Extension for filing of e-forms under Companies Act, 2013

 Ministry of Corporate Affairs, General Circular No. 04/2021, dated 28.01.2021 extended the due date of filing e-forms - AOC 4 ; AOC 4 (CFS), AOC  (XBRL), AOC 4 (Non XBRL) to 15.02.2021 without filing any additional fee in respect of financial year 2019-2020.

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Clarifications regarding availment of exemption on temporary import of durable Containers - Customs

 

Circular No.51/2020-Customs F. No. 450/41/2005-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes & Customs) ***** Room No.229A, North Block. New Delhi, dated the 20th of November, 2020 To, All Principal Chief Commissioners/ Chief Commissioners of Customs/ Customs (Preventive), All Principal Chief Commissioners/ Chief Commissioners of Customs & Central tax, All Principal Commissioners/ Commissioners of Customs/ Customs (Preventive), All Principal Commissioners/ Commissioners of Customs & Central tax. Madam/Sir, Subject: Clarifications regarding availment of exemption on temporary import of durable Containers - reg. Kind attention is invited to Notification No.104/94-Cus., dated 16.03.1994 (as amended) which grants exemption to import of containers of durable nature, from the whole of the duty of customs and the whole of the integrated tax leviable. The exemption is subject to the condition that such containers are re-exported within 6 months from the date of importation and that the importer executes a bond and furnishes documentary evidence to the satisfaction of the Assistant Commissioner/Deputy Commissioner to safeguard the duty in the event of non-compliance. 2. A representation has been received in Board regarding the eligibility of the exemption available under No.104/94-Cus. dated 16.03.1994, for durable containers which do not conform to the standard marine container dimensions, but which are intended for temporary import and eventual re-export. There is also a perceived ambiguity regarding procedural and system readiness regarding the import and re-export of such durable containers, which are not explicitly covered by the guidelines as provided under Circular No.31/2005-Cus., dated 25.07.2005. 3. The issue has been examined. Regarding the eligibility of the duty exemption, reference is invited to Board Circulars No.69/2002-Customs, dated 25.10.2002 and No.73/2002-Customs, dated 07.11.2002. These said circulars clarify that “As per the meanings assigned to the words `durable` and `container` in various Dictionaries, it would appear that any goods (containers) used for packaging or transporting other goods, and capable of being used several times, would fall in the category of `containers of durable nature". Further, `durable containers` covers within its ambit “any type of reusable packaging containers such as cases, boxes, cartons, trays, etc., made up of metals or plastics”. Thus, it is hereby reiterated that containers that satisfy following conditions are eligible for the said duty exemption: a) that are durable, b) capable of being re-used multiple times, c) capable of being identified at the time of re-export viz. a viz. the imported containers, and d) satisfy all the other stipulated conditions in the notification. 4. The procedure to be followed for import and re-export of marine containers would continue to be governed by guidelines provided in Circular No. 31/2005-Cus., dated 25.07.2005. 5. For durable containers which do not conform to the standard marine container dimensions, but which are intended for temporary import and eventual re-export, the procedure to be is followed is given below:- a) When empty containers are imported into India -The empty containers shall be required to be declared as an item in the bill of entry filed under section 46 of the Customs Act, 1962. The containers would be eligible for exemption from all the applicable customs duties as per Notification No.104/94-Cus.,dated 16.03.1994, as amended, subject to fulfilment of conditions therein. However, the bond for re-export and the security if applicable shall be required to be furnished at the time of import in the Customs System. Importers are advised to register the same as continuity bond for ease of compliance. b) When empty containers are moved out of India by sea or air - The empty containers shall be required to be declared as an item in the shipping bill filed under Section 50 of the Customs Act, 1962. The unique identifier for the containers would require to be verified at the time of the export by Customs. c) When containers are imported laden with import cargo - In addition to the declaration of items as per the invoice, such containers shall also be required to be declared as a separate item in the bill of entry filed under section 46 of the Customs Act, 1962. While applicable duties on the imported cargo shall be required to be duly discharged as per the applicable tariff rates under the Customs Tariff Act, 1975, the containers would be eligible for duty exemption as per Notification No.104/94-Cus., dated 16.03.1994, as amended, subject to fulfilment of conditions therein. After Customs clearance, the empty containers can be moved, subject to the conditions of the bond and the security if applicable. d) When containers are exported with export cargo - The durable container shall be required to be filed as separate item (either in the same invoice or in different invoice as per commercial agreement) in addition to the export laden cargo under Section 50 of the Customs Act, 1962, for the goods meant for export. The stuffing of the export cargo at the airport or the exporter`s premises would not be relevant to Customs, as long as the Unique Identifier for the container is verifiable at any time of the export by Customs. The export cargo and the declaration in the shipping bill will be subjected to assessment and examination as per instructions in the Customs Automated System. e) Conditions of bond- A continuity re-export bond and security, if applicable at the port of import shall be required to be furnished by the importer for the durable containers that are temporarily imported. The processes involved in imports of durable containers for re-export within the stipulated period including facility of partial crediting the bond after export are available in the Customs Automated System. 6. Directorate General of Systems would issue a detailed Systems Advisory in this regard, for guidance of the trade and departmental officers. 7. Any difficulties faced in the implementation of this circular may please be brought to the notice of the Board. Yours faithfully, (Eric. C. Lallawmpuia) OSD (Customs-IV)

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Imports from North Korea (KP)/Exports to North Korea(KP)

 

Instruction No. 19/2020-Customs F. No.450/88/2016-Cus- IV Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes & Customs) ***** Room No.227B, North Block, New Delhi, dated the 18th of November, 2020. To, All Principal Chief Commissioners/ Chief Commissioners of Customs/ Customs (Preventive), All Principal Chief Commissioners/ Chief Commissioners of Customs & Central tax, All Principal Commissioners/ Commissioners of Customs/ Customs (Preventive), All Principal Commissioners/ Commissioners of Customs & Central tax. All Principal Director Generals/Director Generals under CBIC. Madam/Sir, Subject: Imports from North Korea (KP)/Exports to North Korea(KP)- reg. The undersigned is directed to refer to the United Nations Security Council’s (UNSC) Resolution relating to the above subject, the latest being 2397 (2017). The UNSC`s resolutions have been adopted by Government of India and the above stated resolution has been given force in law by way of DGFT Notification No.52/2015-20 dated 07.03.2018. 2. Vide the above said Notification dated 07.03.2019, the import and export policy of DGFT has been further amended outlining the prohibitions on imports from North Korea and exports to North Korea in para 2.17 of the Foreign Trade Policy 2015-20. DGFT has also issued Trade Notice No.16/2020 dated 16th May 2019 to further clarify item descriptions and corresponding HS codes relevant to the said notification dated 07.03.2018. 3. It is noticed that several consignments have been interdicted by RMS in this regard. Upon scrutiny of these instances of imports/exports, it has been found that these are due to inadvertent data entry mistakes at the time of filing the Bills of Entry and Shipping Bills. However, despite instructions from the RMS to amend such data entry errors, Customs field formations have been clearing such import/export consignments without the requisite amendments. It may be appreciated that, once OOC/LEO is given without amendments, the data gets published by Directorate General of Commercial Intelligence and Statistics (DGCIS) leading to avoidable misinformation of violations of import/export prohibitions in this regard. 4. All Customs field formations are directed to ensure strict compliance of the legal prohibitions in force in regard to imports/exports from/to North Korea, and in case of bonafide errors in data entry, the Customs clearance (OOC/LEO) are to be allowed only after amending the data entry to delete the incorrect reference to North Korea and mention the correct Country of import/export (other than North Korea). 5. Suitable amendments in the RMS would also be made promptly. 6. Any difficulty in this regard may be informed to Board. Yours faithfully, (Ananth Rathakrishnan) Deputy Secretary (Customs) Email : dircus@nic.in Ph 01123095551

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Extending the levy of Anti-Dumping duty on Phthalic Anhydride

                                                 GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No. 38/2020 -Customs (ADD)

New Delhi, the 19th November, 2020

G.S.R. 730 (E). -Whereas, the designated authority vide initiation notification No. 7/11/2020-DGTR, dated the 11th May, 2020, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 11th May, 2020, has initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act) and in pursuance of rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules), in the matter of continuation of anti-dumping duty on imports of ‘Phthalic Anhydride’ originating in or exported from Japan and Russia, imposed vide notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 56/2015-Customs (ADD), dated the 4th December, 2015, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 933(E), dated the 4th December, 2015, and has requested for extension of the said anti-dumping duty in terms of sub-section (5) of section 9A of the Customs Tariff Act.

Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, read with rules 18 and 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 56/2015-Customs (ADD), dated the 4th December, 2015, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 933(E), dated the 4th December, 2015, namely:-

In the said notification, after paragraph 2 and before the Explanation, the following paragraph shall be inserted, namely: -

“3. Notwithstanding anything contained in paragraph 2, the anti-dumping duty imposed under this notification shall remain in force up to and inclusive of the 31st January, 2021, unless revoked, superseded or amended earlier.”.

[F. No. 354/39/2015-TRU(Pt-I)]

(Gaurav Singh)

Deputy Secretary to the Government of India

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Rate of exchange of conversion of each of the foreign currencies as on 20.11.2020

 

Sl. No.	Foreign Currency	Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)	(b)
		(For Imported Goods)	(For Exported Goods)
1.	Australian Dollar	55.40	53.10
2.	Bahraini Dinar	203.55	191.10
3.	Canadian Dollar	57.80	55.80
4.	Chinese Yuan	11.50	11.15
5.	Danish Kroner	12.00	11.60
6.	EURO	89.65	86.45
7.	Hong Kong Dollar	9.75	9.40
8.	Kuwaiti Dinar	251.05	235.40
9.	New Zealand Dollar	52.70	50.40
10.	Norwegian Kroner	8.35	8.10
11.	Pound Sterling	100.05	96.65
12.	Qatari Riyal	20.80	19.45
13.	Saudi Arabian Riyal	20.45	19.20
14.	Singapore Dollar	56.30	54.40
15.	South African Rand	4.95	4.65
16.	Swedish Kroner	8.80	8.50
17.	Swiss Franc	83.20	79.95
18.	Turkish Lira	9.90	9.35
19.	UAE Dirham	20.90	19.60
20.	US Dollar	75.20	73.50

SCHEDULE-II

Sl. No.	Foreign Currency	Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)	(b)
		(For Imported Goods)	(For Export Goods)
1.	Japanese Yen	73.00	70.35
2.	Korean Won	6.90	6.45

Notification No. 108/2020 - Customs (N.T.)

Dated: 19.11.2020

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REJECTION OF RESOLUTION PLAN

 2020 (10) TMI 913 - NATIONAL COMPANY LAW APPEALLATE TRIBUNAL, NEW DELHI

PANNA PRAGATI INFRASTRUCTURE PVT. LTD. & ANOTHER VERSUS AMIT PAREEK & OTHERS

Delay of 2 days in filing revised Resolution Plan - CIRP process still ongoing - Direction to Resolution Professional to take on record and consider the revised offer submitted by e-mail dated 14th February, 2020 - rejection on the ground that the Resolution Plan of the highest bidder has already been approved with 100% voting and the Application of Appellant suffered from latches and lacked bonafidies - HELD THAT:- In the instant case, Appellants submitted the Resolution Plan only two days after the revised plan of Respondent No.4 and well within the 180 days of ordinary timelines of CIRP under ‘I&B Code’. There was no justification for its rejection by the Resolution Professional who was duty bound to place the same before the Committee of Creditors especially when the ordinary CIRP period of 180 days was still subsisting.

The impugned orders suffer from grave legal infirmity besides involving factual frailty. The impugned orders are accordingly set aside and the appeals are allowed. The CIRP is directed to resume from the stage of consideration of the Resolution Plans. The Resolution Professional shall place the Resolution Plans of H1 and H2 besides revised Resolution Plan of Appellants before the Committee of Creditors for consideration. The Committee of Creditors would take a call in according consideration to such Resolution Plans keeping in view the extended timelines. The period of judicial intervention shall stand excluded while computing the extended timelines of 270 days.

No.- Company Appeal (AT) (Insolvency) No. 515 of 2020 Company Appeal (AT) (Insolvency) No. 516 of 2020

Dated.- October 19, 2020

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INITIATION OF CIRP - MAINTAINABILITY OF PETITION

 2020 (10) TMI 964 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH

P.H. COMBINES (A PROPRIETORSHIP CONCERN REPRESENTED BY ITS PROPRIETOR, MR PRAVINKUMAR SURESHCHANDRA BHOOT) VERSUS MDA AGROCOT PRIVATE LIMITED

Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - claim of Financial Creditor - time limitation - amount in question has been claimed in a civil suit before the Civil Judge (Senior Division), Amravati, by the Financial Creditor, which dismissed the application of the Financial Creditor for attachment before judgment, the appeal against the order has also been dismissed by the Hon’ble Bombay High Court - suppression of facts by Financial Creditor or not.

Time Limitation - HELD THAT:- The date of default mentioned in the application to be 21.09.2013. Also, the Financial Creditor has relied heavily on the acknowledgements in the balance sheets for the Financial Years 31.03.2013, 31.03.2014, 31.03.2015, 31.03.2016, 31.03.2017 and 31.03.2018, which have been attached to the petition at pp.133-219, to contend that the application filed under section 7 of the Code to be within the period of limitation.

The present application filed under section 7 of the Code fails the test of limitation in so far as the Code is concerned - Application dismissed.

No.- CP (IB) No.4276/MB.II/2018

Dated.- October 16, 2020

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