I am directed to say that clarification has been sought regarding the time limit for exercising the option in writing for availing of the exemption under notification no. 49/2003-CE dated 10.06.2003 and notification no. 50/2003-CE dated 10.06.2003 as amended vide Notification No. 76/2003-CE dated 5.11.2003.
Recently the Central Board of Excise and Customs issued a circular, Circular No. 4/2004 dt. 16-01-2004 [2004 (163) ELT T29], saying that conversion of Shipping Bills from free Shipping Bill to drawback Shipping Bill or from one export incentive scheme to other should not be encouraged. The said circular imposes conditions which have made it almost impossible to attain such conversion. In this context, the present paper seeks to examine the relevant legal provision for such conversion under the Customs Act, 1962, and propriety and legality of such circular.
Representations have been received seeking clarification on the maximum permissible limit for payment of agency commission on exports against DEPB licences. Attention is drawn to this office policy circular No.55 (RE-98) dated 10th December, 1998 to be read with custom circular No.64/2003-Cus. dated 21st July, 2003 and Clause 6E-2 of the Exchange Control Manual of RBI whereby it was specifically mentioned that the rate of commission should not exceed 12.5% of invoice value/FOB value.
With a view to imparting transparency in bulk deals so as to prevent rumours/speculation about such deals causing volatility in the scrip price, it has been decided to bring about greater disclosure
The Stock Exchanges may shift these companies from TFTS to NRS provided there are no other specific grounds for continuation of the trading in these scrips in TFTS.
Stock Exchanges are directed to implement the above requirement with immediate effect and take necessary disciplinary action wherever violation of the above provisions are observed.
It is, therefore, requested that the grievances of the exporters on this account may be redressed urgently and necessary instructions issued to the field formations under your charge.
I am directed to say that doubts have been expressed regarding the jurisdiction of Maritime Commissioners regarding filing of rebate claims and execution of bonds consequent to issue of notifications No. 79/2003-CE (NT) and No. 80/2003-CE (NT) both dated 29.10.2003, amending the notifications No. 40/2001-CE (NT) and No. 42/2001-CE (NT) both dated 26.6.2001.
I am directed to state that clarification was sought as to whether National Calamity Contingent Duty (NCCD) applicable to Crude Petroleum Oil as per Section 136 (1) of the Finance Act, 2001 should be calculated on the net quantity of Crude Petroleum Oil received in the refinery or gross quantity produced and supplied from the oil field to the refinery
The instructions contained in Circular No.24/2003-Customs, dated 1.4.2003, concerning payment of duty drawback to the supplies from DTA Unit to the SEZ Unit, shall also become operative from the date when Chapter XA of the Customs Act, 1962 comes into effect.
