The Circular is a convenient compendium of the FDI Policy of the Government of India. Some of the salient features highlighted in this alert reflect changes in interpretation of FDI Policy which have now been clarified. Also clearer guidance has been provided with regard to the intent of the FDI policy. It is likely that some of these changes may have an impact on existing foreign investments, which would need to be reviewed on a case specific basis.
The Finance Department, Government of Maharashtra has examined and considered the request for extension of due date for submission of Audit Report. Accordingly, it has been decided to extend the due date for submission of the Audit Report in Form 704 for the period 2008-09 from 31st March 2010 to 30th April 2010.
Applications are invited for issue of import licences for rough marble blocks only for the financial year 2010-11 from the eligible applicants as per the Marble Import Policy announced vide Notification No.36/2009-2014 dated 31st March, 2010. The quota for the year shall be 3 lakh MT.
In continuation of Policy Circular No. 33 dated 30th September, 2010 it has been decided to designate Basmati Export Development Foundation (BEDF), Modipuram as an authorized centre for testing of samples of basmati rice for variety identification. Accordingly, Customs may draw samples for variety identification and send these samples for analysis to Basmati Export Development Foundation (BEDF), Modipuram, in addition to AGMARK testing centres.
Representations have been received from Regional Authorities and Service Providers seeking clarification as to the guidelines for issuance of EPCG Authorization in cases where the Service Provider receives Foreign Exchange in cash from foreign consumers in India; for purpose of fulfillment of EO under EPCG Scheme/as well as for eligibility for SFIS scrips.
In terms of Rule 133 of the Drugs and Cosmetics Rules, 1945, no cosmetics shall be imported into India except through the points of entry specified in Rule 43A of the said Rules. Further, under Schedule “D” to the said Rules read with Rule 43, an exemption has been provided to certain categories of substances from the restrictions under Chapter III of the Drugs and Cosmetics Act, 1940 relating to import of Drugs and Cosmetics.
Attention is invited to Circular No. 791/24/2004 dated 01.06.2004 and No. 52/1/2003 dated 11.03.2004 (modified by Circular No. 71/1/2004-ST dated 02.01.2004) prescribing the procedure for electronic filing of Central Excise and Service Tax returns. Attention is also invited to Notification No. 04/2010-Central Excise (NT) and No. 01/2010-ST both dated 19.02.2010 providing for mandatory electronic filing of Excise and Service Tax returns
Section 75 of the Customs Act provides that where any drawback has been allowed on any goods and the sale proceeds in respect of such goods are not realized within the time allowed under the Foreign Exchange Management Act, 1999 such drawback shall be deemed never to have been allowed and the Central Government may, by Rules made under section 75 (2), specify the procedure for the recovery of the amount of such drawback. A procedure has also been laid down under the Customs, Central Excise and Service Tax Drawback Rules, 1995 for recovery of drawback in case of non-realization of export proceeds
The Reserve Bank of India (Amendment) Act, 2006 (Act No. 26 of 2006) provides a legal definition of ‘repo’ and ‘reverse repo’ (vide sub-sections (c) and (d) of section 45 U of Chapter III D of the Act) as an instrument for borrowing (lending) funds by selling (purchasing) securities with an agreement to repurchase (resell) the securities on a mutually agreed future date at an agreed price which includes interest for the funds borrowed (lent).
The above referred Trade Circulars were issued explaining scope of section 6A of C.S.T. Act, 1956. In the Trade circular No. 2T of 2010 dated 11th January 2010 it was clarified that F-Forms are mandatory for all transactions of inter-State transfers not by way of sale including job work and goods return.
