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    News
    All› Customs, DGFT & SEZ › Customs, DGFT & SEZ - 2007
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    December 24, 2007
    Whether mere process (where it has been settled that such process is not resulting into manufacture) is enough to avail the benefit of Cenvat Credit.
    Show AI Summary
    Cenvat credit: liberal nexus test allows input credit where processing, though not strict manufacture, relates to production.
    A liberal interpretive approach to input credit was applied: strict textual reliance on the statutory definition of manufacture is not determinative for denial of Cenvat credit. Processes that alter or prepare duty-paid goods, even if not amounting to manufacture as narrowly defined, may be regarded as operations in relation to manufacture and therefore qualify for Cenvat credit if a reviewing authority finds a sufficient nexus between input use and the production or export activity.
    December 18, 2007
    TARIFF VALUE OF EDIBLE OILS AND BRASS SCRAP NOTIFIED
    Show AI Summary
    Tariff value notification updates import valuations for edible oils and brass scrap, revising scrap valuation while preserving oil values.
    The Central Board of Excise and Customs issued a notification dated 17 December 2007 announcing per metric tonne tariff values for specified edible oils, retaining existing values for six palm group oils and crude soybean oil, revising the tariff value for brass scrap (all grades), and listing poppy seeds with an unchanged tariff value for use in customs import valuation and compliance.
    December 12, 2007
    INDIRECT TAX COLLECTION FOR NOVEMBER 2007
    Show AI Summary
    Indirect tax revenue growth reported for customs, excise and service tax with provisional monthly and year to date figures.
    Provisional Customs and Central Excise collections for November 2007 present month and cumulative receipts with year over year growth; Service Tax figures are reported up to October 2007; Customs, Excise and Service Tax are consolidated up to October 2007 to show percentage growth, and excise totals are exclusive of cess not administered by the Department of Revenue.
    December 5, 2007
    Commissionerate initiates action to ensure mandatory E payment
    Show AI Summary
    Mandatory e-payment requirement for service tax to be enforced; penal action for non-compliance and contact support available.
    Mandatory electronic payment of service tax is required for assessees meeting the prescribed threshold under the Service Tax Rules, 1994; authorised banks already provide e-payment facilities. The Service Tax Commissionerate, New Delhi, has directed divisional officers to enforce the e-payment mandate and initiate penal action against assessees who fail to comply, while offering assistance through designated divisional officers listed on the Service Tax Delhi public grievances and redressal webpage.
    December 4, 2007
    16 FOREIGN DIRECT INVESTMENT PROPOSALS APPROVED
    Show AI Summary
    Foreign direct investment approvals and regulatory routing announced, with deferred, withdrawn, and one automatic route recommendation.
    Approval of 16 foreign direct investment proposals across multiple ministries is announced, covering equity inductions, joint ventures, wholly owned subsidiaries, downstream and holding company investments, and share transfers; aggregate reported inflow is Rs. 647.47 crore. Ten additional proposals are recommended for deferral, involving holding company formations, share swaps, removal of trading prohibitions, FDI into telecom-related holding structures, FCCB issuances, and conversions to operating cum holding companies. Two proposals were withdrawn concerning transfers from an erstwhile OCB to non residents, and one proposal was advised to proceed under the automatic route.
    December 4, 2007
    FOREIGN BANKS OPERATING IN THE COUNTRY
    Show AI Summary
    Priority sector lending requirement for foreign banks shapes credit allocation and encourages rural and under banked branch outreach.
    Foreign banks are subject to a priority sector lending requirement measured against their Adjusted Net Bank Credit or the credit equivalent of off balance sheet exposures, including sub targets for small enterprises and export credit, with no specific targets for agricultural or scheduled caste/tribe lending; branch expansion into rural and under banked areas is encouraged under the Reserve Bank's Branch Authorisation Policy, which gives weight to the nature and scope of services provided to common persons when considering branch applications.
    November 30, 2007
    Customs and Service Tax notifications issued providing relief to export sector
    Show AI Summary
    Customs and service tax exemptions: duty reductions and refundable service tax for export-linked services extended to textile exporters.
    Reduction in basic customs duty under Notification No.115/2007 cuts rates on specified polyester and other man-made fibres, spun yarns, polyester chips, certain fibre intermediates and para-xylene while leaving duties on nylon and specified chemicals unchanged. Refund provisions under Notifications No.42/2007 and No.43/2007 extend service tax refunds to exporters by covering business exhibition service and additional export-attributable taxable services-including storage and warehousing and cleaning-alongside existing refundable services such as port services, transport from ICD to port, insurance, testing, and inspection.
    November 29, 2007
    Power of Tribunal for for rectification of mistake apparent from the record u/s 254(2)
    Show AI Summary
    Rectification of tribunal's mistake: tribunals may correct manifest record-based errors that cause prejudice without conducting a review.
    The tribunal may correct a manifest, record-based error that caused prejudice to a party by rectifying its order without conducting a review; where an omission (failure to note a coordinate-bench decision) produced such prejudice, the tribunal was justified in rectifying its earlier judgment disallowing an exchange-fluctuation-based adjustment to asset value and related depreciation claim.
    November 29, 2007
    Whether notebook computers (laptop computers) are "CPU with monitor, mouse and keyboard imported together as a set"?
    Show AI Summary
    Classification of laptops as distinct computing devices affects applicability of additional customs duty on imported computer sets.
    Classification of laptop computers for import duty hinges on their distinction from desktop computers: laptops have limited upgradeability, proprietary form factors and integrated peripherals on the motherboard, reducing component interchangeability; these features bear directly on whether a laptop constitutes a "CPU with monitor, mouse and keyboard imported together as a set" for additional customs duty purposes.
    November 29, 2007
    Whether "Consumables" are "Raw Material"?
    Show AI Summary
    Raw material definition excludes consumables; imported consumables do not defeat domestic raw-material requirement for exemptions in tax benefit claims
    The Court considered whether process-consumed items qualify as raw material for a notification requiring manufacture from domestic raw materials. It adopted a functional test: an ingredient is raw material if it is essential and indispensable to the manufacturing process so that the end product depends on its use, regardless of its absence in the finished article. The Court distinguished consumables from raw material, treating consumables as a separate category for assessing entitlement to the exemption.
    November 24, 2007
    TARIFF VALUE OF POPPY SEEDS NOTIFIED
    Show AI Summary
    Tariff value set for poppy seeds to curb undervaluation and reduce valuation disputes in imports.
    The Central Board of Excise and Customs issued a notification prescribing a tariff value for imported poppy seeds to address undervaluation and valuation-related disputes, establishing an administratively notified import valuation benchmark per metric tonne for customs assessment and to standardise duty determination and valuation scrutiny for consignments described as poppy seeds.
    November 24, 2007
    22 FDI Proposals Cleared
    Show AI Summary
    Foreign direct investment approvals across multiple sectors; several proposals deferred and some rejected, involving joint ventures.
    The Foreign Investment Promotion Board recommended approval of 22 FDI proposals totaling Rs. 511.4616 crore across multiple ministries, authorising new wholly owned subsidiaries, joint ventures, induction of foreign equity, share issues for business transfers and corporate reorganisation including conversions to operating cum holding companies; some proposals invoke Press Note 1 (2005 series) compliance. The Board also recommended deferral of 13 proposals-notably conversions to holding structures, single brand retail ventures, telecom and SEZ related WOS proposals-and recommended rejection of three proposals that sought to expand duty free or test marketing permissions into cash and carry wholesale activities.
    November 23, 2007
    Export of Excisable Goods - Mandatory Self Sealing
    Show AI Summary
    Self-sealing requirement: exporters must self-seal containers for duty-free shipments; examinations limited to intelligence-based cases.
    Mandate requires exporters to self seal containers for shipments under free shipping bills, using tamper proof one time bottle seals; central excise officers will not attend stuffing or sealing for such exports. Opening or examination at port is not to occur except where specific intelligence of concealment or mis declaration exists.
    November 16, 2007
    TARIFF VALUE OF EDIBLE OILS AND BRASS SCRAP NOTIFIED
    Show AI Summary
    Tariff valuation update: edible oils unchanged while brass scrap tariff value reduced, affecting import valuation and customs assessment.
    Notification sets tariff values for specified palm oils, palmoleins and crude soyabean oil, leaving those values unchanged, and separately reduces the tariff value for brass scrap (all grades), constituting an administrative import valuation update for customs assessment and compliance.
    November 14, 2007
    PROVISIONAL CUSTOMS & CENTRAL EXCISE REVENUE COLLECTION DATA FOR THE MONTH OF OCTOBER 2007
    Show AI Summary
    Tax Revenue Growth: provisional customs, excise and service tax collections show year on year increases across categories.
    Provisional figures show year on year increases in Customs, Central Excise and Service Tax receipts for the reported months, with month and year to date comparisons and percentage growth rates provided; excise totals exclude cess not administered by the Department of Revenue.
    November 12, 2007
    HUGE CENTRAL EXCISE DUTY EVASION BY A TOBACCO COMPANY UNEARTHEED
    Show AI Summary
    Central Excise duty evasion exposes clandestine manufacture and mis-declaration leading to arrest and ongoing investigation.
    Large-scale Central Excise duty evasion was detected at a Gutkha manufacturing unit where clandestine production from unaccounted raw material enabled clearance of excisable goods without payment of duty; the operator mis-declared pouch-packing machine shifts and speeds contrary to a regulatory directive, leading to arrest of the company director, remand to judicial custody, and ongoing criminal and revenue investigations.
    November 6, 2007
    Australian Customs detect Precursor chemical inside consigment from India declared as Himalayan herbs
    Show AI Summary
    Precursor chemical importation detected in a concealed parcel, prompting criminal investigation and enforcement action.
    Australian Customs detected pseudoephedrine tablets concealed as herbal products in an international parcel; field tests indicated the controlled precursor commonly used to manufacture methamphetamine. The concealment in professional packaging prompted investigative measures including search and seizure warrants and inquiries of persons connected to the consignment, reflecting enforcement priorities against clandestine importation of precursor chemicals and exposure to significant criminal penalties for importing commercial quantities.
    October 23, 2007
    BOA OF SEZ GRANTS 10 FORMAL AND 3 IN-PRINCIPLE APPROVALS
    Show AI Summary
    Special Economic Zone approvals expand formal and in-principle permissions enabling new IT, biotech, FTWZ and multi product projects.
    The Board of Approval recommended grant of 10 formal and 3 in-principle SEZ approvals, noting 395 formal approvals to date, 156 notified SEZs, substantial investment and direct employment figures. Approved projects span IT/ITES, biotechnology, electronic hardware and software, and a Free Trade Warehousing Zone, with developers, locations and site areas specified. The in-principle approvals cover multi-product and electronics & electrical products SEZs with large proposed land areas, recording the administrative authorisations and project scope for each proposal.
    October 23, 2007
    CENTRAL EXCISE DUTY EVASION DETECTED IN HARYANA
    Show AI Summary
    Excise duty evasion detected: undisclosed continuous production revealed, prompting intensified anti-evasion enforcement and machinery verification nationwide.
    Detection disclosed excise duty evasion by a Gutkha manufacturer who declared only one shift while operating round the clock; searches recovered duplicate challans and unaccounted clearances kept at the manager's residence, evidencing undisclosed production. Authorities directed verification of machinery, sealing of non-working machines, and intensified anti-evasion inspections in the sector.
    October 19, 2007
    14 FDI PROPOSALS CLEARED
    Show AI Summary
    Foreign direct investment approvals cleared across multiple sectors; several proposals deferred and one advised to seek central bank clearance.
    Approval of 14 Foreign Direct Investment proposals across multiple sectors was granted, covering induction of foreign equity, formation of wholly owned subsidiaries, conversions to operating cum holding companies for downstream investments, and share swaps; major investments were in new & renewable energy, telecommunications and economic affairs, with aggregate inflows set out. Six proposals were recommended for deferment and one applicant was advised to first seek Reserve Bank of India clearance for post facto conversion to an operating cum holding company.

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      Customs, DGFT & SEZ

      14 FDI PROPOSALS CLEARED

      October 19, 2007

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      14 FDI PROPOSALS CLEARED "

      Finance Minister, Shri P. Chidambaram has approved 14 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 12th October, 2007. The approval amounts to Rs. 1257.3145 crore.  The proposals related to Ministries/Departments, namely, Bio-technology, Commerce,  New & Renewable Energy,  Industrial Policy & Promotion, Information Technology,   Micro, Small & Medium Enterprises, Telecommunications and  Economic Affairs. The major investment proposals pertain to the Ministries/Departments of New & Renewable Energy Telecommunications and Economic Affairs. 

      The details of the proposals approved are as follows:

      Sl. No.

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs. crore)

      BIO-TECHNOLOGY

      1

      M/s. Intas Biopharmaceuticals Ltd, Ahmedabad

      Induction of foreign equity in the company engaged in manufacture of drugs and pharmaceuticals, based on recombinant DNA Technology.

      0.6167

      COMMERCE

      2 

      M/s.  Bohler International GmbH, Austria

      To set up a WOS to undertake

      (i) wholesale cash and carry trading of ores and metals;

      (ii) stocking, distribution, cutting, machining and heat treating of special steels and

      (iii) wholesale cash and carry of special steels. Proposal attracts Press Note 1 (2005 series)

      11.00

      NEW & RENEWABLE ENERGY

      3

      M/s. Greenko Mauritius

      Conversion  of operating company viz., M/s. Balaji Biomass Power (p) Ltd. into operating-cum-holding company to make downstream investments in power projects

      480.00

      INFORMATION TECHNOLOGY

      4

      M/s. Wortal Technologies Pvt. Ltd. Bangalore

      Transfer of shares by way of share swap, for the purpose of acquiring an US based company Wortal Technologies Inc.  The company is engaged in design and development of virtual web portal environments and internet presence technologies and applications

      No  inflow

      5

      M/s. Russell Square Holding BV, Netherland

      Induction of 100% foreign equity in an Indian company Quasar Media Private Limited engaged in Advertising besides other activities.  Proposal attracts Press Note 1 (2005 series)

      0.015

      MICRO, SMALL & MEDIUM ENTERPRISES

      6

      M/s. Eldiar India Pvt. Ltd. Mumbai

      Induction of 97% foreign equity by Eldiar 2 Private Limited, Mauritius and Depa Mauritius Pvt Ltd, in the company proposed to be engaged in the manufacture of items reserved for small scale sector

      58.20

      ECONOMIC AFFAIRS

      7

      M/s. Autoline Industries Limited, Pune

      Transfer of shares by way of share swap for acquiring 51% shares in a US company Detroit Engineered Products Inc.

      No  inflow

      8

      M/s. Goldman Sachs Asset Management L.P. USA

      Investment of foreign equity in an asset management company engaged in NBFC activities including but not limited to investment advisory services, asset management services, portfolio management services etc.; and a trustee company for a mutual fund to be registered with SEBI. Proposal attracts Press Note 1 2005 series

      200.00

      INDUSTRIAL POLICY & PROMOTION

      9

      M/s. Siemens VDO Automotive Components Pvt. Ltd.

      Formation of a new company with 100% foreign equity by Siemens AG, Germany by restructuring the activities of existing venture Siemens Limited.  The company to be engaged in designing, developing, manufacturing, buy, sale, lease, hire, purchase, distribute, assemble, export, import, repair of automotive components.   Proposal attracts Press Note 1 (2005 series)

      0.01

      10

      M/s. Future Capital Holdings Ltd.

      Induction of additional foreign equity  in a holding company through IPO

      6.4228

      11

      M/s. GFT Technologies (I) Pvt. Ltd.

      Conversion of operating company into an operating-cum-holding company and forming a 100% owned downstream company. Engaged in development of system software's application software and other computer software.

      0.05

      INFORMATION TECHNOLOGY

      12

      M/s. Aricent Technologies (Holding) Ltd.

      Issue of shares by way of merger of two companies - Flextronics and Future Software, as per the scheme approved by High Court.

      No inflow

      TELECOMMUNICATIONS

      13

      M/s. Essar Telecommun-ication Holdings Limited, Mauritius

      Induction of foreign equity upto 100% in a company engaged in  the activities of infrastructure provider IP-I category

      500.00

      COMMERCE

      14

      M/s. ICD Ltd, Hong Kong

      To set up a WOS to undertake business involving bulk import, installation, testing, maintenance etc. of security systems, under the brand name 'ICD Security Solutions'

      1.00

       

      Total

       

      1257.3145

      The following 6 (six) proposals have been recommended to be deferred:

      Sl. No.

      Name of the applicant

      Particulars of the proposal

      1

      M/s. South Asia Multi-Media Technologies Ltd, Mumbai

      Induction of foreign equity in a company engaged in FM Broadcasting services

      2

      M/s. Sical Infra Assets Ltd, Chennai

      Induction of foreign equity upto 26% in investing companies in infrastructure

      3

      M/s. Bonsai International Pvt. Ltd. Mumbai

       Induction of FDI upto 31.67% in an investing company

      4

      M/s. Millennium India Acquisition Company Inc. USA

      Induction of foreign equity in two NBFC companies having subsidiaries engaged in security market as stock broker, distribution of mutual fund units, commodity trading, insurance broking and merchant banking  

      5

      M/s. Avens Properties Private Limited, New Delhi

      Induction of FDI in an investing company to make Investments  in SEZs and Indl. Parks (including IT Parks), through downstream investments in project companies to carry out the development activity.

      6

      M/s. Jalore properties Private Limited, New Delhi

      Induction of FDI in an investing company to make Investments  in SEZs and Indl. Parks (including IT Parks), through downstream investments in project companies to carry out the development activity.

      In the following 1(one) proposal the applicant has been advised to first approach RBI:

      Sl. No.

      Name of the applicant

      Particulars of the proposal

      1

      M/s. exlService.com (India) Pvt. Ltd.

      Post-facto approval for conversion of operating company into operating-cum-holding company which is engaged in the Internet and voice based customer care operations, transaction processing and software development and to act as a holding company to hold investments in subsidiaries and joint ventures.

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