The Indian securities market has undergone through a rapid expansion during the last decade such as dematerialization, rolling settlement, shorter settlement cycles etc.
Circular No. 670/61/2002-CX I am directed to invite your attention to provisions of section 11BB of Central Excise Act, 1944 that wherever the refund/ rebate claim is sanctioned beyond the prescribed period of three months of filing of the claim, the interest thereon shall be paid to the applicant at the notified rate. Board has been receiving a large number of representations from claimants to say that interest due to them on sanction of refund/ rebate claims beyond a period of three months has not been granted by Central Excise formations
Circular No. 669/60/2002-CX In Circular No.657/48/2002-CX dated 5th September 2002 issued from file of even number
After identifying the same, the mutual funds shall review the progress made on implementation of the systems on a monthly basis and place the progress report in periodical meetings of Boards of AMCs and trustees. The mutual funds shall ensure full compliance of all the risk management practices within a period of six months.
All Exchanges are advised to forward the turnover details in conformity with the revised certification format and also bring the revised auditors certification format to the notice of members.
I am directed to refer to your letter No.TC/43A(2A)/3854 dated 23.1.2002 addressed to the Regional Director, Kanpur and copy endorsed to this Department and to say that fixing of time limit for getting conversion by deemed public company to private limited company under Section 43A(2A) of the Companies Act, 1956 may not be feasible.
Circular No.668/59/2002-CX I am directed to refer to Board’s Circular No.662/53/2002-CX dated 17.9.2002 on Central Excise Registration which details the new procedure for Registration providing inter alia for automatic generation of temporary 15-digit Registration Number for the assessees not having PAN. The new temporary number will be automatically generated by the system on 1.10.2002.
Suitable public notices for information of the trade and standing orders for guidance of the staff may kindly be issued accordingly.
Circular No. 667/58/2002-CX It was clarified therein that in the context of notifications which exempt specified goods provided such goods have been made from other goods on which appropriate duty of excise has already been paid, the benefit would be available even if the inputs are exempted from excise duty.
considered by the Government and it has been decided that the two way fungibility scheme can be kept on hold for OCBs for the time being till a full review is made. Hence, the scheme can be operated only for foreign investors other than OCBs.
