In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 of the Foreign Trade Policy, 2009-2014 (as amended from time to time), the Central Government, with immediate effect, hereby amends the entry at Sl. No. 91 & inserts a new entry at Sl. No. 91 A in Chapter 15 of Schedule 2 of ITC(HS) Classification of Export & Import Items.
From 1.1.2015, all applications for IEC would be made in online mode only. All applicants will have to fill IEC application and also upload all required documents online. All IEC Certificates would also be issued by the concerned RA (with his digital signature) in digital format only. The applicant can take a print out of the digitally signed IEC, as and when required.
Amendments in Detailed Guidelines for Issue / Modification of Importer Exporter Code Number (IEC) as notified vide Public Notice No. 76 dated the 27th of November, 2014 and Para 9.1 of Handbook of Procedure vol.1 (2009-14).
Further, the Income Tax Authorities, Ministry of Corporate Affairs and the State Government of Punjab are being intimated about the exit of LSE, for appropriate action at their end.
CBDT vide Circular No. 19/2014-Customs dated December 31, 2014 has introduced at 18 Sea Ports, the facility of 24×7 Customs clearance for specified imports i.e. goods covered by ‘facilitated’ Bills of Entry and specified export i.e. factory stuffed containers and goods exported under free Shipping Bills, effective from December 31, 2014.
In exercise of the powers conferred by sub-section (1) of section 8B of the Customs Tariff Act, read with rules 12, 14 and 17 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government after considering the aforesaid findings of the Director General (Safeguards), hereby imposes on Sodium Citrate falling under tariff item 2918 15 20 of the First Schedule to the Customs Tariff Act, when imported into India, a safeguard duty at the following rate, namely:-
Special Judge for CBI Cases, Ernakulam has convicted Shri Ajay Pratap Singh, then Inspector, Central Excise Tax Division, Kathrikadavu, Cochin U/s 7 & Section 13(2) r/w 13(1)(d) of PC Act, 1988 and sentenced him to undergo two years Rigorous Imprisonment with fine of Rs.25,000/- in a bribery case.
The Government of India has informed SEBI vide communication dated December 30, 2014 that as per the FAQ published on the US Internal Revenue Service (IRS) website, Foreign Financial Institutions (FFIs) in Model 1 jurisdictions need to register with the US IRS and obtain a Global Intermediary Identification Number (GIIN) before January 01, 2015, or at the earliest, in order to avoid withholding.
Pursuant to the recommendation made by Corporate Bonds and Securitization Advisory Committee (CoBoSAC), SEBI is proposing to lay down regulatory framework for issue and listing of debt securities by municipalities. In this regard, SEBI has initiated the public consultation process by preparing concept paper and draft regulations viz., SEBI (Issue and Listing of Debt Securities by Municipality) Regulations, 2015.
Aditya Shah Anomaly in Definition of Free Reserves under Companies Act, 2013 makes Companies Re-think about leaving credit in Profit & Loss A/c Companies which have excess of Profit after appropriation for statutory reserves and dividend do have tendency to retain it as Surplus of the company, rather than transferring it to any Reserves, which […]
