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    News
    All› Customs, DGFT & SEZ › Customs, DGFT & SEZ - 2009
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    November 30, 2009
    Tariff value of edible oils, brass scrap and poppy seeds notified
    Show AI Summary
    Tariff values notified for edible oils, brass scrap and poppy seeds, updating import valuation regime.
    Notification No.176/2009-Customs (N.T.) dated November 30, 2009 notifies tariff values for specified imported commodities for customs valuation, listing US dollar per metric tonne rates for various edible oils (noted as largely unchanged), Brass Scrap (all grades), and Poppy Seeds in the tabular schedule for use in import assessment.
    November 28, 2009
    Export registers 6.6% decline in October 2009 - FDI AT US $ 15.3 BILLION DURING APRIL-SEPTEMBER 2009
    Show AI Summary
    Export stabilization signals improved external demand; FDI inflows remain strong and industrial growth revival gains momentum.
    October 2009 exports showed a moderated decline of 6.6% year on year, with certain sectors sustaining growth and several previously depressed commodities recording positive month on month turnaround. Labour intensive and manufacturing categories exhibited reduced contraction rates, while software exports showed no decline. The release attributes improvement to government Budget and Foreign Trade Policy support measures. Concurrently, FDI inflows for April-September 2009 were comparable to the prior year period, international reports rank India as an attractive FDI location, and industrial production registered robust recovery in September 2009.
    November 25, 2009
    Foreign Trade Policy
    Show AI Summary
    Foreign Trade Policy promotes market diversification and fiscal incentives to reverse export decline and expand India's share in global trade.
    The Foreign Trade Policy establishes a framework to stabilise and reverse export decline and to expand the country's share in world trade by combining fiscal incentives, procedural rationalisation and enhanced market access to promote sectoral support and market diversification; early indicators cited a reduced rate of export decline attributed to the Policy and accompanying stimulus.
    November 17, 2009
    17 FDI proposals approved
    Show AI Summary
    Foreign direct investment approvals and deferrals across sectors, with high value proposals referred for higher level clearance.
    Seventeen FDI proposals were approved across sectors for equity issuances, warrants, joint ventures, expansions and scheme based allotments, with some approvals involving no fresh inflow and others subject to policy constraints such as Press Note 1 of 2005. Twelve proposals were deferred due to sectoral sensitivities including retail single brand, insurance, defence manufacturing, telecom share transfers and structural conversions. Five proposals were rejected for involving non cash consideration or impermissible issuance mechanisms; two proposals were noted as court sanctioned mergers/demergers, and two high value proposals were referred to the Cabinet Committee on Economic Affairs for clearance.
    November 11, 2009
    HC ruling on change in customs duty
    Show AI Summary
    Commencement of customs duty: duty takes effect on the notification date, not on policy publication.
    Commencement of a revised customs duty is governed by the date of issuance of the implementing notification rather than by the date of publication of a broader trade policy; until such notification is published the prior duty rate remains applicable.
    November 11, 2009
    Customs, Central Excise and Service Tax Figures for October 2009
    Show AI Summary
    Tax revenue collections decline in aggregate, showing reduced year on year growth and varied Budget Estimate achievement.
    Provisional October 2009 collections present month and April-October receipts for Customs, Central Excise and Service Tax against prior-year figures and Budget Estimates, showing year-on-year declines in aggregate receipts, differences in percentage of BE achieved across heads, and noting that excise data exclude a cess not administered by the Department of Revenue.
    November 11, 2009
    Import of sensitive items during April-August 09
    Show AI Summary
    Import of sensitive items rose significantly, altering their share of total imports and shifting major source-country patterns.
    Import of sensitive items rose substantially in April-August 2009, increasing their share of total imports as gross imports fell; edible oils, pulses, fruits and vegetables, rubber, spices, marble and granite, tea and coffee, milk products and food grains showed increases while automobiles, cotton and silk, SSI products and alcoholic beverages declined. The edible oil surge was driven chiefly by higher imports of crude palm oil and its fractions, and source-country patterns shifted with increases from several countries and decreases from others.
    November 7, 2009
    Export of Services - Whether mere receipt is convertible foreign exchange is sufficient to hold that service has been exported and not liable to service tax? - Part 2 (Decision of High Court)
    Show AI Summary
    Export of services: tribunal pre-deposit upheld where performance, consumption, and remittance links to India raise triable issues.
    Whether receipt in convertible foreign exchange suffices as export of service for exemption from service tax turns on contractual performance, destination and consumption of services, and commercial activities in India. The tribunal imposed a conditional pre-deposit pending appeal, and the High Court declined to interfere, noting triable issues-mutual service obligations, Indian consumers as payors, and remittance routing-that require adjudication by the tribunal.
    November 7, 2009
    Export of Services - Whether mere receipt is convertible foreign exchange is sufficient to hold that service has been exported and not liable to service tax? - Part 1 (Decision of Tribunal)
    Show AI Summary
    Export of services: receipt in convertible foreign exchange insufficient to treat services as exported when benefits are consumed in India.
    The tribunal considered whether business auxiliary, marketing and support services supplied by an Indian subsidiary to foreign principals qualify as export of services under the Export of Services Rules, 2005. Although the Rules and Board guidance recognise recipient location and receipt in convertible foreign exchange as relevant, the tribunal concluded that where the ultimate benefit and consumption of the services occur in India the services are performed in India and do not meet the export criteria.
    October 28, 2009
    Taxes in India and Constitutional Provisions
    Show AI Summary
    Distribution of taxation power clarifies legislative competence and legal limits on taxation authority under the constitution.
    The constitutionally mandated distribution of taxing power allocates legislative competence among Parliament and State Legislatures via the Union, State and Concurrent Lists in the Seventh Schedule, with specific tax subjects assigned to each List. The principle that taxes may be levied only by authority of law imposes a legal prerequisite on tax imposition. Amendments changing fiscal allocations or the Lists require the constitutional amendment procedure with additional state ratification for specified categories.
    October 8, 2009
    Import of sensitive items during April-July 09
    Show AI Summary
    Import of sensitive items rose significantly, increasing their share of gross imports and driven by edible oil imports.
    Import of sensitive items rose by 34.5% in April-July 2009, increasing their share of gross imports from 2.7% to 4.7%. Automobiles, small-scale industry products and alcoholic beverages declined, whereas edible oil, pulses, fruits and vegetables, cotton and silk, rubber, spices, marble and granite, milk products, tea and coffee and food grains increased. Edible oil imports surged, driven mainly by higher crude palm oil and its fractions. Imports rose from suppliers such as Indonesia, Myanmar, the United States and Malaysia, and fell from China, Korea, Japan, Germany and the Czech Republic.
    September 23, 2009
    13 FDI Proposals approved
    Show AI Summary
    Foreign direct investment approvals and regulatory regularisations announced, including ex post approvals, waivers, and deferred proposals.
    Government approved thirteen FIPB recommended proposals covering fresh foreign equity inductions, issuance of shares and warrants, ex post facto regularisations of prior foreign participation, issuance against non cash consideration and advances, and waivers or amendments of capitalisation and approval conditions. Eight proposals were deferred pending further inputs; two were rejected for seeking capitalisation relaxations and impermissible foreign fund investments; one conversion to an operating cum holding company for downstream investment was noted without fresh inflow.
    September 15, 2009
    Tariff value of edible oils, brass scrap and Poppy seeds notified
    Show AI Summary
    Tariff value notification for import commodities clarifies valuation basis for edible oils, brass scrap and poppy seeds.
    Notification sets tariff values in US dollars per metric tonne for specified imported goods-various edible oil categories (noting no change for several items), brass scrap (all grades), and poppy seeds-providing commodity-specific valuation benchmarks to be applied for customs assessment and import valuation purposes under the listed chapter headings and tariff items.
    September 8, 2009
    Govt determined to revert to the path of fiscal consolidation at the earliest: FM
    Show AI Summary
    Fiscal consolidation urged as CBEC must adopt innovative measures to address indirect tax revenue shortfall.
    The Finance Minister urged restoration of fiscal consolidation and directed CBEC to adopt innovative measures to address a pronounced decline in indirect tax receipts, while redefining Customs and Central Excise roles toward trade facilitation, expansion of Service Tax, reduction of dwell time, and enhanced use of IT and Risk Management Systems to improve compliance, curb smuggling, and prepare administratively for implementation of a dual GST.
    September 7, 2009
    FDI into SSI/ MSE and in Industrial undertaking manufacturing items reserved for SSI/MSE – Clarification
    Show AI Summary
    Foreign investment in micro and small enterprises permitted subject to sectoral caps and entry route conditions.
    FDI in micro and small enterprises is permitted subject only to sectoral equity caps, entry routes and relevant sectoral regulations following the MSMED Act; Press Note 18 (1997) is modified accordingly. Industrial undertakings that are not MSEs but manufacture items reserved for the MSE sector must obtain an Industrial Licence and undertake to export a significant share of new or additional annual production within a set period, and require prior government approval when foreign investment exceeds the automatic route threshold.
    September 3, 2009
    8 FDI Proposals approved
    Show AI Summary
    Foreign direct investment approvals: cleared, deferred, rejected, withdrawn, and one referred for higher-level consideration in varied sectors.
    Eight foreign direct investment proposals were approved while seven were deferred, one rejected, one withdrawn, one advised to approach the sectoral regulator, and one recommended for higher level consideration; approved transactions included non cash consideration mechanisms (share allotments for machinery or pre incorporation expenses), share swaps, convertible warrants, and increases in foreign equity, and one matter was subject to a judicial direction to hear both parties before final communication of decision.
    September 2, 2009
    Regarding undervaluation in the imports of branded glassware by M/s Swastik Stockists and Traders Private Limited, a Kolkata based importer
    Show AI Summary
    Undervaluation of imports prompts seizure, valuation comparison and interim duty payment amid ongoing customs investigation.
    Undervaluation in import declarations of branded glassware by a Kolkata importer prompted search, seizure and document recovery showing routings through a Hong Kong trader and declared values substantially lower than those reported by the domestic distributor; seized stock and preliminary estimates indicated import duty evasion, the importer admitted undervaluation and paid an interim deposit while investigation continues.
    September 2, 2009
    Regarding smuggling racket of red sanders
    Show AI Summary
    Prohibited export seizure of red sanders: containers intercepted, goods seized under customs law and suspect arrested for smuggling.
    DRI Kolkata intercepted two export containers declared as ductile iron castings but found stuffed with logs believed to be Red Sanders, seized under the Customs Act as a prohibited export under the Foreign Trade Policy. An individual apprehended admitted transporting and delivering the wood, was identified as a mastermind of a smuggling racket, arrested and remanded, and further investigation into the export facilitation network is ongoing.
    September 1, 2009
    Tariff value of edible oils, brass scrap and poppy seeds notified
    Show AI Summary
    Tariff value notification sets import values for edible oils, brass scrap and poppy seeds affecting customs valuation.
    The Department of Revenue notified per metric tonne tariff values for specified commodities to guide import valuation: multiple edible oil categories (Crude Palm Oil; RBD Palm Oil; other Palm Oil; Crude Palmolein; RBD Palmolein; other Palmolein; Crude Soyabean Oil) are recorded as unchanged, while Brass Scrap (all grades) and Poppy Seeds have prescribed tariff values to be applied for customs assessment.
    August 12, 2009
    BOA grants two formal and one in-principle approvals
    Show AI Summary
    SEZ approvals: formal and in-principle project sanctions plus delegation to Unit Approval Committee for default operations.
    The Board of Approval granted Formal Approvals for two SEZ projects and one In-Principle Approval for a Solar SEZ, approved nine co-developer statuses, decided to enlarge the list of default operations, and authorised the Unit Approval Committee to approve default operations, with a notification to be issued.

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      Customs, DGFT & SEZ

      17 FDI proposals approved

      November 17, 2009

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       Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on October 30, 2009, Government has approved 17 Proposals of Foreign Direct Investment amounting to Rs. 1158.78 Crore approximately.             

                  Following 17 (Seventeen) proposals have been approved.

      Sl. No.

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs. In Crore)

      COMMERCE

      1

      M/s Milliken Chemical and Textile (India) Co. Pvt. Ltd., Maharashtra

      To issue equity shares against post-incorporation-expenses.

      No fresh inflow

      2

      M/s Vaibhav Gems Ltd., Jaipur

      Ex-post-facto approval for issuance and allotment of warrants.

      Nil

      3

      M/s FIAMM S.p.A. Italy

      To set up a joint venture to carry out Retail trading of lead acid batteries under the single brand.

      0.24

      INFORMATION & BROADCASTING

      4

      M/s Diversified Communication India Pvt. Ltd., Mumbai

      Induction of 100% FDI in print media sector.

      5.00

      5

      M/s Publish Industry India Pvt. Ltd., Pune

      Induction of 100% FDI for undertaking publishing of speciality magazines. 

       

      1.00

      STEEL

      6

      M/s ArcelorMittal Netherlands B.V. Netherlands

      Induction of foreign equity in a company engaged in the business of manufacture of cold-rolled semi finished iron and steel products in cold rolling mills etc. The proposal attracts PN 1 of 2005.

      503.37

      BIOTECHNOLOGY

      7

      M/s Actis Biologics Pvt. Ltd.

      To issue shares against technology transfer.

      Nil

      FINANCIAL SERVICES

      8

      M/s Reliance Asset Reconstruction Company Ltd.

      Ex-post-facto approval for issue of partly paid up shares to foreign collaborators.

      Nil

      INDUSTRIAL POLICY & PROMOTION

      9

      M/s Electrosteel Castings Ltd.

      To issue and allot eligible securities including equity shares and/or non convertible debt instruments alongwith warrants, on private placement basis. 

      600.00

      10

      M/s Mitsui & Co. India Pvt. Ltd.

      Expansion of business activities.  The proposal attracts Press Note 1 of 2005.

      Nil

      INFORMATION & BROADCASTING

      11

      M/s Star India Pvt. Ltd.

      Ex-post-facto approval for induction of foreign collaborator.

      Nil

      POWER

      12

      M/s Teesta Urja Ltd.

      Extension of time in order to enable the foreign collaborator to arrange the necessary funds for conversion of balance partly paid up shares into fully paid up equity shares.

      Nil

      TELECOMMUNICATION

      13

      M/s Hathway Cable and Datacom Pvt. Ltd.

      Induction of foreign equity by issuing IPO to undertake Cable TV Services as multimedia system operator and as Internet Service Provider category "A" licensee.

      16.65

      DEFENCE PRODUCTION

      14

      M/s Vyoneesh Technologies Pvt. Ltd., Delhi

      To set up a Joint Venture Company with 26% foreign equity for manufacturing, designing, etc. of defence related equipment.

      1.56

      INDUSTRIAL POLICY & PROMOTION

      15

      M/s Clarita International Ltd., Mauritius

      To issue warrants.

      30.96

      INFORMATION & BROADCASTING

      16

      M/s UTV Software Communication Ltd.

      To issue and allot equity shares pursuant to the scheme of arrangement approved by the Hon'ble High Court of Bombay.

      No Fresh Inflow

      TELECOMMUNICATIONS

      17

      M/s Sify Technologies Ltd.

      Merger of the company as per the Scheme of Amalgamation approved by the High Court of Madras.

      Nil

                  The following 12 (Twelve) proposals have been deferred:

      Sl. No

      Name of the applicant

      Particulars of the proposal

      1

      M/s Luxury Goods Retail Pvt. Ltd.

      Induction of foreign equity to carry out retail trading of products under the single brand.

      2

      M/s JM Financial Asset Reconstruction Company Pvt. Ltd., Mumbai

      Induction of foreign equity in a company engaged in the activities of Asset Reconstruction.

      3

      M/s Mercer Inc. New York

      To set up a JV company in the insurance sector. The proposal attracts PN 1 of 2005.

      4

      M/s Pepsico India Holdings Pvt. Ltd.

      Induction of additional foreign equity.

      5

      M/s Eads Deutchland GmbH (EADs), Germany and Larsen & Toubro Limited (L&T), Mumbai

      To incorporate a manufacturing Joint Venture company to undertake the production of defence equipment (manufacture of arms and armaments).

      6

      M/s Verizon Communications India Pvt. Ltd.

      Transfer of equity shares from non-resident shareholder to non-resident group in Telecom Sector.

      7

      M/s Telecom Investments India Pvt. Ltd.

      Sale and transfer of equity shares from Resident India to Non Resident.

      8

      M/s Out-of-Home Media (India) Pvt. Ltd., Mumbai

      Conversion of operating company into operating-cum-Investing Company and to make downstream investments.

      9

      M/s Premiere Conferencing (Ireland) Ltd., Ireland

      To set up a wholly owned subsidiary to undertake the business of providing audio/ web conferencing and collaboration services and data communication services in India.

      10

      M/s Scorpios Beverages Pvt. Ltd., Delhi

      Transfer of equity shares from Resident Indian to NR to make investments in Indian companies operating in the telecommunications sector.

      11

      M/s AG Mercantile Company Pvt. Ltd., Mumbai

      Transfer of equity shares from Resident Indian to NR to make investments in Indian companies operating in the telecommunications sector.

      12

      M/s DYNAMIC Alternatives (Pty) Ltd.

      To set up a Wholly Owned Subsidiary for the business of Detective & Protective Services.

      The following 5 (Five) proposals have been rejected:

      Sl. No

      Name of the applicant

      Particulars of the proposal

      1

      M/s TCL India Holdings Pvt. Ltd.

      To issue and allot equity shares against import payables.

      2

      M/s Maharishi Solar Technology (P) Ltd., New Delhi

      Induction of investment from Indian company on behalf of a Foreign company on account of an arbitration proceeding.

      3

      M/s Nova Integrated Systems Ltd., Mumbai

      To issue fully and Compulsorily Convertible Debentures (CCDs)/ Equity Shares, for undertaking manufacturing and marketing of defence equipment.

      4

      M/s Jaipur IPL Cricket Pvt. Ltd., (JIPL), Mumbai

      To induct 100% foreign equity by way of issue of shares for consideration other than cash inflow.

      5

      M/s Opto Circuits (India) Limited, Bangalore

      Preferential issue of Convertible Warrants under SEBI (DIP) guidelines.

      The following 02 (Two) proposals have been noted:

      Sl. No.

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs. In Crore)

      1

      M/s GE Capital Transportation Financial Services Ltd.

      Merger in accordance with the orders passed by the Hon'ble High Court sanctioning the scheme of amalgamation/merger.

      Nil

      2

      M/s Geomysore Services (India) Pvt Ltd.

      To take note of the scheme of the demerger.

       

      Nil

                  The following 02 (Two) proposals have been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 600.00 Crore:  

      Sl. No

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs. In Crore)

      1

      M/s Jet Airways (India) Limited, Mumbai

      Equity investment through the Qualified Institutions Placements (QIP) route from qualified Foreign Institutional Investors (FIIs).

      2000.00

      2

      M/s Indium IV (Mauritius) Holdings Ltd.

      To invest in the units of the Fund.

      2500.00

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