The matter has been taken up with the RBI. In this connection, RBI has clarified that as per the provisions of para 7A.19 of Exchange Control Manual (1993 edition) the Exchange Control copy of import licence submitted by the importer for opening of letter of credit or making remittance should be retained by authorised dealer and forwarded to RBI after it has been fully utilised alongwith R Returns pertaining to the period during which the last remittances under the licence were made.
Attention is invited to Circular No. 69/97 – Cus. date 8th December, 1997. As per para 6 & 7 of this Circular, an enquiry/ investigation into the PMV of an export product must be completed and a final view taken within 30 days
I am directed to refer to Circular No. 50/97, dt. 17.10.97 regarding disposal of Unclaimed/ Uncleared Cargo by the Custodians. It was decided that the procedure contained in the said Circular would be applicable to Central Government undertakings listed therein. In view of requests from State Government like Mysore Silk International, Kerala State Industrial Enterprises etc. and direction of the
Infrastructure being an important aspect for economic development and in order to encourage infrastructure projects in India, especially to facilitate financing of setting up of such projects, it has now been decided that the requirement of 5 public shareholders for every Rs. 1 lakh of net capital offer made to the public as communicated vide our Circular
Representaions have been received from various exporters requesting to extend the date of grant of credits further by Designated Authorities of Pass Book Scheme and Customs authorities as these authorities could not finalise the claims due to the circumstances which were beyond their control.The matter has been considered carefully . All the Designated Authorities of Pass Book Scheme and Commissioners of Customs are, advised to finalise the claims and grant credits.
Reference from the field formations have been received in the Board, seeking clarification whether DEPB scrips can be used to clear goods Imported under various other schemes like EPCG Scheme or Project Imports whether SAD will be exempted on such exports; and whether duty leviable at tariff rate on at concessional rate will be debited in a DEPB scrip in case the goods are eligible for a partial
Circular No. 426/59/98-CX I am directed to draw your attention to Notification No. 38/ 98-CE (NT) dated the 2nd September, 1998, whereby in Rule 187A of the Central Excise Rules, 1944, a proviso has been inserted so as to extend special facility to the large manufacturer exporters in respect of examination, certification and sealing of export goods at the place of despatch.
I am directed to refer to Board’s letter of even number dated 22.7.97 circulating Ministry of Commerce’s O.M. No. 14(3) Plant (B) dated 30.6.97 on the above subject (copy enclosed) and to say that Board’s above Circular letter dated 22.7.97 stands withdrawn with immediate effect
Circular No. 425/58/98-CX Kind attention is drawn to CEGAT order No. A-4 dated 6.01. 1998 in case of M/S Flexo Foam Industries Vs. CCE, Bolpur. The CEGAT has allowed the benefit to the appellants relying on its earlier order in case of CCE, Meerut Vs M/S Maruti Foam Ltd. reported in 1996 (85) ELT 157 (Tribunal).
The Stock Exchanges are advised to take note of change in the procedure by RBI for issue and export of shares by Indian companies to NRI investors as provided in the referred Press Release and ensure compliance regarding obtaining certificate from the Company that all share certificates including certificate to NRI investors have been despatched before listing or trading permission is granted.
