with the change over to the Base Rate System, the interest rates applicable for all tenors of rupee export credit advances with effect from July 1, 2010 will be at or above Base Rate in respect of all fresh/renewed advances as advised vide our circularDBOD.Dir.(Exp).BC.No.102/04.02.001/2009-10 dated May 6, 2010 . Accordingly, banks may reduce the interest rate chargeable to the exporters as per the Base Rate System in the above mentioned sectors by the amount of subvention available.
exempts the taxable service of commercial or industrial construction referred to in sub-clause (zzq) of clause 105 of section 65 of the Finance Act, when provided wholly within the port or other port, for construction, repair, alteration and renovation of wharves, quays, docks, stages, jetties, piers and railways, from the whole of service tax leviable thereon under section 66 of the Finance Act.
Notification No. 37/2010-Service Tax Service provided by airports authority or any other person in any airport in respect of the export of said goods.
Notification No. 36/2010 – Service Tax exempts the taxable services specified in clause (A) of section 76 of the Finance Act, 2010 (14 of 2010) other than services referred to in clause (zzc) and (zzzz) of sub-section (105) of section 65 of the Finance Act from so much of the service tax leviable thereon under section 66 of the Finance Act as is in excess of the service tax calculated on a value which is equivalent to the amount of advance payment received before the said appointed date.
The date mentioned in para 2(a) of the above circular may be read as 31.03.2011 instead of 31.12.2011. There is no change in other conditions of the circular.These instructions may be brought to the notice of the trade / exporters by issuing suitable Trade / Public Notices. Suitable Standing orders/instructions may be issued for the guidance of the assessing officers.
It has been brought to the notice of the Board that some of the manufacturers of exempted goods are exporting such goods under bond. Subsequently, they claim refund of accumulated input credit under Rule 5 of the CENVAT Credit Rules, 2004.
A.P. (DIR Series) Circular No. 56, June 28, 2010 The provisions of section 15 of FEMA, 1999 permit compounding of contraventions and, as such it empowers the Reserve Bank to compound any contravention as defined under section 13 of the FEMA, except the contraventions under section 3 (a) of FEMA, on an application made by the person committing such contravention. Attention of all the Authorised Dealer Category – I (AD Category – I) banks and their constituents is invited in this regard to the Foreign Exchange (Compounding Proceedings) Rules, 2000 notified by the Government of India vide G.S.R.No.383 (E) dated 3rd May 2000 as amended from time to time (copy as on date given at Annex – I) and the A.P. (DIR Series) Circular No.31 dated February 1, 2005.
Policy holders of Unit Linked Insurance Plans (ULIPs), who wish to pre-maturely withdraw, can now be glad as their investment will soon have some protection. The Insurance Regulatory and Development Authority (IRDA) are planning to limit cut in yield from the 6th year (of the policy) beyond, according to reliable sources.
except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st July, 2010 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
And whereas, on the basis of the aforesaid findings of the Director General (Safeguards), the Central Government had imposed Safeguard duty on imports of the subject goods vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 122/2009-Customs, dated the 5th November, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 5th November, 2009, vide number G.S.R.797 (E), dated the 5th November, 2009;
