Circular No.615/6/2002-CX I am directed to state that it has been brought to the notice of the Board that divergent practice is being adopted by the field formations regarding utilisation of credit of duty paid on molasses for payment of duty on sugar being cleared by the sugar manufacturing units. It has been reported by some of the Commissionerates that molasses is a finished product
After careful consideration of the references in this regard it has been clarified by the Policy Review Committee meeting that in case of Value Based Advance Licence, the import entitlement is with reference to value addition and not minimum value addition as is the case with Quantity Based Advance Licences. Therefore, if a firm fails to achieve declared value addition, the case of the firm has to be regularized as per Policy Circular No.28/2000-2001 dated 22.9.2001.
The matter was deliberated upon in the Policy Review Committee (PRC) on 08.10.2001 wherein the Committee felt that Appendix 39 of the Handbook of Procedures (Vol 1) unmistakenly pertains to exports to Rupee Payment Areas (RPA) and is in no way linked to deemed exports. The PRC also kept in perspective the earlier clarification issued by the Policy Division to the regional offices on the applicability of positive value addition for Advance Licence for deemed exports based on the rationale of inapplicability of Appendix 39 to deemed exports.
The Depositories have informed us that some of the companies given in annexure ‘A’ (serial no. 01 to 08) had established connectivity with them before October 31, 2001, the correct status of which was not furnished to SEBI.
Circular No. 614/5/2002-CX I am directed to refer Board’s Circular No.389/22/98-CX dated 5.5.1998 relating to extension of benefit under Notification No.8/97-CE dated 1.3.97 to EOUs even if they use imported consumables and to say that the matter has been re-examined by the Board and it has been decided to withdraw the circular. Accordingly
Circular No.613/4/2002-CX I am directed to refer to Circular of even number dated 24th January, 2002 and to say that it has been represented to the Board that field formations are insisting on surety of full bond amount from Merchant Exporters registered with Recognised Export Promotion Councils as the Board’s Circular (supra) directs keeping in abeyance the instructions relating to security of 25% of bond amount from such Merchant Exporters.
Since in the rolling settlement the auction and the close out takes place during trading hours, hence the reference price in the rolling settlement for close out procedures would be taken as the previous day’s closing price.
The stock exchanges are advised to make the necessary arrangements/ modifications in their systems to implement the rolling settlement on T+3 basis for all listed securities from April 01, 2002.
I am directed to refer to Boards instruction issued vide letter F. No. 450/44/2001-Cus. lV (Pt. II) dated 24th Sept. 2001 on the above mentioned subject, wherein it was provided that clearance
It appears that there is some confusion in the field formations as to what should be categorised as Leather Sandals for the purposes of SS No.64.13-64.15 of the Drawback Table.
