Circular No.689/5/2003-CX I am directed to say that Board has observed that different practices are being followed in field formations on the issue of maintenance of records by first stage and second stage dealers and pre-authentication of invoices issued by second stage dealers/ dealers of imported goods. Instances have come to the notice of the Board that the proper records are not being kept by such dealers and the pre-authentication of the invoices by the central excise officers is still being insisted upon.
I am directed to refer to the instructions contained in Board’s Circular No. 47/2002-Cus., dated 29.07.2002, on the above subject and to say that some references have been received in the recent past seeking Board’s clarification whether the goods imported and bonded in a warehouse can be permitted to be cleared for the purpose of export under Section 69 of the Customs Act, 1962 even though demand notices under Section 72 of the Customs Act, 1962 have been issued by the Customs authority demanding duty, interest and other charges upon expiry of the initial or extended period of warehousing.
Reopening/revision of annual accounts after their adoption in the annual general meeting. In partial modification of earlier view on re-opening/revision of annual accounts, this Department had clarified in 1987 that a company could reopen and revise its accounts even after their adoption in the annual general meeting in order to comply with technical requirements of taxation laws and further adopt the revised annual accounts in the subsequent annual general meeting and file with the Registrar of Companies.
the Exchanges shall also be required to inform SEBI within 7 days from the date of submission of the relevant audited results of cases where companies have failed to remove audit qualifications.
Fluctuation in the exchange rate would mean appreciation in the value of rupee at times or depreciation in its value some other times. Recently, due to continuous appreciation of Indian Rupee vis a vis major currencies, it is possible that the rate notified by Ministry of Finance may exceed the rate which export proceeds were actually realised. The matter has been represented to us.
However, it has come to the notice of the Department that an interpretation is being made that cost auditor can be a member of audit committee. It is reiterated that the cost auditor cannot become a member of audit committee and wherever
I am directed to say that doubts have been raised regarding classification of certain services which appear to fall under two or more categories simultaneously. Some instances where such problems have arisen relate to Management Consultants vs. Manpower Recruitment Services, Mandap Keepers vs. Convention Services, Rent-A-Cab Scheme vs. Tour Operators, Cargo Handling Services vs. Storage And Warehousing Services, Architect vs. Interior Decorator, Scientific And Technical Consulting Services vs. Consulting Engineer, Practicing Chartered Accountants vs. Management Consultants, etc
Though the brokers were legally bound to pay the fees as per the regulations, vide clause (v) of Part A of the said circular, it was also informed that those brokers, who had not paid fees, should pay atleast 50% of the principal due in the cash.
Circular No. 687/3/2003-CX I am directed to draw your attention to Board’s circular No. 21/89-CX6 dated 11.5.89 issued from F.No. 210/21/87-CX6, circular No. 153/64/95-CX dated 12.10.95 issued from F.No.209/47/95-CX6 and circular No. 262/96/96-CX dated 6.11.96 issued from F.No.209/36/96-CX6 wherein it has been
The Engineering Export Promotion Council has represented that for those cases where the Cenvat facility has been availed, the drawback equivalent to the Customs component may be provided as has been made available to other products.
