In view of the clear intention of Transitional Arrangements and nature of standby letters of credit, brought out above, it is clarified that while examining the documents submitted by applicant under Para 1.5 of FTP, it needs to also be ensured that the payments for exports covered under the documents are routed and deducted through the concerned commercial letter of credit and not from some other accounts/channels.
It may also be noted that the Public Notice No. 19 (RE-2007)/2004 -2009 dated the 16th July, 2007 provides that the new System of import from registered sources will come into effect from 1.4.2008 and imports will be allowed on the basis of Pre-Shipment Inspection regime, till the new system comes into effect. Further, transitional arrangements as per para 1.4,1.5 of Foreign Trade Policy will apply to the changes made in the said Public Notice no. 19 of 16.07.2007. Accordingly the Commissioner of Customs.
The undersigned is directed to refer to the Boards circular No. 621/12/2002 dated 21.02.2002 on the above subject. Para 8 of this circular provides the time limit for filing refund claim to be one year from the date of purchase of the goods by the diplomatic mission or consular office, as per the provisions of section 11B (1)of the Central Excise Act,1944
Based on recommendation of EPCH, it has been decided to adopt existing practice for certification of Handicraft / Artware by EPCH etc. if referred by Customs, for distinguishing Artistic work/nature of Artistic Wooden Furniture items listed for benefits under the scheme. In view of this, for the purpose of grant of benefits under VKGUY scheme, exporters shall be required to get the invoices duly certified/authenticated by EPCH / AIHBs (All India Handicraft Boards) / State Handicraft Boards / Handloom & Handicraft Export Corporation / State Emporiums (of State Governments).
Accordingly, SEBI registered VCFs, desirous of making investments in offshore Venture Capital Undertakings may submit their proposal for investment (in the attached format) to SEBI for its prior approval. It is clarified that no separate permission from RBI is necessary in this regard.
It is clarified that all the aforementioned requirements are in addition to the requirements specified under SEBI (Debenture Trustees) Regulations, 1993 and also in addition to the requirements mentioned under Listing Agreements for Debentures issued through Public/Rights Issue and for privately placed debentures.
It is further clarified that these licences shall be subject to the following floor price which shall be endorsed on all licences.
It is, therefore, clarified that the applicable date for calculation of interest in terms of Para 4.28 of the Handbook of Procedures Vol. 1 and Notification No. 93/2004-Cus., dated 10-9-2004 would be the date of clearance of last imports, which could not be utilised in the manufacture of export goods, unless specific correlation between imports and exports is available.
An additional quota of 10,000 MT may be allocated by the Government to actual users, such as, hotels, places of worship among others. These imports will be subject to the condition that the product manufactured after processing of imported goods shall also not be allowed for sale.
CIRCULAR NO. 5 / 2007-Income Tax . The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14th May, 2007 have notified following new return forms for assessment year 2007-08 under a new series:- (i) ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest chargeable to income-tax under the head Income from other sources;
