ASBA means ‘Application Supported by Blocked Amount’ as defined in clause (d) of sub‐regulation (1) of regulation 2 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
Attention of Authorised Dealer Category – I banks is invited to Notification No. FEMA 22/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000 as amended from time to time, in terms of which a person resident outside India requires prior approval of the Reserve Bank for establishing Branch (BO)/ Liaison Offices (LO) in India.
The sub-rule (1) provides the different forms of returns to be filed by various categories of dealers. Earlier, the dealers. used to submit these forms of return-cum-chalan physically either to the Bank alongwith payment of tax, interest etc., if any or to the Sales Tax Department where tax liability was NIL. These forms of the return were return-cum-chalan.
banks have been permitted to make advance remittance without any limit and without bank guarantee or standby letter of Credit, by an importer (other than Public Sector Company or Department / Undertaking of the Government of India /State Governments) , for import of rough diamonds into India from eight mining companies, subject to certain conditions.
‘Kimberley Process Certification Scheme Secretariat, Namibia’ has now clarified vide a press release dated 30 November 2009 (copy enclosed) that “polishing a single or a few small facets will not transform rough diamonds into polished diamonds and make these fall off the KPCS radar and that semi-cut diamonds and their import or export remains subject to the requirements of the KPCS”.
The drawback rates provided for gold & silver jewellery will only be applicable for exports made through the ports /custom houses as specified in para 4A.12 of the Hand Book of Procedures (vol.1), 2004-2009 after examination by the jewellery expert appraisers/superintendents to ascertain the quality of gold/silver and the quantum of gold/silver in the exported items. It may be noted that the drawback rate provided for gold & silver jewellery is a specific rate in terms of rupees per unit weight of net content of gold/silver in the jewellery. The drawback rates for gold & silver jewellery are equal to the prevalent import duty on gold/silver
You are aware that rate of tax on timber was reduced to 4% in the Budget Speech of Hon’ble Finance Minister, Maharashtra for the year 2008-09. This reduction in rate has been made with retrospective effect from 1st April 2009. The Gazette Notification for the amendment was published on 1st July 2009.
This condition would be applicable to all the pending applications for administrative relief as well as the fresh applications that will be made. In case of pending applications dealer should file returns in respect of the URD period for which he has made payments and submit copy of acknowledgement to the concerned authority.
In partial modification of paragraph 3 (ii) thereof, it is advised that apart from the documents mentioned therein, any certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities may also be considered for verification of the proof of name, address and activity of the Proprietary concern.
Circular No. 908/28/2009-CX, New Delhi dated the December 23, 2009. Subject: Clarification regarding peripheral activities for Area Based Exemption notification Nos. 49 & 50/2003-CE, both dated 10.06.2003 as amended by notification No. 01/2008-CE dated 18.01.2008.
