CBEC vide Circular No. 171/6/2013-ST dated 17.09.2013 has provided the guidelines for arrest and bail in relation to section 90 and 91 of the Finance Act, 1994 as amended by Finance Act, 2013. The Circular lays down that since arrest impinges on the personal liberty of an individual, this power must my exercised carefully. The […]
Circular No. 38/2013-Customs Attention of the field formations is invited to the amendments to section 104 of the Customs Act, 1962 vide Finance Act, 2013 (with effect from 10.05.2013) whereby all offences are bailable other than the categories of offences punishable under section 135 of the Act ibid , which are classified as non-bailable.
Further, AD Category-I banks were also advised to exercise due caution in respect of the accounts being opened in the name of individuals or proprietary concerns at different bank branches for collecting the margin money, investment money, etc. in connection with such transactions.
It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with developers / builders, e.g. upfront disbursal of sanctioned individual housing loans to builders without linking the disbursals to various stages of construction of housing project, interest / EMI on the housing loan
1. SEBI (Buy Back of Securities) Regulations, 1998 (hereinafter referred to as Buy Back Regulations) were amended vide notification dated August 08, 2013 with an objective of aligning the regulatory requirements with the changing market realities and enhancing the efficiency in the Buy Back process.
1. in order to streamline the disposal of refund cases, in the first stage, all pending refunds, up to the period ending on 31st March, 2013, and up to Rs.l lakh in a tax period, would be automatically refunded centrally through ECS route to the Bank account of dealer based on his self-declaration. However, to verify accuracy of claim, 10% of such cases would be picked up later for audit on the basis of criteria and parameters decided by the Department.
It has been brought to the notice of this Directorate that some importers/exporters are effecting imports/exports by using IECs issued to others which is a complete violation of provisions of Foreign Trade Policy.
In order to provide money changing facility to non-residents to convert unspent Indian Rupees with them, Foreign Exchange Counters in the departure halls in international airports in India may be established in the Duty Free Area/SHA beyond the Immigration/ Customs desk.
As in previous years, the drawback rates have been determined on the basis of certain broad average parameters including, inter alia, prevailing prices of inputs, standard input output norms, share of imports in input consumption, the applied rates of
Ministry of corporate Affairs has also notified 98 sections for implementation of the provisions of the companies Act, 2013 on 12.9.2013. Certain difficulties have been expressed by the stakeholders in the implementation of following provisions of the said Act.
