Attention of Authorised Dealers (ADs) is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act). On a review it is felt necessary to revise the regulations issued under the Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2000,
A.P. (DIR Series) Circular No. 42 Attention of Authorised Dealer Category I (AD Category – I) banks is invited to Notification No. FEMA. 14 /RB -2000, dated 3rd May 2000, as amended from time to time, dealing with manner of receipt and payment, in terms of which export proceeds for exports from India and import payments for imports to India may be received / made in any mode in accordance with the directions issued by the Reserve Bank of India to the Authorized Dealers from time to time.
A.P. (DIR Series) Circular No.47/2015-16 [(1)/11(R)] Attention of Authorised Dealers (ADs) is invited to Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015 notified vide Notification No. FEMA. 11(R)/2015-RB dated December 29, 2015, c.f. G.S.R. No.1006 (E) dated December 29, 2015, which supersedes the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000 and all amendments thereto.
Circular No. 1015/03/2016-CX References have been received in the Board from intended beneficiaries that there have been instances where refund applications filed beyond one year from purchase of vehicle, have been rejected as they were hit by limitation under Section 11B of the Central Excise Act, 1944. Reason for such delay has been claimed in some cases as delay in procuring certificate from the line Ministry as prescribed in the notification, confirming the said goods are capable of being used by the physically handicapped persons.
Circular No. 03/2016-Customs duty The Central Board of Excise and Customs has taken-up the task of implementing ‘Indian Customs Single Window Project’ to facilitate trade. This project envisages that the importers and exporters would electronically lodge their Customs clearance documents at a single point only with the Customs. The required permission, if any, from other regulatory agencies (such as Animal Quarantine, Plant Quarantine, Drug Controller, Textile Committee etc.) would be obtained online without the importer/exporter having to separately approach these agencies. T
Circular No. 1014/02/2016-CX Hon’ble High Court has held that duty under Central Excise Act, 1944 can be levied, if the article has come into existence as a result of production or manufacture. Articles which are not produced or manufactured cannot be subjected to levy of excise duty.
A.P. (DIR Series) Circular No. 40 Foreign Direct Investment –Reporting under FDI Scheme, Mandatory filing of form ARF, FCGPR and FCTRS on e-Biz platform and discontinuation of physical filing from February 8, 2016
CIRCULAR NO. 37 OF 2015-16 A considerable number of refund cases are lying pending with department and many representations are being received in this regard. In order to streamline the disposal of refund cases, at the first stage, it has been decided that all refunds pending upto the tax period ending 31st March, 2015 and having amount upto ₹ 10,000 in a tax period, would be processed expeditiously.
CDMRD/DMP/CIR/32/2016 Overall position limit for a particular commodity shall be restricted to numerical position limits as mandated from time to time. For the present, the numerical position limits as existing shall be continued. It is clarified that client level position limit equal to 5% of market wide open interest permitted earlier, is hereby discontinued.
The dealers who had uploaded the said Audit Report under subsection (1) of section 61 on or before the 21st January 2016 and submitted the physical copy of the acknowledgment on or before 1st February 2016 then in such cases penalty proceedings shall not be initiated.
