With a view to liberalizing the procedure further, it has been decided to raise the limit of USD 100,000 for advance remittance for alladmissible current account transactions for import of services without bank guarantee to USD 500,000 or its equivalent. AD Category – I banks may frame their own guidelines to deal with such cases as per the policy approved by the bank’s Board of Directors. RBI/2008-09/ 158 ,A.P.(DIR Series) Circular No. 15, September 08, 2008
Publication of financial results: A listed entity opting to submit consolidated financial results in addition to standalone results to the stock exchanges shall publish consolidated financial results only.
The matter has been examined and it is clarified that a proprietorship firm may apply for grant of IEC to the RA, under whose jurisdiction the office address of the firm is located. This issues with the approval of competent authority.
(ii) The promoters of the issuer company have given a (ega((y enforceab(e undertaking/ guarantee to meet the gap in funding in the event of inabi(ity of the issuer company to arrange firm financing arrangements
The Ministry has announced the revised All Industry Rates of Duty Drawback vide notification No. 103 /2008-Cus (NT) dated 29.08.2008. The rates of drawback have been made effective from 01.09.2008. The notification may please be downloaded from CBEC website www.cbec.gov.in and perused for details.
In continuation with the Circular No.F.1/5/SE/ 83 dated May 31, 1984 of Government of India, Ministry of Finance, Department of Economics Affairs, Stock Exchange Division, you are advised to direct your stock brokers/clearing members to carry out complete internal audit on a half yearly basis by independent qualified Chartered Accountants.
Department of Power has raised an issue that as per existing provisions in chapter 8 of Foreign Trade Policy, deemed export benefits to Mega Power Projects are available where either power procurement has been tied up though ICB procedure or if ICB procedure has been followed at Engineering and procurement contract (EPC) stage.
The quantity of import allowed under Para III of the aforementioned Circular is raised from 1.1 lakh MT to 1.4 lakh MT for the year 2008-09. This issues with the approval of Competent Authority.
For exports made from 1-4-2006 till 31-3-2008 that have already been realized up to 31-3-2008, the last date for filing the application for obtaining benefits under Chapter 3 of the Foreign Trade Policy will be 30.11.2008, and if the realization is after 31.3.2008, then the last date for filing the application will be as per the provisions of Para 3.23.10 of HBP Vol. 1 (RE-2008) as amended vide Public Notice No. 64 (RE-2008) / 2004-2009 dated 14.8.2008.
The matter has been examined. Accordingly, it is clarified that in case a 100% EOU, having an IEC Number from the concerned Development Commissioner of a Special Economic Zone, de-bonds and converts into a DTA Unit, the IEC issued to the firm shall be cancelled and archived. Against the same PAN Number, concerned RA will issue a fresh IEC to the firm. Subsequent modifications/amendments in the new IEC shall be carried out by the concerned RA.
