The facility of Advance Licence for Intermediate Supplies would be granted against invalidation of Advance licences for physical exports issued before 01.04.2002 even in case where the intermediate supplier has supplied or intends to supply the material subsequent to the fulfilment of the export obligation by the ultimate exporter holding the Advance Licence as per the provisions of para 4.13 of the Handbook of Procedures (Vol 1). This issues with approval of Director General of Foreign Trade.
The principal notification was published in the Gazette of India vide notification No. 62/94-Customs (NT), dated the 21st November, 1994 [S.O.829 (E), dated the 21st November, 1994] and last amended by notification No. 46/2001-Customs (NT), dated the 26th September, 2001.
The ratio of the above judgement of the constitution bench of the Supreme Court is squarely applicable in the present case. As in the instant case, the subject goods have not suffered any Additional Excise Duty leviable
Circular No.642/33/2002-CX I am directed to refer to sub-rule 2 of rule 20 of Central Excise Rules, 2002 read with Notification No 46/2001 – Central Excise dated 26.6. 2001 relating to warehousing of excisable goods for the purpose of export and Board’s Circular No. 581/18/2001-CX, dated 29th June 2001 (modifiedby Circular No.626/17/2002-CX dated 06-03-2002), specifying conditions, procedures, class of exporters and places for the said purpose
Circular No. 641/32/2002-CX I am directed to refer to Section 129 of the Finance Act, 2001 relating to imposition of National Calamity Contingent Duty (NCCD) and Notification No.42/2001 CE (NT), dated 26.6.2001 relating to export of goods without payment of duty under bond and to say that reportedly some of the field formations are issuing demands for collection of National Calamity Contingent Duty(NCCD) on goods exported under bond.
The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 39/96-Customs, dated the 23rd July, 1996 [ G.S.R. 291 (E), dated the 23rd July, 1996 ] and was last amended by notification No. 130/2001-Customs, dated the 24th December, 2001.
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 supercession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.32/2002-NT-Customs, dated the 28th May, 2002 [S.O.575(E), dated the 28th May, 2002], 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 July, 2002.
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 supercession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.31/2002-NT-Customs, dated the 28th May, 2002 [S.O.574(E) dated the 28th May, 2002], the Board hereby determines for the purposes of said section, relating to imported 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 July, 2002.
It has come to our notice that the exchanges are not entertaining the claims against the defaulter member for compensation from the Investor Protection Fund/ Customer Protection Fund (IPF/ CPF) where the clients have dealt through the registered sub-broker of the defaulting broker.
This has reference to our circular no. SMDRP/Policy/Cir-44/2001 dated August 31, 2001, advising the exchanges inter-alia to amend the listing agreement to make it mandatory for listed companies to comply with all Accounting Standards issued by The Institute of Chartered Accountants of India (ICAI) from time to time.
