Vol. XIII Issue no.55
Chennai, Feb 07 , 2012
CBEC clarifies classification of imported Fused Silica
New Delhi, February 1: The Ministry of Finance has today issued Circular No. 3/2012-Customs to clarify correct classification of imported Fused Silica under the Customs Act to set at rest divergent practices followed by different field formations. In deciding the correct classifica
Tariff value revised for gold/silver/brass scrap/poppy seeds
New Delhi, February 1: The Central Board of Excise and Customs has issued Notification No. 10/2012-Cus.(NT) dated January 31, 2012 to revised the tariff value in respect of gold, silver, brass scrap (all grades) and poppy seeds. Accordingly, the tariff value for gold has been revis
December exports up 6.7 pc: Govt
New Delhi, February 1: India's December exports rose an annual 6.7 percent to $25 billion, while imports for the month rose 19.8 percent to $37.8 billion, leaving a trade deficit of $12.7 billion, the government said on Wednesday.Exports between April-December rose 25.8 percent to $217.6 billi
CBEC clarifies procedure on import of pneumatic tyres
New Delhi, February 1: The Central Board of Excise and Customs has is clarified that in addition to pneumatic tyres covered by Clauses 3(a) to (f) of the Quality Control Order, 2009, the following types of tyres are also not covered under the said Order:(i) Commercial Vehicle tyres
Tondiarpet in Chennai notified as ICD
New Delhi, January 31: The Ministry of Finance has notified Tondiarpet in Chennai as Inland Container Depot for the purpose of unloading export goods and loading of export goods. The said ICD has been listed at Sl.No.(xii) in the Table annexed to Notification No.12/97-Cus (NT) unde
CBEC announces exchange rate for February
New Delhi, January 31: The Central Board of Excise and Customs has issued Notification No. 9/2012-Cus (NT) dated January 30 determining the rate of exchange of conversion of each of the foreign currency specified in column (2) of the notification into Indian currency or vice versa&n
CVC penalises 81 govt officials for corruption
New Delhi, January 27: As many as 81 government officials, majority of them working in nationalised banks, were penalised by the Central Vigilance Commission for their alleged involvement in illegal practices.Out of the total officials, the maximum of them (36) are from public sector b
Final ADD imposed on Chinese geostrips/geostraps made of glass fibre
New Delhi, January 25: The Ministry of Finance has levied definitive anti-dumping duty on import of Geogrid/Geostrips/ Geostraps made of polyester or Glass fiber in all its forms (including all widths and lengths) from China, vide Notification No. 11/2012-Customs
Definitive ADD on Morpholine imposed
New Delhi, January 25: The Central Government has imposed definitive anti-dumping duty on Morpholine, originating in, or exported from, China PR, European Union and the United States of America, and imported into India, vide Notification No. 10/2012-Customs (ADD) dated January 24, 2
CBEC announces Republic Day Awards for distinguished service
New Delhi, January 24: The Ministry of Finance has issued Notification No. 7/2012-Customs (NT) dated January 24, 2012, awarding Appreciation certificates to officers/staff in various cadres under the Central Board of Excise and Customs. The Press Note issued on this occasion
Refund of Anti-dumping duty excess paid rules notified
New Delhi, January 21: The Government has brought into force Refund of Anti-Dumping Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012, as per Notification No. 5/2012-Customs (NT) dated January 19, 2012.
According to the rules, where an importer has paid any anti-dumping
Safeguard duty imposed on Phthalic anhydride
New Delhi, January 18: The Government of India has imposed safeguard duty on Phthalic anhydride, falling under tariff item 2917 35 00 of the Customs Tariff Act, when imported into India, a safeguard duty at the rate of 10% ad valorem, vide Notification No. 1/2012-Customs (SG)
Use of re-credited SAD extended up to March end
New Delhi, January 17: The Central Board of Excise and Customs has decided to extend time limit for using re-credited DEPB scrips/ Reward Scheme scrips in case of 4% CVD (SAD) upto 31.03.2012. No further extension shall be given under any circumstances, the Board has stated in its
Gold and Silver now brought under Tariff Value
New Delhi, January 17: The Government has decided to bring Gold and silver in any form under Tariff Value regime, along with palm group of oils, brass scrap and poppy seeds specified under Notification No.36/2001-Cus (NT). The two items have been inserted at Sl.Nos. 10 and 11 in th
India's forex reserves slump by $3.14 billion
Mumbai, January 16: India's foreign exchange reserves slumped by $3.14 billion to $293.54 billion in the first week of 2012, the lowest level in almost 15 months, largely due to revaluation of non-dollar assets and sale of dollars by the central bank to curb the rupee's slide.
The forex
ADD on Chinese Saccharin continued
New Delhi, January 14: The Ministry of Finance has extended the levy of anti-dumping duty on imports of Saccharin, originating or exported from PR of China, vide Notification No. 7/2012-Customs (ADD) dated January 13, 2012. The rate of the said duty on the subject goods, when impor
Exports to Nepal put on par with other countries from March
New Delhi, January 14: The Ministry of Finance has abolished the existing DRP for exports to Nepal and puts export to Nepal at par with exports to other countries (except Bhutan).
In this connection, the CBEC has issued Circular No. 958/1/2012-CX dated January 13, 2012.
Tariff value of Brass scrap and poppy seeds revised
New Delhi, January 14: The Central Board of Excise and Customs has notified the periodical revision in the Tariff Value of brass scrap (all grades) and poppy seeds, vide Notification No. 2/2012-Cus (NT) dated January 13, 2012. Accordingly, the tariff value now fixed for brass scrap
Benefit granted for export of cotton yarn under DEPB scrip
New Delhi, January 13: The Directorate General of Foreign Trade has clarified that exports made under the “EPCG Shipping Bills” for “Cotton yarn including Melange yarn” from 01.04.2011 to 04.08.2011 and ‘Cotton’ from 01.10.2010 to 04.08.2011 would be e
