Attention is invited to Paragraph 6.5 (vi) of the Exim Policy 1997-2002 incorporating amendments made upto 31st March,99 under which the physical exports made under Duty Exemption Scheme/Diamond Imprest Licence/Replenishment Licence by a manufacturer exporter who has obtained licences for the manufacture of the same export product under EPCG Scheme and the above schemes shall also be counted towards the discharge of export obligation under EPCG Scheme. The representations have been received from certain parties that while the above facility was made available in case of Advance Licences issued under Duty Exemption Scheme prior to 1.4.99 w.e.f. 1.4.1993.
Attention is invited to paragraph 6.8 of the Handbook (Vol.1). wherein it has been stated that in such cases where nexus norms have already been communicated by the Headquarters or the same are already established on the basis of the EPCG licences issued in the past by the Port Offices , such applications may not be forwarded to the Headquarters EPCG Committee.
As a part of rationalisation of All Industry Rate of Duty Drawback, the SS No. 57.01 in Drawback Table, 1999-2000 relating to Floor Coverings, all sorts has been split into three separate SS numbers in Drawback Table, 2000-2001
Circular No. 535/31/2000-CUS The Ministry is required to send its comments to the C&AG within six weeks. On receipt of the DAP’s from the C&AG they are immediately sent to the Jurisdictional Commissioners of Central Excise for furnishing their reply/comments within 4 weeks. This leaves the Ministry barely 14 days time to examine the comments of the Commissioner, take policy decision if required and send the comments to the C&AG. It has however been observed that the Commissioners are not assigning due importance/urgency to the DAPs.
Attention is invited to this Ministry’s guidelines on the above subject circulated under Circular No. 74/1997-Cus. (F. No. 609/443/97-DBK) dated the 30th December, 1997, and amended vide Circular4 No. 16/2000-Custom dated 24.02.2000.
We are enclosing herewith guidelines for advertisements by mutual funds. The guidelines based on recommendations made by Association of Mutual Funds in India (AMFI).
I am directed to invite your attention to the “Goods Imported (Condition of Transshipment) Regulations, 1995”. Under the said Regulations, a continuity bond is to be executed by the transporter/custodian/declarant for safe carriage of the goods from the gateway port to the ICDs/CFSs. The bond is discharged when the landing certificate, i.e. receipt of the goods at the destination is
Service Tax Circular No. 30/1/2000 Refer to Service Tax Circular No. 11/5/96 dated 22.4.1996 whereby monetary limits for powers of adjudication of Central Excise Officers of different ranks had been laid down for Service Tax assessment. In pursuance of CEGAT decision in the case of M/s Bharati Cellular Ltd. wherein it was held that the adjudication order passed by the commissioner of Central Excise under Section 73 are not appealable in the Tribunal
Circular No. 791-Income Tax Section 2(47 ) of the Income-tax Act provides that any conversion of capital assets into stock-in-trade shall be regarded as a transfer. This transfer arises in the year in which such conversion takes place and, accordingly, capital gain would normally arise in that very year. However, section 45(2) of the Act postpones the assessment
The Ministry has announced the new All Industry Rates of Drawback vide Notification No. 41/2000-Customs (NT) dated 1.6.2000. These rates will come into effect from 1.6.2000. The old drawback rates would be applicable till 31.5.2000. Following are the significant features of the new Drawback Table
