EEPC against imposing 20% export duty on galvanised steel

EEPC India today sought clarification on policy with regard to export duty on galvanised steel at Kolkata port. The development follows a recent move by Kolkata Port to impose 20 per cent export duty on galvanised steel, resulting in piling up of the consignment by steel manufacturers there."A large number of shipments of major primary steel manufacturers are being held up due this confusion at the Kolkata Port," EEPC India, (formerly known as Engineering Export Promotion Council) said in a statement expressing "concern over the stoppage of exports due to sudden demand of the Customs Authorities for 20 per cent Export duty." At a time when engineering exports was down by 8.33 per cent during April-October 2012, such a stoppage in only one port of country will create considerable problems in halting the decline in exports in the current year," said EEPC India Chairman Aman Chadha.

Source: Money Control

PMO expedites direct cash transfer process

Even as the Opposition escalated its complaint against the Government’s direct cash transfer scheme to the Election Commission, the Prime Minister’s office has expedited the process of direct cash transfer of subsidies. The Government intends to start this process in 51 districts from January 1.In this regard, Principal Secretary to the Prime Minister Pulok Chatterji has written a letter to nine Secretaries belonging to Central Government Ministries and Departments. These ministries include Petroleum and Rural Development. This move follows the first meeting of the National Committee on Direct Cash Transfers (DCT) chaired by the Prime Minister on November 26.

Source : The Hindu Businessline

Government tables amendments to Fema, no vote needed

The government has tabled amendments to the Foreign Exchange Management Act in the Lok Sabha, required to allow foreign direct investment in multi-brand retail trade. Five amendments to regulations issued by the Reserve Bank of India between May and October were tabled by minister of state for finance Namo Narain Meena during zero hour. The amendments seek to provide for 51% foreign investment in multi-brand retail, 100% FDI in single-brand retail and investment by foreign airlines in domestic carriers. RBI had notified the amendments after a directive from Supreme Court in October. The apexBSE 0.00 % court had admitted a PIL that accused the government of not following proper procedure in introducing the new FDI policy. 

Source : Economic Times

Notification No. 106/2012 - Customs (N. T.)

 [TO BE PUBLISHED THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)]

Government of India

Ministry of Finance

(Department of Revenue)

(Central Board of Excise and Customs)

Notification No. 106/2012 - Customs (N. T.)

New Delhi, 30^th, November, 2012

9 Agrahayana, 1934 (SAKA)

            S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3^rd August, 2001, namely:-

In the said notification, for TABLE-1 and TABLE-2, the following Tables shall be substituted namely:-

“TABLE-1

S. No.	Chapter/ heading/ sub-heading/tariff item	Description of goods	Tariff value US $ (Per Metric Tonne)
(1)	(2)	(3)	(4)
1	1511 10 00	Crude Palm Oil	447 (i.e. no change)
2	1511 90 10	RBD Palm Oil	476 (i.e. no change)
3	1511 90 90	Others – Palm Oil	462 (i.e. no change)
4	1511 10 00	Crude Palmolein	481 (i.e. no change)
5	1511 90 20	RBD Palmolein	864
6	1511 90 90	Others – Palmolein	483 (i.e. no change)
7	1507 10 00	Crude Soyabean Oil	580 (i.e. no change)
8	7404 00 22	Brass Scrap (all grades)	4010
9	1207 91 00	Poppy seeds	5346

 

TABLE-2

S. No.	Chapter/ heading/ sub-heading/tariff item	Description of goods	Tariff value (US $)
(1)	(2)	(3)	(4)
1	71 or 98	Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed	561 per 10 grams
2	71 or 98	Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed	1096 per kilogram

[F. No. 467/01/2012-Cus.V Pt. I]

(M. SatishKumar Reddy)

Director (ICD)

Note:-  The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3^rd August, 2001, vide number S. O. 748 (E), dated the 3^rdAugust, 2001 and was last amended vide Notification No. 98/2012-Customs (N.T.), dated the 14^th November, 2012, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O 2716 (E) dated, the 14^th November, 2012.