Recently the Central Board of Excise and Customs issued a circular, Circular No. 4/2004 dt. 16-01-2004 [2004 (163) ELT T29], saying that conversion of Shipping Bills from free Shipping Bill to drawback Shipping Bill or from one export incentive scheme to other should not be encouraged. The said circular imposes conditions which have made it almost impossible to attain such conversion. In this context, the present paper seeks to examine the relevant legal provision for such conversion under the Customs Act, 1962, and propriety and legality of such circular.
The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 6/2002-Central Excise, dated the 1st March, 2002 [G.S.R. 127 (E), dated the 1st March, 2002] and was last amended by notification No. 2/2004-Central Excise, dated the 8th January, 2004 [G.S.R. No. 33 (E), dated the 8th January, 2004.
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
DGFT clarifies agency commission limits for DEPB calculation, allowing up to 12.5% of FOB value. Commissions above this limit will be deducted.
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
The principal notification No.146/94-Customs dated the 13th July, 1994 was published in the Gazette of India, Extraordinary, vide G.S.R. 575(E), dated the 13th July, 1994 and was last amended by notification No.172/2003-Customs, dated the 2nd December, 2003 [G.S.R 920 (E), dated the 2nd December, 2003].
Notification No. 11-Income Tax In exercise of the powers conferred by 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
The Stock Exchanges may shift these companies from TFTS to NRS provided there are no other specific grounds for continuation of the trading in these scrips in TFTS.
Import of Naptha is free. The provisions as stipulated for import of Naptha for use in the power sector vide Public Notice No.57 (PN)/1997-2002 dated 5th December, 1997 stands withdrawn with immediate effect and the withdrawal will be applicable only prospectively from the date of issue of this Notification. Further, the above change will not alter the position of applicability of the provisions of other statutory provisions relevant to the subject.
Stock Exchanges are directed to implement the above requirement with immediate effect and take necessary disciplinary action wherever violation of the above provisions are observed.
