Wherever import of Penicillins and its salts (ITC HS Code 29411010) is allowed under advance licensing scheme, export obligation period for such licences shall be restricted to three months from the date of clearance of import of first consignment. An endorsement in the Advance Licence shall be made by the Licencing Authority to this effect.
The circulars dated May 14, 1993 and October 21, 1993 referred to above would stand modified accordingly, with regard to calculation of net-worth of the members.
In a case falling under clause 22.7, if the subsidiary reimburses the cost incurred by the holding company in granting options to the employees of the subsidiary, both the subsidiary as well as the holding company shall disclose the payment or receipt, as the case may be, in the ‘notes to accounts’ to their financial statements.
