However, the facility of extension of export obligation period shall not be allowed in case of advance licence wherein import of penicillin and its salts (ITC(HS) Code No. 29411 010) and 6 – APA (ITC(HS) Code No. 29411 050) have been allowed as an input. The licensing authority shall make an endorsement in the advance licence to this effect.
In exercise of the powers conferred by rule 3, read with rule 4, of the Customs and Central Excise Duties Drawback Rules, 1995 (hereinafter referred to as the said rules) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 26/2003-Customs (N.T.), dated the 1st April, 2003, except as respects things done or omitted to be done before such supersession, the Central Government hereby determines the rates of drawback as specified in the Table annexed hereto (hereinafter referred to as the said Table), subject to the conditions specified in the General Notes hereunder, namely.
he Stock Exchanges are advised to report to SEBI, the action taken in this regard in Section II, item no. 13 of the Monthly Development Report for the month of February, 2005.
The Ministry has announced the revised All Industry Rates of Duty Drawback vide notification No.8/2005-Cus (NT) dated 18.1.2005. These rates shall come into force with effect from 19.1.2005. The notification may be downloaded from CBEC website www.cbec.gov.in and perused for details.
The matter was examined again and accordingly it is decided to withdraw the Policy Circular No. 7 dated 4.11.04 with immediate effect. It is also reiterated that any advance licence issued with three months export obligation period as per the policy Circular No. 7 dated 4.11.04 stands automatically extended to six months in accordance with the Public Notice No. 6 and the Policy Circular No. 1 both dated 17.09.04.
Notification No. 5/2005 – Income Tax S.O. 61(F).—In exercise of the powers conferred by clause (ii b) of the proviso to Section 193 of the Income Tax Act. 1961 (43 of 1961). the Central Government hereby specifies the “IDBI Flexibonds 2004-2005” issued by Industrial Development Bank of India Limited for the purpose of
It is further clarified that in respect of supplies made on or after 15.12.2004 to projects covered under para 8.6.1, the six months period allowed for claiming deemed export benefits as per the revised criteria will be counted from the last date of the month/quarter/half year in which the last payment is received or supplies made as per the option exercised by the supplier. It is also clarified that the facility of claiming benefits after the expiry of the last date for submission of applications with a late cut as per para 9.3 of Handbook will also be available.
FOB actually realized and date of realization of export proceeds are to be given in all cases except where consignment has been sent against confirmed irrevocable letter of credit or exports made against the Government of India/EXIM Bank Line of Credit or exports made under Deferred Payment/Suppliers Line of Credit Contract backed by ECGC Cover. An endorsement to that effect need to be endorsed in BRC.
In respect of supplies under paragraph 8.2(b) of the Policy, except Advance Licence for deemed exports and DFRC, the deemed export benefits may be claimed from the Development Commissioner or the Licensing Authority concerned.
Notification No. 4/2005 – Income Tax In exercise of powers conferred by the clause (23) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the “Karnataka State Billiards Association, Bangalore, Karnataka” for the purpose of the said sub-clause for the assessment year 2002-2003 subject to the following conditions, namely
