Government of India have issued norms relating to Multiple Membership in Stock exchanges vide F No : 1/26/SE/91 dated 12.9.1991 which interalia stipulates eligibility criteria at (1)(a) that a member should have operated his membership for a peroid of at least 5 years before seeking membership to another Stock Exchange.
Circular No. 37/37/94-CX It has been represented that manufacturer of leather goods like Jackets/Wallets/bags etc, are being asked to get the central excise registration by the Central Excise Collectorates even though their clearances for home consumption is well within the exemption limit. It is further stated that they are being directed to observe regular AR4/AR4 A procedure as their clearances for export has exceeded the limit of Rs. two crores as provided in the small scale exemption notification.
The details are mentioned on the refund orders/cheques along with the applicant’s name. This avoids the a possibility of the refund orders being stolen or being illegally misappropriated.
Cir. No. 36/36/94-CX.8 The Collector of Central Excise, Bombay-II has expressed certain doubts as to the accounting of scrap of metals and other materials arising during the course of manufacture of various excisable products, for the purpose of levy of excise duty consequent upon the changes brought about by Budget 1994-95. A copy of his letter is enclosed for ready reference.
Cir. No. 35/35/94-CX Board has received the references regarding procedure to be followed in case prosecution to be launched where there is one. Adjudicating Officer for number of factories located under jurisdiction of different Collectorates.
Circular No. 34/34/94-CX I am directed to state that after the introduction of invoice-based assessment procedure, a number of representations have been received from various quarters on the implementation of the new procedure. These representations have been examined and the following instructions for guidance.
Accordingly the stock exchanges are advised that no deposit be collected from the mutual funds in respect of the schemes floated by them for public subscription which are sought to be listed at the stock exchanges. These instructions may be given effect to immediately.
It has come to our notice that at times the stock exchanges grant permission for trading for certain securities on the basis of a certificate by the concerned company that it has commenced the despatch of share certificates/relevant securities.
Cir. No. 32/32/94-CX I am directed to refer to Board’s instructions contained in F.No. 289/10/91-CX.9 dated 18.3.91 under which powers have been delegated to the Principal Collectors of Central Excise to grant, in individual cases, the facility of payment of Central Excise dues in upto 12 installments on merits.
Considering the recurring thefts of dividend warrants/refund orders/ interest warrants, the Securities & Exchange Board of India has requested the companies to institute a procedure of requesting the shareholder to indicate his account number and bank branch so that the cheques /drafts/warrants sent to the shareholder include the details of his account number and the designated bank branch.
