Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, others –
Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, others –
Palm Oil, Crude Palmolein, RBD Palmolein, others – Palmolein, Crude Soyabean
Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver
Notified
In exercise of
the powers conferred by Sub-Section (2) of Section 14 of the Customs Act, 1962
(52 of 1962), the Central
Board of Excise & Customs (CBEC), being satisfied that it is
necessary and expedient so to do, hereby makes the following amendment in the
notification of the Government of India in the Ministry of Finance (Department
of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette
of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.
O. 748 (E), dated the 3rd August,
2001, namely:-
In the said notification, for TABLE-1,
TABLE-2, and TABLE-3, the following Tables shall be substituted namely:-
TABLE-1
Sl. No.
|
Chapter/
heading/
sub-heading/
tariff item
|
Description of goods
|
Tariff value US $
(Per Metric Tonne)
|
(1)
|
(2)
|
(3)
|
(4)
|
1
|
1511 10 00
|
Crude
Palm Oil
|
532
|
2
|
1511 90 10
|
RBD Palm Oil
|
571
|
3
|
1511 90 90
|
Others – Palm Oil
|
552
|
4
|
1511 10 00
|
Crude Palmolein
|
593
|
5
|
1511 90 20
|
RBD Palmolein
|
596
|
6
|
1511 90 90
|
Others – Palmolein
|
595
|
7
|
1507 10 00
|
Crude Soya bean Oil
|
704
|
8
|
7404 00 22
|
Brass Scrap (all grades)
|
3179
|
9
|
1207 91 00
|
Poppy seeds
|
2464
|
Sl. No.
|
Chapter/ heading/
sub-heading/
tariff item
|
Description of goods
|
Tariff value
(US $)
|
(1)
|
(2)
|
(3)
|
(4)
|
1
|
71 or 98
|
Gold, in any form, in
respect of which the benefit of entries at serial number 321 and 323 of the
Notification No. 12/2012-Customs dated 17.03.2012 is availed
|
369 per 10 grams
|
2
|
71 or 98
|
Silver, in any form, in
respect of which the benefit of entries at serial number 322 and 324 of the
Notification No. 12/2012-Customs dated 17.03.2012 is availed
|
471 per kilogram
|
TABLE-3
Sl. No.
|
Chapter/ heading/
sub-heading/tariff item
|
Description of goods
|
Tariff value
(US $ Per Metric Tons )
|
(1)
|
(2)
|
(3)
|
(4)
|
1
|
080280
|
Areca nuts
|
2452”
|
******
RBI Advised by the Ministry of Finance, Government of India to Reverse the Deductions Made by it of Rs. 1274.21 Crores from the Principal Account of the State of Telengana in Response to the Income Tax Notice as the same is not in Consonance with the Principle of Co-Operative Federalism;
RBI also advised to keep a Note that Money from the Consolidated Fund of any State shall be Transferred/Withdrawn only after following the Constitutional and Legal Requirements.
After careful examination and consideration of issues connected, it has been decided that the deductions made by the Reserve Bank of India (RBI) of an amount of Rs. 1274.21 crores on account of State of Telengana in response to the Income Tax Notice, are not in consonance with the Principle of Co-operative Federalism and RBI has been asked to reverse the entry.
Since, the money in the principal account of Telengana held by the RBI, formed part of the Consolidated Fund of Telengana, Article 204 (3) of the Constitution of India mandates that the consolidated fund of a State can be debited only after the due process of appropriation. Any decision to debit the cash balance of any State by RBI should be based on some executive order issued by the Competent Authority after following the legislative process of appropriation.
The deduction by RBI of Rs. 1274.21 crores from the principal account of the State of Telengana held by the RBI, towards income tax liability of Andhra Pradesh Beverages Corporation Limited, was considered by the Ministry of Finance and the RBI was advised to reverse the same without any prejudice to the rights of Income Tax. Further, RBI may keep a note that money from the Consolidated Fund of any State shall be transferred/withdrawn only after following the constitutional and legal requirements.
A letter has been issued by Dr. Rajat Bhargava, Joint Secretary (Budget), Ministry of Finance, Govt. of India to Deputy Governor, RBI and Chief Secretary, Government of Telengana in this regard.
****
****
Auction for Sale (Re-Issue) of Government Stocks
The Government of India have announced the Sale (re-issue) of (i) “7.35 per cent Government Stock 2024” for a notified amount of Rs.2,000 crore (nominal) through price based auction,
(ii)“7.88 per cent Government Stock 2030” for a notified amount of Rs.6,000 crore (nominal) through price based auction, (iii) “7.95 per cent Government Stock 2032” for a notified amount of Rs.3,000 crore (nominal) through price based auction, and (iv) “8.17 per cent Government Stock 2044” for a notified amount of Rs.3,000 crore (nominal) through price based auction. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India (RBI),Mumbai Office, Fort, Mumbai on September 04, 2015 (Friday).
(ii)“7.88 per cent Government Stock 2030” for a notified amount of Rs.6,000 crore (nominal) through price based auction, (iii) “7.95 per cent Government Stock 2032” for a notified amount of Rs.3,000 crore (nominal) through price based auction, and (iv) “8.17 per cent Government Stock 2044” for a notified amount of Rs.3,000 crore (nominal) through price based auction. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India (RBI),Mumbai Office, Fort, Mumbai on September 04, 2015 (Friday).
Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on
September 04, 2015. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.
September 04, 2015. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.
The result of the auctions will be announced on September 04, 2015 and payment by successful bidders will be on September 07, 2015 (Monday).
The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India (RBI), vide Circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.
Department Of Economic Affairs, Ministry of Finance, Government of India
North Block, New Delhi-110001
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