The mutual funds who desire to invest in foreign debt securities may apply in duplicate in the form enclosed herewith. SEBI would forward a copy of the form to the RBI for their approval as is the procedure in case of making investment in ADRs/GDRs issued by Indian companies.
Circular No.631/22/2002-CX I am directed to invite reference to Board’s Circular No. 614/5/2002-CX dated 31.1.2002 regarding denial of the benefit of Notification No. 8/97-CE dated 1.3.97(as amended) to the export oriented units using imported consumables. It has been brought to the notice of the Board that the field formations are denying the benefit of Notification No.8/97-CE to units using imported consumables with capital goods.
It has now been decided that for better implementation of the directions contained in the captioned circular, amendments should be made to Bye-Laws, Rules and Regulations of all stock exchanges to incorporate above provisions in the bye-laws, rules and regulations.
Circular No.630/21/2002-CX I am directed to refer to Chapters 7 & 8, relating to exports, of Central Excise Manual, issued by the Board on 1st September 2001 and to say that Board vide Circular No. 6/2002 – Cus dated 23rd January 2002(issued from F.No.450/126/98 Cus.IV) has prescribed that in the case of export goods which are examined by Central Excise/Customs officers and sealed and stuffed under their supervision at a factory or in an approved warehouse
As the purpose of introducing benchmarks is to indicate the performance of the markets to the investors, the mutual funds may give performance of more than one index if they so desire. Also, they have the option to give their management perception on the performance of their schemes.
It had been advised vide our circular No. SMD/Policy/Cir-4/2002 dated January 30, 2002 that the rolling settlement on T+3 basis would commence from April 01, 2002.
Nominee Directors appointed by the Public Financial Institutions and Companies established under the Acts of Parliament having non-obstante provisions over the Companies Act, 1956, like IDBI, LIC, UTI, IIBI etc., in their respective statutes shall not be liable to be disqualified for appointment as directors by virtue of Section 274(1)(g) of the Companies Act, 1956.
The issue has been examined in the Board. It has been observed that the all Industry Rate of Duty Drawback in respect of complete bicycle under SS No.87.52 of the Drawback
Circular No.628/19/2002-CX I am directed to invite your attention to Board’s Circular No.72/88-CX6 dated 4.10.1988 vide which it was directed to issue protective show cause notices to demand duty on cotton yarn on cops/cones consumed captively or sent outside factory premises for conversion into Hank yarn till a final decision in the matter is communicated.
It has been already clarified in Departmental Circular No. 6/2001 dated 20.08.2001 that the term “auditors” includes Cost Auditor and hence “scope of audit including observations of the auditors” occurring in the above sub-section includes the scope of audit including observations of the Cost Auditors as well.
