NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Whether customs duty was payable on re-imported pharmaceuticals cleared for destruction: held that Rule 31, Drugs and Cosmetics Rules, prohibits import of drugs with under 60% residual shelf life except where permitted solely for destruction, and such permission does not itself waive duty at customs. The proper course was assessment and demand of duty at clearance or invocation of section 23 Customs Act for remission by relinquishing title; the adjudicating authority failed to examine whether duty should have been levied or remission claimed. Because permission limited use to destruction, no penalty for illegal import arises; matter remanded for fresh adjudication on duty liability. - CESTAT
Whether customs duty was payable on re-imported pharmaceuticals cleared for destruction: held that Rule 31, Drugs and Cosmetics Rules, prohibits import of drugs with under 60% residual shelf life except where permitted solely for destruction, and such permission does not itself waive duty at customs. The proper course was assessment and demand of duty at clearance or invocation of section 23 Customs Act for remission by relinquishing title; the adjudicating authority failed to examine whether duty should have been levied or remission claimed. Because permission limited use to destruction, no penalty for illegal import arises; matter remanded for fresh adjudication on duty liability. - CESTAT
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