Subsequent to these amendments, every registered merchant banker, (including a merchant banker who is an NBFC or is undertaking activities other than those related to the securities market and who has neither applied for transfer of certificate of registration to a new entity.
DGFT have issued a Policy Circular No. 23(RE -98) / 98-99 dated 17.7.1998 on this issue (copy enclosed). The instructions laid down under this Circular are hereby brought to the notice of all concerned for necessary action at their end. It is understood that in some Custom Houses credits have not been allowed in the Pass Book till date
Circular No. 769-Income Tax The Board has received a number of representations for granting approval for refund of excess deduction or erroneous deduction of tax at source under section 195 of the Income-tax Act. The cases referred to the Board mainly relate to circumstances where
Circular No. 413/46/98-CX It has recently come to Board”s notice that in a number of cases. CEGAT has dismissed the Department”s appeals on the Technical ground That these did not have proper authorisation by the concerned Commissioners, even though the merits of the cases were prima faciein favour of the Department. But for the aforesaid deficiency in authorisation required to be issued by the concerned Commissioners, the chances of success of Revenue appeals were quite high.
Circular No. 412/45/98-CX It has been brought to the notice of the Board that Trade & Industry is facing problem in the availment of Modvat credit of the duty paid on inputs on the basis of the original copy of the invoice in case where the duplicate copy of the invoice is lost in transit.
Various references have been received from Associations of Trade and Ministry of Commerce to allow movement of export goods through containers/ trucks from hinterland to gateway Airports for the purpose of exports by air. The matter was discussed in meeting of SCOPE AIR held at Jaipur on 10th September, 1997 also. The matter was examined by Board and it has been decided that the
I am directed to refer to Circular No. 63/97- Cus., dated the 21st November, 1997 as amended by circular No. 15/ 98- Cus., dated the 11th March, 1998 on the above subject. The Board has received several representation from various trade organisations regarding the eligibility criteria for the said scheme. These representations have been considered in Board and it has been decided to amend
I am directed to refer to customs notification No. 3/89- Cus., dated 9.1.89 as amended from time to time, which provides for duty free clearance of goods imported for display or use at fair, exhibition, demonstration, seminar, etc. on the basis of a reference received from M/s. India Trade Promotion Organisation, a study was conducted to ascertain the practice of clearance of such goods at major
I am directed to say that Board’s Notification No. 138/91- Cus. and 140/ 91-Cus. initially allowed DTA sale of software only in physical form and sales through data communication/ telecommunication lines was not permitted. These notification have since been amended by the notification No. 33/97-Cus., dated 1.4.97 allowing DTA sale through data communication link or telecommunication
It was also decided that the Clearing Houses of the Stock Exchanges and Clearing Corporations should accept dematerialised shares in cases of rectification of company objections.
