Attention is invited to the notification nos.3/2006 C.E dated 01.03.2006 and 26/2001 CE dated 11.05.2001, which provide exemption to handmade unbranded biris (other than paper rolled biris) from the whole of the duty of excise leviable for the first clearances in a financial year upto 20 lakhs. In the Budget, 2007, the said notification has been amended by notification no.3/2007CE dated 01.03.2007, whereby a condition has been inserted in the notifications, providing that any manufacturer wanting to avail this exemption,
Commencing with the MCR for the Month of February ’07 an additional report on the overseas investment by Mutual Funds in ADRs/GDRs, foreign securities and overseas Exchange Traded Funds (ETFs) shall also be provided as per the enclosed format.
It is accordingly clarified that an amendment to the Customs Act modifying the terms and conditions subject to which the goods shall ‘remain warehoused’, shall not apply to the goods warehoused prior to the amendment. The instructions contained in Board’s letter dated 11.10.2001 and Circular No.62/99-Cus., dated 17.09.1999 stand modified to this extent.
A suitable Trade Notice and Standing Order may be issued for the guidance of the trade and staff. Difficulties faced, if any, in implementation of the Circular may be brought to the notice of the Board at an early date.
In spite of the above-referred clear guidelines, a number of requests are received from Ministries, State Governments, Autonomous Bodies, Municipalities and Public Sector Undertakings for customs duty exemption on various items meant for normal functional requirement or for various projects implemented by them, even without specifying as to why they could not provide budgetary allocation for payment of Customs duty.
communicate to SEBI the status of implementation of the provisions of this circular in the Monthly Development Report.
Enclsed please find a copy of the gazette notification no. SEBI/LAD/DOP/1446/2007 dated January 8, 2007 pertaining to SEBI (Foreign Institutional Investors) (Amendment) Regulations 2007 for your information and necessary action.
It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories on or before 31.12.2006.
Chief Commissioners of Customs and Central Excise are, therefore, requested to issue necessary instructions to the field formations to ensure that the Bonds are properly signed and executed keeping in view the aforesaid observations.
Circular No.14-T of 2007, Mumbai,dt.08.02.2007 This office had earlier issued above referred two Circulars for grant of provisional refund. The refund under these Circulars is admissible to those dealers who have filed return for any earlier period on or before 31.12.2006.
