CBEC to install CCTV System at the Custom Area to monitor import & export of goods

Attention is invited to para 5(1)(i)(n) of the 'Handling of Cargo in Customs Areas Regulations, 2009' which stipulates that Customs Cargo Service provider (CCSP) or the applicant shall provide security and access control to prohibit unauthorized access to the premises.

CBEC allows Replacement of Fixed Deposit Receipts (FDRs) furnished in respect of provisional Mega or Ultra Mega Power Projects with Bank Guarantees (BGs)

The author has been directed to invite your attention to notification Nos. 12/2012-Customs (S.No.507) and 12/2012-Central Excise (S.No. 337 and 338), both dated 17-03-2012, granting exemption from customs and excise duties for provisional mega and ultra-mega power projects. One of the conditions specified for availing of the said exemption is that the importer/project developer furnishes a security in the form of a Fixed Deposit Receipt (FDR) or Bank Guarantee from a Scheduled Bank for a term of 36 months or more for an amount equal to the duty payable but for this exemption. This condition was amended w.e.f 27-06-2012 when the importer/ project developer was given the option of furnishing either FDR or Bank Guarantee from a Scheduled Bank.

CBEC Clarifies regarding the Classification of Cordless Infrared Devices for the Remote Control

The issue of classification of cordless infrared devices for the remote control was taken up for discussion in the May, 2012 Mumbai Conference of Chief Commissioners of Customs and Directors General. The entries in National Import Data Base (NIDB) in tariff item 84159000 (Parts of heading 8415), 85299090 (Part of TV, etc), indicated that cordless infrared devices for the remote control is often being treated as a part of the main device / equipment, while the entry in heading 85437099 - "Other", under the heading 8543 provided that it is treated as, "electrical machines and apparatus having individual functions, not specified or including elsewhere in this chapter". During the conference it was decided to further examine this issue in the Board.

ICAI President's Message - January 2013

Dear Friends,

Let me start by wishing all of you a very happy and prosperous New Year. But as we start our celebrations, it is also time for us to reflect and take stock of what we have accomplished in the last one year, what we have missed and what we should take up on priority. Wherever we could not accomplish, it is time to restart and set things right. It is time to set up new goals together for the development of our profession and start with renewed zeal. As we enter 2013, it will be wise not only to list new resolutions but to vow to put in collective efforts to fulfil them. Let me take this opportunity to recall our more than 63-year long glorious journey of accountancy profession towards excellence in ethics, integrity and knowledge. Let’s resolve to become the best in our profession.

CBEC Notifies Tariff Value of Palm Oil, Palmolein, Soyabeen Oil, Brass Scarp, Poppy seeds, Gold and Silver

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:-

CG seeks to supersede Notification Nos.125/2011-Customs, dated 30-12-2011

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 125/2011-Customs, dated the 30^th December, 2011 [G.S.R.929 (E), dated the 30th December, 2011] except as respects things done or omitted to be done before such supersession, the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts,-

CG Seeks to supersede Notification no. 53/2011-Cus dated 1-7-2011

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.53/2011-Customs, dated the 1^st July, 2011 published in the Gazette of India, vide number G.S.R. 499 (E), dated the 1^st July, 2011, namely:-

CG Seeks to supersede Notification No.152/2009-Cus dated 31-12-2009

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.152/2009-Customs, dated the 31^st December, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 943 (E), dated the 31^st December, 2009, namely:-

CG amends Notification No.69/2011-Customs dated 29th July, 2011

G.S.R. 950 (E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.69/2011-Customs dated the 29^th July, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 593 (E), dated the 29^th July, 2011, namely:-

CG Seeks to supersede Notification No.127/2011-Cus dated 30-12-2011 to exempt goods under Preferential Trade Agreement

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.46/2011-Customs, dated the 1^st June, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 423 (E), dated the 1^st June, 2011.