The Reserve Bank of India in its Circular dated July 21, 2006 reviewed the guidelines governing the Innovative Perpetual Debt Instruments eligible for inclusion as Tier 1 Capital and Debt Capital.
It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories on or before 30.06.2006.
Enclosed please find a copy of the gazette notification no. S.O.1332 (E) dated August 21, 2006 pertaining to SEBI (Foreign Institutional Investors) (Amendment) Regulations, 2006 for your information and necessary action.
The facility of DTA sale to EOUs is available against physical export of goods manufactured in EOU and earning positive net foreign exchange. Exports effected through third party and foreign exchange realized in the name of the third party for those goods which have been manufactured in the EOU and are directly transferred from the unit to the port of shipment are eligible exports and this export is also counted for the purpose of fulfillment of export obligation of EOU. The EOU is, therefore, eligible to get DTA sale benefits on exports effected through third party.
I am directed to refer to Board’s Circular No. 581/18/2001-CX dated 29th June, 2001, which interalia specifies conditions, procedures, class of exporters and places under sub-rule (2) of rule 20 of Central Excise Rules, 2002 for warehousing of excisable goods for the purpose of export. Vide para 2(1) of the said Circular, Board has specified the class of exporters who are eligible for availing this facility under Notification No. 46/2001-CE (NT) dated 26.06.2001.
The matter was deliberated and it has been decided to allow defacement of the name and address of the foreign buyers in the shipping bills and other documents when presented to the Regional Authorities for claiming benefits under various export promotion schemes. It is, therefore, clarified that such shipping bills where the name of the foreign buyers are defaced, may be accepted for processing by Regional Authorities under various export promotion schemes, if the applications are otherwise in order.
It has been decided by the Board that airlines/ other carriers having annual transhipment volume above 2500 MT to/from any airport, the same would be exempt from Bank Guarantee for carriage of goods on transhipment. Further, the jurisdictional Commissioners of Customs in deserving cases may also consider giving waiver of bank guarantee.
Difficulties, if any in implementation of these instructions, may be brought to the notice of the Board. Kindly acknowledge receipt of this Circular.
Representations have been received from exporting community pointing out that some Regional Authorities are insisting for submission of SSI/Central Excise Registration Certificates of supporting manufacturers / jobbers at the time of redemption/issue of EODC in respect of DFIAs, even in cases where the export obligation has already been fulfilled. Attention is invited to provision contained in Paragraph 4.16 of the Handbook of Procedures, Vo.I which lays down the procedure for availing the facility of supporting manufacturers / jobbers in case of DFIA/Advance Authorisation holders.
At least 50% of non-promoter holdings as per clause 35 of Listing Agreement are in demat mode before shifting the trading in the securities of the company from TFTS to rolling settlement.
