Please refer to our circular no. SMD-II/POLICY/CIR-37/99 dated November 26, 1999 whereby the Exchanges were permitted to promote a subsidiary/float a company to acquire membership rights of other Stock Exchange subject to fulfillment of certain conditions as stipulated therein.
Circular No. 502/68/99-CX While reviewing an Order-in-Original passed by a Commissioner, it was observed that the said Commissioner made substantive changes in his order by issuing a corrigendum nearly 10 months after issue of the order-in-original. It was felt, prima facie, that the substantive changes brought about by the corrigendum may be beyond the scope of Section 154 of the Customs Act, 1962
Public Notice No. 44 (RE-99) corrects product descriptions and DEPB entries for plastics, chemicals, and engineering products under the Export and Import Policy.
Public Notice No. 43 (RE-99) extends application deadlines and revalidation dates to 31st December 1999 and beyond due to disruptions in regional licensing.
The description under Serial number 1 of fish and fish product was amended to specifically include fish meat only under Public Notice No. 55(RE-99) dated 11.11.98, the same shall only cover fish meat w.e.f. 11.11.98 and therefore other variety of meat shall not be eligible for DEPB benefit between 11.11.98 to 7.5.99. From 8.5.99 meat products shall be eligible for DEPB rate under Serial number 15 of food product as given in Appendix 28A.
Circular No. 501/67/99-CX I am directed to say that the Board has drawn a contingency action plan to deal with any failure of computer system of the banks on account of Y2K problems so that the clearances of dutiable goods are not withheld. Indeed, all the banks have been trying to become Y2K compliant and normally it is expected that the banking system will not be adversely affected. Moreover, the date of occurrence of Y2K problem, if at all it occurs, is Known in advance
Circular No. 500/66/99-CX It has been brought to the notice of the Board that under the existing procedure, the merchant exporters including those manufacturer-exporters, who have to procure the excisable goods for export under bond manufactured in different parts of the country, have to furnish several bonds with the Deputy/Assistant Commissioner of Central Excise of the supplier”s area and submit proof of exports for discharge of such bonds and thus, it is a large documentation and time-consuming procedure.
Notification No. 11168/1999 – Income Tax It is notified for general information that M/s Industrial Development Bank of India, Mumbai, has been approved by the Central Government as a Corporation engaged for providing long-term finance for industrial development in the country for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment year 1999-2000.
Circular No. 499/65/99-CX I am directed to say that to encourage the use of Information Technology by every person dealing with the Central Excise Department, the Government has issued notification number 58/99-Central Excise (N.T.) dated 30.11.99 whereby a new rule 226A has been inserted in Central Excise Rules, 1944 providing that any person may electronically maintain or generate records, returns, invoices or other documents using computer. The main features of the new rule
The Stock Exchanges shall comply with the decisions taken above and make suitable changes in their software and hardware so that the schedule for implementation of the first phase of rolling settlement is adhered to.
