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Circulars
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Amendments in Public Notice No. 5 dated 17.5.2007
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Amendment to export allocation of raw sugar updates total and EU consignments; all other conditions remain unchanged.
Amendment to Public Notice revises the quantitative allocation of raw sugar by specifying a revised total quantity and a revised EU allocation, while confirming that all other conditions of the earlier Public Notice remain unchanged and that the amendment is issued in the public interest under the authority of the Foreign Trade Policy.
Scheme for summary disposal of pending appeal cases.
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Summary disposal of pending appeals scheme enables remand and reframing of ex parte assessments after dealer application within seven working days.
The Special Drive for Disposal of Pending Appeals allows dealers who appealed ex-parte assessments or who could not produce statutory forms at assessment to apply in prescribed formats ('SDPA-X' or 'SDPA-F') with enclosures and proof of stay deposit; the Appellate Authority will acknowledge the application and issue an appellate/remand order directing re-framing of the assessment by the Assessing Authority within seven working days, and the scheme is operative only for a limited period.
INCOME LIMITS FOR ASSIGNING CASES TO DEPUTY COMMISSIONERS/ ASSISTANT COMMISSIONERS AND INCOME TAX OFFICERS - REITERATION OF EXISTING INSTRUCTIONS
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Case allocation thresholds guide assignment of income-tax cases; delegated adjustment permitted to balance workload with recorded reasons.
Reiterates Board income limits for assigning cases between DCsIT/ACsIT and ITOs, extending the metropolitan threshold to Hyderabad. Allows the CCIT/DGIT to adjust the limit by up to a prescribed margin to remedy substantially uneven workload distribution, subject to recording reasons and informing the Board.
Clarification regarding revision of monetary limits for filing appeals by the department before various appellate bodies or appellate authorities
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Monetary limits for appeals updated: tax effect excludes interest and recurring legal questions may be appealed regardless of limits.
The instruction clarifies that the tax effect for computing monetary limits means tax only, excluding interest, and substitutes prior guidance to allow appeals raising questions of law of a recurring nature to be considered on merits without being constrained by monetary limits; earlier instructions on departmental appeals continue to apply subject to these changes.
Amendments in the Handbook of Procedures, Vol.I
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Import source registration introduced; pre-shipment inspection permitted for shipments with bills of lading dated before commencement.
Amendment substitutes ICD Tughlakabad with ICD Loni, Ghaziabad in para 2.32.2(b) and revises para 2.32.2(c) to introduce a new system of import from registered sources effective 1.4.2008, while allowing imports with Bills of Lading dated on or before 31.03.2008 to continue under the Pre Shipment Inspection regime per paragraph 2.32 of HBP Vol. I; the list of Pre Shipment Agencies remains available on the DGFT website.
Central Public Information Officer(CPIO) under the Right to Information Act, 2005
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Central Public Information Officer appointment: contact list published under RTI Act to provide designated information officers and contact details.
Sh. Praveen Jain is designated Commissioner of Central Excise, Delhi I and will act as the Central Public Information Officer under the Right to Information Act, 2005. Pursuant to Section 4(2) an updated list of the Appellate Authority, the CPIO and listed Central Assistant Public Information Officers is published, providing each official's designation, office address and contact details to facilitate public access to information.
Drawback Schedule 2007-08
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Drawback rate revision: recalibrated all-industry duty drawback rates and administrative measures for prompt export crediting and claims processing.
Revision of the All Industry Rates of Duty Drawback recalibrates rates using input prices, SIONs, import shares, applicable duties and duty incidence on fuel and service tax; it introduces new tariff items, adjusts rates and caps across multiple sectors (notably textiles, leather, base metals, chemicals and plastics), removes caps for low-rate chemicals and omits excise on certain plastics in the CENVAT chain, and prescribes administrative measures for prompt crediting, dedicated cells for retrospective supplementary claims and escalation procedures for unresolved grievances.
Amendments in Public notice No. 17 dated 12.7.2007 related to new DEPB rates
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Amendment to DEPB rates: revised export credit rates applied retrospectively from start of fiscal year under trade policy authority.
Amendment to DEPB rates issued by the Director General of Foreign Trade via Public Notice No. 18 amends Public Notice No. 17 and declares that the revised DEPB rates shall be effective from 01/04/2007, updating exporters' tariff credit entitlements and fixing the temporal application of those rates under the Foreign Trade Policy.
Interim accounting arrangement for e-Payment collection-reg.
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e-Payment collection procedure: banks accept electronic receipts centrally with commissionerate-wise scrolling and reconciliation.
Designated banks may accept electronic payments across Commissionerates while Focal Point Branches collate physical and e-payments to prepare Commissionerate-wise and Major Head-wise scrolls. A specified CBS branch will handle e-payments for Commissionerates without physical collection and prepare stamped receipted challans in four copies for distribution to the Pay & Accounts Office, taxpayers, and divisional officers. Reporting to the bank link cell and fund settlement with the Reserve Bank of India will follow existing Commissionerate-wise and Major Head-wise procedures.
PRESS RELEASED (ALL INDIA DUTY DRAWBACK RATES REVISED 2007-08)
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Duty drawback rate revision increases export entitlements and mandates EDI-based online claim payment with rapid grievance handling.
Revision of All Industry Duty Drawback Rates for 2007-08 increases drawback percentages and revised caps across numerous export product categories, effective 1.4.2007. Rates were adopted following a Committee review using input prices, SION, import shares, applied duties and the inclusion of education cess, fuel duty incidence and service tax on input services. Customs implemented EDI so the shipping bill functions as the drawback claim and payments are credited on-line immediately after let-export order and manifest filing; Commissioners must address drawback grievances within 72 hours or escalate to Member (Customs/Export Promotion).
Amendments/additions /corrections in the Book titled - Schedule of DEPB Rates
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Amendment to DEPB rates updates export entitlement schedule; revised rates apply to shipments until further amendment.
The Director General of Foreign Trade, invoking powers under the Foreign Trade Policy and the Handbook of Procedures, issues amendments, additions and corrections to the Schedule of DEPB Rates by Public Notice, declaring that the revised DEPB rates apply to shipments with export dates up to the date specified and remain subject to further amendments; an annexure contains the detailed rate changes and a subsequent notice amended the sunset clause.
Procedure for export of Aviation Turbine Fuel (ATF) to Foreign going Aircrafts under Advance Authorisation Scheme -Reg.
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Advance Authorisation export procedure for ATF requires supervised supply to foreign aircraft with Shipping Bill, ADR and inspections.
Exports of Aviation Turbine Fuel under the Advance Authorisation Scheme require manual Shipping Bills with GR forms, endorsement of export particulars and next port, recording in the Advance Authorisation Alphabet Register, and opening of a serial file per licence. Appraising Officers must ensure invoices, GR forms, contract/LC, quality certificates where applicable, prescribed export declaration and a copy of the Advance Authorisation are appended; ARE 1 declarations must be verified. Supply is effected from Central Excise registered warehouse tanks under Customs supervision, with an Aircraft Delivery Receipt based on flow meter readings forming the basis for Shipping Bill endorsement and "Let Export".
Amendments to Clause 41 of Equity Listing Agreement
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SEBI amends Clause 41: companies may file audited or unaudited quarterly results with limited review and publication rules.
Revised Clause 41 allows companies to file audited or unaudited quarterly and year-to-date results within one month of quarter end; unaudited results must undergo a limited review with the report submitted within two months. Explanations for variations are required only for net profit/loss after tax and exceptional/extraordinary items where variation exceeds 10% or Rs. 10 lakhs. Companies with subsidiaries may submit consolidated results and must publish and disclose stand-alone or consolidated figures as prescribed. Quarterly results require Board or authorised committee approval, authentication by senior officers, and immediate submission to the exchange in specified formats, with compliance effective for accounting periods from July 1, 2007.
Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000
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Infrastructure sector exemption: regulatory relaxations for government-linked issuers in IPO pricing, contribution, and lock in rules.
SEBI amended the DIP Guidelines to exempt government companies, statutory authorities/corporations and their special purpose vehicles engaged in an enumerated "infrastructure sector" from specified pricing restrictions, certain promoters' contribution requirements and minimum pre-issue holding rules, and to exclude such issuers from particular invitation/subscription clauses, adopting a detailed Explanation that defines infrastructure by categories of facilities/services and a residual Board opinion clause; the exemptions apply to draft offer documents receiving SEBI observations on or after the circular date.
Amendments in the Handbook of Procedures, Vol.I
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Late cut for delayed export applications: graded penalty applies allowing post-deadline consideration under the trade policy.
Amendment to Para 9.3 permits consideration of applications received after the prescribed last date subject to a late cut. Applications received after the last date but within six months may be considered with a reduced late cut; applications received after six months but not later than one year from the prescribed date may be considered with a higher late cut. The change is made under Paragraph 2.4 of the Foreign Trade Policy 2004-2009.
Procedure for customs clearance at – CFS M/s Forbs Gokak. Ltd,located at Bharat C.F.S.Zone-1, Mundra Port & SEZ, Mundra, Dist: Kachchh, PIN- 370421…m/r.
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Container Freight Station designation enables onsite customs clearance, custodial accountability and import export processing at Mundra CFS.
The notice designates M/s Forbs Gokak Ltd's premises at Bharat C.F.S. Zone 1, Mundra as a Container Freight Station and customs area with M/s Forbs Gokak Ltd approved as Custodian; it prescribes on site customs clearance processes including movement of containers on EIR basis, de stuffing with seal verification, physical examination and appraisal at the CFS, filing and processing of Bills of Entry and Shipping Bills, duty payment and out of charge formalities, custodial liability for stacking and safety, and procedures for movement of empty containers and auction of uncleared goods under Section 48.
Amendments in the Book titled "Schedule of DEPB rates
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Amendment to DEPB Schedule updates export product descriptions for CRNGO and CRGO silicon electrical steel entries.
Amendment to the Schedule of DEPB rates updates the DEPB Schedule descriptions for entries 387B and 387C in the Engineering product group: 387B is recast as Cold Rolled Non Grain Oriented (CRNGO) Silicon Electrical Steel Sheets/Hoops and Strips/Wide Coils and 387C as Cold Rolled Grain Oriented (CRGO) Silicon Electrical Steel Sheets/Hoops and Strips/Wide Coils, issued under the Foreign Trade Policy and the Handbook of Procedures as a public notice.
Amendments/corrections/additions in the Handbook of Procedures, Vol.2, 2004-2009, as amended
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Standard Input Output Norms update adds engineering cable entries and plastics general notes, altering input-output specifications.
Amendments revise Standard Input Output Norms by correcting descriptions and input quantities for specified export items across Chemicals, Engineering and Plastics groups, add new Engineering SION entries for Self Supporting Aerial Telephone Cable with accompanying Engineering Tables 9(6)-9(8) detailing per-kilometre input quantities and wastage percentages, and introduce a Plastics Products general note permitting use of upstream input norms for licensing manufacture of resultant export products.
Bimonthly Compliance Test Reports (CTRs)
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Exception reporting for mutual fund compliance: AMCs must file bimonthly exceptions and provide annexures only on non compliance.
SEBI requires AMCs to file exception-based bimonthly CTRs, reporting only CTR points of non compliance and furnishing annexure details to SEBI in cases of non compliance; the exception report must also be placed before the board of trustees.
Acceptance of FCNR(B) Deposits by Regional Rural Banks (RRBs)
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Acceptance of FCNR(B) deposits expands RRBs' foreign deposit services subject to sponsor bank arrangements and regulatory authorisation.
RRBs, subject to Regional Office authorisation, may accept FCNR(B) deposits in specified currencies and must enter tie ups with sponsoring banks: foreign currency funds are received to the sponsor's nostro, treated as placements by the RRB, and managed by the sponsor. Sponsors may swap funds with RRBs only if the sponsor assumes all exchange and maturity mismatch risk. Interest, accounting and maturity payment arrangements are by mutual agreement. RRBs report non resident deposit data in CSR format while sponsoring banks report currency transactions in appropriate returns.

Circulars

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Processing of refund applications filed by Canteen Stores Department (CSD).

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Refund entitlement for CSD: invoice-based GST refund procedure and inter-authority payment coordination instituted.
CSD refunds are invoice-based entitlements of fifty per cent of tax on inward supplies made subsequently to unit run canteens or authorized customers and ... Summary

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Acts Income Tax