Attention is invited to Policy Circular No. 33 dated 15th November, 2000 specifying the 100 % Bank Guarantee conditions for importability of cars, microbuses etc. by travel agents, tour operators, tourist transport operators under 5 % EPCG Scheme. Since Public Notice 53 dated 27-2-2004 has been notified allowing Bank Guarantee/LUT facility as per the conditions stipulated in the said public notice, the aforesaid policy circular stands withdrawn from immediate effect.
SEBI (Foreign Institutional Investors) Regulations, 1995 permits FII investment in debt securities, including Government securities, treasury bills and corporate debt securities, through 100% debt route as well as through the equity route where upto 30 % investments can be made in debt securities.
SEBI had come across reports in a section of media about ‘late trading’ in Mutual Funds, in some countries where undue advantage was taken by a few investors due to different cut-off timings for applying NAVs both for subscriptions and redemptions, to the disadvantage of other investors.
This circular is being issued in exercise of powers conferred by section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
It has now been decided to permit each mutual fund to invest in foreign securities up to 10% of their net assets as on January 31 of each relevant year ( instead of the present reference date of January 31, 2003). e.g. the reference date upto January 30, 2005 shall be January 31, 2004.
It is also clarified that dependent minor children of the natural persons mentioned in sub-clauses (i) to (vii) of regulation 4(1)(b) of the captioned Regulations need not obtain unique identification numbers or make applications in respect of the same.
The attention of all concerned is invited to the decision of the Hon’ble Supreme Court in the case of M/s Super Cassette Industries vs Commissioner Customs (reported in 2003(58) RLT F9), M/s Motilal Dulichand vs Commissioner Customs, New Delhi (reported in 2003(157) ELT A 265) and M/s HCL Perot Systems Ltd vs Commissioner Customs, New Delhi ( decision dated 6.10.2003 in CA D.No.13751/2003).
The matter has been examined by the Board and it has been decided that in all of the cases , where samples are required to be sent for testing hazardous dyes to Textiles Committee laboratory under the Ministry of Commerce , the testing for composition ,i.e, texturised/non-texturised , should also be done at Textiles Committee laboratory to avoid duplication of work.
Authority for Advance Rulings (Customs & Central Excise) rejected the application filed by M/s.Shonkh Technologies International Ltd., NIRMAL seeking advance ruling as to whether the process proposed to be undertaken by the applicant company amounts to manufacture under Section 2(f) of the Central Excise Act, 1944 or not, at the stage of preliminary hearing itself.
I am directed to refer to para 87 of Manual of Departmental Instructions on Petroleum products in which, inter-alia, it has been stated that for measurement of Mineral Oil by volume, the volume reduction factor may be obtained by using table No. 54 of ASTM/IP with reference to Tank temperature and the density at 15 C as obtained from table No. 53 of ASTM/IP. In this connection
