Besides these capital goods, these units are also allowed certain specified quarrying equipments and spares up to 5% value of quarrying equipments in each year. These quarrying equipments and spares are allowed to be taken to quarry outside the unit. These quarrying equipments and spares are specified under Annexure V of Notification No. 52/2003-Cus and 22/2003-CE both dated 31.3.03.
Please refer to paragraph 3 (iii) of our directive RPCD.No.RF.Dir. BC.53/D.1- 87/88 dated November 2, 1987, in terms of which interest in the case of savings deposits shall be calculated on the minimum balance to the credit of the deposit account during the period from the 10th to the last day of each calendar month.
Attention is invited to the Supreme Court decision in the case of Civil Appeal No. 432/2008 in the case of MRPL regarding valuation of SKO (PDS) and LPG (domestic) for the period 01.07.2000 onward. The Hon’ble Supreme Court in this case has dismissed the department’s civil appeal observing that the issue involved was covered by CBEC Circular No. 563/59/2000-CX. dated 21.12.2000.
Reference is invited to the Board’s instructions issued vide F.No. 8/6/67-Cus.III dated 05.11.1977 on the above-mentioned subject. These instructions provide that various documents such as Bills of Entry, postal imports of certain categories, refund claims of certain categories, drawback shipping bills of certain categories etc., pertaining to various minor ports and foreign post offices should be sent for audit to major Customs Houses like Mumbai, Cochin etc.
A stock exchange in India is recognized by the Central Government / SEBI under section 4 of Securities Contracts (Regulation) Act, 1956 for the purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities, after it is satisfied that it would be in the interest of the trade and also in the public interest to grant such recognition. Currently, there are 20 recognized stock exchanges in India. However, it has been observed that some of the stock exchanges have no trading over the past several years.
Representations have been received from the Trade and the field formations seeking clarification on the issue as to whether or not the duty paid packing material can be allowed to be brought in the export warehouse used for packing of export goods. The clarification has been sought in view of Para 7.2 of the Board’s Circular No. 581/18/2001-CX dated 29.06.01 which provides that duty paid goods are not permitted to be brought into the warehouse.
In terms of paragraphs 2.1.1 and 2.1.2 of Section I of the guidelines on lending to priority sector enclosed to circular RPCD.No.RRB. BC.20/ 03.05.33/2007- 08 dated August 22, 2007, credit to small enterprises includes loans granted to micro and small (manufacturing and service) enterprises, provided investment in plant and machinery [original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification no. S.O. 1722 (E) dated October 5, 2006] does not exceed Rs. 5 crore in respect of manufacturing enterprises and investment in equipment
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 15 dated September 8, 2008, in terms of which the limit for advance remittance for all admissible current account transactions for import of services without bank guarantee was raised from USD 100,000 to USD 500,000 or its equivalent.
The directions contained in this Circular have been issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.
Any dealer who files Audit Report on or after 1st October 2009 for any period shall file the same in the new Form-704. Now, it is mandatory for all the dealers who are required to get their books of account audited as per the provisions of the section 61 of the MVAT Act, 2002 to file Audit Report in Form-704 electronically.
