A reference has been received from filed formations that under the provisions of the Customs Act, 1962, a period of 5 years has been provided for issue of Show Cause Notices in cases involving fraud/collusion/wilful mis-statement or suppression of facts. The Circular No. 69/97-Cus. dated 8.12.97 issued by the Board does not purport to restrict the statutory provisions of the Customs Act, wherever
Under Section 13(i) of FERA, 1973 no person can bring or send into India any foreign exchange or Indian Currency except with special or general permission of RBI. Further, Import of Indian currency notes or coins by post is not permitted. As per the existing practice, whenever such notes / coins, received by post, are confiscated by the customs authorities, RBI is approached for grant of “no
The Indian Sugar and General Industry Export Import Corporation Ltd., (ISGIEIC) shall be sole agency authorised to export raw sugar to EEC against the preferential Ceiling as indicated above. The export of above quantity of raw sugar to EEC under the preferential arrangements as indicated above shall also be subject to prescribed pre-shipment certificate by Export Inspection Council.
Attention is invited to paragraph 5 of Policy circular no.28(RE-98) dated 28.7.98 regarding exemption from pre-shipment inspection from Central Silk board in respect of export of silk garments under DEPB scheme. Consequent upon notification of DEPB rate for Silk madeups and Silk fabrics, it is clarified that pre-shipment inspection by Central Silk Board is not required for exports of silk madeups and Silk fabrics under DEPB scheme.
It has further been decided that stock brokers/clearing house members shall give instructions to clearing house/clearing corporations for transferring the securities lying in the broker’s pool accounts/transit accounts to the respective beneficiary accounts immediately after the pay-out of each settlement.
I am directed to inform that in letter No. 046 IV dated 17.10.1997 read with letter dated 20.9.1997 Board has across dispose of unclaimed and uncleared cargo landed in the IPB meeting dated 20.3.1999 at Chennai, it has been dated actin to clear the goods laying upto 31.12.1998 within the . I fhere are no court cases preventing such disposal and witin court cases involved.
It has therefore been decided that henceforth delivery of underlying shares of GDRs/ADRs shall compulsorily be in dematerialised form. Stock Exchanges shall not accept delivery of underlying shares of GDRs/ADRs in physical form.
RBI has further clarified that there would not be any obstacle from FERA angle in the process of dematerialisation as the above mentioned notifications have issued to take care of the same. Copies of the notifications are enclosed herewith.
It has been brought to the notice of the Board that a company in Noida had attempted to clear the high value electronic items in the guise of plastic buttons. On further examination, it was found that the importer has filed Bill of Entry for clearance of plastic buttons valued at Rs. 56351/-. The consignment was in the final stage of clearance and out of charge had already been given. The consignment
It has been observed that different stock exchanges treat this profit in different ways. While some stock exchanges credit the difference to the selling member, the other exchanges credit the same to the Investor Protection Fund.
