The Consulate General of India in Hong Kong has brought to the notice of the Board that the divergent practices are being followed at different airports in India for allowing free allowance under the Baggage Rules, 1998, as amended, for the passengers coming from Hong Kong Special Administrative Region (SAR), P.R. China. At some airports, the passengers from Hong Kong are being given full free allowance of Rs.25,000/- while at some other airports, they are allowed only Rs.6,000/- as free allowance. It was, therefore, requested that the Board should issue suitable clarification in this regard.
Vide Circular No. 31/2003-Customs dated 7.04.03, the administrative control over EOUs, (including EHTP and STP) in the port cities, falling within the territorial jurisdiction of Commissioner of Customs, is with the concerned Commissioners of Customs. At other places, administrative control is with the jurisdictional Commissioner of Central Excise. The only exception is Bangalore Customs.
Attention is invited to Board’s Circular No.61/2004 dated 28.10.2004, Circular No.37/2005-Customs dated 6.09.2005 and Customs instruction dated 6.10.2006 on the issue of classification and importability of Boric Acid
Service Tax Circular No.125/7/2010 – ST In the recent past, instances have come to the notice of the Board, where field formations have demanded service tax from State governments or their departments/ agencies, for providing certain services under the centrally sponsored schemes (CSS).
Market regulator the Securities and Exchanges Board of India (Sebi) today allowed exchanges to introduce currency options on US dollar pairing with rupee, a development that provides another alternative to corporates for hedging against currency fluctuations.
FIMMDA was requested by RBI to set up a reporting platform to capture all OTC transactions in CDs and CPs, pursuant to a decision to introduce a reporting platform for all secondary market transactions in CDs and CPs.
In order to ensure better compliance with the Know Your Client (KYC) norms it has been decided that with effect from August 16, 2010 such PAN non-compliant demat accounts shall also be “suspended for credit” other than the credits arising out of automatic corporate actions. It is clarified that other credits including credits from IPO/FPO/Rights issue, off-market transactions or any secondary market transactions shall not be allowed into such accounts.
Your kind attention is invited to the Notification No.102/2007-Customs dated 14.9.2007, Notification No.93/2008-Customs dated 1.8.2008 and Board’s Circulars No. 6/2008-Customs dated 28.4.2008, No.16/2008-Customs dated 13.10.2008, No.6/2009-Customs dated 9.2.2009 and No.18/2010-Customs dated 8.7.2010 containing instructions on the procedure to be followed by the Customs field formations in case of 4% CVD refund claims.
Market regulator SEBI today extended the deadline for mutual funds to implement the ASBA facility for new fund offers to October 1. Under ASBA–Application Supported by Blocked Amount– deposits of applicants remain in their accounts till the shares are alloted.
Circular No.22 / 2010-Customs the import of ‘worn clothing’ should be adjudicated and fine in lieu of confiscation and penalty imposed keeping in view the ‘margin of profit’ on such unauthorized import and also the fact that such consignments should not get cleared by paying only nominal fine and penalty in future.
