Exchange Rate for imported goods is Rs 74.03 Per Pound Sterling and Rs 51.22 Per Yen-Exchange Rate for export is Rs 72.45 Per Pound Sterling and Rs 49.94 Per Yen-Customs Non-Tariff Notification No.128      Sensex slips further and closes at 8773   100 per cent EOUs allowed to export non-basmati rice-DGFT Notification No.59      Customs duty of 5 per cent imposed on import of Pig Iron, spiegeleisen, semi-finished products, flat products & long products    Import of Crude Soyabean Oil subjected to 20 per cent customs duty- no change in import duty on refined soyabean oil-Customs Tariff Notification No.122    Time-limit for filing refund of service tax extended to 6 months-Service Tax Notification No.32   Rahul Bajaj asks Industry to prepare for the worst     Tariff Value for import of Brass Scrap is 3525 and for poppy seeds 5206-Customs Non-Tariff Notification No. 127     CBEC clarifies the entire amount of duty paid by the manufacturer, as shown in the invoice would be available as credit irrespective of the fact that subsequent to clearance of the goods, the price is reduced by way of discount or otherwise-Central Excise Circular No.877      Mandavariya (Kishangarh), District Ajmer notified for Unloading of imported goods and loading of export goods-Customs Non-Tariff Notification No.117    SC Ruling-the entitlement of benefit in terms of Section 32AB, Section 80HH and Section 80I of the Income Tax Act- conversion of Jumbo rolls of photographic films into small flats and rolls in the desired sizes amounted to manufacture/production-AIT-2008-413-SC   SC Ruling-Whether any "gift" arose in terms of Section 2(xii) of the Gift-tax Act, 1958 on the allotment of rights issue by the appellant company to its shareholders vide Board's Resolution- Whether there was any element of "gift" as defined under Section 2(xii) in the appellant issuing Bonus shares in the ratio of 1:23-AIT-2008-412-SC    DEPB benefit allowed on export of cement and steel-DGFT PN 108   exports of cement in all types and forms and primary steel products eligible for export incentives under Focus Market Scheme-DGFT Notification No.58     Import of Marble Tiles-DGFT Notification No.57    Clarification on setting up Duty Free Shops approved by FIPB-Customs Circular No.19       HC Ruling-Income Tax-"reserves" arising out of the acquisition of the business of Tata Cellular Limited could never have the character of "income" in the hands of the petitioners-pre-requisite condition contained in proviso to section 147 to enable the re-assessment to be opened after period of 4 years have elapsed have not been met-AIT-2008-410-HC    HC Ruling-Central Excise- valuation of the goods for the purpose of excise duty and whether excise duty was chargeable under Section 4 or Section 4A of the Central Excise Act 1944-while construing rule 3, who are excluded are only the institutional or industrial consumers as explained in Rule 2A and the industrial or institutional consumers in terms of the proviso to rule 2(p) for the purpose of chapter-II are the same-If the person who purchase the prepacked commodity not directly from the manufacturer or packers, they are consumers and the declaration will be of no effect-AIT-2008-408-HC   Government considering imposition of import duty on steel      Bad News for Consulting Engineers- whether turnkey contract can be vivisected?- The conclusion in Daelim case on the point, prima facie, being not in accordance with law, matter goes to Larger Bench-AIT-2008-405-CESTAT  Larger Bench of CESTAT rules Credit is admissible on an input service relating to the business-AIT-2008-407-CESTAT   credit of the service tax paid on the outdoor catering (canteen) service is admissible as input service under Rule 2(l) of the Cenvat Credit Rules, 2004-AIT-2008-406-CESTAT   The payment for use of "services for MTNL/other companies via the interconnect/port/access/toll by the assessee would not fall within the purview of payments as provided for under section 194J of the Act, so as to be eligible for tax deduction at source-The interconnect charges/port access charges cannot be regarded as fees for technical services-AIT-2008-404-HC   Computation of Value under Section 14 for Levy of Export Duty - Customs Circular No. 18          Advance Ruling- Whether the service fee paid by the applicant to Intertek Testing Management Limited UK under Global Management Service Agreement is taxable as "Royalties & Fee for Technical Services" as per the provisions of Article 13 of DTAA between India & UK? 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CBI raids several Customs Officers for extortion and corruption

AIT News Network

Hydearabad. CBI has raided the Customs Officers working at Begumpet Airport in Hyderabad. A thorough search of the Customs Office located in International Arrival Hall of Airport was conducted by CBI in addition to personal search of Customs Officers.

  • The lockers of the Officers in their office were also searched and scotch whisky and electronic goods were also recovered by CBI. Residences of several Customs Officers have also been searched by CBI.

  • Seven Customs Officers including some working on contract have been arrested by CBI on charges of extortion, corruption and smuggling after recovery of Indian and Foreign Currency which was termed as undeclared or unaccounted for by the Officers. On joining night shift at Airport; all the Officers are required to declare in a register the amount of cash exceeding Rs 500/-being carried by them in their pocket.

  • CBI had received several complaints from international passengers that the Customs Officers were indulging in extortion of money from passengers landing at Airport that is why the CBI raided the Airport in night after landing of International flights.

·         A Customs Officer’s job at Airport is no more considered lucrative with free allowance of passengers hiked to Rs 25000/- per passenger and in addition one laptop being allowed duty free. Further, the passengers returning after a long stay are also allowed to bring spcified quantity of gold with them which can be cleared by them on payment of nominal Customs duty.  

·         Even job of an IRS Officer is no more a lucrative job with liberalisation of Customs & Excise Procedures. Several IRS Officers who joined after having IIT or IIM Degrees are already regretting their decision of joining the Department and are cooling their heels without any powers and are working without even a Steno with all the responsibilities on their shoulders; while their IIT and IIM Batchmates become CEOs of the Companies by the age of 40 ; an IRS remains a poorly paid Officer. Moreover, with several IRS Officers also being recently raided by CBI it is no more an IRS(I Remain Safe) job. Government Officials are bound by conduct rules and are required to give intimation to their Administrative Head about every Bank/cash or other transactions and sale purchase involving  an amount of above Rs 15000/-as an Anti-Corruption measure of the Government. Anything recovered during CBI raid for which intimation is not given by the Officers; is deemed to be unaccounted or undeclared transaction for which a chargesheet is filed in the Court against the Officer. It is no doubt a High Risk case to make money in such departments with sword of humiliating CBI raid always hanging at your neck. Once an Officer gets entangled in CBI encounter; he is not allowed to even resign or seek voluntary retirement.

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