Attention is invited to Paragraph 7.8 of the Export and Import Policy 1997-2002, as amended and Paragraphs 7.8, 7.9 and 7.10 of the Handbook of Procedures, Vol.1, 1997-2002, as amended and also to the Handbook of Procedures, Vol.2, 1997-2002 as amended from time to time.
Circular No. 771-Income Tax Reference is invited to Circular No. 757, dated 20th October, 1997, wherein the rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961, during the financial year 1997-98, were intimated.
Notification 29 (RE-98) amends export policies allowing contracts in INR and updates marine freight container export requirements for EOUs.
Circular No. 429/62/98-CX It has been brought to the notice of the Central Board of Excise & Customs that field formations are denying Modvat Credit under rule 57A of the Central Excise Rules, 1944 on lubricating base oils, when used as inputs in factory for further manufacture of final product during the period 01.03.1997 to 31.08.1997.
The Expert Committee appointed by SEBI on the issue of turnover based fees of brokers had recommended that with respect to jobbing transactions identified and included in the turnover as proposed in the said report, concessional rate of fee of one two hundredth of one percent of the jobbing turnover calculated is to be computed.
Representations have been received from various firms’ seeking clarification whether agencies / financial institutions in the business of export factoring, who have already been issued A.D. Codes by the Reserve Bank of India, can also issue Bank Certificate of Export & Realisation.
Circular No. 428/61/98-CX I am directed to say that the Board has received representations from exporters that rebate under Rule 12 of the Central Excise Rules 1944 are not being granted where the goods initially cleared on payment of duty for home-consumption were diverted for export following the procedure contained in Board”s Circular 294/10/97-CX dated 30.10.97 on the ground that the exporters are not furnishing “Disclaimer Certificate” from the manufacturers of goods.
Government amends import policy for raw silk under Notification 28 (RE-98), requiring special import license for mulberry raw silk with specific conditions.
Circular No. 427/60/98-CX The matter has been examined in the Board. Raw asafoetida imported into India is classified under Chapter 13 of the Customs Tariff which covers natural gums, resins and gum resins. Asafoetida in gum form is mixed with water till it is totally diluted and then added to the mixture of wheat flour and edible gum. The mixed substance in dough form is spread on the floor and allowed to set for 8 to 10 days till the colour changes to dark brown.
Notification No. 2151/1998-Income Tax It is notified for general information that “Peerless Abasan Finance Limited, 75-C, Park Street, 7th Floor, Calcutta-700 016”, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 1999-2000.
