Board has received several representations over a period of time from various Banks and also from Indian Banks’ Association and Private Sector Banks’ Association. The matter was referred to Reserve Bank of India and they also recommended that Banks may be exempted from the requirements prescribed under the aforesaid Circular.
The companies desirous to avail of this facility would be required to adhere to disclosure and accounting norms as may be specified from time to time.
The consequential changes in SEBI (Disclosure and Investor Protection) Guidelines for the new public and rights issues are being issued separately.
Circular No. 461/27/99-CX Your attention is invited to Board”s earlier Circular No. 7/90-CX.3 dated 23.2.90 regarding Central Excise classification of products made out of combination of plastics and material other than textiles.
Circular No. 460/26/99-CX I am directed to say that the Standing Committee on Finance on Demands-for-Grants (1999-2000) of Ministry of Finance (Department of Revenue) in its Twenty First Report emphasized the need for evolving a multi-pronged strategy to check evasion of central excise duty.
Circular No. 776-Income Tax Circular No. 573, F.No. 200/115/90-ITA-I, dated 21-08-1990 provided that a lump sum ex gratia payment made, to the widow or other legal heirs of an employee, who dies while still in active service, will not be taxable as income under the Income-tax Act, 1961
A clarification has been sought whether Kar Vivad Samadhan Scheme is applicable to various Export Promotion Scheme like Duty Exemption Scheme/ Pass Book Scheme/ EPCG Scheme. The matter has been examined in consultation with the Department of Revenue. It is hereby clarified that if the licence holder settles the custom dues under the Kar Vivad Samadhan Scheme, he can only be absolved of his liability in relation to the Customs Duty due and payable. The licence holder is also entitled for grant of immunity from prosecution under the provision the Customs Act, 1962.
This Directorate has been receiving representations from various quarters seeking clarifications as regards the Classification of certain specific items under the ITC(HS) Classifications of Export and Import Items, 1997-2002. Such requests for issue of appropriate clarifications etc. have been examined and based on the decision(s) arrived at by the committee set up for this purpose, the applicants have been suitably advised about the appropriate classification of such items under the ITC(HS) Exim Code. A list of the items where clarifications were given is given below for information of all concerned.
Circular No. 459/25/99-CX I am directed to draw your attention to the Notification No. 37/99-Central Excise (N.T.) dated 4th June, 1999 whereby rule 173C of the Central Excise Rules, 1944 have been amended to incorporate Sub-rule (2a) containing a provision for filing of “Declaration” by the Central Excise assessees who manufacture the excisable goods notified under Section4A of the Central Excise Act, 1944.
Attention is invited to the Board”s Circular Number 128/39/95 dated 25.05.1995 and Circular Number 280/114/96-Cx. dated 19.12.96 wherein it was stated that criteria for treating an item as “Handicraft” as laid down by the Hon”ble Supreme Court in case of CCEx. New Delhi V/s LouisShoppe and Anr.[1996(83) ELT 13(S()] may be kept in view
