while accepting the recommendations of Dr L C Gupta Committee, had appointed a group under Prof. J R Varma to recommend measures for risk containment for derivatives market in India
Circular No. 473/39/99-CX I am directed to say that a doubt has arisen whether the rebate of central excise duty paid on ingots billets of non-alloy steel and hot re-rolled products of non-alloy steel notified under section 3A of the Central Excise Act, 1944 for the period from 1.8.97 (the day re-rolled material and induction furnace goods were covered under this levy based on capacity of production) and 23.8.98 (the preceding day to the date when notifications providing method of computation of rebate were issued) can be granted in respect of the goods removed from the factory of independent manufacturers
Complaints have been received by this office that products normally classifiable under Chapter 29 of ITC(HS) Classifications of Export and Import Items 1997-2002 relating to organic chemicals are being imported by classifying the same under EXIM Code 23099003.10.
A point has been raised as to whether the facility of Private Bonded Warehouses as envisaged under Para 8.13 of Exim Policy 1997-2002 is to be provided only to the holders of Bulk Licences under Para 8.10 of said Policy or to any other exporter
Circular No. 472/38/99-CX I am directed to say that it was reported by the field-formations that cases of making willful wrong entries in the invoices, especially by the registered persons issuing invoices under Rule 57GG (Registered dealers), facilitating the buyer to avail wrong credit of additional duty under the Customs Tariff Act, 1975, came to notice.
Circular No. 471/37/99-CX I am directed to say that difficulty had arisen for the manufacturers of goods specified under Chapters 61 & 62 of the Central Excise Tariff Act where rate of duty is NIL or the goods are exempted, especially the garment manufacturers primarily engaged in the manufacture / production for exports. These manufacturers were denied a simplified export procedure since these could not register themselves with the Central Excise in terms of the existing provisions of Notification 22/98 – Central Excise (N.T.) dated the 4th June, 1998.
Attention is invited to para 7.4A of the Exim Policy and Public Notice No. 10 (RE-99)/1997-2002 dated 7.6.99 issued by the DGFT announcing annual advance licensing scheme to promote exports. The Department of Revenue has issued Notification No. 48/99-Customs dated 29th April, 1999 and amendment notification No. 90/99-Customs dated 6.7.1999 in order to operationalise the
Circular No. 470/36/99-CX I am directed to refer to Circular No. 449/15/99-CX dated 23.2.99 on the subject mentioned above. It was clarified vide the above mentioned circular that duty should not be demanded on waste packages/containers used for packaging modvatable inputs when cleared from the factory of manufacturer availing modvat credit following the CEGAT order in case of M/s West Coast Industrial Gases Ltd. v. CCE, Cochin.
Exporters have pointed out that while claiming Duty Drawback as above, they are required to submit original EP copy of the Shipping Bills to the Custom Authorities, which they are not in a position to do as the same have already been submitted to the Regional Licensing Authority while claiming DEPB. This issue has been considered in consultation with Deptt. of Revenue.
Attention is invited to Boards Circular No. 71/98-Customs dated 15th September 1998 granting exemption from Bank Guarantee to manufacturer exporters registered with Central Excise Department subject to conditions specified therein
