Page 28 - Tnc Rajagopalan/workspace/business Standard Web/undefined

One's expectations from Jaitley tenure

Jaitley did the bulk of the spadework for a separate legislation on SEZs. Kamal Nath built on it to get the SEZ Act through in 2005

'If CBEC fails to dispose of refund claim in 90 days, firms can take up grievance'

As per Section 27A of the Customs Act, 1962, for interest payment, the time limit of three months kicks in when the order for refund is made

'If export proceeds fall short, drawback must be surrendered'

For the procedure for getting factory stuffing permission, you may refer to JNPT Customs House Public Notices

Handling graft in exim trade

They deal with a number of government agencies but corruption is not the norm everywhere

'Advance authorisation scheme applies irrespective of currency of realisation'

Exim Matters: Keeping place as global trade rises

WTO forecast for 2014 premised on an assumption of 3% growth in global GDP at market exchange rates

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