Since second hand photocopiers, air conditioners and diesel generating sets (below 10 KVA) etc. are covered under the definition of ‘second hand goods’, therefore their import shall be governed by the provisions of Para 2.17 of Policy and shall not be permitted to be imported under Para 5.1 of Policy.
I am directed to invite your attention to the Board’s Circular No.56/2004-Cus, dated 18th October, 2004 on the above mentioned subject and to say that the Directorate General of Foreign Trade vide Public Notice No. 54/2004-2009 dated 15th February,2005 has further amended the Para 2.32 of Handbook of Procedure (Vol.I). Accordingly, the Board hereby makes following further amendments in the Circular No.56/2004-Cus, dated 18.10.2004.
Requests have been received for including branch offices of Inspection agencies which are already registered under Appendix 28 of the Handbook of Procedures as inspection agencies for issuing pre-shipment inspection certificate for import of metal scrap.
Monthly Development Report being submitted by the subsidiary company floated by the stock exchange may be discontinued from January 2005 and stock exchanges are advised to obtain exceptional report from the subsidiary company and report to SEBI, if necessary, about the important developments.
I am directed to refer to Circular No. 8/2005 dated the 14th February 2005 regarding removal of petroleum and petroleum products from one warehouse to another. 2. It is hereby clarified that the instructions issued vide the said circular apply both to petroleum (including crude) and petroleum products. Hence whenever the words “petroleum products” occur in the said circular, it should be read as “petroleum and petroleum products”.
At present, oil companies who import petroleum and petroleum products deposit the same in the warehouse (bonded tanks) at shore or refinery and thereafter they pay duty. Sometimes they transfer the warehoused goods from one warehouse to another without payment of duty under Section 67 of the Customs Act, 1962 with the permission of proper officer of customs and then pay duty at the destination.
I am directed to draw your attention to sub-section 1(a) of section 61 of the Customs Act, 1962, wherein it has been provided that capital goods intended for use in the EOU can be kept in the warehouse for a period of 5 years. Extension of such warehousing period may be given by the Commissioner of Customs under proviso
Value Addition -Under the scheme for export of jewellery, the value addition shall be calculated with reference to the CIF value of gold/ silver/ platinum which shall be equivalent to the total outflow of foreign exchange on account of gold/ silver/platinum content in the export product plus the admissible wastage. Wherever gold on loan basis has been given, the CIF value shall also include interest paid in free foreign exchange to the foreign supplier.
I am directed to state that a point has been raised whether the Additional duty of Excise (AED) and Special Additional Excise Duty (SAED) are payable on Motor Spirit and High Speed Diesel exported under Bond
This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
