Fast Track Legislation - DGFT Thinks Finance Bill 2012 was Passed on 17.03.2012, a day after it was introduced!
THE DGFT Notification informs:
The Notification No. 7 (RE - 2012)/2009-2014 issued on 23.7.2012 incorporated the changes in the descriptions of tariff lines in Chapters 24,26,74,75,76,78 and 79 in accordance with the changes in the Finance Bill 2012-13. This notification was silent on the date on which these changes were to take effect.
Accordingly, some interpreted the changes to take effect from the date of notification i.e., 23/07/2012 and some others from the date on which the Finance Bill 2012 was passed i.e., 17/03/2012.
Therefore, Government has amended the Schedule 1 - Import Policy of the ITC (HS), 2012 to impart greater clarity. The amendment reads as:-
"Amendments carried out in the Budget have been incorporated in the ITC(HS) 2012 and will take effect from 17.03.2012(the date on which the Finance Bill was passed)".
It is unfortunate that the Director General of Foreign Trade (DGFT) of this country believes that the Finance Bill 2012 was passed on 17.03.2012. Respected Sir, it was introduced in Parliament on 16-03-2012 and was enacted on 28-05-2012. The Finance Bill was passed on two different dates by the two houses of Parliament. By no stretch of imagination, can a Finance Bill introduced on 16-03-2012 be passed on 17-03-2012. What a fall!!!
DGFT Notification No.21/(RE-2012)/2009-2014, Dated: October 11, 2012