Whenever a composite article is exported for which any specific rate has not been provided in the Table , and if contents of its constituent materials such as iron, glass, copper, zinc, brass or any other metal or non-metal are visibly distinguishable and their weights are unambigously verifiable, the rates of drawback applicable to such materials can be extended to the composite article according to net content of such materials.
In exercise of the powers conferred by sub-clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and in partial supercession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.23/2002-NT-Customs, dated the 24th April, 2002 [S.O.461(E) dated the 24th April, 2002], the Central Board of Excise and Customs hereby determines for the purposes of said section relating to export goods, that the rate of exchange of conversion of each of the foreign currency specified in column (2) of Schedule I and Schedule II appended hereto into Indian currency or vice versa shall, with effect from the 1st June, 2002.
In exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of Customs Act, 1962 (52 of 1962) and in partial supercession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.22/2002-NT-Customs, dated the 24th April, 2002 [S.O.460(E) dated the 24th April, 2002] in so far as the said notification relates to powers exercised under the provision of the said Customs Act, the Central Board of Excise and Customs hereby determines for the purposes of section 14 of the said Customs Act, relating to imported goods, that the rate of exchange of conversion of each of the foreign currency specified in column (2) of Schedule I and Schedule II appended hereto into Indian currency or vice-versa shall, with effect from the 1st June, 2002.
Notification No. 118-Income Tax In exercise of the powers conferred by clause (23) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the India Polo Promotion Foundation, Mumbai, for the purpose of the said clause for the assessment years 1998-99 to 2000-01
The principal notification was published in the Gazette of India vide notification No. 63/94-Cus. (NT), dated the 21st November, 1994 (S.O. 830(E), dated the 21st November, 1994) and last amended by notification No. 2/2002-Cus. (NT), dated the 24th January,2002.
The matter has been examined in consultation with the Controller General of Accounts(CGA). It has been stated by the CGA that after departmentalisation of accounts , in terms of rule 1-A, CTRs are applicable
Circular No.639/30/2002-CX I am directed to say that doubts have been raised whether the provision of Explanation 2(a) to Section 4A of the Central Excise Act, 1944 will apply in cases where an assessee declares two MRPs on a package and crossed out one MRP (generally the higher one) to show consumers that they would be saving by purchasing the product at the reduced 2nd MRP. The crossed out MRP is clearly visible.
As regards to Special Certification requirement for special preferential raw cane sugar under European Commission Regulation No. 2513/2001, the following endorsements may be made in respect of preferential sugar export to EU from India.
FIIs are required to pay margins on their sale position in terms of circular no. SMDRP/Policy/Cir-34/2001. This margin was imposed as a temporary measure and has since been withdrawn.
Notification No. 117-Income Tax It is notified for general information that enterprise, listed at para (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 2001-2002, 2002-2003 and 2003-2004.
