Circular No. 170/4/96-CX It has been brought to the notice of the Board by Maharashtra Chambers of Commerce & Industry that there is difficulty in determination of value of patterns used in foundry industry to be added in the cost of castings for arriving at the assessable value of the castings as the quantity of casting to be made out of a pattern cannot be anticipated and sometimes some modifications or repairs are also made in the pattern after some period of use.
Circular No. 169/3/96-CX I am directed to refer to Notification No. 64/93-CE, dated 28.02.93, as amended, in terms of which saloon cars, used as taxis are effectively charged excise duty @ 30% ad valorem. Since it is not certain, at the time of clearance of a saloon car from the the factory of manufacture, whether it would be used as a taxi, or otherwise
Circular No. 168/2/96-CX Certain doubts regarding the dutiability of sewing thread falling under heading No. 55.04 of the erstwhile CET (prior to its amendment before Finance Act, 1995) during the period 1994-95 have been raised on the grounds that heading No. 55.04 was not included in note 3 of section XI of the CETA, 1985. Doubts have also been raised in respect of duty liability on sewing thread manufactured by rewinders on the ground that exemption to duty paid yarn subjected to rewinding, reeling etc.
The decisions above are to be implemented immediately. The status of implementation should be reported in the monthly D.O. letters and also through separate letters to the Division Chief, Market Intelligence Division of SEBI.
he stock exchanges are required to double their existing base minimum capital requirement for their members from Rs. 5 lakhs to Rs. 10 lakhs in the case of Bombay and Calcutta Stock Exchange, from Rs. 3.5 lakhs to Rs. 7 lakhs in the case of Delhi and Ahmedabad Stock Exchange and from Rs. 2 lakhs to Rs. 4 lakhs in the case of other stock exchanges.
Needless to mention that automation of stock exchanges is on priority agenda of SEBI. It is advised that all efforts are made to adhere to the schedule above for introduction of on-line trading system by the respective stock exchanges.
The major stock exchanges will set up Investor Information Centres to provide information about the rights and obligations of investors as well as about the listed companies on the stock exchanges.
The Stock Exchange is requested to ensure that hence- forth the notices of such meeting reach the concerned SEBI nominee Directors on the Exchanges well in time.
Notification No. S.O.25(E)-Income Tax In exercise of the powers conferred by sub-sections (1) and (3) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Directors of Income-tax (Exemption) specified in column 2 of the schedule hereto annexed, having their headquarters at the places specified in the corresponding entries in column 3 of the said schedule
In this connection, it is observed that while the Exchanges seek prior approval of SEBI for the appointment of Executive Director, all exchanges have not sought approval from SEBI for the constitution of the Committee for selection of Executive Director.
