TIOL-DDT 617 · the untouched capture
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<p align="justify"><font size="3"><b><font color="#663399" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT 617</font></b><font face="Verdana, Arial, Helvetica, sans-serif"><b></b></font></font><font size="2"><font face="Verdana, Arial, Helvetica, sans-serif"><b><br>
21.05.2007<br>
Monday</b></font></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Export of sugar – DGFT allots quota</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The DGFT has allocated a total quantity of 26,000 MTs of Raw Sugar out of free sale portion of 2006-2007 season’s production for export to USA</st1:country-region></st1:place> and EU for the fiscal year 2007 as</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) 16000 MTs as Raw Sugar to EU; and </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) 10000 MTs as preferential Raw Cane Sugar Tariff Rate Quota to USA</st1:country-region></st1:place> .</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/2007/dgft07pn005.htm" target="_blank">DGFT PUBLIC NOTICE NO. 5(RE-2007)/2004-2009, Dated: May 17, 2007</a></u></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">ISO certificate for Central Excise Division and Range</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Central Excise Commissionerate, Ahmedabad-II was the first ISO 9001:2000 Commissionerate in the country and with this, the process of getting ISO certification gained momentum in the department. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A proud Commissioner K R Bhargava, states, </font></p>
<blockquote>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Having achieved the ISO certification for the Commissionerate, we aimed to get similar certificate at the Division as well as Range level and I am happy to inform that the office of the Assistant Commissioner, Div - III and the office of Superintendent, Range-I, Div - III have also been awarded ISO 9001:2000 certificate recently. Thereby, these two offices at the field level are the first in the county to bring laurel to the department. I dedicate this achievement to the hard work put in by my officers to bring our field units in the category of the offices managed by the best international practices in the corporate world. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">I am also happy to inform that Commissionerate Headquarters was subjected to Surveillance Audit to examine retention of ISO certification and in this aspect also M/s. TUV South Asia has given their clearance to us.</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> </font></p>
</blockquote>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Repatriation of maturity proceeds of FCNR(B) deposits – RBI instructions</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBI informs that it has been decided to allow AD Category – I banks and authorised banks to permit remittance of the maturity proceeds of FCNR (B) deposits to third parties outside India, provided the transaction is specifically authorised by the account holder and the authorised dealer is satisfied about the bonafides of the transaction.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Necessary amendments to Notification No.FEMA 5/2000-RB dated May 3, 2000, [Foreign Exchange Management (Deposit) Regulations, 2000] are being notified separately. </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/rbi06cir057.htm" target="_blank">RBI CIRCULAR NO. 57/RBI., Dated: May 18, 2007</a></u></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) – RBI fixes 180 days</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It has been decided to prescribe a uniform period for surrender of received / realised / unspent / unused foreign exchange by resident individuals. Accordingly, it will be in order for any resident individual to surrender received / realised / unspent / unused foreign exchange to an authorised person within a period of 180 days from the date of receipt / realisation / purchase / acquisition / date of return of the traveler, as the case may be. </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/rbi06cir058.htm" target="_blank">RBI CIRCULAR NO. 58/RBI., Dated: May 18, 2007</a></u></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Investment
by Navaratna PSUs in oil sector abroad – RBI instructions</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Investment in the oil sector (i.e. for exploration and drilling for oil and natural gas, etc.) in an unincorporated entity overseas by an Indian party requires prior approval of the Reserve Bank. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It has now been decided to further liberalise and simplify the procedures and to allow NavaratnaPSUs to invest in unincorporated entities in oil sector abroad, under the automatic route. Accordingly, AD Category - I banks may allow the remittances by NavaratnaPSUs towards investment in the oil sector (i.e. for exploration and drilling for oil and natural gas, etc.) in an unincorporated entity overseas after ensuring that the proposal has been approved by the appropriate competent authority.</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/rbi06cir059.htm" target="_blank">RBI CIRCULAR NO. 59/RBI., Dated: May 18, 2007</a></u></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Delay of only four years and not eight years as reported by DDT</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Friday’s DDT pointed out that there was a delay of 8 years in amending certain Customs notifications to incorporate the <b>Trade Marks Act, 1999 </b>for the <b>Trade and Merchandise Marks Act, 1958.</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A bright DRI officer wrote in,</font></p>
<blockquote>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">“In your Todays DDT, it was mentined that there was a delay of 8 years in modifyng/redrafting the notificaitons for in respect of the Trade and Merchandise Marks Act, 1958. <br>
<br>
In this connection, I would like to bring to your kind notice that the Trade and Merchandise Marks Act, 1958 was continued till September, 2003 though Trade Marks Act, 1999 was enacted in the year 1999. However, it ( Trade Marks Act, 1999) was effective only from September, 2003. Please correct the same in your DDT immediately.”</font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Thank you Sir, for pointing out that the delay was merely four years instead of eight years as <b>DDT</b> alleged.
</font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Modern manager – from tormentor to mentor</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The reputed management Guru SharuRangnekar analyses the transformation of the manager from that of a tormentor to a mentor in his usual hilarious style. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>See our</strong> <u><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=5463" target="_blank">top special story</a></u> <strong>today. </strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow 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> </font></p>
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