TIOL-DDT 549 · the untouched capture
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<html> <head> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <title>Taxindiaonline's DDT 402</title> </head> <body link=blue vlink=blue> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399" size="3">TIOL-DDT 549</font><br> 09.02.2007<br> Friday</b></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Courier Imports and Exports (Clearance) Regulations, 1998</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Major changes are notified in the regulations.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Imported samples – Value enhanced </b>to ten thousand rupees. It was Rs. 5000/- earlier.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Free gifts value too: Value of free </b>gifts has also been similarly hiked to 10,000 from 5,000.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Registration of Authorised Courier: </b>The registration and renewal are at present valid for three years. Now it is made TEN years. Registration is given only in certain places. The authorized courier can now transact his business from any Customs station.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2007/cnt07_009.htm">NOTIFICATION NO. 9/2007-Cus.,(N.T), Dated: February 7, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Export of sugar to EU – DGFT allocates quota</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Directorate General of Foreign Trade has allocated a quantity of 3912 MT of white sugar out of free sale portion of 2005-06 season’s production and 6088 MT of white sugar out of free sale portion of 2006-07 season’s production for export to EU as preferential white sugar quota for the year 2006-07. This was earlier a total of 10,000 Mt for the whole year of 2005-06 production.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2006/dgft06pn082.htm">PUBLIC NOTICE NO. 82(RE-2006)/2004-2009, Dated: February 7, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Focus Product Scheme – new items included</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The objective of the scheme is to incentivise export of such products which have high employment intensity in rural and semi urban areas so as to offset the inherent infrastructure inefficiencies and other associated costs involved in marketing of these products.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now value added Coir products like</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Coir Bristle Fibre, Coir Mattress Fibre, Curled/Machine twisted coir fibre, Coir pith processed in value added forms like briquette/coins/neo disc/ growbags etc. and in loose form for use as nutritious growing medium and horticulture and agriculture. Fibre produced from coconut husk by mechanical/manual process, Coir, cordages & ropes, other than of cotton </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">are added to the list.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2006/dgft06pn083.htm">PUBLIC NOTICE NO. 83(RE-2006)/2004-2009, Dated: February 7, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Forward cover for FIIs- Rebooking of cancelled contracts </b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As per the existing provisions, a registered Foreign Institutional Investor (FII) is permitted to enter into forward contracts with rupee as one of the currencies, with an AD Category - I bank in India to hedge its exposure in India subject to the condition that forward contracts once cancelled shall not be rebooked but may be rolled over on or before maturity.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the RBI has issued revised guidelines </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ AD Category - I banks may allow FIIs to cancel and rebook forward contracts up to a limit of 2 per cent of the market value of their entire investment in equity and / or debt in India.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++The limit for calculating the eligibility for rebookings shall be based upon market value of the portfolio as at the beginning of the financial year.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The outstanding contracts must be duly supported by underlying exposure at all times. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=49&filename=notification/rbi/2006/rbi06cir032.htm">A. P. (DIR Series). CIRCULAR NO. 32/RBI., Dated, February 8, 2007</a></u></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>CBDT Chairperson inaugurates training for tax preparers</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Chairman, Central Board of Direct Taxes, Ms. IndiraBhargava inaugurated the training programme for the Tax Return Preparers (TRPS) at NIIT Training Centre.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Training for 9 days of 8 hours duration each will be imparted to the prospective TRPs using class-room training and web-based teaching. The training was preceded by a 15 days self-study programme. NIIT has been appointed “Partner Organisation” by the government for the scheme. During 2006-07, about 5,000 TRPs will be licensed under the scheme, which is a pilot project. Certificates will be issued to candidates who qualify the “Certification Test” to be taken after the training session. The certified TRPs will have a unique identification number. The cost of training and subsequent examinations / tests will be borne by the government.</font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Monday with more DDT </font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day. </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@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></span></font></p> </body> </html>