The Stock Exchanges are advised to take note of change in the procedure by RBI for issue and export of shares by Indian companies to NRI investors as provided in the referred Press Release and ensure compliance regarding obtaining certificate from the Company that all share certificates including certificate to NRI investors have been despatched before listing or trading permission is granted.
Commissioner of Customs, Mumbai has made a reference on the eligibility of Nylon Tricot Fabrics/ P.U.leather cloth under the above Sl.No. of the Notification No. 11/97-Cus. read with list 3 (A) therein. The dispute was that the product was having multiple uses and the main use not being that of use in leather industry. While Commissioner of Customs, Mumbai considered, this item to be
Attention is invited to Paragraph 7.7 of Exim Policy, 1997-2002 according to which a Duty Free Licence and the relevant DEEC Book shall specify the aggregate CIF value of imports alongwith other details. A number of representations have been received from various exporters to clarify whether in the Duty Free Licence/DEEC Book issued after 1.4.97 in terms of Para 7.7 of Exim Policy, 1997-2002, each item of import should specify the value limit or not.
Attention is invited to ALC Circular No. 16/95 dated 1.8.1995 wherein it was clarified that as far as Special Rupee Escrow Accounts in the names of Russian entities were concerned,Advance Licence shall be permitted, subject to the condition that the export order has been placed and the L/C has been opened by the A/c holder directly in favour of the Indian exporter and payment is also received by the Indian exporter directly from the Account holder.
Capital goods including jigs, fixture, dies and moulds may be imported at a concessional rate of Customs duty subject to export obligation to be fulfilled over a period of time as per table given below. In addition, spares upto 20% of the CIF value of the capital goods may also be imported under the scheme.
In supersession of Public Notice No. 31 dated 12.8.1997 it has been decided that the Roller Flour Mills can freely import wheat under Actual User condition directly or through State Trading Corporation of India Limited (STC), Projects Equipments Corporation (P.E.C.) and Minerals & Metals Trading Corporation of India Limited (M.M.T.C.), to meet their own requirements for milling purposes only.
Attention is invited to Public Notice No. 7 (RE-98) 1997- 2002 dated 24.4.98 wherein one time extension upto 30th September, 1998 in export obligation period for Quantity Based Advance Licences was provided,subject to the terms and conditions indicated therein.
Circular No. 424/57/98-CX It was brought to the notice of the Board that consequent upon rescinding of Rule 56 A of the Central Excise Rules, 1944 containing the provisions of Proforma credit end extension of Modvat credit to the goods covered under the said Proforma credit with effect from 20th May, 1944 certain intermediate products such as covered rubber thread, covered spandex yarn etc. which arose during the course of manufacture of final products remained outside the purview of the provisions of Modvat credit.
Mumbai Custom House has reported that certain that certain parties have managed to obtain DEPB Scrips on the basis of forged documents in the name of following non-existant firms
In exercise of powers conferred under Paragraph 4.11 of the Export and Import Policy, 1997-2002, as notified in the Gazette of India extraordinary, Part – II, Section – 3 – Sub-section (ii) vide S.O. No. 283(E) dated 31.3.1997, the Director General of Foreign Trade hereby makes following amendment in the Handbook of Procedures (Vol.1) (RE : 98), 1997-2002.
