The Advisory Committee of Mutual Funds also recommended that the nomenclature of “Liquid Plus Scheme” should be discontinued since it gives a wrong impression of added liquidity.
therefore, decided that the Mutual Funds shall not offer any indicative portfolio and indicative yield. No communication regarding the same in any manner whatsoever, shall be issued by any Mutual Fund or distributors of its products.
The issue relating to the Bank guarantees/LUTs executed between the period from 30.06.2008 to 17.11.2008 by pharmaceutical units in lieu of drug manufacturing authorizations was raised in Port Officers’ Meeting held on 25.11.2008 wherein it was clarified that the Bank Guarantees/LUTs submitted to RAs in lieu of submission of DML for obtaining EPCG authorizations may be returned to the pharmaceutical units, upon obtaining an undertaking from such units that they are required to submit DML within a period of three years from the date of issue of EPCG authorisation.
I am directed to say that the Board has received a representation from the Council for Leather Exports (CLE) that exporters are facing problems in classification of footwear having uppers made of a combination of leather and non-leather materials such as synthetic, textile material
Reference is invited to the Board’s Circular No.6/2002-Customs dated 23.1.2002 as amended vide Circular No.13/2003-Customs dated 3.3.2003 and Circular No.30/2003-Customs dated 4.4.2003 laying down the examination norms for export of goods under different export promotion schemes.
The matter has been examined in this Directorate. It is evident from paragraph 4.1.13 of Foreign Trade Policy that import of prohibited items or items reserved for imports by State Trading Enterprises (STEs) are not allowed to be imported by the Authorisation holder. Accordingly, it is clarified that restricted items (unless otherwise specifically mentioned) are allowed to be imported for export production under Advance Authorisation Scheme, wherein inputs always remain under actual user condition even after completion of export obligation.
Attention is invited to Policy Circular No. 34(RE-08)/2004-2009 dated 10th October, 2008 and Policy Circular No. 35(RE-08)/2004-2009 dated 10th October, 2008 on the subject mentioned above. Para 2 (II) of both these Policy Circular(s) shall be amended to read as under.
India is a party to the Montreal Protocol and Vienna Convention for the Protection of the Ozone Layer and committed to phase out Ozone Depleting Substances (ODS) in India. As per policy decision taken by the Ministry of Environment & Forests (MoEF) in 1997, import of ODS is restricted in India. Accordingly, the Import Policy for the item is ‘restricted’ and subject to condition of Import Licensing Note No.1 mentioned at the end of Chapter 29 of ITC(HS) Classification of Export and Import Items.
Attention is invited to various schemes under Chapter 3 of FTP. In this regard, references have been received from the Trade and Industry on the issue as to whether commission or discounts have to be included or excluded from the FOB value of exports in the value taken for calculation of the entitlement.
The matter was examined in detail. DFIA is issued strictly as per SION. There are 22 sensitive items (inputs) listed in paragraph 4.55.3 of HBP v.1, for which an exporter need to specify the technical specification, quality, characteristics etc. to establish nexus with the product exported. For other inputs, such details are not required unless otherwise specifically mentioned in the SION. In this regard, customs circular no. 46/07 dated 20.12.07 has been issued.
