Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: due date for vat payment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
 
 
« Latest Circulars »
 Results of Underwriting Auctions Conducted on July 20, 2017
 Master Circular – Detection and Impounding of Counterfeit Notes
 Monitoring of Foreign Investment under PIS in Indian Companies – M/s The Byke Hospitality Limited - 1. Increase in FIIs/FPIs Investment limit under Portfolio Investment Scheme from 24% to 40% Removal from the FIIs/ FPIs Caution List
 RBI's Monthly Bulletin for July 2017
 Financial Action Task Force (FATF) Public Statement dated June 23, 2017
 All-India House Price Index (HPI) recorded marginal increase in Q4:2016-17
 Auction of Government of India Dated Securities July 17, 2017
 RBI-Interest rates for Small Savings Schemes
 Priority Sector Lending – Status, Issues and Future Agenda (Shri S S Mundra, Deputy Governor - June 27, 2017 - at the ”Conference on Credit flow to Priority Sector – Policy and Implementation” held at College of Agricultural Banking, Pune1)
 Audit Committee of the Board of Directors – Nomination of Non-Executive Chairman
 Investment in plant and machinery for the purpose of classification as Micro, Small and Medium Enterprises – documents to be relied upon

Replacement of FDRs in respect of provisional Mega or Ultra-Mega Power Projects with Bank Guarantee
January, 12th 2013
                                                                   Circular No. 2/2013-Customs
                                    F.No.354/94/2011 -TRU
                                      Government of India
                                      Ministry of Finance
                                    (Department of Revenue)
                                       Tax Research Unit
                                            *****
                                                               New Delhi, dated 1st January, 2013
To,

       All Chief Commissioners of Customs.
       All Chief Commissioners of Customs & Central Excise.
       All Chief Commissioners of Central Excise.

       Sub: Replacement of Fixed Deposit Receipts (FDRs) furnished in respect of
       provisional Mega or Ultra Mega Power Projects with Bank Guarantees (BGs) - reg.

Sir / Madam,

       I am directed to invite your attention to notification Nos. 12/2012-Customs (S.No.507)
and 12/2012-Central Excise (S.No. 337 and 338), both dated 17-03-2012, granting exemption
from customs and excise duties for provisional mega and ultra-mega power projects. One of the
conditions specified for availing of the said exemption is that the importer/project developer
furnishes a security in the form of a Fixed Deposit Receipt (FDR) or Bank Guarantee from a
Scheduled Bank for a term of 36 months or more for an amount equal to the duty payable but for
this exemption. This condition was amended w.e.f 27-06-2012 when the importer/ project
developer was given the option of furnishing either FDR or Bank Guarantee from a Scheduled
Bank.




2.     It has been represented by the Association of Power Producers that the developers should
be allowed to secure release of the FDRs submitted by them prior to 27-06-2012 (i.e. date of
DoR notifications) and the same should be substituted with Bank Guarantees. The matter has
been examined by the Ministry. It has been felt that as long as a FDR was furnished as security,
the FDR continued to operate as security. If an importer/ developer wishes to replace the FDR by
a Bank Guarantee, the Bank Guarantee will operate from the date of replacement. Since under
the amended notifications, FDR and Bank Guarantee are considered equally effective securities,
it has been decided that there should not be any difficulty in allowing the importer/ project
developer to replace the FDR with the Bank Guarantee.

3.      It is requested that action may be taken accordingly to deal with such requests.
4.      Difficulties, if any, faced in the implementation of the instructions may be brought to the
notice of the Ministry at an early date.




                                                                                  Yours faithfully,




                                                                                   (P.K.Mohanty)
                                                                            Joint Secretary (TRU)
                                                                        Telephone: 011 23092687
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions