Policy Circular No. 39 (RE-2010)/2009-14 For the Premier Trading Houses and the Star Trading Houses (only for Gems & Jewellery exporters), the Certificate Holder shall be required to request to the concerned Regional Authority (RA) (who had issued the Status Certificate / the Registered office is located) enclosing therewith a self-attested copy of the valid Status Certificate. RA, in turn, shall issue a Certificate to the Status Certificate Holder in the format appended to this Policy Circular as Annexure I. This Certificate shall be valid for one year starting from 1st day of the Financial Year of filing application. This Certificate shall be renewed every year based on the validity of the Status Certificate, the performance of the Nominated Agency on annual basis and their submission of regular returns prescribed in the following paragraph.
Keeping in view of the difficulties pointed out by the various Members of CESTAT, Bar Association, and in order to clear heavy pendency, it is proposed to bring about the following amendments in the Cause list of all CESTAT, Benches with effect from 5th September, 2011 onwards.
To sum up, the following measures are proposed: (i)Service Tax Refund will be processed in the ICES through the Custom Houses. (ii) Service Tax Refund will be given electronically to the exporter who opts for claiming STR based on schedule. In case an exporter wishes to claim STR on export of goods on actual basis he will approach the concerned Central Excise/Service Tax field formations. (iii) Service Tax Refund will be processed and sanctioned on the ICES system subject to the safeguards indicated. F.No.354/66/2011-TRU, Dated – 12th August, 2011
Circular No.05/2011-Income Tax Instructions for deduction of TDS from salary for financial year 2011-2012 under section 192 of the Income Tax Act, 1961. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2011-2012 and explains certain related provisions of the Income-tax Act. CIRCULAR NO. 05/2011 [F.NO. 275/192/2011-IT(B)], DATED 16-8-2011
Insurance regulator IRDA today made it mandatory for insurers to seek prior approval in case of stake transfer to domestic entities or financial institutions and set guidelines for seeking approval. As per a IRDA circular, the regulator will carry out the requisite due diligence of the proposed transferee or shareholder prior to grant of approval for registration of transfer of shares under the provisions of section 6A(4) of the Insurance Act, 1938 and for issue of shares to the proposed transferee or shareholder.
Circular No. 36/2011-Customs In terms of the provisions of para 6.12 (f) of FTP announced on 31.8.2004, exemption was granted for 100% EOUs from furnishing bank guarantee at the time of import or going for job work in DTA subject to certain prescribed conditions to be followed by the unit. These conditions are that (i) the unit has a turnover of Rupees 5 crores or above; (ii) unit is in existence for at least three years; and (iii) unit is having an unblemished track record. Accordingly, this was implemented by issue of instructions vide para 19 of the aforesaid Board’s Circular No. 54/2004-Customs. Circular No. 36/2011-Customs
Circular No. CIR/DNPD/7/2011 In consultation with BSE, MCX-SX, NSE and USE, it has been decided that Stock Exchanges shall levy penalty specified hereunder on trading members for shortcollection/non-collection of margins from clients in Equity and Currency Derivatives segments: If short/non-collection of margins for a client continues for more than 3 consecutive days, then penalty of 5% of the shortfall amount shall be levied for each day of continued shortfall beyond the 3rd day of shortfall.
It has been decided that a variation of – 5% in weight against Registration Certificates issued for export of cotton yarn shall be allowed. Thus a variation of – 5% in weight in exports of cotton yarn against registered contracts shall not be treated as default for the purpose of imposition of penalty or debarment from future registrations.
General Circular No. 60/2011 In continuation of the Ministry’s General Circular No. 59/2011 dated 5.8.2011 on the subject cited above, it is stated that the said scheme shall be applicable to Form 52 (filing of annual accounts by a foreign company) as foreign companies are included in the scheme.
It has come to the notice of the Board that some unscrupulous importers are illegally importing pesticides under various headings of harmonised tariff by declaring their chemical names instead of both common and chemical names.
