communicate to SEBI, the status of the implementation of the provisions of this circular in the Monthly Development Report.
The undersigned is directed to refer to the notification No.1/2008-CE dated the 18th January, 2008 vide which amendments have been carried out in notification Nos. 49 and 50/2003-CE, both dated 10.06.2003. Attention is also invited towards the amendment carried out in rule 12 of Central Excise Rules, 2002 vide notification No.3/2008-CE(N.T.) dated the 18th January, 2008 in this regard.
Rescinding of Notification S.O.-3879 (E) dated 22.12.1962 in respect of Companies Licensed under section 25 of the Companies At, 1956..1. S.O.-2219 (E) 28tri December, 2007Amendment to Notification No. S.O.‑1578 (E) dated 1.7.1961 in respect of Companies Licensed under section 25 of the Companies Act, 1956 Please acknowledge the receipt.
In this regard, it is further clarified that in case where the main line of business of the exporter has changed after obtaining RCMC from a particular Council, such RCMC shall continue to be acceptable under this Policy, till the expiry of its validity. Meaning thereby, in these cases the exporters shall not be required to obtain a new RCMC from the Council, which is concerned with his new main line of business, till the old RCMC is valid.
The SEBI appointed Derivatives Market Review Committee (DMRC), headed by Professor M. Rammohan Rao, recommended the introduction of Volatility Index and Futures and Options on this Index.
The risk containment and other measures applicable for existing exchange traded equity Index option contracts shall be extended suitably to long term option contracts on Index.
I am directed to invite your attention to the above mentioned subject and to say that several representations have been received by the Board on the issue of classification of carpets having mixed composition under the Drawback Schedule, 2007-08. It has been represented that hand woven rugs/floor coverings made of 57% wool +25% cotton +18% viscose or 52% wool +13% nylon+ 35% cotton are being assessed by the Customs authorities.
CIRCULAR NO. 1/2008-Income Tax Representations have been received from various quarters regarding applicability of the provisions of Section 194-I to cooling charges paid by the various customers to the owners of cold storages. It has been represented that the cold storage owners provide a composite service, which involves preservation of essential food items including perishable goods at various temperatures suitable for specific food items for required periods and storage of goods being incidental to the activity of preservation. The cooling of goods is controlled through mechanical process. The customer brings its packages for preservation for a required period and takes away its packages after paying cooling charges. The customer does not hire the building, plant/machinery etc. in any manner and does not become a tenant of any kind.
With respect to Focus Product Scheme/High-Tech Products Export Promotion Scheme, it is clarified that Para 4 above shall again apply, as the item which has been restricted / prohibited for exports is obviously ineligible, as the same would no longer remain a Focus Product/High-Tech Product for the purpose of boosting export through grant of benefits (even if the export product is appearing under Appendix 37D/37E of HBP v1).
To conduct the post-audit of the Brand Rates fixed by the Central Excise field formations and carry out physical verification of selected cases independently or with the help of the Central Excise formations. To conduct the post-audit of the select cases of duty free imports allowed under various export promotion schemes in the Customs/Central Excise formations.
