Financial Daily from THE HINDU group of publications
Saturday, Jul 13, 2002
Industry & Economy
Columns - All Law
Give them more time
ONE of the post-Sept 11 circulars from RBI allowed manufacturer exporters of certain products an extended period to realise their dues. They were given up to 365 days from the date of shipment for the realisation and repatriation of the full value of the exports of products specified. However, to be eligible, their export contracts were to be Rs 100 crore and above in value terms in one year. In a further relaxation of this regime, it has been decided to include products of aluminium, petroleum products, sugar and foodgrains as eligible products for exports with the extended period of realisation.
And the facility would also be available to merchant exporters and traders. RBI has done this with powers under Sec 10(4) and Sec 11(1) of the Foreign Exchange Management Act, 1999. (AP DIR Series Circular No 2 dated July 4, 2002)
THE RBI Deputy Governor, Mr Vepa Kamesam, has pointed out that the apex bank had advised Registrars of Co-operative Societies of the State Governments in 1996 that the balance sheet and profit and loss account should be prepared based on prudential norms and that the statutory/departmental auditors of co-operative banks should look into the compliance with these norms.
It is therefore necessary for auditors to be well versed with all aspects of the new guidelines issued by RBI and ensure that the profit and loss account and balance sheet of co-operative banks are prepared in a transparent manner and reflect the true state of affairs.
Auditors should also ensure that other necessary statutory provisions and appropriations out of profits were made as required in terms of the Co-operative Societies Act/ Rules of the State concerned and the by-laws of the respective institutions. (RBI press release No 23/2002-2003 dated July 5, 2002)
ACCORDING to the RBI Governor, Dr Bimal Jalan, the recent financial crises have also underscored the fact that most of the responsibility for coping with the burden of instability and volatility was that of the country itself.
Three fundamental requirements to prevent a financial crisis are: Careful monitoring and management of exchange rates without a fixed target or a pre-announced target or a band; a policy to build a high level of foreign exchange reserves which takes into account not only anticipated current account deficits but also "liquidity at risk" arising from unanticipated capital movements; and a judicious policy for management of the capital account. (RBI press release No 21/2002-2003 dated July 5, 2002)
VITAMIN A Palmitate originating in or exported from EU and Georgia is to attract anti-dumping duty.
The amount would be equal to the margin of dumping or less which if levied, would remove the injury to the domestic industry.
This commodity is available in different strengths though having the same end-use and used interchangeably.
Therefore, the Designated Authority, having regard to the Customs Act, 1975 and the Customs Tariff (Identification, Assessment and Collection of Anti-Dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, has set out in its recent clarification that the benchmark value of $ 113.84 per kg is for 1.7MIU/g strength. For any other strength of the vitamin, the value would be determined by dividing $113.84 by 1.7 and "multiplying the quotient by the particular strength of the subject goods that is imported".
The anti-dumping duty shall be difference between the amount so calculated and the landed value of the particular strength of the subject goods. (Ministry of Commerce and Industry Notification No 65/1/2001-DGAD dated July 3, 2002)
ORAL communication means any oral communication uttered by a person exhibiting an expectation that such communication is not subject to interception under circumstances justifying such expectation but such term does not include any electronic communication. (The Prevention of Terrorism Act, 2002)
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