In exercise of the powers conferred by sub-rule (2) of rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the erstwhile Ministry of Finance (Department of Revenue) number 14/2002-Central Excise (N.T.), dated the 8th March, 2002
Record of document destroyed to be maintained. – The Registrar of Companies shall maintain a Register in two parts, in the form set out in the Appendix annexed hereto, wherein he shall enter brief particulars of the records destroyed and shall certify by his own hand writing therein the date and mode of destruction.
Amendment to Companies (Acceptance of Deposits) Rules 1975 updates deposit interest categories, specifying rate bands from 0% to above 12.5% for clearer compliance.
Circular No. 706/22/2003-CX I am directed to refer to Board’s Circular No.500/66/99-CX dated 15.12.1999 on the above mentioned subject in which the decision of the Board was conveyed that as a measure of simplification of export procedure, Commissioner of Central Excise (excluding those under whose jurisdiction the office of the Maritime Commissioner already exists) will designate one Deputy/Assistant Commissioner of Central Excise as “Deputy/Assistant Commissioner of Central Excise (Export)” who will discharge the functions as being discharged by existing Maritime Commissioner so far as export under (erstwhile) Rule 13(1)(a) and Rule 14 of Central Excise Rules, 1944 are concerned.
Circular No. 705/21/2003-CX I am directed to refer to instructions contained in Part-III Chapter VII of Central Excise Manual prescribing Simplified Export Procedure for exempted units. This procedure inter alia envisages that the goods meant for export can be cleared on the invoices (instead of regular ARE-1) or other similar documents of the manufacturer-exporters containing particulars of description of goods, name and address of the buyer, destination, value, date and time of removal of goods, etc.
The matter has been examined further. It has now been decided that the request for waiver of interest in case of re-export of capital goods may be considered favourably, if on clearance, such goods would not be installed, commissioned and used due to the facts that the goods were found defective or sub-standard, and therefore unfit for usage.
As regards Special Economic Zones, the administrative control would continue to be with the jurisdictional Commissioner of Customs. Further, in case of new Special Economic zone that are likely to come up in future, the administrative control shall be exercised by the jurisdictional Commissioner of Customs.
The Public Companies (Terms of Issue of Debentures and Raising of Loans with Option to Convert such Debentures or Loans into Shares) Amendment Rules, 2003
The Government amends Appendix III of ITC (HS) to include new products and their relevant BIS standards for imports, effective from April 7, 2003.
The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 21/2002-Customs, dated the 1st March, 2002 [G.S.R.118 (E), dated the 1st March, 2002] and was last amended by notification No. 62/2003-Customs, dated the 1st April, 2003.
