Notifications and Circulars as on March 29, 2016

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CBEC

Notification: Customs

The Basic Custom Duty on import of Wheat, Ghee, Butter and Butteroil imposed under Notification No.12/2012-Customs dated March 2012, has been extended from March 31, 2016 to June 30, 2016.

The Central Government vide Notification No. 24/2016-Customs dated March 28, 2016 has extended the period of imposition of Basic Custom duty @ 25% on import of Wheat and @ 40% on Ghee, Butter and Butteroil beyond March 31, 2016 upto June 30, 2016 by amending the Notification No. 12/2012-Customs dated March 17, 2012.

Read more at: http://www.cbec.gov.in/htdocs-cbec/customs/cs-act/notifications/notfns-2016/cs-tarr2016/cs24-2016

Circular: Customs

Procedure which is to be followed to prevent the non-genuine transferable Duty credit scrips or Duty free import authorisation (DFIA), is laid down by CBEC

The CBEC vide Circular No.12/2016-CUS dated March 28, 2016 has laid down a detailed procedure which is to be followed by the department while checking the transferable Duty credit Scrips or DFIA, from pre-registration stage to clearance stage, to prevent the non-genuine usage like different particulars shown in Scrip/DFIA vis-a-vis particulars shown on Bill of entry, Scrip of one scheme getting used for clearance under another scheme, etc. Further, it is emphasised that absence of dematerialized system for recording issuance and transfer of Scrips/DFIA issued by DGFT also necessitates presentation of the Scrip, to ensure their use is by a genuine transferee holder-importer.

Read more at: http://www.cbec.gov.in/htdocs-cbec/customs/cs-circulars/cs-circulars-2016/circ12-2016cs