I am directed to say that there is need to reduce the number of show cause notice which are being issued by the Assistant Commissioner of Customs as a routine. A large number of such show cause notices are dropped at the time of adjudication. It has been observed that assessments are being changed by the Appraisser/ Assistant Commissioners at their level without proper scrutiny
Attention is invited to paragraph 7.25 of the Exim Policy (RE-98) 1997-2002 which only allows DEPB credit for exports made in freely convertible currency. Clarifications have been sought as to whether exports made under counter trade agreement and export proceeds realised through ‘Escrow Account’ in US$ shall be entitled for DEPB benefits or not. The matter has been taken with the RBI which inturn has clarified that export made to Russian Federation against non-repatriable US dollars shall not be covered under the category of freely convertible currency and thus shall not be entitled for DEPB benefit. Accordingly, exports made under counter trade. agreement and export proceeds realised through ‘Escrow account’ in US$ is not entitled for DEPB benefit.
Payment of fees: The credit will be given for fees paid by the earlier merchant banking entity (transferor) to the entity to which the registration is being transferred (transferee).
The description of the export product at S.No.91 under the product group Engineering, in the annexure to Public Notice No. 6(RE-98) 1997-2002 dated 15.4.98 may be corrected to read as Cold Rolled Galvanised Colour Coated Sheets/Strips/Wide coils of Colour Coated steel sheets/ CRGP/GC sheets/strips/wide coils.
F.No. 354/62/97-TRU Attention to drawn to notification No. 15/98CE(NT) dated 2.6.98 wherein a proviso is added to Sub-Rule (7) of Rule 52A. By insertion of this Sub-Rule Commissioners may be general or special order exempt an assessee or class of assesses from pre-authenticating each foil of invoice book and from intimating serial number of the invoices.
Notification No. S. O. 1153-Income Tax It is notified for general information that M/s. India Renewable Energy Development Agency Ltd., Core-4-A, East Court, India Habitat Centre Complex, 1st Floor, Lodhi Road, New Delhi-110 003, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 1999-2000.
Notification No. S. O. 1154-Income Tax It is notified for general information that M/s. Transcrop Housing Finance Ltd., Meghalaya Tower, Church Road, Jaipur-302 001, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 1999-2000.
Each port office will report the position of quota utilisation after 4 months from the date of release of the ceiling to this office. A quarterly statement showing the name of the exporters, quantity applied for, quantity allowed for exports, FOB value and port of destination may also be sent to this office by the concerned licensing authorities disbursing the Peacock Tail Feathers quota.
Each export consignment alongwith the related documents will be subject to pre-shipment inspection and verification by the Regional Dy. Director, Wild Life, Preservation, Deptt. of Forests & Wildlife, Govt. of India, where necessary permit/certificate of Management Authority in India (Director)/Wildlife Preservation, Department of Forests & Wildlife, Govt. of India under the Convention of International Trade in Endangered Species of Wild Fauna and Flora (CITES) shall also have to be obtained.
In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services provided.
