he open position for all derivative contracts would be valued as the open interest multiplied with the closing price of the respective underlying in the cash market.
References have been received from port offices to clarify whether Policy Circular No. 23 dated 22.10.97 is applicable to VABALs issued prior to 1.4.1993. The issue was discussed by Policy Review Committee (PRC) in its meeting held on 24.12.2001 under the chairmanship of DGFT. It is clarified that the intention of the said Policy Circular No.23 dated 22.10.97 being to cover all VABALs issued from 01.04.1992 onwards.
Any deviation from the above mentioned arrangement should be viewed seriously and action may be taken against the Assessing Officers/Adjudicating Authorities.
The issue has been examined in the Board. It appears that the field formations are applying the instructions contained in Drawback Circular No.10/2001-Cus dated 23.2.2001.
directed to forward herewith a copy of the following Notification published in the Gazette of India (Extraordinary) for your information and necessary action.
S.T.Circular No.38/1/2002-CX 7th February, 2002. F.No.137/29/2001-CX.4 Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Sub. : Audit of Service Tax assesses/records Attention is invited to Board’s Circular No.19/13/96 dt.21.11.1996 wherein instructions were issued for auditing of assesses providing services relating to telephones, insurance and stock broking. The following […]
Circular No. 617/8/2002-CX I am directed to refer to Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of excisable goods) Rules, 2001 and to say that some formations have expressed the difficulty in implementing the said Rules in the following situations stating that there is no corresponding provisions as in the erstwhile Chapter X procedure of the Central Excise Rules
Circular No 616/7/2002-CX In this regard, attention is drawn to judgement dated 3-2-99 of the High Court of Karnataka in Writ Appeal Nos. 1413 and 1736 of 1998 [1999 (111) E.L.T. 27 (Kar.)] in the case of the Karnataka Soapnut Powder Manufacturer”s Association. it has been held, inter alia, by the High Court that the preparation of the Shikakai Powder from Shikakai amounts to manufacture.
Circular No. 1 of 2002-Income Tax Reference is invited to Circular No. 798, dated 30-10-2000 wherein the rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961, during the financial year 2000-2001, were intimated.
The Custom Houses may, therefore, clear such goods on a provisional assessment basis under heading 85.04 by taking a simple bond, but without any bank guarantee
