The 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, 2006.
They accept responsibility for establishing and maintaining internal controls for financial reporting and that they have evaluated the effectiveness of internal control systems of the company pertaining to financial reporting and they have disclosed to the auditors and the Audit Committee,
“Whether, on the facts and in the circumstances of the case, there was a material irregularity in the notice issued to the assessee under section 34 and dated 28th February, 1958, and if so, whether such irregularity vitiated the proceedings taken under the said notice ?”
The notification No 154/94-Cus dated 13-07-94 allows duty free import of commercial samples valued upto Rs 60,000 or 15 units in number within a period of 12 months, as personal baggage by bonafide commercial travelers or businessmen are imported by post or air. New Paragraph No. 4A.31 has been inserted in HOP so as to enable exporters of Gem & Jewellery sector to import samples without payment of duty up to Rs. Three lakhs or upto 0.25% of average 3 years export, whichever is lower. In order to implement the provision of HOP, notification No.154/94-Cus dated 13-07-94 was amended suitably by notification No.50/2005-Cus.
