Attention is invited to paragraph 7.25 of Handbook (Vol.1) which contain the procedural requirements for fulfillment of export obligation by an Advance Licence holder. Certain instances have come to the notice of this office where RLAs have refused to count exports made by the Advance Licence holder in discharge of export obligation against the licence on the ground that the exportable product does not exactly match with the description of export product indicated on the licence due to change in size of packaging etc.
This has reference to our earlier circular number: SMDRP/POLCIY/CIR-44/2000 dated September 18, 2000 advising the list of scrips to be traded only on “trade for trade settlement” window of the stock exchanges.
In this case export obligation has been fulfilled in terms of quantity but value-wise there is a shortfall. CIF value will be reduced corresponding to this proportionate and excess Customs Duty will be calculated corresponding to this reduced CIF value. Applicant will be required to pay Customs Duty (total duty availed – total duty entitlement as calculated above) and interest along with SIL.
Kind attention is invited to DOR Circular No. 39/2000-Cus., dated 11-5-2000 wherein the changes effected in EPCG and Duty Exemption Schemes announced in Exim Policy 2000-2001 on 31-3-2000 where outlined. As regards issue of licence to service providers under 5% duty EPCG Scheme, it was mentioned that DGFT would issue licences only to those service providers to whom
Representation have been received in the Board that duty free clearance of embellishments etc. from Bonded warehouses in terms of Customs Notification No. 16/2000 is not being allowed to garment exporters who use these items in the export product
Since the registration of sub account is co-terminus with that of the FII under which it is registered, the sub account registration should also be renewed simultaneously.
Circular No. 550/46/2000-CX Please refer to Board”s circular No. 519/15/2000-CX dated 03/03/2000 issued from F.No. 390/31/2000-JC vide which Commissioners were directed to forward comments on appeals filed by assessees in a prescribed proforma. Despite issue of aforesaid circular, there is no appreciable improvement in forwarding of relevant papers to the Board after receipt of the same in commissionerate. The Commissioners should be aware that the Central Board of Excise
Circular No.549/45/2000..CX.I Attention is drawn to Board” s Circular No. 223/ 57/96-CX (F.N0.332/85/94-TRU). dated 21.06.1996. In the circular, it was mentioned that prices of the petroleum products falling under the category of “formula products” are determined taking into account number of factors by the Ministry of Petroleum and Natural Gas. Moreover number of petroleum products falling under this category are generally transported from the refineries to the warehouses, known as storage points.
companies have so far not signed agreements and established connectivity with both the depositories well on time or are in the process of doing so. Accordingly, it has been decided that the shares of such companies shall be traded only on “trade for trade settlement” window of the exchanges from October 30, 2000.
Association of Mutual Funds in India (AMFI) made certain recommendations on valuation norms and provisioning of non-performing assets. The recommendations were placed.
