As the row over investment-cum-insurance product came to an end, life insurers got another big relief on pension plans, which now would come with minimum guarantee. Recently, the Insurance Regulatory and Development Authority (IRDA) had proposed a mandatory life cover with pension products, which had created an uproar in the industry.
The undersigned is directed to say that the Board has amended the Customs, Central Excise & Service Tax Drawback Rules, 1995 and the Re-Export of Imported Goods (Drawback of Customs Duties) Rules, 1995 vide Notifications No. 49/2010-Customs (N.T) and 48/2010-Customs (N.T) both dated 17th June, 2010. The rules have been amended to make the time limits prescribed for making various applications/claims of drawback under the Rules more exporter friendly, to liberalize granting of extensions in case of delays and to delegate greater powers in that regard to the field officers at the level of the Assistant/Deputy Commissioner of Customs.
In exercise of powers conferred by Section 5, read along with Section 3(2) of the Foreign Trade (Development and Regulation) Act, 1992, also read along with paragraph 2.1 of Foreign Trade Policy, 2009-14, the Central Government hereby further extends the prohibition on import of milk and milk products including chocolates and chocolate products and candies/ confectionary/ food preparations with milk or milk solids as an ingredient, from China, imposed vide Notification No. 67(RE-2008)/2004-2009 dated 1st December, 2008 and extended vide Notification No. 22/2009-2014 dated 23rd Dec, 2009, for a period of six months from 24th June,2010 and until further orders.
The requirement of obtaining registration from AMFI after obtaining certification, as per the Circular dated November 28, 2002, would continue.
It may kindly be recalled that as part of the proposals contained in the Budget for 2010-11, Finance Minister had announced the imposition of Clean Energy Cess as a duty of excise on coal, lignite and peat. This cess is to come into force on a date to be notified by the Central Government after the enactment of the Finance Bill, 2010.
It has been represented to the Board that certain units are undertaking the process of pickling and oiling in addition to process of de-coiling, cutting and slitting and whereas by circular No 811/08/2005-CX dated 02.03.2005 it has been clarified that processes of de-coiling, cutting and slitting do not amount to manufacture.
The rules have been amended to make the time limits prescribed for making various applications/claims of drawback under the Rules more exporter friendly, to liberalize granting of extensions in case of delays and to delegate greater powers in that regard to the field officers at the level of the Assistant/Deputy Commissioner of Customs. These are trade facilitation measures. The notifications are available on CBEC website and may be perused for details. The important changes that have been made in the Rules are as discussed below.
M.F.(D.R.) ORDER NO. 1/2010 For the purposes of sub-clauses (zzq) and (zzzh) of clause (105) of section 65 of the Finance Act, the expression ‘authority competent’ includes, besides any Government authority,- 1. architect registered with the Council of Architecture constituted under the Architects Act, 1972( 20 of 1972); or 2. chartered engineer registered with the Institution of Engineers (India); or 3. Licensed surveyor of the respective local body of the city or town or village or development or planning authority;
All the registered dealers are expected to file the returns under the Maharashtra Value Added Tax Act, 2002 (MVAT Act) and Central Sales Tax Act, 1956 as per the applicable periodicity, based on the tax liability or refund entitlement for the previous year. The principles regarding the periodicity have been explained in the trade Circular No 26T of 2009 dated 1st October 2009. For the ease and convenience of the dealers, the periodicity has been generated through the automated system and displayed on the department’s web site for the year 2010-11 also.
Notification No. 69/2010-Customs Central Government, on 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. 21/2002-Customs, dated the 1st March, 2002 which was published in the Gazette of India, Extraordinary, vide G.S.R. 118 (E) of the same date, namely: – In the said notification, – (I) in the Table,- (i) against S.No. 200, for the entry in column (3), the entry Melting scrap of iron or steel (other than stainless steel) shall be substituted.
