The Stock Exchanges are advised to report to SEBI, the action taken in this regard in Section II, item no. 13 of the Monthly/Quarterly Development Report.
Exchange Earner’s Foreign Currency (EEFC) Account- Liberalisation -1. Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Regulation 4 of Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000 notified vide Notification No.FEMA.10/2000- RB dated 3rd May, 2000 and as amended from time to time, in terms of which a person resident in India is permitted to open and maintain with an authorized dealer in India a Foreign Currency Account known as Exchange Earner’s Foreign Currency (EEFC) Account subject to the terms and conditions of the Exchange Earner’s Foreign Currency Account Scheme specified in the Schedule to the above mentioned Notification.
The aforesaid opinion of the Ministry of Law has been accepted by the Ministry. Accordingly, it is clarified that exemption from special additional duty may be allowed for the goods imported under the DEPB Scheme against licences issued in pursuance of Supreme Court judgement in Civil Appeal No.5196 of 2005 [arising out of SLP (Civil) No.15844 of 2004] in respect of exports of tobacco made from ICD, Guntur during the period from 7.4.1997 to 26.11.1997 and that this duty is not required to be debited from the DEPB licence / scrip.
In this regard it is clarified that duty free import of fuel against SION shall be allowed as per the description and quantity indicated in the relevant SION. The FOB value restriction mentioned in General Note for Fuel in HBP, VOL.II will not apply in the case of import of fuel allowed under SION, unless specifically mentioned in the SION
Trade and Industry have represented that exports to Rupee Payment Area (RPA) countries are entitled for Advance authorisation scheme in terms of paragraph 4.1.6 of FTP. Since reference to this paragraph has not been specifically mentioned in the said paragraph, a doubt has been raised by Trade and Industry as to whether DFIA scheme benefit is available to exports made to RPA countries.
It is clarified that since ACU$ is equivalent to freely convertible currency as per RBI guidelines, benefits of Export Promotion schemes including the Incentive Schemes, being administered by DGFT, shall be available to the exporters for realisation in ACU$.
It is, therefore, reiterated that all the provisions of Customs Act, 1962 and Baggage Rules, 1998 are applicable to unaccompanied baggage as they are applicable to baggage (accompanied), except the free allowance which is not available for unaccompanied baggage.
The data relating to import of GM Soyabean oil or Soyabean oil from products of GM origin will be furnished by the Solvent Extractors’ Association of India, Mumbai to D/o Commerce, EP (Agri.) Division on a monthly basis.
Order of the Company Law Board under Section 141 of the Companies Act, 1956 regarding extension of time for filing documents by companies and levy of additional fee.
I am directed to refer to the Board’s circular Nos. 829/06/2006-CX dated 01.05.2006, 830/07/2006-CX dated 03.07.2006 and 850/08/2007-CX dated 27.04.2007, wherein the list of places as mentioned in paragraph 2(2) of the circular No. 581/18/2001-CX dated 29.06.2001 was amended from time to time.
