News Update

GST Law Amendments - Will Council make it more taxpayer-friendly?GST - RFD-01A refund of Rs 17K Cr paid till June 16: ChaudharyChandrayaan-2 Mission to cost Rs 603 Crore, says GovtFund for Startups operate through Alternative Investment Funds: GovtGovt tables bill to check unregulated deposit schemesI-T - Undisclosed income can be assessed as 'Income from other sources' and against same assessee can claim set off of unabsorbed depreciation : ITATIGST Refunds - Resolution of SB003 errors and extension of date in SB005 - Rectification facility extended to Shipping Bills filed up to 30.06.2018EU slaps USD 5 billion anti-trust penalty on GoogleCus - Transitional arrangement which has been clarified by Trade notice does not contravene substantive provisions of notification or section 3 of FTDR Act: High CourtIGST Refund fortnight - Help Desks set up - to act as extended office of the Port of exportI-T - No taxpayer can be prevented from netting off interest received on income tax refund, against interest payable on delayed deposit of tax, same being tax neutral exercise: ITATGovt denies vigilance clearance to 80 officers for failure to file property returnse-Way Bill - Officers appointed to deal with grievancesCentre keen to amend RTI Act to fix salary of ICsCabinet approves MRA between ICAI & ICPA, Ireland, Tanzania & BahrainCCEA okays move to streamline PSC for hydrocarbon exploitationCCEA favours continuation of scholdarship schemese-Way Bill - Transporters call for chakkajam from FridayIncome tax offices to celebrate 'Income Tax Day' on July 24Apex Court clarifies retirement age of technical member of ITAT to be 62 and 65 for PresidentMonsoon Session rolls out on stormy note; No-confidence motion to be taken up in a couple of daysBabus allowed reimbursement of GSTSteel CPSE Employees' proposal for Pension Scheme accepted
Untitled Document

A.P. (DIR Series)

CIRCULAR NO

04/Dated: July 12, 2018

Exim Bank's Government of India supported Line of Credit of USD 18 million to the Government of the Republic of Zambia

Export-Import Bank of India (Exim Bank) has entered into an agreement dated January 12, 2018 with the Government of the Republic of Zambia for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 18 million (USD Eighteen million only) for the purpose of completion of balance work under the project for establishment of pre-fabricated health posts in the Republic of Zambia. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under this agreement, goods and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.

2. The Agreement under the LoC is effective from June 22, 2018. Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the project.

3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time.

4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer Category- I (AD Category-I) banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain full details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

RBI/2018-19/20

(R K Moolchandani)
Chief General Manager

A.P. (DIR Series)

CIRCULAR NO

03/Dated: July 12, 2018

Exim Bank's Government of India supported Line of Credit of USD 17.50 million to the Government of the Cooperative Republic of Guyana

Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 19, 2017 with the Government of the Cooperative Republic of Guyana for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 17.50 million (USD Seventeen million five hundred thousand only) for financing the up-gradation of three hospitals in Guyana. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under this agreement, goods and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.

2. The Agreement under the LoC is effective from June 12, 2018. Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the project.

3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time.

4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners' Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer Category- I (AD Category- I) banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain full details of the LoC from the Exim Bank's office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

[RBI/2018-19/19]

(R K Moolchandani)
Chief General Manager

A.P. (DIR Series)

CIRCULAR NO

02/Dated: July 12, 2018

Exim Bank's Government of India supported Line of Credit of USD 36.92 million to the Government of Cambodia

Export-Import Bank of India (Exim Bank) has entered into an agreement dated January 27, 2018 with the Government of the Kingdom of Cambodia for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 36.92 million (USD Thirty six million and nine hundred twenty thousand only) for financing the Stung Sva Hab/Slab water resource development project in Cambodia. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under this agreement, goods and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.

2. The Agreement under the LoC is effective from June 12, 2018. Under the LoC, the terminal utilization period is 60 months from the scheduled completion date of the respective contract.

3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time.

4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners' Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer Category- I (AD Category- I) banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain full details of the LoC from the Exim Bank''s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in.

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to the permissions/ approvals, if any, required under any other law.

[RBI/2018-19/18]

(R K Moolchandani)
Chief General Manager

A.P. (DIR Series)

CIRCULAR NO

01/Dated: July 12, 2018

Exim Bank's Government of India supported Line of Credit of USD 45.27 million to the Government of Sri Lanka

Export-Import Bank of India (Exim Bank) has entered into an agreement dated January 10, 2018 with the Government of the Democratic Socialist Republic of Sri Lanka for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 45.27 million (USD Forty five million and two hundred seventy thousand only) for financing rehabilitation of Kankesanthurai Harbour in Sri Lanka. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed, subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under this agreement, goods and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.

2. The Agreement under the LoC is effective from June 12, 2018. Under the LoC, the terminal utilization period is 60 months from the scheduled completion date of the respective contract.

3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time.

4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners' Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer Category- I (AD Category- I) banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain full details of the LoC from the Exim Bank's office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in.

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to the permissions/ approvals, if any, required under any other law.

[RBI/2018-19/17]

(R K Moolchandani)
Chief General Manager

 

TIOL Tube Latest

GST 1st Anniversary - A Hardlook (Episode 2) | simply inTAXicating

What's New

CGST Notification
CGST Rate Notification
CGST Circular
Income Tax Notification
Income Tax Circular
Customs Tariff Notification
Customs NT Notification
Customs Circular
Anti Dumping Notification
DGFT Notification
DGFT Public Notice
DGFT Circular
RBI Circular

TAXATION & WILDLIFE