The Stock Exchanges shall clear and settle the trades on a sequential basis i.e., the pay-in and the pay-out of the first settlement shall be completed before the commencement of the pay-in and payout of the subsequent settlement/s.
It is hereby reiterated that the Policy of duty free imports through the nominated agencies and 15 nominated banks detailed in Chapter 4 of the EXIM Policy and Handbook of Procedures will continue to be operational. Exporters will continue to have the option to import duty free gold and silver for exports through the nominated agencies or directly under the Advance Licensing Scheme.
Where ICES system is not operational , the hard copies of IGM shall be required to be filed manually, in advance as per the Section 30 of Customs Act,1962.
The Stock Exchanges may shift these companies from TFTS to NRS provided there are no other specific grounds for continuation of the trading in these scrips in TFTS.
Representations have been received in the Board to clarify whether barging/lighterage charges are includable in the assessable value of the imported goods as “extended cost of transportation” under Rule 9(2)(a) of the Customs Valuation Rules, 1988 or the same are covered under the 1% “landing charges” levied by the Department under Rule 9(2)(b) of the Customs Valuation Rules, 1988.
In the case under reference to 3. the Board, benefit of Notification No. 51/96-Cus., dated 23-7-1996 was claimed. However, the importing college itself was not registered with DSIR; the importer submitted copy of ‘Certificate of Registration’ issued by DSIR to the University.
The matter has been examined by the Board and it is clarified that the new guidelines issued vide Board’s Circular No.34/2002-Cus, dated 26.6.2002 will not apply to the above categories of cases. However, the conditions and obligations already being discharged by the earlier custodians for such existing air cargo complexes (including courier terminals).
The exchanges are directed to bring the provisions of this circular to the notice of the member brokers/clearing members of the exchange and also to disseminate the same on the website for easy access to the investors.
Further, in accordance with Circular No. IMD/CUST/9/2003 dated November 20, 2003 the FIIs who do not have any outstanding off-shore derivatives are required to submit a statement of ‘Nil’ report once in a quarter.
With effect from 1st April 2004, applications (all categories) submitted online on the DGFT website with digital signatures only shall be given the benefit of 50% reduction in licence fee. However, till the system stabilises a physical copy of the application along with supporting documents shall also be submitted to the Regional Licensing Authorities. Parties filing applications on-line without digital signature will not be entitled to the facility of concessional fees.
