Continuation of anti-dumping duty on imports of ‘Polyvinyl Chloride (PVC) Suspension Grade’

G.S.R. 881 (E).-WHEREAS, the designated authority vide notification No. 21/29/2011-DGAD, dated the 5^th October, 2012, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 5^thOctober, 2012, had initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, in the matter of continuation of anti-dumping duty on  imports of ‘Polyvinyl Chloride (PVC) Suspension Grade’, originating in, or exported from, Taiwan, People’s Republic of China, Indonesia, Japan, Korea RP, Malaysia, Thailand and USA, imposed vide  notification of the Government of India in the Ministry of Finance (Department of Revenue), number G.S.R. 52 (E), dated the 23^rd  January, 2008 (No. 11/2008-Customs, dated the 23^rd  January, 2008), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) and had requested for  extension of anti-dumping duty upto one more year, in terms of sub-section (5) of section 9A of the said Customs Tariff Act;

NOW, THEREFORE, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), number G.S.R. 52 (E), dated the 23^rd  January, 2008 (No. 11/2008-Customs, dated the 23^rd  January, 2008), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide, namely: - 

In the said notification, in paragraph 2, for the words “five years”, the words “six years” shall be substituted.

[F.No.354/70/2007-TRU (Pt-I)]

(Raj Kumar Digvijay)

Under Secretary to the Government of India

Functional control of Special Valuation Branches(SVB)

Attention is invited to Board Circular No. 11/2001-Customs dated 23^rd February 2001 issued from F. No. 467/32/2000-Customs V, prescribing conditions and procedure regarding  cases to be taken up for investigation by Special Valuation Branches (SVB) and their manner of processing and disposal. Presently SVBs are located in the Customs Commissionerates of Mumbai, New Delhi, Chennai, Kolkata and Bangalore and are functioning under the administrative control of the respective Commissioners of Customs.

2.         The functioning of SVBs was reviewed by the Board with a view to strengthen their working.

3.         It has been decided to vest the Directorate General of Valuation (DGOV) with functional control over the SVBs. Consequently, the presently existing SVB sections with their existing staff will henceforth function under the supervisory control of the DGOV.

4.         The Board has also decided that the officers posted in SVBs shall not be given any additional responsibilities and they shall exclusively handle work relating to SVB investigations and related issues. The office of the DGOV shall closely monitor the pendency of the SVBs, approve the initiation of SVB inquiries, and supervise the investigations. Furthermore, the Board has desired that the DGOV continuously endeavor for qualitative improvement of SVB investigations/orders. 

5.         It is envisaged that on completion of investigation in a case, the proper officer in SVB will issue an order for determination of value under Section 14 of the Customs Act, 1962. The order will be sent to the importer concerned, the Custom House which had referred the case and to DGOV.

6.     The work relating to review, appeal and other legal matters arising out of cases investigated and orders passed by the proper officer in SVBs, shall continue to be handled by the jurisdictional Commissioners of Customs. Directorate General of Valuation will provide its views on the orders passed by the proper officer to the jurisdictional Commissioner of Customs, which will be given due consideration, when the orders are examined by Commissioners of Customs for review or acceptance under section 129D of the Customs Act, 1962.

7.      These instructions shall take effect from 1^st January, 2013. 

8.         Publicity to this Circular may be given by way of issuance of public notice and standing order.

9.         Difficulties, if any, faced in the implementation of this circular, may be immediately brought to the notice of the Board.

Circular No. 29 /2012-Customs

FM - Growth Rate below our Expectations

The Ministry of Finance has issued the following statement regarding the estimates released today by the Central Statistics Office (CSO) for the second quarter of GDP for 2012-13 today:

Central Statistics Office (CSO) released the estimates for the second quarter of GDP for 2012-13 today.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is Rs.54.3405 and the Reference Rate for Euro is Rs.70.1320 on December 10, 2012. The corresponding rates for the previous day (December 7, 2012) were Rs.54.2018 and Rs.70.2175 respectively. 

Happy Diwali

Dear Professional Colleague Wishing you and your family A Very Happy Diwali...   This festival of lights, signifies goodness & delight. May it illumine our life with its brilliance, togetherness, hope and dazzle all with its joy and exuberance.

With Warm Regards & Best Wishes, Team IndianTaxArena

ICWAI - request for comments/suggestions on exposure draft of Taxonomy for filing of Cost Audit Report and Compliance Report using XBRL

REQUEST FOR COMMENTS

Comments/suggestions, etc are invited from stakeholders on the exposure draft of Taxonomy for filing of Cost Audit Report and Compliance Report using XBRL by applicable class of companies as per MCA’s General Circular No. 8/2012 dated 10th May, 2012 [as amended on 29th June, 2012] and No. 18/2012 dated 26th July, 2012.

Stakeholders are requested to provide their comments/suggestions by 20th August, 2012 at e-mail addresses bharat.goyal@mca.gov.in,goyalbb@gmail.com, xbrl@icwai.org, xbrl.technical@mca.gov.in, xbrl.suggestion@mca.gov.in.

Click here to Download Taxonomy

Grant of exemption in the Foundation Examination of the Institute of Cost Accountants of India to the Intermediate Examination qualified candidates of the Institute of Chartered Accountants of India

Grant of exemption in the Foundation Course Examination of the Institute of Cost Accountants of India to the Intermediate Examination (by whatever name called) qualified candidates of the Institute of Chartered Accountants of India.

In view of grant of exemption by the Institute of Chartered Accountants of India to the Intermediate qualified candidates of the Institute of Cost Accountants of India from passing their Common Proficiency Test, the Institute of Cost  Accountants of India has granted exemption on reciprocal basis to the Intermediate Examination (by whatever name called) qualified candidates of the Institute of Chartered  Accountants of India from passing the Foundation Course Examination of the Institute of Cost Accountants of India with immediate effect.

RBI signs MoU with the Central Bank of the Russian Federation (CBRF)

The Reserve Bank of India and the Central Bank of the Russian Federation (CBRF/The Bank of Russia), on August 3, 2012 concluded a Memorandum of Understanding (MoU) to promote greater co-operation and sharing of supervisory information between the two supervisors. The MoU was signed at CBRF headquarters, Moscow by Shri G. Jaganmohan Rao, CGM-in-Charge, DBS, RBI and Shri Mikhail I. Sukhov, Deputy Chairman, CBRF. DR. K.C. Chakrabarty, DG, Reserve Bank of India was also present. This was the 10th  MoU signed by the Reserve Bank with Central Bank of the Russian Federation (CBRF/The Bank of Russia).

Ajit PrasadAssistant General Manager

Press Release: 2012-2013/232

RBI transfers surplus profit to Government of India

The Reserve Bank's Central Board, at its meeting held today, approved the transfer of surplus profit to the Government of India amounting to `160.10 billion for the year ended June 30, 2012 as against `150.09 billion for the year ended June 30, 2011.

Ajit Prasad
Assistant General Manager

Press Release : 2012-2013/231

Issue of multicity / payable at all branches cheques by CBS enabled banks - RBI

RBI/2012-13/163
DPSS.CO.CHD.No.274/03.01.02/2012-13

August 10, 2012

The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks

Madam / Dear Sir

Issue of multicity / payable at all branches cheques by CBS enabled banks

As you are aware, various Core Banking Solutions (CBS) implemented in banks marked a paradigm shift in Customer Services. Customers of a branch are now the bank's customers as they can access their accounts from any branch for defined purposes. The new opportunities offered by CBS have enhanced customer service by way of offering various payment products and channels resulting in speedy movement of funds across the country. Leveraging the CBS, banks have started issuing “payable at par” / “multi-city” cheques to select customers with separate transaction codes (29, 30 and 31) by putting in place infrastructure for processing such cheques at all CBS enabled branches.