The Engineering Export Promotion Council has represented that duty drawback rates in respect of these products have been determined by taking into consideration only ‘Steel’ as the input. Therefore, they should be permitted to avail of the Cenvat facility as regards the other inputs other than ‘Steel’, for example, consumables, furnace oil, high speed diesel oil, light diesel oil, superior kerosene oil, machinery spares, die blocks, etc.
Circular No. 690/06/2003-CX I am directed to say that doubts have been raised regarding leviability of Central Excise Duty on “Steel Formers” consumed captively in the Induction Furnaces. “Steel formers” are hollow cylindrical profiles. They are placed inside the crucible of the Induction Furnace. The space between the crucible and the former is packed with ramming mass (mixture of Sodium Silicate & Boric Acid) and asbestos sheets. Then the hollow portion inside the former is charged with scrap iron, sponge iron, etc.
directed to forward here with a copy of the Companies (Amendment) Act, 2002 published in the Gazette of India (Extraordinary) on 1st January, 2003 for your information and necessary action.
In continuation to this Department’s General Circular No. 9/2002 dated 18.4.2002, it is clarified that for Housing Finance Companies registered with the National Housing Bank under Housing Finance Companies (NHB) Directions, 2001
I am directed to forward herewith a copy of the Notifications published in the Gazette of India (Extraordinary) for your information and necessary action:-
Disqualification of Directors under Section 274(1)(g) of the Companies Act, 1956 – Clarificar
SEBI, in its endeavor, to make processing of application for registration/renewal simpler, speedier and effective, advise all the existing/prospective ‘Portfolio Managers.
Circular No.689/5/2003-CX I am directed to say that Board has observed that different practices are being followed in field formations on the issue of maintenance of records by first stage and second stage dealers and pre-authentication of invoices issued by second stage dealers/ dealers of imported goods. Instances have come to the notice of the Board that the proper records are not being kept by such dealers and the pre-authentication of the invoices by the central excise officers is still being insisted upon.
I am directed to refer to the instructions contained in Board’s Circular No. 47/2002-Cus., dated 29.07.2002, on the above subject and to say that some references have been received in the recent past seeking Board’s clarification whether the goods imported and bonded in a warehouse can be permitted to be cleared for the purpose of export under Section 69 of the Customs Act, 1962 even though demand notices under Section 72 of the Customs Act, 1962 have been issued by the Customs authority demanding duty, interest and other charges upon expiry of the initial or extended period of warehousing.
Reopening/revision of annual accounts after their adoption in the annual general meeting. In partial modification of earlier view on re-opening/revision of annual accounts, this Department had clarified in 1987 that a company could reopen and revise its accounts even after their adoption in the annual general meeting in order to comply with technical requirements of taxation laws and further adopt the revised annual accounts in the subsequent annual general meeting and file with the Registrar of Companies.
