TIOL-DDT 2627 · the untouched capture
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"> <html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> </head> <body> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3"><s><strong><font size="2"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3"><s><strong><font size="2"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=23157"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2015_1.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="300" height="148" hspace="5" border="0" align="right" ></a></font></strong></font></strong></font></strong></font></strong></font></strong></s></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></s></font></strong></font><font color="#663399" size="3">TIOL-DDT 2627 </font><br> 25 06 2015 <br> Thursday<em> </em></strong></font></p> <p align="center"><font color="#006600" size="3" face="Georgia, Times New Roman, Times, serif"><em><strong>Unclaimed Cargo Clog CFS - CAG </strong></em></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CFS</strong> (Container Freight Station) is a customs area located in the jurisdiction of a Commissioner of Customs exercising control over a specified Customs Port, Airport LCS/ICD and it is an extension of a customs station set up with the main objective of decongesting the ports. In CFS, only a part of the Customs processes mainly the examination of goods is normally carried out by Customs besides stuffing/de-stuffing of containers and aggregation/segregation of cargo. CFS is custodian of import/export cargo as per section 45 of the Customs Act. Containers other than those belonging to SEZ and ACP client are transferred within 72 hours from Chennai Port to the CFSs located around the radius of 50 Kms from the port and from there, the goods are cleared for home consumption after assessment and payment of duty. Export cargos after registration in CFS, get examined and stuffed in the containers and transferred to Port for being loaded in the ships. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As per rule 6 of Handling of Cargo in Customs Areas Regulation (HCCAR), custodian is responsible for the safety and security of the goods under their custody. They are also responsible for the disposal of uncleared, unclaimed or abandoned goods within the prescribed time limit. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CAG has found that the storage capacities of CFSs were occupied by unclaimed/uncleared cargos. Though circulars were regularly being issued by the Board (Circular dated 1 December 2005, 9 December 2005, 20 February 2006, and instruction dated 22 July 2010) for expediting the clearance of unclaimed/uncleared cargo to decongest CFS/Ports, it was observed that more than five years old cargos are still lying uncleared causing storage problems and affecting the revenue of the CFSs. Some of the cargos were detained by DRI, SIIB, CIU wing of customs as they had filed cases against the importers. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Audit has further observed that there was no provision in the IGM module to identify cargo pending beyond the admissible period of 30 days for the <em>suo-moto</em> action by customs and the department was dependent on the CFSs for knowing the status of uncleared/unclaimed cargo. The lack of provision severely hampered the department in ensuring the expeditious disposal of un-cleared cargo resulting in valuable space of CFS remaining occupied and causing revenue loss to the department. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Audit has noticed that container laden truck from Chennai port takes 24 hours to reach a CFS just 10 kms away because of poor road connectivity. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Samples of the entire JN Port are stored/dumped in one CFS causing health hazards and storage problems. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Shortage of Customs Officers</strong>: Audit found that in 29 CFSs operational in Chennai Customs, only 24 examiners/preventive officers were posted for import and export examination. Posting of a single Assistant Commissioner for several CFSs and testing of imported goods caused delay in clearances. </font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Source: CAG's Report No. 13/2015 </em></font></p> <p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Please also see - DDT </em><a href="http://www.taxindiaonline.com/RC2/NewsDesc.php?MpoQSrPnM=MTg4OTI="><em> 2215</em></a><em>, </em> </font></strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/NewsDesc.php?MpoQSrPnM=MTg1Njg="><em>Demurrage charges & detention certificate - waiver & payment </em></a><em><font color="#FF0000">&</font></em> <a href="http://www.taxindiaonline.com/RC2/NewsDesc.php?MpoQSrPnM=MTkyMDM="><em> Customs, Draft Disposal Manual 2013</em></a><em>.</em><em></em> </font></p> <p align="center"><font color="#006600" face="Georgia, Times New Roman, Times, serif"><strong><font size="3"><em>Draft Sovereign Gold Bond Scheme </em></font></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Finance Minister in his budget speech for 2015-16 made the following announcement: </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>"India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized. I propose to… develop an alternate financial asset, a Sovereign Gold Bond, as an alternative to purchasing metal gold. The Bonds will carry a fixed rate of interest, and also be redeemable in cash in terms of the face value of the gold, at the time of redemption by the holder of the Bond."</em></font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Accordingly, a <a href="https://mygov.in/sites/default/files/master_image/GoldBond_Draft.pdf">draft outline of the Scheme </a> has been prepared. Comments and views are invited on the draft scheme by 2nd July, 2015. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The <a href="https://mygov.in/sites/default/files/master_image/GoldBond_Draft.pdf">outline of the Sovereign Gold Bond Scheme </a> is only at the draft stage and is being released to obtain public opinion. The scheme as it stands at this stage, does not imply any commitment from the government. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Salient Features of the Scheme: </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Sovereign Gold Bonds will be issued on payment of money and would be linked to the price of gold. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Bonds will be issued on behalf of the Government of India by RBI. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The Government will issue bonds with a nominal rate of interest (which will be linked to international rate for gold borrowing). An indicative lower limit of 2% may be given but the actual rate will have to be market determined. On maturity, the investor receives the equivalent of the face value of gold in Rupee terms. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The bonds will be issued in denominations of 2, 5, 10 grams of gold or other denominations. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The tenor of the bond could be for a minimum of 5 to 7 years so that it would protect investors from medium term volatility in the gold prices. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Bonds to be easily sold, traded on commodity exchanges. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Bonds to have a sovereign guarantee. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ In order to ensure wide availability the bond will need to be marketed through post offices and by various brokers/agents who may need to be paid a commission (like for Kisan Vikas Patra). </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Based on the current market price, issuance of gold bonds equivalent of 50 tonnes would be around Rs. 13,500 crore. Since the amount is not very high, it can be accommodated within the market borrowing programme for 2015-16. </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Comments/suggestions are invited on the draft text which can be accessed by clicking on the following link: <a href="https://mygov.in/group-issue/draft-sovereign-gold-bond-scheme/">http://mygov.nic.in </a></font></p> <p align="center"><font face="Georgia, Times New Roman, Times, serif"><strong><font color="#006600" size="3"><em>FTP - Prohibition on import of milk and milk products from China</em></font></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> prohibition on import of milk and milk products (including chocolates and chocolate products and candies/confectionary/food preparations with milk or milk solids as an ingredient) from China is effective till 23/06/15 as per <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2013/dgft13not084.htm" target="_blank">Notification No. 84 (RE-2013)/2009-2014 dated 23/06/2014</a>.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The prohibition on import of milk and milk products from China is extended for one more year, i.e., till 23.6.2016 or until further orders, whichever is earlier. </font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgyNDM=" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DGFT Notification No. 12/2015-2020, Dated: June 24, 2015</strong></font></a></p> <p align="center"><font color="#006600" face="Georgia, Times New Roman, Times, serif"><strong><font size="3"><em>FTP - SION for new product 'Golf Gloves' </em></font></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DGFT</strong> has notified a SION, bearing number J-376 in respect of the export product 'Golf Gloves made of Knitted/Crocheted/Woven/Non-woven fabrics' under Textiles Product Group. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">There was no SION for this export product earlier. </font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgyNDQ=" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DGFT Public Notice No. 22/2015-2020, Dated: June 23, 2015 </strong></font></a></p> <p align="center"><font color="#006600" face="Georgia, Times New Roman, Times, serif"><strong><font size="3"><em>India Story on Firm Footing - Arun Jaitley</em></font></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>ADDRESSING</strong> a meeting of the top US investors yesterday, the Finance Minister said, </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Economic fundamentals are very strong, making India one of the most attractive investment destinations. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The India story is on a firm footing and whatever outstanding issues are there are under the government's active consideration. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The lack of majority in the Rajya Sabha does not lead to indefinite delays and in fact there are no precedence of permanent hold up. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Look at India as a destination where investments can be committed now, without delay. </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The collective value of the Assets Under Management of the Investors inside the room was said to be upwards of USD 1 trillion. </font></p> <p align="center"><font color="#006600" face="Georgia, Times New Roman, Times, serif"><strong><font size="3"><em>Smugglers ship frozen beef from India into China: report </em></font></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>A</strong> Chinese newspaper reported today about tonnes of illegally imported beef finding its way from India to restaurants on the Mainland China. The paper reported that smugglers are shipping hundreds of thousands of tonnes of beef from India into Guangxi through Vietnam, exposing a second illegal route into China. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It is reported that the meat is over <strong>four decades old </strong> and importers were bringing in food infested with bacteria and soaked in hydrogen peroxide to make it appear fresh and edible. Smugglers often buy the meat at low prices in foreign countries and move it into China through Vietnam. </font></p> <p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><font color="#006600"><em>WCO Photo Competition 2015 - Ecuador Entry </em></font></strong></font></p> <p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/stories/EcuadorEntry.jpg" alt="" width="579" height="411" hspace="5" border="0" align="center"></font></p> <p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><font color="#006600"><em>This Horrible Day - Never Again </em></font></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>SINCE </strong>1947, India is said to be the largest Democracy in the world. But for the period between June 1975 and March 1977, USA was the largest democracy. This was the day forty years ago when Internal Emergency was declared in India and for nearly two years Democracy was in the ICU. Fortunately it came back to life. Unfortunately there is a talk of a possible return of the demon. We should ensure that it never happens again, when liberty was chained and more than a lakh of people were jailed - all for saving a government. Even justice was put on hold, when the Supreme Court held that the citizens had no fundamental rights, not even the right to life during the emergency. The Attorney General told the court that if a policeman under the orders of his superior was to shoot a person or even arrest a Supreme Court judge, it would be legal and no relief would be available. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Those who forget history are condemned to repeat its mistakes, let us not forget the emergency and let us not repeat. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">During the emergency, the Government used to display huge hoardings with slogans. One such hoarding read: </font></p> <p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>The Nation is fighting corruption Encourage <font style="background-color:#FFFF00" span="span"><strong><font color="#FF0000">it</font></strong></font>! </strong></font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more <strong>DDT</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF6666">Have a nice day.</font></strong></font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <a href="mailto:vijaywrite@tiol.in"><strong>vijaywrite@tiol.in</strong></a></font></p> </body> </html>