CBEC
The Central Government has notified the Customs and Central Excise Duties Drawback Rules, 2017 to replace the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 which shall be effective from 1.10.2017. The Central Government has also revised All Industry Rates (AIRs) of Drawback which shall also comes into force on 1.10.2017. In the revised Rules, definition of Drawback has been amended to provide for drawback of Customs and Central Excise duties excluding integrated tax leviable under sub-section (7) and compensation cess livable under sub-section (9) respectively of section 3 of the Customs Tariff Act, 1975 chargeable on any imported materials or excisable materials used in the manufacture of goods exported. Further, references to input services and Service Tax have been omitted. With trade facilitation in view, tenure of the Drawback Committee constituted by the Central Government has been extended to 31.12.2017 to expeditiously look into issues arising from the changes made. Accordingly, exporters may immediately come forward with representations with supporting data and documents, if any, for higher rates than rates provided.
RBI
RBI has notified the amendments to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 As per the existing norms, the limit for investment by Foreign Portfolio Investors (FPIs) in corporate bonds is ₹ 244,323 crore which includes issuance of Rupee denominated bonds overseas (Masala Bonds) by resident entities of ₹ 44,001 crore (including pipeline). The Masala Bonds are presently reckoned both under Combined Corporate Debt Limit (CCDL) for FPI and External Commercial Borrowings (ECBs). On a review, and to further harmonise norms for Masala Bonds issuance with the ECB guidelines, with effect from October 3, 2017, Masala bonds will no longer form apart of the limit for FPI investments in corporate bonds. They will form a part of the ECBs and will be monitored accordingly. The amount of ₹ 44,001 crore arising from shifting of Masala bonds will be released for FPI investment in corporate bonds over the next two quarters as prescribed in the circular. All other existing conditions for investment by FPIs in the debt market remain unchanged.
News from NIRC of ICSI
NIRC of ICSI is organisingOne Day Seminar onForeign Exchange Management Act (FEMA), on Wednesday, the 27th September, 2017, at Hotel Crown Plaza, Twin District Centre, Sector – 10, Rohini, New Delhi – 110085 (Near Rohini West/Rithala Metro Station). Fee:Rs.1,600/- per delegate inclusive of GST (Rs.1000/- for students) ; FREE for Corporate Members of NIRC. PCH – 4.
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