Page 29 - Tnc Rajagopalan

RBI relaxes some import/forex rules

The Reserve Bank of India (RBI) has liberalised the procedure for facilitating the import of rough diamonds (termed roughs in the trade)

'Customs must be paid on unused value of inputs'

In case of short realisation of export proceeds, proportionate drawback has to be surrendered, as per RBI Master Circular on export of goods and services

Merchanting needs more RBI realism

Needed devolving in excise rules

'To qualify for duty drawback, exporters must get paid in foreign currency'

Appeal merit in new legal hurdle

RBI should curb rise in rupee

'EOUs are free to sell surplus duty-free goods in DTA on paying customs duty'

Some pre-poll rule changes

Rate changes in the Budget

'FoB value of exports must be 15% more than CIF rupee value of imports'

As per Section 69 of the Customs Act, 1962, you have to file a shipping bill or bill of export or label or declaration accompanying the goods (for exports by post)

RBI's stultifying rules on merchanting trade

Last November, RBI issued a circular allowing authorised dealers to accept payments for exports from a TP

Reminder to Rajan on MSME exports

'Excise department can raise query on proof of export even after a year'

If your goods have landed, you can seek Customs permission to simultaneously file a bill of entry for warehousing under Section 46 of the Customs Act, 1962

When a trade is seen as suspicious activity

'Goods can be moved from factory without paying duty, for testing'

The second proviso to Section 75 of the Customs Act, 1962, only says that the sales proceeds in respect of export goods on which drawback has been allowed must be received

'SFIS scrip can be used for regularisation of default under the EPCG scheme'

It is very clear that even other goods or articles are covered by "Courier Agency", and the same is not confined to only time-sensitive documents as contended by the appellants

2013: Some advances, quite a few negatives

'Export earnings must be converted into $ at rate ruling on date of licence'

Follow the reasoning on deferred litigation