In exercise of the powers conferred by rule 19 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance, (Department of Revenue) No.42/2001-Central Excise (N.T.), dated the 26th June 2001
The custodians of securities are requested to bring the contents of this circular to the notice of their constituents. The circular is also available at the web page ‘Foreign Institutional Investors’ on the SEBI website at www.sebi.gov.in.
Since, the Central Excise levy on knitted garments has come into effect from 1.3.2002, all the exports effected on or after this date shall be eligible for this facility.
The matter has been considered in consultation with Plantation Division of the Department of Commerce and the DES Division in this office and accordingly, it is clarified that the Policy restricts only duty free imports. DEPB is only a mode of payment of duty instead of payment in cash. Since Natural rubber is otherwise freely importable on payment of prescribed duty, Policy Circular 28 dated 4.3.2002 and earlier ALC Circulars does not prevent payment of Custom duty for import of natural rubber.
Similarly, the Commissioner of Customs (Systems) shall regularly depute his officers to visit major and important formations for verification of proper functioning
I am directed to invite your attention to the subject mentioned above and to say that a doubt has been raised as to whether cash dispensers can be allowed the benefit of notification No.21/2002-Cus., Sl.No.272 which prescribes a concessional rate of duty of 15% on Automatic Teller Machines (ATMs).
If there is any non.resident interest in the firm/company and non resident investment is to be made with repatriation benefits, full particulars thereof with photo copy of RBI approval must be submitted. Investment without repatriation benefits, a simple declaration indicating whether it is held with the general/ specific permission of RBI on the letter head of the firm should be furnished. In case of specific approval, a copy may also be furnished. Indian Companies issuing shares to foreign nationals/ NRIs under automatic route,100% scheme or 24/40% schemes are not required to obtain prior approval of RBI.
The Board has taken a serious view of the matter and has desired that the Commissioner should make efforts to reconstruct the files wherever possible.
Circular No.645/36/2002-CX I am directed to refer to Board’s Circular No.101/12/95-CX.8 dated 22.02.95 which stipulates reversal of modvat (cenvat) credit taken on the inputs which are subsequently written off being obsolete or unfit for use.
Representations/requests seeking clarification on “No Sale Period” have been received from the importers – who have made imports of vehicles in terms of the above mentioned Public Notice and executed the requisite Bonds with concerned Regional Licensing Authorities.
