Government notifies revised all industry rates of Duty Drawback and other Duty Drawback related changes effective from 23rd November, 2015
Government notifies revised
all industry rates of Duty Drawback and other Duty Drawback related changes
effective from 23rd November, 2015
The Central
Government has notified the Schedule of revised All Industry Rates of Duty
Drawback effective from 23rd November, 2015.
These revised rates are based on average incidence of Customs and Central Excise Duties and Service Tax related with the manufacture of export goods and involve substantial total drawback for exporters. Apart from the rate changes, many new items have been included to better differentiate export products with higher duty incidence and also to address classification issues. Brand rate route has been extended to wheat export. A provision has been made to pay provisional drawback to exporters soon after export in case of certain exports made under claim for brand rate of duty drawback.
To expeditiously address exporters’ concerns, if any, arising from the new Schedule of Rates, feedback from Export Promotion Councils shall be taken into account by an Expert Committee that shall make further recommendations in January 2016 to the Government.
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Auction for Sale (Re-Issue) of
Government Stock
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. 7,000 crore
(nominal) through price based auction, (iii) “8.24 per cent
Government Stock 2033” for a notified amount of Rs. 3,000 crore (nominal)
through price based auction, and (iv) “8.13 per cent
Government Stock 2045” for a notified amount of Rs. 3,000 crore (nominal)
throughprice based auction. The auctions will be conducted using multiple
price method. The auctions will be conducted by the Reserve Bank of
India, Mumbai Office, Fort, Mumbai on November 20, 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 November 20, 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 November
20, 2015 and payment by successful bidders will be November
23, 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
vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time
to time.
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During his Meeting with his
UAE Counterpart, the Finance Minster Arun Jaitley calls for Investment of UAE
Sovereign Wealth Funds and Pensions Funds in National Investment and
Infrastructure Fund (NIIF)
The Union Finance
Minister Shri Arun Jaitley met H.H.Sheikh Hamdan Bin Rashid Al Makhtoum,
Minister of Finance, United Arab Emirates( UAE) in Zabeel Palace here today.
During the meeting, both the leaders discussed issues of mutual cooperation in
field of economic and trade development among others.
Speaking on the occasion, the Finance Minister Shri Jaitley raised the issue of longer visa for Indian businessmen who have made large investment for long duration in UAE. He said that this will help in ease of doing business .At present, the businessmen are given visa at a time for two years which has to be got extended/renewed every time.
The Finance Minister Shri Jaitley also invited large participation and investment in recently constituted National Investment and Infrastructure Fund (NIIF) by the Sovereign Wealth Funds and Pensions Funds of the UAE region. He said that the investment in NIIF will ensure good returns on investment as the Government will invest these funds in infrastructure projects.
The Finance Minister Shri Jaitley also raised the issue of fresh negotiations among officials of India and UAE for finalizing the terms of reference of the new Bilateral Investment Promotion Agreement (BIPA) as the existing BIPA is expiring by December end this year. Feom January 2016, new BIPA has to come in existence. His UAE counterpart H.H.Sheikh Hamdan Bin Rashid Al Makhtoum assured the Finance Minister that he will look into all the issues raised by him.
Both the leaders also condemned the recent terrporists attack in Paris in which many human lives were lost.They expressed their concern and sought joint efforts by the countries to tackle this menace of terrorism.
Speaking on the occasion, the Finance Minister Shri Jaitley raised the issue of longer visa for Indian businessmen who have made large investment for long duration in UAE. He said that this will help in ease of doing business .At present, the businessmen are given visa at a time for two years which has to be got extended/renewed every time.
The Finance Minister Shri Jaitley also invited large participation and investment in recently constituted National Investment and Infrastructure Fund (NIIF) by the Sovereign Wealth Funds and Pensions Funds of the UAE region. He said that the investment in NIIF will ensure good returns on investment as the Government will invest these funds in infrastructure projects.
The Finance Minister Shri Jaitley also raised the issue of fresh negotiations among officials of India and UAE for finalizing the terms of reference of the new Bilateral Investment Promotion Agreement (BIPA) as the existing BIPA is expiring by December end this year. Feom January 2016, new BIPA has to come in existence. His UAE counterpart H.H.Sheikh Hamdan Bin Rashid Al Makhtoum assured the Finance Minister that he will look into all the issues raised by him.
Both the leaders also condemned the recent terrporists attack in Paris in which many human lives were lost.They expressed their concern and sought joint efforts by the countries to tackle this menace of terrorism.
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