DGFT lowers floor prices for crude and rough marble imports to $325/MT while maintaining $500/MT for slabs, amending guidelines for 2007-08.
It is, therefore, clarified that the applicable date for calculation of interest in terms of Para 4.28 of the Handbook of Procedures Vol. 1 and Notification No. 93/2004-Cus., dated 10-9-2004 would be the date of clearance of last imports, which could not be utilised in the manufacture of export goods, unless specific correlation between imports and exports is available.
DGFT sets guidelines for marble block/slab imports in 2007-08, requiring licenses with floor prices and import quotas. Application deadline is August 6, 2007.
CIRCULAR NO. 5 / 2007-Income Tax . The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14th May, 2007 have notified following new return forms for assessment year 2007-08 under a new series:- (i) ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest chargeable to income-tax under the head Income from other sources;
It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories during the months of April and May 2007.
In the light of the position explained above, it is clarified that interest is chargeable on duty paid by way of debit in DEPB on goods cleared from the warehouse.The contents of this Circular may be brought to the notice of the field formations under your jurisdiction.
We have been receiving queries from authorised dealers whether such undertaking and certificate should be obtained in all cases of remittances in foreign currency to non-residents including remittances for trade payments.
A suitable Public Notice for information of the Trade and Standing Order for guidance of the staff may be issued. Difficulties faced, if any in implementation of the changes may be brought to the notice of the Board at once.
Communicate to SEBI, status of implementation of the requirements of this circular in the next Monthly Development Report.
With an objective of effective and relevant disclosure to the regulator, it has been decided that instead of filing complete CTR with SEBI, the AMCs shall only do exceptional reporting on a bimonthly basis. While the format and contents of CTR would continue,
