Circular No. 600/37/2001-CX I am directed to invite reference to the judgment of Hon’ble High Court of Gujarat in the case of M/s. Krishna Chemicals, Ahmedabad, passed on 22.11.2000. The Hon’ble High Court has interpreted Notification No.16/94-CE(NT) dated 30.3.94 and held that the gate passes issued prior to 1.4.94 but endorsed thereafter would be valid documents for availment of credit,
The principal notification No.50/2000-Customs, dated the 27th April, 2000 was published in the Gazetted of India,. Extraordinary vide GSR NO. 366(E), dated the 27th April, 2000 and it was amended by notification No. 140/2000-Customs, dated the 14th November.
I am directed to say that erstwhile rule 57CC(1) of the Central Excise Rules, 1944 provides for payment of an amount equal to 8% of the total price (excluding sales tax etc. paid on such goods) of the exempted final product by the manufacturers who manufacture both dutiable and exempted final products without maintaining a separate account for inputs, on which credit has been availed. It has been reported that certain manufacturers are realising the amount so paid under said Rule 57CC from their buyers by showing it separately in the invoices. Doubts have been expressed as to whether the amount so realised by the manufacturers represents Central Excise duty and whether this amount has to be paid to the credit of Central Government under the provisions of section 11D of Central Excise Act, 1944.
In exercise of powers conferred by section 5 of the Foreign Trade (Development and Regulation) Act,1992 (No.22 of 1992) read with paragraph 1.3 and 4.11 of the Export and Import Policy ,1997-2002 (incorporating amendments made upto 31.3.2001), the Central Government hereby makes following amendments in the “ITC(HS) Classifications of Export and Import Items 1997-2002.
For the purposes of this notification, the anti-dumping duty shall be calculated in Indian currency and the “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 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.
The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 17/2001-Customs, dated the 1st March, 2001 [G.S.R.116 (E), dated the 1st March, 2001] and was last amended by notification No. 117/2001-Customs, dated the 13th November, 2001.
To avoid such situations the Companies are advised to mandatorily print the bank accounts details furnished by the Depositories, on the payment instruments. The Depositories and the Stock Exchanges are therefore advised to instruct the companies / issuers accordingly.
It is further advised that at present only some of the companies print the bank account details of the investors on the warrants (payment instrument), for distribution of dividends and other cash benefits etc,. There are some companies, which are not printing the bank account details on the payment instruments. SEBI has also received complaints about fraudulent encashment of the dividend and other cash benefit instruments.
A number of DEPB licences have expired in respect of export of formulations relating to the Product Group – Chemicals and yarn dyed Made ups relating to the Product Group- Textiles, due to differences in interpretation . It has therefore been decided that DEPB relating to S.No 37 and 40 of the Product Group – Chemical (Product Code 62) and S.No 69 and 72 of Product Group – Textiles (Product Code 89) shall be revalidated for a period of 6 months from the date of such endorsement by the licencing authority against submission of a request and TR/ demand draft for Rs 200. However no revalidation shall be granted by the licensing authority in cases where misrepresentation/ fraud has come to the notice of the licensing authority or adjudicating orders have already been passed .
Public Notice No. 49 extends the shipment deadline for coarse grain and maize exports under previous notices to 31 December 2001. Read key export updates.
