Presently, the import policy for Binoculars (HS Code: 9005.10.00) is free. Night Vision Binoculars/ Passive Night Vision Devices (PNVs) are classified under the same HS Code: 9005.10.00. But these items will be ‘restricted’ for import. So the amended entry HS Code: 9005.10.00 will read as follows
Notification No. 35/2012-Income Tax Whereas, a Multilateral Convention on Mutual Administrating Assistance in Tax Matter and as amended by the 2010 protocol was signed by the Republic of India at the headquarters of the Organisation for Economic Co-operation and Development (OECD) at Paris on the 26rd day of January, 2012 (hereinafter referred to as the said Convention);
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) as amended, read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes following amendments in Notification No. 5 (RE-2012)/2009-14 dated 02.07.2012
Para 2 (II) (a) of chapter 87 lists certain conditions that every new vehicle being imported to the country must satisfy. Of these conditions, sub para (iv) of para 2(II)(a) is amended by adding a new sentence “The country of manufacture will also mean a Single Market like the European Union (EU)” after the existing sentence.
Notification No. 34/2012-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Ninth Amendment) Rules, 2012.
The promoter or promoter group shall not make institutional placement programme if the promoter or any person who is part of the promoter group has purchased or sold the eligible securities during the twelve weeks period prior to the date of the programme and they shall not purchase or sell the eligible securities during the twelve weeks period after the date of the programme.
Notification No. 33/2012-Income Tax In exercise of the powers conferred by sub-section (14) of section 144C of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules to amend the Income-tax (Dispute Resolution Panel) Rules, 2009, namely :- 1. (1) These rules may be called the Income-tax (Dispute Resolution Panel) (First Amendment) Rules, 2012.
The Reserve Bank of India (RBI) has asked regional rural and co-operative banks to modify Fixed Deposit account opening forms to allow premature withdrawal of FD on death of one of the joint account holders without any penalty. Under the modified norms, it will be easier for the surviving joint account holders to go for premature withdrawal of FD in the event of death of the other.
With regard to calculation of indigenous sales turnover, it is clarified that the turnover will include the net sales after deducting the sales returns from the gross sales. It is also clarified that the turnover of the applicant only shall be taken into consideration and the turnover of group concerns/ sister concerns/ subsidiaries etc. shall not be counted for calculati.
Under para 4A.2.1 of the Foreign Trade Policy dealing with Export of Cut & Polished Diamonds for Certification/ Grading & Re-import following five additional authorized laboratories for certification/ grading of diamonds of 0.25 carat and above are added after Serial No. (x): (xi) GIA Hong Kong Laboratory Ltd., Hong Kong; (xii) Gemological Research (Thailand) Co. Ltd., Bangkok;
