Circular No. 08/2012-Customs Attention is invited to Board’s Circular No. 06/2012-Cus dated 06-03-2012 and DGFT RE Notification No.102 (RE-2010)/2009-14 dated 5th March, 2012 amending Notification no. 74(RE-2010)/2009-14 dated 12-09-2011 imposing ban on export of cotton (Tariff code 5201 and 5203).
Notification No. 6/2012 – Central Excise (N.T.) In pursuance of rule 12CCC of the Central Excise Rules, 2002, and rule 12AAA of the CENVAT Credit Rules, 2004, and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 01/2007-Central Excise (N.T), dated the 19th January 2007, the Central Board of Excise and Customs hereby authorizes the Member (Central Excise), Central Board of Excise and Customs to issue orders in terms of notification No.5/2012-Central Excise (N.T), dated, 12th March, 2012, published with Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R 140 (E) dated the 12th March, 2012.
Procedure of obtaining Registration Certificate (RC) was notified in Notification No. 63 (RE-2010)/2009-14 dated 04.08.2011 and modified by Notification No. 74 (RE-2010)/2009-14 dated 12.08.2011. Time to export (validity of RC) was “30 days from issue of RC”. Because of prohibition imposed by Notification No. 102 (RE-2010)/2009-14 dated 05.03.2012, this time limit may require to be extended in respect of those RCs, that were valid as on 05.03.2012 and for which LEOs are yet to be issued & exports completed. All RCs would need to be submitted to DGFT for scrutiny and revalidation. Exports can be effected only after RCs are revalidated.
In pursuance of rule 12CCC of the Central Excise Rules, 2002, and rule 12AAA of the CENVAT Credit Rules, 2004 and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, No. 32/2006-Central Excise (N.T), dated the 30 th December, 2006, published in the Gazette of India
Notification No. 4/2012-CENTRAL EXCISE (N.T.) 12CCC: Power to impose restrictions in certain types of cases.- Notwithstanding anything contained in these rules, where the Central Government, having regard to the extent of evasion of duty, nature and type of offences or such other factors as may be relevant, is of the opinion that in order to prevent evasion of, and default in payment of, duty of excise, it is necessary in the public interest to provide for certain measures including restrictions on a manufacturer, first stage and second stage dealer or an exporter, may by a notification in the Official Gazette, specify the nature of restrictions including suspension of registration in case of a dealer, types of facilities to be withdrawn and procedure for issue of such order by an officer authorized by the Board
Notification No. 3/2012-CENTRAL EXCISE (N.T.) 12AAA: Power to impose restrictions in certain types of cases.- Notwithstanding anything contained in these rules, where the Central Government, having regard to the extent of misuse of CENVAT credit, nature and type of such misuse and such other factors as may be relevant, is of the opinion that in order to prevent the misuse of the provisions of CENVAT credit as specified in these rules, it is necessary in the public interest to provide for certain measures including restrictions on a manufacturer, first stage and second stage dealer or an exporter, may by a notification in the Official Gazette, specify the nature of restrictions including restrictions on utilization of CENVAT credit and suspension of registration in case of a dealer and type of facilities to be withdrawn and procedure for issue of such order by an officer authorized by the Board
In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/37/2009, no single entity shall be allocated more than INR 450 cr. of the investment limit in each of above categories. Where a single entity bids on behalf of multiple entities, in terms of para 7 of SEBI circular CIR/IMD/FIIC/18 /2010 dated November 26, 2010, then such bid would be limited to INR 450 cr. in each of above categories for every such single entity.
t has been decided to: reduce the cash reserve ratio (CRR) of scheduled banks by 75 basis points from 5.5 per cent to 4.75 per cent of their net demand and time liabilities (NDTL) effective the fortnight beginning March 10, 2012. This reduction will inject around `480 billion of primary liquidity into the banking system.
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 3/89-Customs, dated the 9th January, 1989, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 12 (E), dated the 9th January, 1989, namely:-
G.S.R.127(E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 104/2009-Customs, dated the 14th September, 2009, published in the Gazette of India, Extraordinary, Part II, Sec
