Attention is invited to Paragraph 7.7 of Exim Policy, 1997-2002 according to which a Duty Free Licence and the relevant DEEC Book shall specify the aggregate CIF value of imports alongwith other details. A number of representations have been received from various exporters to clarify whether in the Duty Free Licence/DEEC Book issued after 1.4.97 in terms of Para 7.7 of Exim Policy, 1997-2002, each item of import should specify the value limit or not.
Attention is invited to ALC Circular No. 16/95 dated 1.8.1995 wherein it was clarified that as far as Special Rupee Escrow Accounts in the names of Russian entities were concerned,Advance Licence shall be permitted, subject to the condition that the export order has been placed and the L/C has been opened by the A/c holder directly in favour of the Indian exporter and payment is also received by the Indian exporter directly from the Account holder.
Circular No. 424/57/98-CX It was brought to the notice of the Board that consequent upon rescinding of Rule 56 A of the Central Excise Rules, 1944 containing the provisions of Proforma credit end extension of Modvat credit to the goods covered under the said Proforma credit with effect from 20th May, 1944 certain intermediate products such as covered rubber thread, covered spandex yarn etc. which arose during the course of manufacture of final products remained outside the purview of the provisions of Modvat credit.
Mumbai Custom House has reported that certain that certain parties have managed to obtain DEPB Scrips on the basis of forged documents in the name of following non-existant firms
In the Estimates Committee (1994-95) of the 10th Lok Sabha, the Government had undertaken to review the Baggage Rules permitting the travellers to bring in Note Book Computers and other essential items so that harassment to the general passengers could be eliminated. The Committee has desired an expeditious review of the matter. The matter has been examined, under Tourist
Please refer to our Circular No. SMD/Policy/Cir.19/2435/98 dated July 29, 1998 advising inter alia, the list of scrips for compulsory settlement of trades in demat form for the Institutional Investors, viz., Domestic Financial Institutions, Banks, Mutual Funds and Foreign Institutional Investors and Overseas Corporate Bodies.
It was also decided that delivery of dematerialised securities shall be treated as good delivery for negotiated deals also. Besides, the institutional investors should compulsorily deliver securities in demat form for trades executed as negotiated deal in respect of securities which are announced by SEBI from time to time for compulsory dematerialised trading by institutional investors.
Circular No. 423/56/98-CX Certain doubts have been raised regarding whether the erroneous refunds granted could be recovered by recourse to review under Section 35-E of the Central Excise Act or demands under Section 11A within the statutory time limit as laid down.
Certain representations have been received seeking clarification as to how to obtain Gold/Silver/Platinum from nominated agencies where Bank certificate or custom attested invoice or shipping bill has been lost. This issue has been examined and it is clarified that procedure prescribed under Paragraph 8.10 of the Handbook of Procedures(Vol.1),1997-2002 will also be applicable for taking Gold/silver/platinum from the nominated agencies.
Circular No. 422/55/98-CX I am directed to draw your attention to Notification No. 26/98-CEE (NT) dated 15th July, 1998 and Order Nos. 10/98-Central Excise 23rd July, 1998 and 11/98-Central Excise dated 10th August, 1998, both issued thereunder, relating to extention of the provisions of Chapter VII of the Central Excise Rules, 1944 to excisable goods specified in the Schedule to the Central Excise Tariff Act, 1985 for storage in a warehouse and export therefrom.
