Attention of all the Authorised Dealers (ADs) in foreign exchange is invited to the A.P.(DIR Series) Circular No. 106 dated June 19, 2003 in terms of which applications by persons, firms and companies for making payments, exceeding USD 500 or its equivalent towards imports into India must be made in Form A-1. Based on suggestions received from the various stake holders, the said limit has been reviewed and it has been decided as a measure of liberalization to raise the above limit for foreign exchange remittance towards imports without any documentation formalities, from USD 500 or its equivalent to USD 5000 or its equivalent, with immediate effect.
The C & A G of India has pointed out that Banks are recovering Commitment charges for keeping available the undisbursed balance of a loan commitment and they are in the nature of charges for services provided. In this regard attention is invited to the letter F. No. 345/6/2008-TRU, dated 11.6.2008 (Annexure) wherein it has been clarified that any amount collected by the service provider on account of lending is either interest or service charges. Pre-closure/fore-closure charges are not charges collected for delayed payment. These charges not being ‘interest’ are to be appropriately treated as consideration for the services provided and accordingly leviable to service tax under Section 65(105)(zm).
The Ministry of Corporate Affairs (MCA) has implemented MCA21 e-Governance Project. The Project is aimed at enhancing the service level efficiencies and bringing about certainty and speed in the operations of the Ministry of Corporate Affairs, particularly with regard to the delivery of all the Registry related services rendered by Registrar of Companies as defined under the Companies Act, 1956.
Circular No. 960/03/2012-CX Your kind attention is invited to Notifications No. 49/2003-CE and 50/2003-CE, both dated 10.06.2003 which provide full exemption from excise duties to specified goods cleared from industrial units in the states of Uttaranchal and Himachal Pradesh for a period of ten years from the date of commencement of commercial production.
Wherein Lead banks were requested to ensure the presence of MPs/MLAs in DLRC meetings as far as possible. Reference is also invited to circular RPCD.LBS.BC.85/02.01.01/2000-01 dated May 9, 2001 wherein the Lead banks were advised to adhere to instructions on participation of Members of Parliament and Public Representatives while convening the DLRC meeting.
CIRCULAR NO. 04/2012-Cus Several references have been received in the Board highlighting divergent practices for calculation of iron contents from Iron Ore being followed at different Ports for charging Export duty. In this regard two types of calculation methods are being followed i.e. on the basis of Wet Metric Ton (WMT) and other on the basis of Dry Metric Ton (DMT).
Notification No. 9/2012-Income Tax In exercise of the power conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2012-13
Based on the assessment of the utilization of the limits to FIIs for investments in corporate debt long term infra category (with one year lock in and one year residual maturity clause), it has been decided to allocate the unutilized limits. The bidding of this limit shall be done on the NSE from 15:30 hrs to 17:30 hrs, on February 29, 2012, in terms of SEBI circular IMD/FII&C/37/2009 dated February 06, 2009, subject to the modifications stated below:-
Whereas the Government of Maharashtra is satisfied that ircumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication thereof under the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005).
The description mentioned for item at Sr.No.23, Table-8, Appendix 37D was “G.V.W. exceeding 20 tonnes : Lorries and Trucks”. This description is corrected to read as “g.v.w. exceeding 5 tonnes but not exceeding 20 tonnes:Lorries and trucks”. However, the ITC HS Code 870422 will remain same.
