These instructions are issued in super cession of Ministry’s instructions issued vide letter F.No. 711/39/2004-Cus(AS) dt. 17.09.2004, letter F. No.21/23/55-Cus-IV dt. 8.12.1956 (paragraphs 14,15,16,17 & 20) and letter F. No.4/63/57-Cus III dt. 7.9.1961.
The Board considered the recommendations of the Task Force. The Board has already issued Circular 50/2005-Cus dated 01.12.2005 and Circular 52/2005-Cus dated 10.12.2005 prescribing simplified procedure for disposal of goods.
This is in continuation with SEBI circular No. DNPD/Cir-31/2006 dated January 20, 2006 prescribing the eligibility criteria for the introduction of derivatives on stocks of companies undergoing corporate restructuring.
Representations have been received requesting to consider Vishesh Krishi Upaj Yojana benefits on the premise that since the scheme was announced for the 1st time in Foreign Trade Policy 2004-09 announced on 31st August 2004, the exporters of these commodities have factored the component of benefits under the scheme while finalizing export contracts.
Attention is invited to Policy Circular No.29 dated 06.10.2005 wherein re-conditioned computer monitors were classified under EXIM Code No.847160. This classification has been done with the intention that such re-conditioned computer monitors are not components of computers and are hence not freely importable. A license will be required for the import of re-conditioned computer monitors in terms of Para 2.17 of the Foreign Trade Policy.
A need was felt in the Board to combine all these instructions into one consolidated circular on the aforesaid matter to ensure uniformity to consider the request for waiver of interest on Customs duty on any warehoused goods u/s 61 of the Customs Act, 1962. Accordingly, in supersession of these previous guidelines and circulars on the aforesaid matter, the instructions have been consolidated in this Circular.
It has therefore been decided to make the system of remitting licence fee through the EFT mode optional till 31.03.2006. The exporter will now have an option to remit licence fee either through the EFT payment gateway of the DGFT designated banks on the DGFT website dgft.gov.in OR submit the licence fee through a Treasury Challan or Demand Draft. However, it may be clarified that the mandatory electronic submission of certain category of applications i.e. Advance Licence (excluding Para 4.7 and DFRC applications), Advance Licence for Annual Requirement, EPCG Licence and DEPB Licence (for EDI shipping bills from notified EDI Ports w.e.f. 01.10.2005) with digital signature on the DGFT website will continue.
The industry is, therefore, advised to file their application for import licenses for products containing HCFC – 22 gas. These applications will be considered for issuance of licenses based on the advise of the Ministry of Environment and Forest.
The amendment also seeks to determine the fair value of securities by persons appointed by the stock exchange out of a panel of experts, which shall also be selected by the stock exchange.
The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the Principal Regulations were published in the Gazette of India on December 9, 1996 vide S.O. No. 856(E).
