It is clarified that 5% applicable customs duty on notional basis shall be charged before EPCG Authorisation is invalidated for direct import and EO shall be calculable at the reduced duty saved amount accordingly. These instructions will be implemented prospectively and shall be applicable in all such cases where Authorisations have to be issued henceforth or where Authorisation/licence has already been issued but invalidation has not been allowed so far.
The principal regulations, SEBI (Portfolio Managers) Regulations, 1993 were issued under S.O. No. SEBI/LE/93/III dated January 7, 1993 published in the Gazette of India, Part II, Section 3(ii) dated January 7, 1993.
A suitable Public Notice and Standing Order may be issued for the guidance of the trade and staff. Difficulties faced, if any in implementation of the Circular may be brought to the notice of the Board at an early date.
Representations have been received from various quarters seeking clarification regarding the meaning of term ‘duty’ appearing in the above sub-paragraphs (i), (ii) & (iii) of Para 3.2.5 of Handbook of Procedures (Vol.I) of EXIM Policy (2002-07) and sub paragraph (i), (ii) and (iii) of Para 3.7.6 of Foreign Trade Policy.
The formats of the said reports have been modified to incorporate the data on unit capital. The revised formats are enclosed. Accordingly, in future, MCR and ASR shall be submitted to SEBI in the revised format.
Make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately, as may be applicable/necessary;
Circular No. 07 of 2006-Income Tax Section 43B of the Income-tax Act, 1961 was amended by the Finance Act, 2006 inserting therein two clarificatory Explanations, namely; Explanation 3C and Explanation 3D. Both the Explanations clarify that any sum payable by the assessee as interest on any loan or borrowing or advance shall be allowed
Like the previous year, the drawback rates have been determined on the basis of certain broad parameters including, inter alia, the prevailing prices of inputs, standard input/ output norms (SION) published by DGFT, share of imports in the total consumption of inputs and the applied rates of duty. As education cess is being collected as duties of excise/customs, the element of education cess has been factored in the drawback rates. The incidence of duty on HSD/Furnace Oil has also been factored in the drawback calculation.
Enclosed please find a copy of the gazette notification no. S.O.948 (E) dated June 26, 2006 pertaining to SEBI (Foreign Institutional Investors) (Amendment) Regulations 2006 for your information and necessary action.
communicate to SEBI, the status of the implementation of the provisions of this circular in Section II, item no. 13 of the Monthly Development Report for the month of August, 2006.
