It has been brought to the notice of the Board by the Ministry of Commerce that EOU/EPZ/EHTP/STP units are facing difficulties in sending replacement of goods exported and found defective, damaged or otherwise unfit for use and in getting replacement of goods imported & found defective / damaged or unfit for use
In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 1.3 and 4.1 of the Export and Import Policy, 1997-2002, the Central Government hereby makes the following amendments in the ITC(HS) Classifications of Export and Import Items , 1997-2002 published on 31st March, 1997 (RE-98) as amended from time to time, namely/.
Circular No. 483/49/99-CX I am directed to say that a doubt has arisen in respect of the formula prescribed under Notification No. 11/99-CE (N.T.) to No. 13/99-CE(N.T.) dated 16.2.99 and Notification No. 30/99-CE (N.T.) dated 11.5.99 for calculating rebate of excise duty paid on processed textile fabrics manufactured by independent processors to the extent that the formula in question does not take into consideration the abatement to be allowed
The deemed export benefits for these projects would be subject to the conditions that in case OECF assistance for the 2nd/subsequent tranche does not materialize, respective project authority would fully reimburse all the deemed export benefits to the Government of India.
After issued of the said circular, References have been received, both from trade and the Ministry of Commerce, on the issue of furnishing of Bank Guarantee / Cash Deposit. It has been stated that the requirement of cash deposit or Bank Guarantee equal to 50% of the duty liability along with the Bond as security is not conductive to export growth of the Indian diamond industry
Notification No. 11056/1999 – Income Tax In exercise of the powers conferred in clause (1)(viii) of section 36 of the Income-tax Act, 1961, the Central Government hereby makes the following correction to the Notification No. 10998, dated 8th July, 1999 [published at (1999) 154 CTR (St) 83]
Public Notice No. 29(RE-99)/1997-2002 updates Export and Import Policy, including changes to EPCG licence, export obligations, and product descriptions.
Accordingly, all mutual funds will henceforth be permitted to invest in ADRs/GDRs initially within overall limit of US$500 mn. with a sub-ceiling for individual mutual fund which should not exceed 10% of the net assets managed by them as on the date of the last audited balance sheet,.
It is clarified that provision incorporated under Public Notice No. 53(RE-98)/97-2002 dated 6th Nov, 1998 relating to surrender of SIL for valuewise shortfall as stated above shall be applicable to the licences issued prior to 1.4.97 relating to any Policy period where cases are still pending for regularisation.
Notification No. S.O.703(E) – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby (a) directs that the Chief Commissioners specified in column (2) of the Schedule annexed, having their headquarters at the places specified in the corresponding entries in column
