• DIRECTORATE GENERAL OF FOREIGN TRADE

Policy Circular No. 9/2009-14 Dated 01.10.2009 - Deemed Export Benefits on supplies against Invalidation Letter / ARO and Value Addition requirement on clubbing - Clarification regarding

Through this notification it is clarified that against invalidation letter, the supplier can avail Advance Authorisation for Intermediate supplies and TED refund (wherever Excise exemption is not available against such supplies), whereas against ARO, the supplier is entitled for deemed export duty drawback. It is also ensured that ensure that the prescribed minimum value addition on the respective authorisations is achieved indicating that the weighted average value addition for the clubbed authorisation is maintained.

• INDIRECT TAXATION

CUSTOMS

Notification No. 112/2009 Dated 29.09.2009 Exemption to certain materials required for the manufacture of the final goods from additional duty, safeguard duty and anti-dumping duty

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts materials required for the manufacture of the final goods when imported into India, from whole of the duty of customs leviable thereon under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and from the whole of the additional duty, safeguard duty and anti-dumping duty leviable thereon respectively under sections 3, 8B and 9A of the said Customs Tariff Act, except to the extent specified in para 2 of this notification. These are subject to the Conditions mentioned in the Notifications.

Circular No. 26/2009 Dated 30.09.2009 Foreign Trade Policy (FTP), 2009-14

Through this notification, the Foreign Trade Policy (FTP), 2009-2014 and the Handbook of Procedures (Vol.I) (herein after referred to as the Handbook) have been notified by the DGFT. A number of changes are introduced in the schemes of the FTP through this notification.

Circular No. 900/20/2009-CX Dated 06.10.2009 Permission to bring duty-paid packing materials into export warehouse under Rule 20 of Central Excise Rules - Regarding

Through this notification the clarification has been sought in view of Para 7.2 of the Board's Circular No. 581/18/2001-CX dated 29.06.01 which provides that duty paid goods are not permitted to be brought into the warehouse. It has been stated that packing materials are normally procured in small quantities and the suppliers find it difficult to follow the bond procedure.

• RESERVE BANK OF INDIA 

A.P. (DIR Series) Circular No. 11 Dated 05.10.2009 Issue of Bank Guarantee on behalf of service importers

In terms of Regulation 4(3)(iv) thereof [amended vide Notification No. FEMA 151/2007-RB dated January 4, 2007] and A.P. (DIR Series) Circular No. 13 dated November 17, 2006, banks are allowed to issue guarantees in favour of a non-resident service provider, on behalf of a resident customer who is a service importer, for an amount up to USD 100,000 or its equivalent, subject to the terms and conditions stipulated in the said circular. This notification has further liberalized the procedure (other than in respect of a Public Sector Company or a Department/ Undertaking of the Government of India/ State Governments) for import of services.

A. P. (DIR Series) Circular No.10 Dated 05.10.2009 Foreign Exchange Management Act, 1999 - Advance Remittance for import of Services

Through this circular it is clarified that the increase in the limit for advance remittance for all admissible current account transactions for import of services without bank guarantee is not applicable for a Public Sector Company or a Department/ Undertaking of the Government of India/ State Governments. The directions contained in this Circular have been issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).

• SECURITIES AND EXCHANGE BOARD OF INDIA

Circular No. SEBI/CFD/ICDRR/2/2009/29/09 Dated 29.09.2009 Filing of offer documents with the Board under Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009

Through this circular all registered merchant bankers are informed that SEBI (referred to as "the Board") has framed the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (hereinafter referred to as "the ICDR Regulations") and that pursuant to the notification of the ICDR Regulations on August 26, 2009, the SEBI (Disclosure and Investor Protection) Guidelines, 2000 stand rescinded. Furthermore all merchant bankers are advised to comply with the requirements of this circular. This circular is issued in exercise of the powers conferred under sub-section (1) of section 11 of the Securities and Exchange Board of India Act, 1992.