Circular No. 641/32/2002-CX I am directed to refer to Section 129 of the Finance Act, 2001 relating to imposition of National Calamity Contingent Duty (NCCD) and Notification No.42/2001 CE (NT), dated 26.6.2001 relating to export of goods without payment of duty under bond and to say that reportedly some of the field formations are issuing demands for collection of National Calamity Contingent Duty(NCCD) on goods exported under bond.
It has come to our notice that the exchanges are not entertaining the claims against the defaulter member for compensation from the Investor Protection Fund/ Customer Protection Fund (IPF/ CPF) where the clients have dealt through the registered sub-broker of the defaulting broker.
This has reference to our circular no. SMDRP/Policy/Cir-44/2001 dated August 31, 2001, advising the exchanges inter-alia to amend the listing agreement to make it mandatory for listed companies to comply with all Accounting Standards issued by The Institute of Chartered Accountants of India (ICAI) from time to time.
When marketing various schemes, remember that a client’s interest and suitability to their financial needs is paramount, and that extra commission or incentive earned should never form the basis for recommending a scheme to the client.
In case the custodian wants to sublet any of the functions inside the customs area or connected with the customs area, the same should be done with the prior approval of the Commissioner
The matter regarding application of such revision also in respect of Directors’ Reports annexed to the Balance Sheets, the financial year in respect of which was closed prior to 17.4.2002, has been examined in the Department. A decision has been taken that Directors’ Reports annexed to the Balance Sheets, the financial year in respect of which has closed on 31.3.2002 may include details of employees on the basis of revised limits.
In view of the above, the letter dated May 20, 2002 of RBI is enclosed for your information and compliance, if any. You may like to bring the above to the notice of your members.
The matter has been examined. It is clarified that the said Circular is applicable only for domestic extension flights which ply between two Indian airports without a trip to a foreign airport on their voyage.
As regards to Special Certification requirement for special preferential sugar under European Commission Regulation No. 2782/76, the export of white sugar under the above Policy Circular shall be subject to the following endorsement.
SEBI in association with National Informatics Center (NIC) has set up an Electronic Data Information Filing And Retrieval (EDIFAR) to facilitate filing of certain documents/statements by the listed companies on line on the web site to be maintained by NIC.
