I am directed to invite attention to the Interim Order No. IO/E/795-802/2013-EX(DB), dated 18-12-2013 of the Principal Bench of CESTAT, New Delhi. Vide para 9 of the said order dated 18-12-2013 the bench observed it is high time for revenue to rise to the occasion and reduce its litigation without burdening the Tribunal to list the matters frequently in cause list to know status of compliance to stay orders.
Accordingly, exports of such goods to Iran which have been imported against payment in freely convertible currency would be permitted against payment in Indian Rupees also, subject to at least 15% value addition. Further, re-export of food, medicine and medical equipments will not be subject to minimum value addition recjuirement. The ITC(H5) codes for these goods will cover Chapters Z3,4,7-11.
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India
Dissemination of Information with regards to provisions of the Companies Act, 2013 as notified till date vis-à-vis the corresponding provisions of the Companies Act, 1956.
Notification No. 24/2014-Income Tax S.O.997(E). – In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (4th Amendment) Rules, 2014.
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes
(a) in Appendix I, for the Table, the following Table shall be substituted, (b) for Appendix II, the following shall be substituted, namely:-
A self-certification process on compliance of bar-coding requirement on secondary and tertiary level packaging of pharmaceuticals and drugs has been introduced. This will be effective from 1st April, 2014.
With a view to liberalising the procedure further facilitating the import of rough diamonds, it has now been decided that henceforth Reserve Bank of India will not notify the names of overseas mining companies from whom an importer (other than PSC or Department / Undertaking of Government of India / State Government) may import rough diamonds into India, by way of advance payments, without any limit / bank guarantee/ stand-by letter of Credit.
On the basis of an assessment of the current and evolving macroeconomic situation, we have decided today to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent.
