Team Bizsol

Customs: Standard Operating Procedure defined for stepping up of Preventive Vigilance Mechanism by the jurisdictional CBIC field formations and to prevent flow of suspicious cash, illicit liquor, drugs/narcotics, freebies and smuggled goods during elections. [Instruction No.22/2023-Cus dated 6th July 2023]

Customs: Amendment in import policy condition of Cigarette lighters Covered under CTH 9613 of Chapter 96 of Schedule-I (Import Policy) of ITC (HS) 2022. [Instruction No.21 /2023-Cus dated 5th July 2023]

Customs: FSSAI has notified Authorised officers at 161 Points of Entries (PoEs) for food, wherein 99 PoEs are to be manned by Customs officials as Authorized officers (AOs) while 62 PoEs are manned by FSSAI officials. [Instruction No.20 /2023-Cus dated 5th July 2023]

Customs: It is clarified that for the purpose of customs clearances, the HS Code (2007 version) mentioned in CoO issued under India-Japan CEPA needs to be co-related with HS codes (2022 version) mentioned in the BOE at the time of Customs Clearance.[Instruction No.19/2023-Cus dated 4th July 2023]

Company Law: Penalty imposed by ROC Tamilnadu, Coimbatore for not maintaining Registered Office as per provisions of Section 12 of Companies Act, 2013. [Order Ref. No. ROCCBE/ADJ-O/12/029652/2023 dated 30th June 2023]

DGFT: Import of 17,000 Metric Tonnes of Fresh (green) Areca nut without a Minimum Import Price (MIP) condition from Bhutan shall also be allowed though LCS Chamurchi (INCHMB). [Notification No. 17/2023 dated 3rd July 2023]

DGFT: DGFT Amends Quota Allocation Procedure for Export of Broken Rice, based on humanitarian and food security grounds and caters to requests received from the governments of other countries. [Trade Notice No.13/2023 dated 3rd July 2023]

Income Tax: Circular issued to remove difficulty in implementation of changes relating to Tax Collection at Source (TCS) on Liberalized Remittance Scheme (LRS) and on purchase of overseas tour program package with FAQs. [Circular No.10/2023 dated 30th June 2023]

Customs: Amendments to notification No. 11/2021-Customs dated 01.02.2021 in order to prescribe the AIDC (Agriculture Infrastructure and Development Cess) rate for liquified Propane and liquified Butane as “15%”. [Notification No. 45/2023-Customs dated 1st July 2023]

Customs: Amendments to notification No. 50/2017 -Customs dated 30.06.2017 in order to prescribe a concessional BCD rate for imports of liquified Propane and liquified Butane as “2.5%”. [Notification No. 44/2023-Customs dated 1st July 2023]

Customs: Amendment to First Schedule of the Customs Tariff Act as Standard BCD rate for tariff items 2711 12 00 and 2711 13 00 substituted as “15%”. [Notification No. 43/2023-Customs dated 1st July 2023]

DGFT: EPCG Amnesty scheme date has been extended from 30.06.23 to 31.12.2023. (Public Notice 20/2023 dated 30th June 2023)

Corporate Law: IRDAI has issued a circular outlining monitoring requirements for insurers’ investments in Alternative Investment Funds (AIF). (Circular No. REF: IRDAI/F&I/CIR/INV/139/06/2023)

Corporate Law: IRDAI Directs Life Insurers to Comply with Surrogacy and ART Acts for Insurance Coverage. (Circular No. IRDAI/LIFE/CIR/PRO/138/6/2023)