It has come to the notice of the Board that many parties had fraudulently cleared imported cargo from Bonded warehouses under Sec. 90 of the Customs Act, 1962 duty free for delivery to Naval Ships. Similar clearances were also noticed duty free under Notfn. No. 211/ 83 for use as ship spares. The modus-operandi in both cases were to clear the goods from the bonds and divert them to the local
I am directed to state that references have been received from the assessees and the field formations regarding the scope of “Computer software” for the purposes of exemption under S.No. 173 of notification No. 11/97-Cus. dated 1.3.97. References have also been received from the field formations whether the benefit of exemption is applicable to software used in telecom equipment or
In exercise of the powers conferred by sub-section (i) of Section 30 of the SEBI Act, 1992 whereby a corporate entity formed by converting the individual or partnership membership card of the exchange shall be exempted from payment of fee for the period for which the erstwhile individual or partnership member as the case may be has already paid the fees subject to the condition.
For all future correspondence on the matter you are advised to quote the following reference
It has been represented to the Board that the goods imported by the accredited journalists through Post are being denied exemption under Sl. No. 200 of the notification No. 11/97 dated 1.3.97 even if they had satisfied the conditions stipulated thereunder on the ground that an accredited journalist could import the goods only while returning from abroad as a personal baggage
Duty Exemption Pass-book Scheme (DEPB) allows import and export only from the port of registration. In other words, both import and export have to be made from the same port. This is also provided in para 6 of Board”s Circular No. 10/ 97-Cus. dated 17.4.97
Circular No. 374/7/98-CX It has been brought to the notice of the Board that Central Excise Authorities are not allowing MODVAT credit of the entire CVD paid on the car kit imported in CKD/SKD condition assessed to duty as a complete car at the rate of 40% by the Customs Authorities.
Circular No. 373/06/98-CX For the purpose of clarification it is mentioned that the competency to adjudicate a case is case is already defined in Board”s Circular No. 299/15/97-CX dated 27.2.97 as modified by Circular No. 348/44/97-CX dated 13.8.97 and Circular No. 362/78/97-CX dated 9.12.97. In respect of the cases investigated by the Commissionerates, the show-cause notices will continue to be issued by the officers specified in the Circular No. 299/15/97-CX, ibid
I am directed to refer to Board”s Circular No. 27/ 97 dated 8th July, 1997 and Circular No. 48/97 dated 13th October, 1997 on the subject cited above
All the exchanges are advised to bring the above information to the notice of their members and ensure that the members do not transact business as sub-brokers through members of other exchanges without due registration as a sub-broker from SEBI.
