Circular No. 590/27/2001-CX I am directed to say that a doubt has arisen regarding classification of “reducing mediums” for printing inks. The Department had classified the mediums as printing ink under sub-heading 3215.00. The view of the Audit is that it should have been classified as synthetic resin under sub-heading 3208.90.
Ministry of Law circulates Notification G.S.R. 773(E) amending the Companies (Passing of Resolution by Postal Ballot) Rules, 2001, effective October 11, 2001.
The Investor Education and Protection Fund (awareness and protection of investors) Rules, 2001.
Wide publicity may be given by issue of a Public Notice in this regard. Difficulties, if any, faced in the implementation of the above instructions, may be brought to the notice of the Board at an early date.
Clarifications have been sought, whether the condition of registration of import contract on import of katha from Nepal as stipulated in the aforementioned public notice are still applicable. In this regard, it is clarified that since quantitative restrictions on import of katha have already been removed, the public notice no. 45-ITC (PN)/81 dated 05.09.1981 is no more in operation.
The Companies (Acceptance of Deposits) Second Amendment Rules, 2001.
A large number of representations have, however, been received from various Export Promotion Councils pleading that the rates and caps are quite low. After examining these representations and fresh data submitted by the Councils, the Government have revised drawback rates
The Exchanges are advised to take note of the above clarifications regarding disclosure of segment information prescribed under Clause 41 of the Listing Agreement and ensure compliance by companies.
Exemption to the companies engaged in the cultivation or processing of tea from disclosing in the profit and loss account the information mentioned in sub-clause (1) of clause (a) of sub-para (ii) of para 3 of Part II of Schedule VI to the Companies Act, 1956 – Issued under section 211(3) of the Act.
The issue was considered by the Policy Review Committee at its meeting held on 13.08.2001 under the chairmanship of DG. In view of the decision taken therein, it is clarified that the licence holders availing this facility are also required to maintain average export obligation during the extended period till the export obligation is completed in full. For example, if the licence was issued during 1993-94 period.
