Some enquiries have been initiated by the departmental agencies seeking to demand duty on such articles of jewellery which are packed in boxes, pouches etc. bearing a trade name or brand name or mark. References have since been received from the Trade requesting for providing clarity on levy of excise duty on jewellery sold under a Brand name. The industry has drawn attention to condition no, 8 of notification no.5/2006-CE dated 01.03.06 which provides that the exemption shall not be applicable to articles of jewellery of heading no 7113 on which brand name or trade name is indelibly affixed or embossed on the articles of jewellery itself. It has been argued that accordingly only such jewellery where brand name or trade name is indelibly affixed or embossed on the articles of jewellery itself should attract excise duty and duty should not be charged on the articles which do not themselves bear such marking but which are packed in a jewellery box or pouch bearing a trade name or brand name or in whose case, the warranty card or certificate of quality issued at the time of sale bears a trade name or brand name.
On review of the details furnished by the insurers under the aforesaid circulars, certain discrepancies were observed by the Authority. It was also observed that while some of the insurers have robust IT backed systems/processes in place to ensure compliance with the stipulations as regards limits on various expense heads, in case of others there was a felt need for building up such platforms and ensure that they function at the desired levels of effectiveness and efficiency.
VAT Circular 4T of 2012 – Special measures for revival of sick/closed co-operative sugar factories in the state – Download Notification
According to SEBI (Credit Rating Agencies) Regulations, 1996 (the Regulations), a credit rating agency (CRA) has been defined as a body corporate which is engaged in the business of rating of securities offered by way of public or rights issues. The term “securities” has been defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956.
A.P. (DIR Series) Circular No.89 Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to Regulation 5(4) and Schedule 5 of Notification No. FEMA 20/2000-RB dated May 3, 2000, viz., Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time, in terms of which the Securities and Exchange Board of India (SEBI) registered FIIs are allowed to invest only in listed non-convertible debentures (NCDs)/bonds issued by an Indian company.
In terms of which powers have been delegated to the AD Category-I bank regarding submission of Annual Activity Certificate by BO / LOs, extension of the validity period of LOs and closure of BO / LOs of foreign entities in India.
I am directed to say that at the time of incorporation of companies where one of the objects is to carry on the business of Banking, Insurance or to practice the profession of Chartered Accountancy, Cost Accountancy & Company Secretaries, then the concerned Registrar of Companies shall incorporate the same only on production of in-principle approval / NOC from the concerned regulator/professional Institutes.
As per the extant guidelines, developers of Special Economic Zones (SEZ) are allowed to avail of External Commercial Borrowings (ECBs) under the approval route for providing infrastructure facilities, as defined under the extant ECB policy within the SEZ. Keeping in view the infrastructural needs of the proposed National Manufacturing Investment Zones (NMIZs), it has now been decided to allow developers of NMIZ also to avail of ECB under the “approval route” for providing infrastructure facilities, as defined under the extant ECB policy within the NMIZ. The details are given vide the A.P. (DIR Series) Circular No. 85 dated February 29, 2012.
The Reserve Bank of India had issued guidelines to all AD Category-I banks for compilation of R-Returns and reporting under the Foreign Exchange Transactions – Electronic Reporting System (FETERS). On further review, the Reserve Bank has advised the AD Category-I banks about the following changes in reporting of R-Returns under FETERS from the next financial year (i.e., transactions taking place from April 1, 2012) :
There could be some supportive documents which an applicant would like to submit. These can be scanned and uploaded. The system has provision to upload up to 5 documents of 300 KB each in gif, html and pdf formats. Further, if required, additional documents may also be submitted by post to ‘The Foreign Trade Development Officer (PRC Section)’, 5th Floor, Udyog Bhawan, New Delhi-110011 or can be scanned and e-mailed to [email protected]., quoting the reference number as at (iv) above.
