Circular No.643/34/2002-CX I am directed to refer to Board’s letter F.No.354/81/2000-TRU dated 30th June 2000 clarifying certain points relating to the new valuation provisions made effective from 1.7.2000.
Considering the shortage of power in the country, it has been decided to allow the EOU/EPZ/STP/EHTP/SEZ units to sell or transfer their surplus power in DTA or to other EOU/EPZ/STP/EHTP/SEZ units.
Circular No. 3 of 2002-Income Tax Representations have been received for grant of exemption from the requirement of deduction of income-tax at source under sections 193, 194A and 194K of the Income-tax Act on the payment of incomes to Ramakrishna Math and Ramakrishna Mission whose income is exempt under sub-clause (iv) of section 10(23C) of the Income-tax Act, 1961.
At present, notification No. 42/99-Cus dated 28-4-99 allows import of cut & polished diamonds and gemstones up to 5% of the FOB value of the preceding financial year’s.
It has been brought to the notice of the Board by the Gem and Jewellery Export Promotion Council that the importers are being asked to furnish bank guarantee on the basis of tariff rate of duty applicable
The facility of Advance Licence for Intermediate Supplies would be granted against invalidation of Advance licences for physical exports issued before 01.04.2002 even in case where the intermediate supplier has supplied or intends to supply the material subsequent to the fulfilment of the export obligation by the ultimate exporter holding the Advance Licence as per the provisions of para 4.13 of the Handbook of Procedures (Vol 1). This issues with approval of Director General of Foreign Trade.
The ratio of the above judgement of the constitution bench of the Supreme Court is squarely applicable in the present case. As in the instant case, the subject goods have not suffered any Additional Excise Duty leviable
Circular No.642/33/2002-CX I am directed to refer to sub-rule 2 of rule 20 of Central Excise Rules, 2002 read with Notification No 46/2001 – Central Excise dated 26.6. 2001 relating to warehousing of excisable goods for the purpose of export and Board’s Circular No. 581/18/2001-CX, dated 29th June 2001 (modifiedby Circular No.626/17/2002-CX dated 06-03-2002), specifying conditions, procedures, class of exporters and places for the said purpose
Circular No. 641/32/2002-CX I am directed to refer to Section 129 of the Finance Act, 2001 relating to imposition of National Calamity Contingent Duty (NCCD) and Notification No.42/2001 CE (NT), dated 26.6.2001 relating to export of goods without payment of duty under bond and to say that reportedly some of the field formations are issuing demands for collection of National Calamity Contingent Duty(NCCD) on goods exported under bond.
It has come to our notice that the exchanges are not entertaining the claims against the defaulter member for compensation from the Investor Protection Fund/ Customer Protection Fund (IPF/ CPF) where the clients have dealt through the registered sub-broker of the defaulting broker.
