Reserve Bank of India

14.03.2019

Banking

22nd Meeting of the FSDC Sub-Committee - Mumbai

MANU/RPRL/0057/2019

A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held today in Mumbai. Shri Shaktikanta Das, Governor, Reserve Bank of India, chaired the meeting. The meeting was attended by the members of the Sub-Committee - Shri Subhash Chandra Garg, Finance Secretary, Ministry of Finance; Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Dr. Krishnamurthy Subramanian, Chief Economic Advisor, Ministry of Finance; Dr. S. C. Khuntia, Chairman, Insurance Regulatory and Development Authority of India (IRDAI); Shri Hemant G Contractor, Chairman, Pension Fund Regulatory and Development Authority (PFRDA); Deputy Governors of the Reserve Bank - Shri N. S. Vishwanathan, Dr. Viral V. Acharya, Shri B.P. Kanungo and Shri Mahesh Kumar Jain; Dr. Shashank Saksena, Secretary, Financial Stability and Development Council; and Dr. Deepak Mohanty, Executive Director of the Reserve Bank. Securities and Exchange Board of India (SEBI) was represented by Shri G. Mahalingam, Whole Time Member, while Insolvency and Bankruptcy Board of India (IBBI) was represented by Dr. Navrang Saini, Whole Time Member.

The Sub-Committee reviewed the major developments on the global and domestic fronts that impinge on the financial stability of the country. The Sub-Committee discussed ways to address challenges pertaining to the quality of credit ratings; and interlinkages between housing finance companies and housing developers. The Sub-Committee also deliberated on interlinking of various regulatory databases and National Strategy for Financial Inclusion (NSFI). Further, the Sub-Committee reviewed the functioning of State Level Coordination Committee (SLCCs) in various States / Union Territories (UTs), activities of its various Technical Groups, and a thematic study on financial inclusion and financial stability.

Tags : Sub-Committee Meeting Financial Stability

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Ministry of Finance 

14.03.2019

Direct Taxation

Central Government hereby notifies 'Prayagraj Mela Pradhikaran, Prayagraj', an authority constituted by the State Government of Uttar Pradesh

MANU/CBDT/0031/2019

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, 'Prayagraj Mela Pradhikaran, Prayagraj', an authority constituted by the State Government of Uttar Pradesh, in respect of the following specified income arising to that authority, namely:-

(a) Grant-in-aid received from any Central Government, State Government or other authority;

(b) Tolls on the parking of vehicle or entering any vehicle or any person bringing goods for sale or for demonstration/advertisement into the Mela area;

(c) Fee on the registration of activity of business, trade or profession;

(d) Fee on the services provided to individual as service charge;

(e) Any other charge and fee in Mela Area levied by authority as per the provisions of the Uttar Pradesh Prayagraj Mela Authority, Allahabad Act, 2017 (U. P. Act No. 5 of 2018); and

(f) Interest earned on (a) to (e) above.

2. This notification shall be effective subject to the conditions that Prayagraj Mela Pradhikaran, Prayagraj,-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024.

Tags : Authority Constitution Grant in aid

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Ministry of Finance 

14.03.2019

Customs

Imposition of anti-dumping duty on the subject goods

MANU/CUSA/0013/2019

Whereas, in the matter of import of 'Saturated Fatty Alcohols' (hereinafter referred to as the subject goods), falling under tariff items 2905 17, 2905 19 and 3823 70 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in or exported from Indonesia, Malaysia, Thailand and Saudi Arabia (hereinafter referred to as the subject countries), the designated authority, vide its final findings notification No.14/51/2016-DGAD, dated the 23rd April, 2018, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 23rd April, 2018, had come to the conclusion that the product under consideration exported to India from the subject countries below its associated normal value, thus, resulting in dumping of the product. Some of the imports were also causing material injury to the domestic industry.

And Whereas, had recommended imposition of definitive anti-dumping duty on imports of the subject goods originating in, or exported from, the subject countries;

And Whereas, on the basis of the aforesaid findings of the designated authority, the Central Government had imposed an anti-dumping duty on the subject goods, vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No.28/2018-Customs (ADD), dated the 25th May, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 498 (E) dated the 25th May, 2018;

And Whereas, M/s. PT. Energi Sejahtera Mas (Producer) Indonesia and through M/s. Sinarmas Cepsa Pte. Ltd. (Exporter/trader), Singapore have requested for review in terms of rule 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, in respect of exports of the subject goods made by them, and the designated authority, vide new shipper review notification No.7/38/2018-DGTR, dated the 15th January 2019, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 15th January 2019, has recommended provisional assessment of all exports of the subject goods made by the above stated party till the completion of the review by it;

Now Therefore, in exercise of the powers conferred by sub-rule (2) of rule 22 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, after considering the aforesaid recommendation of the designated authority, hereby orders that pending the outcome of the said review by the designated authority, the subject goods, when originating in or exported from the subject country by M/s. PT. Energi Sejahtera Mas (Producer) Indonesia and through M/s. Sinarmas Cepsa Pte. Ltd. (Exporter/trader), Singapore and imported into India, shall be subjected to provisional assessment till the review is completed.

2. The provisional assessment may be subject to such security or guarantee as the proper officer of customs deems fit for payment of the deficiency, if any, in case a definitive antidumping duty is imposed retrospectively, on completion of investigation by the designated authority.

3. In case of recommendation of anti-dumping duty after completion of the said review by the designated authority, the importer shall be liable to pay the amount of such antidumping duty recommended on review and imposed on all imports of subject goods when originating in or exported from the subject country by M/s. PT. Energi Sejahtera Mas (Producer) Indonesia and through M/s. Sinarmas Cepsa Pte. Ltd. (Exporter/trader), Singapore and imported into India, from the date of initiation of the said review.

Tags : Anti-dumping duty Imposition Goods

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Press Information Bureau

13.03.2019

Election

Cabinet approves issue of Notifications for "General Elections to the Lok Sabha 2019"

MANU/PIBU/0453/2019

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the ""General Elections to the Lok Sabha 2019) -for issuance of statutory notifications under under sub-section(2) of Section 14 of the Representation of the People Act, 1951". It provides for calling upon the parliamentary constituencies to elect Members to the House of the People, on the dates to be recommended by the Election Commission of India in its Proceedings.

Impact:

The issuing of notifications would begin the election process for constituting the Seventeenth House of the People.

Tags : General Elections Lok sabha Notification Issuance

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Ministry of Commerce and Industry

13.03.2019

Civil

Consideration of applications for grant of authorization for import of gold dore

MANU/DGFT/0037/2019

Gold dore imported under Exim Code 71081200 is 'Restricted' as per ITC(HS), 2017. In this context, reference is invited to Trade Notice No. 14 dated 24.08.2017, wherein it has been notified that with effect from 01.06.2018, only those applications will be considered for grant of authorization for import of gold dore where applicant refinery holds a valid license from BIS. Before obtaining a BIS license, the refinery has to be NABL accredited. NABL has clarified that no gold dore is required for getting NABL certificate.

2. However, new applicants who have obtained NABL Certification are representing for allowing them imports of gold dore for obtaining BIS License. Matter has been discussed with BIS and it has been accordingly decided that new applicants, having NABL certification, will be considered for 1 MT of gold dore for obtaining BIS License. Subsequently, no further authorization will be granted to these applicants without BIS License.

Tags : Authorization Import Gold dore

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Ministry of Finance 

12.03.2019

Customs

Scheme for Rebate of State and Central Taxes and Levies on export of garments and made-ups

MANU/CUCR/0010/2019

Ministry of Textiles (MoT) has notified a new scheme called Scheme for Rebate of State and Central Taxes and Levies on export of garments and made-ups (hereinafter referred to as RoSCTL) vide notification No. 14/26/2016-IT (Vol II) dated 7.3.2019. The new scheme has come into effect from 7.3.2019. Rates of rebate under RoSCTL have been notified by MoT vide notification No. 14/26/2016-IT (Vol II) dated 8.3.2019. Existing Rebate of State Levies (RoSL) scheme for garments and made-ups has been discontinued w.e.f. 7.3.2019. The notification may be downloaded from website egazette.nic.in and perused.

2. In view of the above, claims under the erstwhile RoSL scheme are to be processed for shipping bills with Let Export Order (LEO) date upto 6.3.2019 only. Directorate General of Systems and Data Management has already been advised to make necessary changes in the System. Field formations under your jurisdiction may be instructed accordingly.

3. It is to point out that under the RoSCTL, the benefit to exporters shall be given by DGFT in form of Merchandise Exports from India Scheme (MEIS) type duty credit scrips. Detailed procedure for claiming benefit under the RoSCTL, issuance of scrips and their usage is being worked out. Till finalisation of such details, in the transition period, it has been decided that claims filed under the existing scheme codes for the erstwhile RoSL scheme will be treated as claims filed under RoSCTL scheme.

4. Suitable Public Notice and Standing Order should be issued for guidance of the trade and officers. Any difficulty faced should be intimated to the Board.

Tags : Scheme Rebate Export Garments

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Ministry of Commerce and Industry

11.03.2019

Commercial

Discontinuation of physical copy of Advanced/EPCG Authorisation - Procurement from SEZs

MANU/DGFT/0036/2019

It has come to the notice of this Directorate that procurement from SEZs has been adversely affected due to the discontinuation of TRA facility for authorizations from EDI to non EDI ports vide Policy circular 19 dt. 14.02.2019. The process of integration of SEZ online with ICEGate might take some time. Therefore, for trade facilitation, it has been decided that, in partial modification of Policy circular 19 dt. 14.02.3019, the following process will be followed:

2. Procurement from SEZ

2.1 In case of procurement from SEZs, TRA facility shall be operated by RAs of DGFT as outlined below. The request for TRAs from EDI ports to SEZs shall be made to the concerned RA.

2.2 In cases where the request on a plain paper is made along with the application for authorization, the RA may issue a "Certificate of supplies from SEZ", containing details as given in Para 4.30 (d) of the HBP 2015-20, for the requested item, after making the import item "Invalid for direct imports". The "Certificate of supplies from SEZ" shall be marked in quadruplicate with a copy each to the authorization holder, SEZ supplier unit, designated officer at SEZ, and the relevant port customs authorities. The above certificate shall be issued as an online amendment to the authorization and has to be transmitted.

2.3 In cases where the request for issue of "Certificate of supplies from SEZ" is made in due course, it shall be accompanied with an authorization utilization status issued by the relevant customs authorities mentioned on the authorization for the RA to verify the actual utilization of authorization at the time of application. The certificate may be issued to the extent of quantity available as per utilization status. The remaining procedure shall remain same as the case where the request is made along with the application.

3. This Policy Circular is issued with the approval of DGFT.

Tags : EPCG Authorisation Physical copy Discontinuation

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