Kind attention is invited to the judgment of the Hon’ble Supreme Court in the case of Commissioner of Customs, Chennai vs. M/s. Yeses International [2001 (133) ELT 526 (SC)], on the above subject. As indicated in Para 6 of the said judgment, as regards the demurrage charges, counsel for the Department had stated that they cannot be included in the assessable value.
Representations have been received by this office that in case of export of pharmaceutical formulations under DEPB, sometimes rate is worked out in fractions when calculated as per the formula prescribed by the Policy Circular No.20 dated 31.7.2002. They have further stated that as per existing practice, the DEPB entitlement rate is rounded off to the nearest digit. However, while verifying the DEPB, some Customs authorities are reducing the DEPB amount in respect of cases where the rate has been rounded off to the higher side but where the rate has been rounded off on the lower side, there is no increase allowed in the DEPB amount.
An issue has been raised whether a firm/person who are undertaking activities of organising “Trade Fairs” and Exhibitions soliciting the participation from the trade and Industry and provides space or may in addition provide furniture, cabins, security, electricity, etc., and charge their customers accordingly fall within ambit of “Event Management” or not
A point has also been raised that proviso to section 49(2) of the Act permits the importer to get the markings done as per the metric system within 6 months of import. It is , however, clarified that this proviso applies to markings on commodities only & not to any weight or measure imported as such.
I am directed to say that the issue whether the amount of “Dharmada” collected from the buyers by the assessee is includible in the assessable value or not has been subject matter of dispute in a number of cases. Recently, this issue again came up before the Hon”ble Supreme Court in Civil Appeal Nos. 7900-7902/95 in the case of CCE, Allahabad v. M/s. Panchmukhi Engg. Works & Ors. and the Hon”ble Supreme Court vide its order dated 28-11-2002 allowed the appeals in favour of Revenue.
These instructions are issued under Regulation 20A of SEBI (Foreign Institutional Investors) Regulations, 1995 and shall come in force with immediate effect.
This circular is being issued in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956,
make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately, as may be applicable.
In terms of Para 3.8 of the EXIM Policy, Duty Free Credit Entitlement Certificate (DFCEC) for Service Providers has been notified. The said Para 3.8 of EXIM Policy permits import of spares, office equipments and furniture, professional equipments and consumables other than agriculture and dairy products.
Compliance of the above guidelines may please be disclosed to SEBI while submitting the half yearly report. The report is to be submitted twice a year, as on 31st of March and 30th of September. The report should reach SEBI within thirty days of the period to which it relates.
