Export of Onions (all varieties including Bangalore Rose onions and Krishnapuram onions) excluding cut, sliced or broken in powder form was prohibited by Notification No.13(RE-2010)/2009-14 of 22.12.2010. This prohibition on exports was relaxed vide Notification No.19(RE-2010)/2009-14 of 10.2.2011,as per which export of Bangalore Rose onions and Krishnapuram onions were placed in the Restricted category,to be exported under licence subject to Minimum Export Price (MEP) of US $ 1400 per Metric Ton.
Serial No. 3(ii) of Policy Circular No. 20(RE-2010)/2009-14 dated 14.02.2011 had stipulated certain documents to be submitted to concerned RAs for issuance of export licence . To facilitate expeditious issue of export licences, Sl. No. 3(ii) of Policy Circular No. 20(RE-2010)/2009-14 dated 14.02.2011 is amended as under[changes are being made in 3(ii) (b) & 3(ii) (c)]:
Your Kind attention is invited to Board’s Circular No.5/2011-Customs dated 17.1.2011 wherein it was informed that, since BCCI has ceased to be a National Sports Federation or Apex Body for the game of Cricket in India, BCCI would not be eligible for the benefit of Notification No.21/2002-Cus. dated 1.3.2002 or any other Customs notification. For the purpose of removal of doubts, it is clarified that, the ineligibility indicated therein, of BCCI or any one certified by BCCI, applies wherever BCCI claims a notification benefit by virtue of being National Sports Federation / Apex Body controlling the game of Cricket.
DBOD.Dir.BC. 81/13.03.00/2010-11- Government of India, Ministry of New and Renewable Energy (MNRE) has formulated a scheme on financing of Off-Grid and Decentralised Solar (Photovoltaic and Thermal) applications as part of the Jawaharlal Nehru National Solar Mission (JNNSM). Under the scheme, banks may extend subsidised loans to entrepreneurs at interest rates not exceeding five per cent where refinance of two per cent from Government of India is available. In this context, we advise that such lending at interest rates not exceeding five percent per annum where refinance of Government of India is available, would not be considered to be a violation of our Base Rate Guidelines.
Trade and Industry has again represented that in respect of some export shipments prior to 12.01.2010, the benefit is being denied because the export product has been described on the shipping bill as “cotton powerloom-tufted bathmats/cotton powerloom-tufted bathrugs”. The representation says that a powerloom only weaves and cannot ‘tuft’. At the time of custom clearance they had to declare as to whether their export product is manufactured on a handloom or a powerloom. Since these cotton bathmats/bathrugs were not woven but tufted by using a tufting machine similar to table-top type sewing machine, the expression “cotton powerloom tufted” came to be used on the shipping bills. The Trade and Industry has, therefore, requested to issue necessary clarification that benefit of Chapter 3 of FTP may also be granted to such shipments.
Regional Authorities (RAs) of DGFT disburses deemed export drawback and terminal excise duty as per provisions of FTP and HBP Vol. I. In order to facilitate this process and faster disbursal of such claims, it has been now decided that payment of such claims, henceforth, shall be made online. To give effect to this decision, RAs are required to take following actions:-
In view of the above, it has been decided that banks should not, henceforth invest in ZCBs unless the issuer builds up a sinking fund for all accrued interest and keeps it invested in liquid investments/securities (Government bonds). The other instructions contained in paragraph 2 (iii)(c) of circular dated January 30, 2009 remain unchanged.
The Reserve Bank of India (RBI) said on Thursday that all deposit taking non-banking financial companies (NBFCs) should maintain a minimum capital ratio consisting of Tier-I and Tier-II capital of 15% from March 31, 2012. Earlier such NBFCs had to maintain a minimum capital ratio of 12% of the aggregate risk weighted assets on the balance sheet and of risk adjusted value off-balance sheet items.
CIRCULAR NO. DNBS.PD/CC.NO.211/03.02.002/2010-11 In terms of paragraph 16 of Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, every deposit taking NBFC shall maintain a minimum capital ratio consisting of Tier I and Tier II capital, which shall not be less than 12% of its aggregate risk weighted assets on balance sheet and of risk adjusted value of off-balance sheet items.
To facilitate early issue of licences, it has been decided that intending exporters of Bangalore Rose and Krishnapuram onion may seek such licence from their respective Regional Authorities rather than come to Headquarter office of DGFT at Delhi. The applications in prescribed format (ANF 2D) be made to the Regional Authorities for the purpose subject to MEP of US $ 1400 per Metric Ton as prescribed in Notification No.19(RE-2010)/2009-14 of 10.2.2011.
