NEW DELHI, Jan 7 (Reuters) – India’s government will examine the role of Satyam’s auditors and directors, after its chairman resigned and said the company profits had been inflated, the federal company affairs minister said on Wednesday. “Anybody found guilty will be dealt with accordingly,” Prem Chand Gupta told reporters. A spokeswoman for Satyam’s auditor, […]
LOOK AT FREE/PREFERENTIAL TRADE AGREEMENTS India has entered into trade agreements with neighbouring countries, Thailand, Singapore, China, Korea, Chile, and Afghanistan besides being part of Global System of Trade Preferences that covers 52 developing countries. The agreements cover select items that attract concessional rate of import duties provided origin criterion is met. USE EXIM BANK […]
To curb the misuse of tax exemption given to charitable organisations, the government will now closely scrutinise accounts of large entities, which include NGOs and trade bodies, after it was found that some of them were allegedly indulging in commercial activities. More than 60,000 assessees in seven metropolitan cities are claiming tax exemption under the […]
Concerned Regional Authority may consider request for grant of first extension in E.O. period on payment of composition fee equal to 2% of proportionate duty saved amount on unfulfilled export obligation or an enhancement in export obligation imposed to the extent of 10% of total export obligation imposed under authorization, as the case may be at the choice of exporter, for each year of extension sought. Such first extension in EO period can be for a maximum period of two years.
India is a party to the Montreal Protocol and Vienna Convention for the Protection of the Ozone Layer and committed to phase out Ozone Depleting Substances (ODS) in India. As per policy decision taken by the Ministry of Environment & Forests (MoEF) in 1997, import of ODS is restricted in India. Accordingly, the Import Policy for the item is ‘restricted’ and subject to condition of Import Licensing Note No.1 mentioned at the end of Chapter 29 of ITC(HS) Classification of Export and Import Items.
Attention is invited to various schemes under Chapter 3 of FTP. In this regard, references have been received from the Trade and Industry on the issue as to whether commission or discounts have to be included or excluded from the FOB value of exports in the value taken for calculation of the entitlement.
The matter was examined in detail. DFIA is issued strictly as per SION. There are 22 sensitive items (inputs) listed in paragraph 4.55.3 of HBP v.1, for which an exporter need to specify the technical specification, quality, characteristics etc. to establish nexus with the product exported. For other inputs, such details are not required unless otherwise specifically mentioned in the SION. In this regard, customs circular no. 46/07 dated 20.12.07 has been issued.
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, Inland Container Depot, Tughlakabad, New Delhi to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on.
for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Bagsons International, 38/2079, Naiwala, Karol Bagh, New Delhi – 5 and others issued vide, F.No. DRI/BZU/F/03/2006, dated the 25th June, 2008, by the Additional Director General, Directorate of Revenue Intelligence, Mumbai Zonal Unit, Mumbai.
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, Inland Container Depot, Tughlakabad, New Delhi to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on the Commissioner of Customs (Import), Jawaharlal Nehru Port Trust, Nhava Sheva, Mumbai, Maharashtra, for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Victory International, WZ-219C, Madipur Village, New Delhi – 110063 and others vide, DRI. F.No. 50D/138/2006-C.I., dated the 6th August, 2008, by the Additional Director General, Directorate of Revenue Intelligence, 7th Floor, ‘D’ Block, I.P.Bhavan, I.P.Estate, New Delhi – 110002.
