make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately, as may be applicable.
In terms of Para 3.8 of the EXIM Policy, Duty Free Credit Entitlement Certificate (DFCEC) for Service Providers has been notified. The said Para 3.8 of EXIM Policy permits import of spares, office equipments and furniture, professional equipments and consumables other than agriculture and dairy products.
Compliance of the above guidelines may please be disclosed to SEBI while submitting the half yearly report. The report is to be submitted twice a year, as on 31st of March and 30th of September. The report should reach SEBI within thirty days of the period to which it relates.
Income Tax Circular No. 9/2003 Reference is invited to Circular No. 13/2002 dated 23-12-2002 wherein the 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 2002-03, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under
where the unfinished leather (wet blue leather) or hides are procured by the manufacturer exporter but the finishing process on the same is carried out by the job workers who subsequently supply the finished leather to the manufacturer exporter.
It is further clarified that companies incorporated after the Companies (Amendment) Act, 2000, who have not contributed toward the paid-up capital as per the requirements of Section 3 (1)(iii) and 3 (1)(iv) can also avail Simplified Exit Scheme if other requirements are fulfilled.
The issue has been examined. It has been decided that for the sake of harmony, the readymade garments(knitted/woven) manufacturer-exporters shall also be paid drawback merely on the basis of a self-declaration as to the non-availment of CENVAT facility.
EPCG applications for issue of licenses where the Duty saved amount is upto Rs.50 crores, will continue to be submitted to the concerned Regional Licensing Authority, as per the jurisdiction indicated in Appendix 24 of the HB of Procedure Vol.I. In respect of the above cases, where the duty saved amount is upto Rs.50 crores and licenses have been issued on or after 1.10.2003, the RLA shall not forward such cases to DGFT(HQ) for nexus fixation. The process of nexus fixation in respect the above cases shall be done by the RLA themselves. Further, where the duty saved amount is more than Rs.50 crores, EPCG applications shall also be submitted to the concerned RLA with a copy to DGFT(HQ). In such cases, necessary instructions shall be issued by the DGFT(HQ) to the concerned RLA for issuance of licences after fixation of nexus within the prescribed time of two months.
Further, the AMCs shall ensure that the reasons for such investments are recorded in the manner prescribed in SEBI Circular MFD/CIR/6/73/2000 dated July 27, 2000.
According to Clause 8 of Schedule VII of SEBI (Mutual Funds) Regulations, 1996, pending deployment of funds of a scheme in securities in terms of investment objectives of the scheme, a Mutual Fund can invest the funds in short term deposits of scheduled commercial banks.
