Notification No.251/2005 – Income Tax In exercise of the powers conferred by Sub-Section (1) and Sub-Section (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), Central Board of Direct Taxes, number S.O.734(E) dated the 31st July, 2001
Whereas in the matter of import of acrylonitrile butadiene rubber (NBR) in bale form [excluding powder and carboxylated NBR] (hereinafter referred to as the subject goods), classified under heading 4002 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, the European Union (excluding Germany), Brazil and Mexico (hereinafter referred to as the subject countries), the designated authority vide its preliminary findings No.14/32/2003-DGAD, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 30th March, 2005.
On examination of their request in the Ministry, it has been decided that service providers in the port handling sector who are appointed as Custodians by the jurisdictional Customs/Central Excise authorities shall be eligible for 25% Bank Guarantee for importing capital goods under EPCG Scheme. Circular No.58/2004-Cus. dated 21.10.2004 stands modified to this effect.
For the purposes of this notification, “rate of exchange” applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred under sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for the determination of the “rate of exchange” shall be the date of presentation of the “bill of entry” under section 46 of the said Customs Act.
Accordingly Board’s Circular No.43/2001-Cus. dated 6.8.2001 and instruction issued vide F.No.450/132/2004-Cus.IV, dated 4.01.2005 should be read as amended to above extent.
In exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.96/2005-NT-Customs, dated the 26th October, 2005 [S.O.1542(E), dated the 26th October, 2005], the Board hereby determines for the purposes of said section relating to export goods, that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II appended hereto into Indian currency or vice versa shall, with effect from the 1st December, 2005, be the rate mentioned against it in the corresponding entry in column (3) thereof.
In exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of Customs Act, 1962 (52 of 1962) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.95/2005-NT-Customs, dated the 26th October, 2005.
Whereas in the matter of import of Cold Rolled Flat Products of stainless steel, of a width of 600 mm or more, whether further processed or not, of all grades or series (hereinafter referred to as the subject goods), classified under sub-headings 7219 31, 7219 32, 7219 33, 7219 34, 7219 35 and 7219 90 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from the European Union, Japan, Canada and the United States of America (hereinafter referred to as the subject countries), the Designated Authority vide its final findings No. 24/1/2001-DGAD, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 21st October, 2002, read with the corrigendum published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 14th November, 2002.
Therefore, in exercise of the powers conferred by sub-section (1), the second proviso to sub-section (5) and sub-section (6) of section 9A of the said Customs Tariff Act read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 69/2001- CUSTOMS, G.S.R.461(E), dated the 26th June, 2001, namely.
However, consignment of Metallic Scrap where the Bill of Lading is dated 1st December 2005 or before and where certificates have been issued by these agencies will be cleared by Customs with 100% inspection in terms of Custom Circular No. 56 dated 18.10.2004.
