TIOL-DDT 195 · the untouched capture
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<html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> </head> <body bgcolor="#FFFFFF"> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399" size="3">TIOL-DDT 195</font><br> 06 09 2005<br> Tuesday</b></font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>Drawback rates - Notification amended</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Government has amended the Drawback Notification No. 36/2005 – CUS NT dated 2.5.2005 to add four more general notes regarding textiles and footwear. The schedule of rates for several commodities has also been amended. <br> <br> <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_077.htm">NOTIFICATION. NO. 77/2005-CUSTOMS (N.T.)</a></font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>Vishesh Krishi Upaj Yojana – negative list items not eligible</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> DGFT has amended Appendix 37A to stipulate that Items which are in the negative list for exports (either restricted or prohibited as per ITC (HS) Classifications for Export and Import Items), shall not be eligible for benefits under Vishesh Krishi Upaj Yojana.<br> <br> <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2005/dgft05pn047.htm">PUBLIC NOTICE. NO.47 /2004-2005 DATED THE 2ND SEPTEMBER, 2005</a></font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>EOP – extension beyond 12 months – composition fees to be levied</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> DGFT has amended the HOP to provide for a composition fee @ 2% per month for any extension beyond 12 months for the Export Obligation Period. This is now reduced from 36 months to 12 months. Further Tuticorin is added to the list of eligible ICDs. This had already been added by CBEC by its NOTIFICATION. NO. 77/2005-CUSTOMS dated 22.8.2005.<br> <br> <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2005/dgft05pn049.htm">PUBLIC NOTICE NO.49 /(RE-2005)/2004-2009. DATED 2nd September, 2005</a></font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>Marble and other stones – import policy</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Government has amended the Schedule-I (Imports) to the ITC (HS) Classifications of Export and Import Items, 2004-09 to make import of marble and other stones free under the policy provided cif value is US $ 2700 & above per cubic metre <br> <br> <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2005/dgft05not026.htm">NOTIFICATION No.26 (RE-2005)/2004-09 Dated: 2nd September,2005.</a></font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>Where do you land up after importing 23 cars? </b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Jail – of course! Bhu in Jaisalmer of Rajasthan is an unknown village but 23 cars, including Mercedes, Toyota Amazon, Prado and BMWs, were imported by a non-existent hotel in this sleepy village and the cars have found their way into the garages of influential Netas and lalas. Nemesis in the form of Customs caught up with the resourceful importer who had been sent to judicial custody by a Delhi court till 15 September. The Customs would very much like to seize these cars (and maintain them on Rs 50/- per month as we reported yesterday), but they have no clue where these cars are and the accused would rather cool his heels in jail rather than tell them where they are. Customs counsel told the court that more such duty evaded cars may surface. In fact, DRI Zonal Unit and Jaipur Unit maintain that the prime accused Sanjay Bhandari has floated four firms to do such pre-contracted imports and lease them out even before they land in the country. So far as ECPCG obligations are concerned he has been charged with getting forex through hawala!</font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>SMERA launched</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Small and Medium Enterprises Rating Agency (SMERA), was launched by the Finance Minister in Coimbatore yesterday. <br> <br> SMEs contribute approximately 40 per cent of the country’s domestic production and 45 per cent of industrial employment. Despite their economic significance, SMEs face many bottlenecks like inability to access timely and adequate finance, insufficient credit information and low market credibility. <br> <br> Rating agencies like SMERA will provide comprehensive, transparent and reliable SME ratings. SMERA has been set up by Small Industries Development Bank of India jointly with Dun & Bradstreet, Credit Information Bureau (India) Limited and some banks. </font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>New Income Tax Act</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> The Income Tax Act is all set to be overhauled. Over the years the Act has become so voluminous and confusing with each section running into ccc and ppp with sub clauses xxii and so on. The Act really needs a better draft. But the problem with simplification and redrafting is that our Babus are capable of converting every simplification into a knotty complication. And the standard of English in government is now so poor that courts will be spending the next fifty years to understand and interpret what the Babus meant. We have no special love for English. Get your laws written in Tulu, but get it written by somebody who knows good Tulu. </font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Procter & Gamble – in trouble in South Korea</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> A South Korean unit of Procter & Gamble Co. violated foreign exchange trading regulations by failing to report transfers of funds, according to South Korea's Customs agency. It "inadvertently" failed to report the transfers because this is not required in other countries, said an associate director in charge of public relations at P&G Korea. </font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Frog in Customs custody</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Ms Sarah Plumb is a Customs and Excise officer in Wales, UK. She has a strange assignment now. She has to look after a frog smuggled into UK last week from Cuba. The Cuban tree frog was in pair like in Noah’s arc, but the partner could not withstand the rigours of a long flight and died of dehydration. And a new home is being sought for the survivor; meanwhile the frog has made Sarah’s home his too. And she says, “Exotic creatures do make their way into the country from time to time”. It is not passengers alone who make a Customs Inspector’s job interesting! <br> <br> <font color="#FF6666"><b>Until tomorrow with more DDT<br> <br> Have a nice day. <br> <br> Mail your comments to</b></font> <a href="vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com </a></font></p> </body> </html>