It has been stated in said circular that when departmental auditors do Special or Test Audit they are reporting the misutilisation and misappropriation of funds of Co-operative Societies. However, Statutory Audit report does not reflect misutilisation and misappropriation of funds of the same year.
As you may be aware, the export and import of currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case) is not allowed to and from Nepal and Bhutan in terms of Notification No. FEMA 6 / RB-2000 dated 3.5.2000
It has been decided to make ASBA bid-cum application forms available for download and printing, from websites of the Stock Exchanges which provide electronic interface for ASBA facility i.e. Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The ASBA forms so downloaded shall have a unique application number and can be used for making ASBA applications in public issues. A sample of the form is enclosed at Annexure A.
As per the letter dated 17.09.75, tolerance of 0.5% is allowed on account of breakage of bottles due to handling in the course of movements from the manufacturing area to bonded store rooms and breakages during storage and clearance there-from. It has also been observed that in some judicial pronouncements, this benefit has been allowed to the parties, on the limited ground that the said instruction has not been rescinded/ modified by the Board and further the cenvat credit taken on bottles as input have been allowed to be retained by the assessee.
Your kind attention is invited to the Notification No.102/2007-Customs dated 14.9.2007 and Board’s Circulars No.6/2008-Customs dated 28.4.2008 and No.16/2008-Customs dated 13.10.2008 regarding refund of 4% Additional Duty of Customs (4% CVD). Attention is also invited to the Board’s Circulars No.24/2007-Customs dated 2.7.2007, No.22/2008-Customs dated 19.12.2008 and No.7/2008-Customs dated 28.5.2008 which relate to general refund cases.
In view of Customs readiness to accept online transmission of DES(Advance Authorization), EPCG and DEPB authorization at the following 33 ICES 1.5 new locations, all RAs of DGFT may note that for all the newly added ports, aforesaid authorizations issued w.e.f. 10.7.2010, will be communicated online to customs for necessary processing at their end.
Based on the feedback received from market participants, it has now been decided that the said exposure margin shall be higher of 5% or 1.5 times the standard deviation (of daily logarithmic returns of the stock price).
Para 2.13.3 further provides that an application for revalidation (including for restricted items), may be made to Regional Authority (RA) concerned. RA would consider such application as per Government rules/notifications and where DGFT is concerned authority, original application shall be submitted to RA concerned and self-attested copy of same shall be submitted to DGFT.
He exporter submits the export documents containing the export product suffixing another pharmacopoeia, say BP, the Zonal/Regional offices sometimes do not accept such exports towards fulfillment of export obligation. It has been suggested that the pharmacopoeia standard other than mentioned in the licenses should be considered towards fulfillment of export obligation, i.e., pharmacopoeia, viz., USP/EP/BP/JP may be treated as interchangeable.
The Depository Participants (DPs) have a system of collecting account maintenance charge (AMC) from beneficial owners (BOs) towards maintenance of demat accounts for varied periodicity of collection (viz. monthly, quarterly, half yearly and annually). It has been noticed that in cases where AMC is collected on an annual upfront basis, on closure/shifting of demat account, the AMC for the balance period for which no service has been provided by the DP, is not refunded to the BO.
