Notifications & Circulars
Ministry of Finance
10.07.2024
Customs
Applicability of SCOMET policy on Irregular Aluminium Powder- Clarification by DGFT
MANU/CUST/0044/2024
1. It has been brought to the notice that several field formations have sought clarification on the applicability of SCOMET on irregular Aluminium Powder.
2. In this regard, DGFT has clarified the applicability of SCOMET Policy on irregular Aluminium Powder falling under the three categories viz 3A301.c, 6A008.c & 6A008.h, as under
(i) In terms of category 3A301.c & 6A008.c, if the aluminium powder is spherical or spheroidal in shape, it falls under SCOMET, if required, a report of any government or NABL accredited laboratory can be produced to the satisfaction of customs for determination of the shape and size of particle as to whether it is spherical or spheroidal or otherwise.
(ii) In terms of category 6A008.h, Aluminium Powder irrespective of any size or shape which is in the nature of reactive material, will be covered under SCOMET and would require a SCOMET License. In particular, powder manufactured under vacuum conditions or by use of noble gases is known to be reactive material. If required and with the convenience of the exporter, facts can be verified by Customs department by inspection of the manufacturing facilities or a documentary proof to this effect may be submitted by the firm to the satisfaction of customs.
3. It is requested that necessary action may be taken to sensitize officers under your jurisdiction regarding the said matter.
4. The difficulties, if any, in the implementation of this Instruction may be brought to the notice of the Board.
Tags : Applicability SCOMET policy Clarification
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Ministry of Finance
10.07.2024
Goods and Services Tax
Exemption of registered person whose aggregate turnover in the financial year 2023-24 is up to two crore rupees, from filing annual return
MANU/CGST/0014/2024
In exercise of the powers conferred by the first proviso to section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the Council, hereby exempts the registered person whose aggregate turnover in the financial year 2023-24 is up to two crore rupees, from filing annual return for the said financial year.
Tags : Exemption Registered person Turnover
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Reserve Bank of India
10.07.2024
Banking
Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)
MANU/APDR/0016/2024
1. Attention of Authorised Persons is invited to A.P. (DIR Series) Circulars, i.e., No.11 dated February 16, 2021, No.03 dated April 26, 2023, and No.06 dated June 22, 2023, on remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS) and the Master Direction No. 7/2015-16 on LRS dated January 01, 2016 (as amended from time to time).
2. At present, remittances under LRS to IFSCs can be made only for:
i. Making investments in IFSCs in securities except those issued by entities/ companies resident in India (outside IFSC); and
ii. Payment of fees for education to foreign universities or foreign institutions in IFSCs for pursuing courses mentioned in the gazette notification no. SO 2374(E) dated May 23, 2022, issued by the Central Government.
For these permissible purposes, resident individuals can open Foreign Currency Account (FCA) in IFSCs.
3. On a review, it has been decided that Authorised Persons may facilitate remittances for all permissible purposes under LRS to IFSCs for
i. Availing financial services or financial products as per the International Financial Services Centres Authority Act, 2019 within IFSCs; and
ii. All current or capital account transactions, in any other foreign jurisdiction (other than IFSCs) through an FCA held in IFSCs.
For these permissible purposes, resident individuals can open Foreign Currency Account (FCA) in IFSCs.
4. Authorised Persons shall bring the contents of this circular to the notice of their constituents and customers. The Master Direction No.7/2015-16 on LRS is being updated to reflect these changes.
5. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.
Tags : Remittances IFSCs LRS
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Press Information Bureau
10.07.2024
Civil
Mutual Recognition Agreement between India and Taiwan for Organic Products
MANU/PIBU/0511/2024
The Mutual Recognition Agreement (MRA) for organic products between India and Taiwan has been implemented w.e.f. 8th July 2024 during the 9th Working Group on Trade Meeting with Taiwan at New Delhi. The implementation of the MRA between India and Taiwan is a landmark achievement as it is the first bilateral agreement for organic products.
The implementing Agencies for the MRA are Agricultural and Processed Food Products Export Development Authority (APEDA), Ministry of Commerce and Industry, India and Agriculture and Food Agency, Ministry of Agriculture (AFA), Taiwan.
By virtue of this agreement, agricultural products produced and handled organically in conformity with the National Programme for Organic Production (NPOP) and accompanied by an organic demonstration document (transaction certificate, etc.) issued by an accredited certification body under NPOP are allowed for sale in Taiwan as organically produced including display of the "India Organic" logo.
Similarly, agricultural products produced and handled organically in conformity with the Organic Agriculture Promotion Act and accompanied by an organic demonstration document (transaction certificate etc) issued by an accredited certification body under the Taiwanese regulation are allowed for sale in India as organically produced including display of the "Taiwan Organic" logo.
The mutual recognition will ease the export of organic products by avoiding dual certifications; thus, reducing compliance cost, simplifying compliance requirement by adhering to only one regulation and enhancing trade opportunities in the organic sector.
The MRA will pave the way for the export of major Indian organic products such as Rice, Processed Food, Green/Black and Herbal Tea, Medicinal plant products etc to Taiwan.
Tags : Mutual Recognition Agreement Organic Products
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Reserve Bank of India
09.07.2024
Banking
Conference of Statutory Auditors and Chief Financial Officers of Commercial Banks and All India Financial Institutions
MANU/RPRL/0455/2024
The Reserve Bank held a Conference for the Statutory Auditors and Chief Financial Officers (CFOs) of Commercial Banks and All India Financial Institutions on July 9, 2024, in Mumbai. The Conference was a part of the series of supervisory engagements that the Reserve Bank has proactively been having with key stakeholders. The theme of the Conference was 'Shared Vision, Shared Responsibility: Advancing Assurance in Banking Supervision'. The Conference was attended by over 300 participants.
Deputy Governors of Reserve Bank Shri M. Rajeshwar Rao and Shri Swaminathan J; Shri Ajay Bhushan Prasad Pandey, Chairperson, National Financial Reporting Authority (NFRA); and Shri Ranjeet Kumar Agarwal, President, The Institute of Chartered Accountants of India (ICAI) addressed the participants. Executive Directors in-charge of the Regulatory and Supervisory functions of the Reserve Bank also participated in the Conference.
Deputy Governor Shri Rao in his keynote address highlighted the emerging challenges and Reserve Bank's expectations from the Statutory Auditors, more specifically the role of Auditors in the principle-based regulatory regime and in the disclosure framework.
Deputy Governor Shri Swaminathan in his address acknowledged the key role of Statutory Auditors and CFOs in ensuring the integrity of the financial statements. Emphasizing transparency, he urged CFOs to maintain open and honest communication within their organisations as well as with auditors and supervisors. He also requested auditors to maintain the audit rigour and adhere to the highest standards of objectivity, transparency, and ethics.
Chairperson, NFRA, Shri Ajay Bhushan Prasad Pandey highlighted the key role of CFOs and auditors of banks in ensuring that their financial statements are true and fair, free from misstatement. Explaining the learnings from cases handled at NFRA, he emphasised the importance of effective communication between stakeholders, end-use monitoring of funds and proactive oversight over the work of branch auditors.
President, ICAI, Shri Ranjeet Kumar Agarwal emphasised the contribution needed from the Chartered Accountancy profession in achieving India's aspiration of becoming a developed economy by 2047 living up to the trust reposed on the profession by law and regulation. He detailed various initiatives taken by the Institute in capacity building of Chartered Accountants, especially with respect to bank audits.
The Conference included technical sessions from Guest Speakers from the industry and the Chief General Managers of the Reserve Bank covering expectations from statutory auditors and CFOs, cyber-security, internal controls in financial reporting and usage of data analytics in auditing. The Conference concluded with an interactive session with senior officials of RBI.
Tags : Conference Statutory Auditors Financial Institutions
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Ministry of Commerce and Industry
08.07.2024
Commercial
PUC/PCN methodology in respect of anti-dumping application concerning the imports of Plastic Processing Machines from China PR & Taiwan
MANU/COMM/0085/2024
1. This has reference to the initiation notification no. 6/09/2024-DGTR dated 29.03.2024 vide which comments were invited from all interested parties on the PUC and PCNs proposed in the initiation notification. Comments received from the interested parties have been examined and a meeting was held on 30th April 2024 at 04:00 PM to finalise the scope of the product under consideration and the PCN methodology.
2. In the light of the submissions made by the interested parties, the final scope of the product under consideration will be as follows:
The product under consideration in the present investigation is Plastic processing machines (PPM) or Injection Moulding Machines also known as injection presser used for processing and moulding of plastic materials.
The scope of the product under consideration includes all kinds of plastic processing or injection moulding machines, having clamping force not less than 40 tonnes and not more than 1500 tonnes.
The scope of the product under consideration includes machines in fully assembled, semi knocked down (SKD), complete knocked down form (CKD), or a combination of SKD & CKD. The scope is further clarified below -
a. A plastic processing machine in semi knocked down stage shall mean a plastic processing machine which is not fully assembled but is transacted as a plastic processing machine with components not fitted together and the machine is not ready to use.
b. A plastic processing machine in completely knocked down stage shall mean a plastic processing machine in its incomplete or unfinished form, has the essential character of the complete machine when put together, and contains components .
c. Semi knocked down (SKD) body/component/parts for injection moulding machines classifiable under 84771000 and having clamping force 40 tonne to 1500 tonne, such as clamping/clamp unit, injection unit with or without screw & barrel, machine base frame and fabrication frames/covers.
The following types of products are however excluded from the scope of the product under consideration:
i. Blow moulding machines classified under Custom Tariff Act, 1975 under subheading. 8477 30 04.
ii. Vertical injection moulding machines.
iii. All electric injection moulding machines wherein the mechanical movements such as injection, moulding closing, moulding opening, ejection, screw-drive etc. are controlled by independent servo motors and having digital control system and without hydraulic unit.
iv. Multi-colour/ multi-mould machinery for making footwear, rotary injection moulding machinery for making footwear and footwear sole/strap/heel injection moulding machine classified under the Custom Tariff Act, 1975 under sub- heading 8453.
v. Second hand/used plastic processing machines.
3. As regards the PCN methodology, clamping force alone shall be considered as the only PCN parameter.
4. It is also informed to all interested parties that this is the final PCN/PUC notification. Further, no modification/ comments/ arguments would be entertained by the Authority regarding PCNs.
5. In view of the above, all interested parties are requested to file questionnaire responses in accordance with the above PCN/PUC latest by 20.07.2024. No further extension of time will be granted by the Authority to file the questionnaire responses as anti-dumping investigation is time bound.
6. This issues with the approval of the Designated Authority.
Tags : PUC/PCN Anti-dumping Imports
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