It is clarified that the said circular shall not apply to term deposits placed as margins for trading in cash and derivatives market.
The undersigned is directed to refer to notification No. 28/2008-CE(NT) dated 05.06.2008, wherein the officers of Directorate General of Audit have been appointed as Central Excise Officers of corresponding grade.
The Finance Ministry has come up with a dispute resolution scheme as a one-time measure for quick resolution of disputes involving small service tax amounts up to Rs 25,000. However, cases involving non-payment of service tax after having collected the same from clients/customers are not included in the scheme. This compounding scheme would be in operation from July 1 to September 30. It would also not apply to cases where the tax arrears includes service tax amount of over Rs 25,000.
Consequent upon the ban/restriction imposed as above, it is hereby clarified that exports under transitional arrangements as provided under Para 1.5 of the Foreign Trade Policy, 2004-09 shall not be permitted. This is in force with the issue of Notification No.77 dated 7.2.2008. That is since 7.2.2008, no exports are allowed under transitional arrangements.
circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.
The enhanced limits shall be allocated among the FIIs on a ‘first come first served’ basis in terms of our Circular dated January 31, 2008, subject to a ceiling of US $200 million per registered entity.
Representations have been received from Trade and Industry that there is confusion with respect to ‘permitted imports’ under the said scheme. In view of this, it has been decided to list the permitted imports. Accordingly under Target Plus Scheme (under FTP RE2004 / FTP RE2005).
In terms of Handbook of Procedure Vol I 2004-2009 (RE 11.04.2008), the application for claiming interest has to be filed in the prescribed Aayat Niryat form within a period of 90 days after receipt of cheque for the main claim. The said AN form was released under Public Notice No. 10 (RE-2008)/2004-2009, dated 29th April, 2008.
The annual ceiling for import of Sandal Wood, in terms of Para 2 of the aforesaid Policy Circular may be read as 4795 Metric Tonnes.
Reserve Bank has been receiving representations from Exporters / Trade bodies to extend the period of realisation of export proceeds in view of the external environment. It has, therefore, been, in consultation with Government of India, announced in the Annual Policy Statement for the Year 2008-09 (para 134) to enhance the present period of realization and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of export, subject to review after one year.
