Circular No. 767-Income Tax Circular No. 759 dated 18-11-1997 was issued by the Board to dispense with the requirement of submission of a No Objection Certificate from income-tax authorities for remittance to a non-resident as required by the Reserve Bank of India (RBI).
I am directed to refer to Board’s Circular No. 41/97-Cus. dated 19.9.97 (F. No. 473/31/97- L.C.) which was subsequently amended vide Circular No. 72/ 97-Cus. dt. 23.12.97 on the subject cited above and to say that the matter has been reconsidered by the Board and it has been decided to again amend the Circular on the lines as given below
All Exchanges are therefore required to adhere to the said format and certify that the transferor has paid SEBI turnover fees for all the previous years including that related to transactions of the current year and that there are no fee dues payable to SEBI by the transferor member.
A doubt had arisen regarding the relevant exchange rate for determining FOB value of Exports, for the purpose of calculation of DEPB entitlement of an exporter, since the DEPB entitlement is calculated as a percentage of the relevant FOB value
It has come to the notice of the Board that certain Custom Houses had refused to allow drawback and other benefits on export goods which were procured by foreign buyers during their visit to India by making payment in freely convertible foreign currency which was deposited in cash with authorised foreign exchange
.Certain instances have been brought to the notice of DGFT wherein some of the exports effected by 100% EOU/ units in the Export Processing Zones are also being counted towards discharge of export obligation under advance licences or wherein DEPB benefits are being claimed. Thus the same exports are also being counted towards benefits under DEPB/advance licence as well as for discharge of export obligation by EOUs/EPZ units.
I am directed to refer to Board’s circular No. 27/98-Cus. dated 21-4-98, issued from F.No. 314/19/98- FTT and to say that in para 3, the rate of depreciation for “computers” has been specified. It is clarified that above said norms will also be applicable to “Computer Peripherals”. The above said circular may be treated modified to this extent
In partial modification of Circular No. 25/ 98-Cus. dt. 20.4.98, the guidelines at sub-paras (iii)(a) and (v) of the said Circular shall be substituted as follows
Attention is invited to the entry at Sl. No. 25 of Schedule 2 Appendix 1 of the book titled “ITC(HS) Classifications of Export and Import Items 1997-2002” and the Policy Circular No. 2 (RE-98)/98-99 dated 24.4.98 issued in this regard.
Circular No. 391/24/98-CX The procedural restriction envisaged in sub-rule (2) and 2(A) of rule 224, read with sub-rule (2) of rule 173G of the Central Excise Rule, 1944, regarding removal of excisable goods after 6 P.M. on the day preceding the Budget Day, should be strictly enforced on all assessees, including those working under Self Removal Procedure. It is once again reiterated that the schemes of Record Based Control and Production Based Control are comprised in Self Removal Procedure. Therefore, instructions contained in Chapter 7 of the Self Removal Procedure Handbook (Corrected) should be scrupulously followed.
