I am directed to refer to the subject mentioned above and to say that a representation has been received from the Stock Exchange, Mumbai stating that the Customs authorities are insisting on payment of Customs duty when shares held by NRIs abroad are re-imported for sale or dematerialization. It has been stated that presently the NRIs are allowed to invest in India shares and hold
Some of the companies, whose scrips were included in the list of securities for compulsory trading in dematerialised form for all investors, could not sign agreements and establish connectivity.
Attention is invited to Department of Revenue”s Circular Nos. 33/2000-Cus ., dated 2-5-2000 and 42/2000-Cus ., dated 12-5-2000 which were issued outlining the procedure to be followed for permitting export/import under DFRC Scheme. In sub-paras 4.1 to 4.4of Department of Revenue”s Circular No. 33/2000, the procedure to be followed for permitting imports against DFRC licence was
In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules 1995, and consequent upon imposition of final anti-dumping duty on Pure Terephthalic Acid originating in, or exported from Korea RP, vide notification 99/2000-Customs, dated the 11th day of July, 2000.
For the purposes of this notification, the anti-dumping duty shall be payable in Indian currency. The “rate of exchange” applicable for the purpose of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India in the Ministry of Finance.
References have been received from trade that the EOUs engaged in development and export of software and software developing units in EPZ/EHTP/STP should be allowed to import software through data communication/tele- communication link and internet. It has been stated that the Reserve Bank of India has permitted authorized dealers to allow remittances towards import of software
Notification No 650(E)-Income Tax Whereas the Convention between the Republic of India and the French Republic for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital came into force on the 1st day of August, 1994, after the notification by both the Contracting States to each other of the completion of the procedures required under their laws for bringing into force the said Convention.
Kind attention is invited to the Notification No. 33/94-Cus(N.T.), dated 1-7-1994 delegating powers to Chief Commissioner of Customs for granting waiver of interest on Customs Duty under Section 61 of the customs Act, 1962, in cases where the amount of interest does not exceed Rs. 15 lakhs
Attention is invited to paragraph 4.7 of Handbook (Vol. I), incorporating amendments made up to 31st March, 2000 read with Paragraph 15.4 Ibid which lays down the procedure for issue of fresh/modified IEC in favour of Exporters/Importers. Attention is also invited to Public Notice No.39, 43, 49, 55, 8, 17 dated respectively 16.11.99, 15.12.99, 27.1.2000, 16.3.2000, 28.4.2000, 30.6.2000 according to which all IEC holders were required to modify/update the IEC along with PAN issued in their favour by 30th June, 2000 only on the basis of Appendices 1A, 2A and copy of PAN without any other documents like photograph fee etc. The last date has since expired. It is hereby clarified that modification/issuance of IEC is on going process and will continue even after 30.6.2000.
In exercise of the powers conferred by sub-section (i) of section 25 of the Customs Act, 1962 (52 of 1962), read with sub-section (4) of section 90 of the Finance Act, (10 of 2000) the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 61/2000-Customs, dated the 12th May, 2000.
