Attention is invited to Public Notice No. 41(RE-98)/ 1997-2002 dated 16th September, 1998 of the DGFT announcing a special advance licensing scheme for export of electronic products. The Department of Revenue has issued Notification No. 77/98-Customs, dated 16.10.1998 in order to operationalise the scheme. The Special Advance Licences shall be issued under Para 7.4 (f) of the Exim
The proposal for establishment of new ICD, CFS and Air Cargo Complexes are presently being examined by Inter-ministerial Committee consisting of representatives from the various Ministries. The said committee is functioning in the Ministry of Commerce. It has been observed that the commissioners of Customs/ Central Excise have been sending letters to the Ministry of Commerce
The Government of India amends export rules regarding cotton yarn under the Foreign Trade Development and Regulation Act in Public Notice No. 51 (RE-98).
Notification No. S. O. 923(E)-Income Tax In exercise of the powers conferred by the proviso to sub-section (2) of section 80JJAA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely,—- This notification contains amendment to Income-tax (Twenty-second Amendment) Rules, 1962 carried out on 23rd October, 1998 not reproduced here as it is already contained in the body of the rules itself. [F. No. 142/59/98–TPL]
Notification No. S. O. 924(E)-Income Tax In exercise of the powers conferred by the proviso to sub-section (1) of section 80HHE of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely,—- This notification contains amendment to Income-tax (Twenty-third Amendment) Rules, 1962 carried out on 23rd October, 1998 not reproduced here as it is already contained in the body of the rules itself. [Notification No. 10735/F. No. 142/58/98–TPL]
Notification No. S. O. 925(E)-Income Tax In exercise of the powers conferred by the proviso to sub-section (1) of section 80HHE of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely,—- This notification contains amendment to Income-tax (Twenty-fourth Amendment) Rules, 1962 carried out on 23rd October, 1998 not reproduced here as it is already contained in the body of the rules itself. [Notification No. 10736/F. No. 142/58/98–TPL]
The matter has been taken up with the RBI. In this connection, RBI has clarified that as per the provisions of para 7A.19 of Exchange Control Manual (1993 edition) the Exchange Control copy of import licence submitted by the importer for opening of letter of credit or making remittance should be retained by authorised dealer and forwarded to RBI after it has been fully utilised alongwith R Returns pertaining to the period during which the last remittances under the licence were made.
Notification No. S. O. 915(E)-Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 10 years, 13.5% (Taxable) HUDCO Bonds (Series-VII) bearing distinctive numbers from 10000001 to 10620000 for Rs. 1,000 each aggregating to an amount of rupees sixty-two crores only issued by Housing and Urban Development Corporation Limited, New Delhi, for the purpose of the said clause.
For the purposes of this notification, “landed value” means the assessable value as determined under the Customs Act, 1962 (52 of 1962) and includes all duties of customs except customs duties levied under sections 3,3A, 8B, 9 or section 9A, as the case may be, of the said Customs Tariff Act.
Attention is invited to Circular No. 69/97 – Cus. date 8th December, 1997. As per para 6 & 7 of this Circular, an enquiry/ investigation into the PMV of an export product must be completed and a final view taken within 30 days
