This Public Notice is issued for continuance of deemed export benefits for supplies made to Maharashtra State Electricity Board for early execution of the second Maharashtra Power Project in the wake of withdrawal of World Bank loan, subject to the terms and conditions mentioned in the foregoing paragraph and in Appendix – 14A of Handbook of Procedures (RE:99).
In the light of above stated two changes the issue was discussed with Deptt. of Economic Affairs and Deptt. of Revenue and it has been decided to withdraw Policy Circular No. 57 dated 10th December, 1998. Accordingly, Policy Circular No. 57 dated 10th December, 1998 is withdrawn and DGFT Circular No. M-3(2)/AM92/DBK Cell dated 18th March, 1994 stands. Even the supplies effected between 16th December, 1998 to 31st March, 1999, and thereafter, shall also be entitled for deemed export benefits as clarified by DGFT Circular No. M-3(2)/AM92/DBK Cell dated 18th March, 1994.
Notification 28(RE-99)/1997-2002 revises Niger Seeds export rules, introducing canalisation and agency-specific guidelines for exports to the USA.
Notification No. 11085/1999 – Income Tax In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to seventy-five per cent of average rise in the Consumer Price Index for the financial year commencing on the 1st day of April, 1998 and ending on the 31st day of March, 1999
Export of finished goods direct from the job worker’s premises may be permitted provided the job worker’s premises is registered with the Central Excise Department. However, export of such products from the job worker’s premises shall not be allowed through third parties as provided under paragraph 9.11 of the Policy.
I am directed to invite your attention to Notification No. 30/99- Customs (NT) dated 12.5.99 providing for a graded scale of interest in case the goods warehoused under sub-clause (b) of clause (1) of Section 61 of the Customs Act, 1962 are not removed after the expiry of six months from the date of warehousing
Circular No. 485/51/99-CX I am directed to say that a doubt has arisen whether in cases where stenters were closed during the period from 16.12.98 to 27.2.99, duty should be paid first and abatement granted subsequently or abatement can be granted without insisting for payment of the duty first.
Attention of all concerned is drawn to SS No. 09.021 of the Drawback Table, 1999-2000, wherein drawback @ Rs. 2/- per kg. has been allowed on tea (to the extent of ir digenous proportion). The said rate is incumbent upon the condition of non-availment of Modvat facility
Similarly, negotiated deals in listed corporate debt securities shall not be permitted and all such trades will have to be executed on the price and order matching mechanism of the stock exchanges as in the case of equities.
Circular No. 779-Income Tax 4.2 Rates for deduction of income-tax at source during the financial year 1999-2000 from income other than Salaries 4.2-1 The rates for deduction of income-tax at source during the financial year 1999-2000 from income other than Salaries, have been specified in Part II of the First Schedule to the Act. These rates apply to income by way of interest on securities, interest other than interest on securities, insurance commission, winnings from lotteries or crossword puzzles, winnings from horse races and income of non-residents (including non-resident Indians).
