The following changes have been made in the rates of customs and central excise duties on iron and steel and coal: (i) Excise duty on all iron and steel falling under chapter 72 has been reduced from 16% to 8%;
The matter has been considered by the Board and it is felt that certain Public Notices cannot be kept pending till any appointed day because the delay may result in loss of revenue or delay in clearance of imported/export goods. Accordingly, it has been decided to fix 1st and 3rd Mondays of the month for issuance of Public Notices.
The matter has been considered by the Board and it has been decided that as far as possible, officers should avoid raising piecemeal queries on Bills of Entry/ Shipping Bills. At the same time, where EDI is operational the Systems Manager/Administrators should also exercise proper check on the number and nature of queries raised and ensure that frivolous queries are avoided.
The Stock Exchanges (other than BSE and NSE) are advised to communicate to SEBI, the status of the implementation of the provisions of this circular in Section II, item no. 13 of the Monthly Development Report for the month of March 2004.
The aforesaid modus operandi may be brought to the notice of customs field officers under your charge to prevent its recurrence.
The model format for the issuance of electronic contract note for the debt market is enclosed. Based on this, the exchanges are advised to prescribe a standard format for issuance of the electronic contract note in its bye-laws, rules and regulations.
Accordingly, for derivative contracts which have a contract size/value of Rs.4 Lakh and above, the lot size/multiplier shall be reduced to one-half of the existing lot size/multiplier. For derivative contracts which have a contract size/value of Rs.8 Lakh and above,
Notification No. 32/97-Cus. dated 1-4-97 provides exemption from Customs duty for material when imported into India for execution of an export order. The issue to be looked into whether the benefit would be applicable when the manufacture of goods involves substantial usage of indigenous goods along with the imported goods in the said notification.
The item CPU Cooling Fan with Heat Sink is said to perform the function of cooling the processor in the CPU. On its importation it is being classified in different Custom Houses either under Other Fans under CTH 8414 59 10 or as Part of a Computer under CTH 8473 30 99.
Any entity incorporated in a jurisdiction that requires filing of constitutional and/or other documents with a registrar of companies or comparable regulatory agency or body under the applicable companies legislation in that jurisdiction.
