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby approves the institutions mentioned in column
Representations have been received seeking clarification on the maximum permissible limit for payment of agency commission on exports against DEPB licences. Attention is drawn to this office policy circular No.55 (RE-98) dated 10th December, 1998 to be read with custom circular No.64/2003-Cus. dated 21st July, 2003 and Clause 6E-2 of the Exchange Control Manual of RBI whereby it was specifically mentioned that the rate of commission should not exceed 12.5% of invoice value/FOB value.
With a view to imparting transparency in bulk deals so as to prevent rumours/speculation about such deals causing volatility in the scrip price, it has been decided to bring about greater disclosure
