SEBI vide circular IMD/FIIC/1/2012 dated January 3, 2012 had provided the facility of re-investment of up to two years from the date of the circular or to the extent of twice the size of the debt portfolio, to those FIIs and sub-accounts that had already acquired limits and/or invested in debt in the manner prescribed in the said circular. The facility of reinvestment period was not allowed for all new allocations of debt limits to FIIs/sub-accounts after the issuance of the said circular.
It may be noted that a confirmed demand remains an order in operation till it is stayed. Mere preferment of appeal itself does not operate as a stay. Hon’ble Supreme Court in case of Collector of Customs, Bombay Vs Krishna Sales (P) Ltd [1994 (73) E.L.T 519 (S.C)] has observed that As is well known, mere filing of an Appeal does not operate as a stay or suspension of the Order appealed against”. Accordingly, the above directions are hereby issued for initiating recovery of the confirmed demands. Circular No. 967/01/2013 – CX
Security of imported and export goods in Customs area is of utmost importance and any unauthorised access / entry should be prohibited at any cost. One methodology is to use video Cameras and CCTVs Systems. CVC has also emphasised the utility of video cameras and CCTVs Systems from the view point of preventive vigilance. It has however been noticed that Video Cameras and CCTVs Systems are not installed by many custodians / CCSPs.
I am directed to invite your attention to notification Nos. 12/2012-Customs (S.No.507) and 12/2012-Central Excise (S.No. 337 and 338), both dated 17-03-2012, granting exemption from customs and excise duties for provisional mega and ultra-mega power projects.
The issue of classification of cordless infrared devices for the remote control was taken up for discussion in the May, 2012 Mumbai Conference of Chief Commissioners of Customs and Directors General. The entries in National Import Data Base (NIDB) in tariff item 84159000 (Parts of heading 8415), Circular No.01/2013- Customs
Circular No. 10/2012-Income Tax As per provisions contained in section 153A and 153C of the Income Tax Act, 1961, the Assessing Officer is required to issue notice for assessing or reassessing the total income for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is made.
RBI had mandated that Branch Offices (BO) / Liaison Offices (LO) are required to submit Annual Activity Certificate (AAC) from their Auditors to the Central Office / Regional Office of the Reserve Bank, certifying that the BO / LO has carried out only those activities which are approved by the Reserve Bank. With effect from February 01, 2010
Para 5.11.2 of the Hand Book of Procedure Volume – 1 (HBP V-I) permits re-fixation of Annual Average Export Obligation, in case the export in any sector/product group decline by more than 5%. This implies that for the sector/product group that witnessed such decline in a licensing year as compared to the previous licensing year would be entitled for such relief.
All Regional Offices are requested to re-fix the annual average export obligation for EPCG Authorizations for the year 2011-12 accordingly. Reduction, if any, in the EO should be appropriately endorsed in the licence file of the office of RA as also in the Amendment Sheet to be issued to the EPCG Authorisation holder.
As per General Circular number 43/2012 dated 26.12.2012, time limit to file Cost Audit Report and Compliance Report for the year 2011-12 [including the overdue reports relating to any previous year(s)] in XBRL mode, without any penalty has been extended upto January 31, 2013 or within 180 days from the close of the company´s financial year to which the report relates, whichever is later.
